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Hemnet Group Interim / Quarterly Report 2024
2918_10-q_2024-10-24_b98bd026-0cf9-4dab-a654-56188dde6c5c.pdf
Interim / Quarterly Report
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Hemnet Interim report Q3
Interim report Q3
July-September 2024
"ARPL and net sales continue to grow, driven by strong demand for valueadded services."
Net sales growth, %
36.8%
ARPL (average revenue per published listing) growth, % 42.0%
EBITDA-margin, % 55.8%
Summary for the period July-September 2024
- ` Net sales increased by 36.8 percent to SEK 372.1m (272.0)
- ` EBITDA increased 33.1 percent to SEK 207.6m (156.0)
- ` Operating profit increased 35.6 percent to SEK 185.7m (136.9)
- 42.0 percent to SEK 6,183 (4,353)
` ARPL, average revenue per published listing, increased
| Jul-Sep | Jan-Sep | Last twelve months |
FY 2023 |
||||||
|---|---|---|---|---|---|---|---|---|---|
| (SEK million, unless stated otherwise) | 2024 | 2023 | Change | 2024 | 2023 | Change | ending Sep 2024 | ||
| Net sales | 372.1 | 272.0 | 36.8% | 1,030.5 | 729.7 | 41.2% | 1,305.5 | 1,004.7 | |
| EBITDA* | 207.6 | 156.0 | 33.1% | 543.5 | 383.9 | 41.6% | 685.1 | 525.5 | |
| EBITDA margin*, % | 55.8% | 57.4% | -1.6 pp | 52.7% | 52.6% | 0.1 pp | 52.5% | 52.3% | |
| Operating profit* | 185.7 | 136.9 | 35.6% | 480.2 | 326.7 | 47.0% | 601.7 | 448.2 | |
| Net profit for the period | 141.4 | 102.8 | 37.5% | 362.5 | 245.4 | 47.7% | 455.8 | 338.7 | |
| Earnings per share, basic, SEK¹ | 1.47 | 1.06 | 38.7% | 3.77 | 2.51 | 50.2% | 4.73 | 3.47 | |
| Earnings per share, diluted, SEK¹ | 1.47 | 1.06 | 38.7% | 3.76 | 2.50 | 50.4% | 4.72 | 3.47 | |
| Cash flow from operating activities | 131.9 | 128.9 | 2.3% | 427.2 | 328.3 | 30.1% | 494.8 | 395.9 |
* Alternative Performance Measure, see pages 18-20 for derivation and definitions.
Summary for the period January-September 2024
- ` Net sales increased by 41.2 percent to SEK 1,030.5m (729.7)
- ` EBITDA increased 41.6 percent to SEK 543.5m (383.9))
- ` Operating profit increased 47.0 percent to SEK 480.2m (326.7)
- ` ARPL, average revenue per published listing, increased 43.0 percent to SEK 5,865 (4,101)
Operational highlights
- Net sales for the third quarter increased 36.8 percent to SEK 372.1 million (272.0)
- Average revenue per published listing (ARPL) increased 42.0 percent to SEK 6,183 (4,353), driven by growing customer demand and strong engagement from agents
- EBITDA increased 33.1 percent to SEK 207.6 million (156.0). EBITDA margin decreased to 55.8 percent (57.4)
- The rollout of the new compensation model has been well received by real estate agents
Comments
Hemnet reports strong results for the third quarter, mainly driven by a continued high demand for value-added services with 2 out of 3 property sellers now choosing Hemnet Plus or Premium, paired with high engagement from real estate agents. The number of new property listings grew by 2,8 percent compared with 2023.
We are pleased with the rollout of the new compensation model, launched on July 1, as more agents are promoting the benefits of our value-added services and recommending them to their customers. Along with continued growing demand, this increased engagement from agents drives top-line growth. Revenue from property sellers grew by 46.5 percent in the quarter, while the ARPL contribution from Hemnet Premium more than doubled compared to last year. It is clear that customers recognise the value of our value-added services when selling their property, and the strong demand for our top-tier packages gives us confidence that there is room to expand our offering for property sellers in the coming year.
In our B2B segment, we are seeing increased demand for our unique Hemnet products across all customer segments. However, we remain mindful that many of our partners, including property developers, continue to face challenges stemming from market uncertainties, which in turn affects revenue from display advertising.
During the quarter, we introduced several product and feature enhancements. These include making it easier for property sellers to upgrade their listing, offering the option to renew when upgrading to Premium, and enhancing functionality for upcoming listings to increase supply at this stage of the property journey. We are also pleased to see positive results from our efforts to drive engagement through a more personalised experience. Logged-in users are steadily growing in numbers and we can clearly see that those who log in spend significantly more time on Hemnet and return more frequently compared to non-loggedin users. This is an area we will continue to focus on as we know that an experience tailored to individual preferences is more compelling for our users.
The Swedish people's great interest in properties and homes are reflected in Hemnet being one of the country's largest media platforms by reach. As a result of increased activity in the property market and our work to provide the best user experience, engagement on our platforms continued to increase. During the quarter, Swedes collectively clicked on a Hemnet listing over 304 million times, up from 272 million in 2023. This underscores Hemnet's relevance in the property market and reaffirms our position as the go-to platform for property seekers and sellers alike.
Chief Executive's comments
Cecilia Beck-Friis, CEO October 2024
Financial targets
Operational indicators
ARPL
The below graph shows Hemnets ARPL development during the last nine quarters, both as isolated quarters and on LTM basis.
Hemnet aims to achieve annual net sales growth of 15–20 percent.
Hemnet aims to achieve a Net Debt to Adjusted EBITDA of less than 2.0x.
| Jul-Sep | Jan-Sep | Last twelve months |
FY | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | 2024 | 2023 | Change | ending Sep 2024 | 2023 | ||
| ARPL (average revenue per published listing), SEK | 6,183 | 4,353 | 42.0% | 5,865 | 4,101 | 43.0% | 5,874 | 4,490 | |
| Number of published listings in the period, thousand | 51.5 | 50.1 | 2.8% | 148.3 | 137.6 | 7.8% | 186.0 | 175.3 |
Hemnet aims to achieve an adjusted EBITDA margin exceeding 55 percent in the long term.
Financial summary, July-September 2024
Net sales increased from a strong growth of average revenue per published listing (ARPL) as well as a higher number of published listings. Continued strong growth of value-added services have contributed to the increase in average revenue per published listing (ARPL). EBITDA increased 33.1 percent to SEK 207.6m (156.0).
Net sales and profit
Net sales increased by 36.8 percent to SEK 372.1m (272.0).
Net sales from property sellers increased by 46.5 percent to SEK 318.0m (217.1). Number of published listings increased with 2.8 percent compared to the same quarter last year. The sales of value-added services for property sellers continued to increase. Major driver is increased conversion for Hemnet Premium, with revenues more than doubled compared to the same quarter last year. This in combination with price adjustments across all products led to ARPL growing by 42.0 percent to SEK 6,183 (4,353).
Net sales from other customers decreased by 1.5 percent to SEK 54.1m (54.9), which is primarily attributable to lower display revenue. Revenue from value-added services for real estate agents continued to increase, partly due to our new products that help agents find sellers.
Capitalised development of employees was SEK 1.2m (3.2) and related to our continued investments in product development. Investments were made in new products for property sellers. A total of SEK 2.9m (7.1) was capitalised during the quarter.
Other external expenses increased by 45.6 percent to SEK 120.1m (82.5). SEK 93.5m (62.6) of other external expenses were administration and commission expenses to real estate agents, which increased by 49.4 percent following the increasing revenue from property sellers. The remaining part increased by 33.7 percent to SEK 26.6m (19.9), mainly related to higher costs for marketing, licenses and consulting.
Personnel costs increased by 23.5 percent to SEK 45.7m (37.0), mainly a consequence of an increase in FTE's, lower number of employees on parental leave during 2024, salary inflation and higher variable remuneration in 2024 compared to last year.
EBITDA increased 33.1 percent to SEK 207.6m (156.0), corresponding to an EBITDA-margin of 55.8 (57.4) percent.
EBITDA
- A Net sales
- B Compensation to real estate agents
- C Other external expenses excl. comp. to real estate agents
- D Personnel costs
- E Other
Depreciation & amortisation amounted to SEK 21.9m (19.1), whereof amortisation of intangible assets, mainly from the acquisition of Hemnet, amounted to SEK 18.4m (15.8) and depreciation of right-of-use assets amounted to SEK 2.8m (2.8).
Operating profit increased 35.6 percent to SEK 185.7m (136.9), corresponding to an operating margin of 49.9 (50.3) percent.
Net financial items, was almost flat, with a change from negative SEK 7.4m to negative SEK 7.5m, mainly due to higher interest costs on bank loans following increased borrowing. Interest costs on bank loans amounted to SEK 7.0m (6.6).
Tax expense for the period amounted to SEK 36.8m (26.7), corresponding to an effective tax rate of 20.6 (20.6) percent.
Net profit for the period increased by SEK 38.6m and amounted to SEK 141.4m (102.8).
Cash flow and financial position
Cash flow from operating activities increased by SEK 3.0m and amounted to SEK 131.9m (128.9). The change in working capital was negative at SEK -31.0m (+7.3), mainly an effect of timing of payments from customers and payment providers. Taxes paid during the quarter amounted to SEK -37.9m (-26.0).
Cash flow from investing activities amounted to SEK -3.2m (-7.5) mainly related to capitalised development expenses of SEK -2.9m (-7.1), as well as SEK -0.3m (-0.4) in investment in tangible assets.
Cash flow from financing activities totalled SEK -102.5m (-121.8), mainly as a result of share buybacks of SEK -124.6m and an increased utilisation of the credit facility of, net, SEK
+25.0m. Amortisation of lease liabilities resulted in a cash flow of SEK -2.9m. During the same period last year, financing activities resulted in a cash flow of SEK -121.8m, mainly consisting of repurchase of own shares SEK -119.5m.
Cash and cash equivalents amounted to SEK 145.1m (102.6) and total interest-bearing liabilities amounted to SEK 583.1m (540.7). Net debt thus amounted to SEK 438.0m (438.1), which corresponds to 0.6 (0.8) times EBITDA for the last twelve months.
Total shareholders' equity amounted to SEK 1,214.2m (1,259.6), corresponding to an equity-to-assets ratio of 52.4 (58.4) percent.
Financial position
Historical development of the Group's net debt and net debt in relation to rolling twelve months adjusted EBITDA.
Financial summary, January-September 2024
Net sales increased from a strong growth of average revenue per published listing (ARPL) as well as a higher number of published listings. Continued strong growth of value-added services have contributed to the increase in average revenue per published listing (ARPL). EBITDA increased 41.6 percent to SEK 543.5m (383.9).
Net sales and profit
Net sales increased by 41.2 percent to SEK 1030.5m (729.7).
Net sales from property sellers increased by 55.1 percent to SEK 868.1m (559.8). Number of published listings increased with 7.8 percent compared to the same period last year. The sales of value-added services for property sellers continued to increase. Major driver is increased conversion for Hemnet Premium, with revenues more than three times higher compared to the same period last year. This in combination with price adjustments across all products led to ARPL growing by 43.0 percent to SEK 5,865 (4,101).
Net sales from other customers decreased by 4.4 percent to SEK 162.4m (169.9), which is primarily attributable to lower display revenue from real estate agents and other advertisers. Revenue from value added services to real estate agents continued to increase, partly due to our new products that help agents find sellers.
Capitalised development of employees was SEK 7.8m (8.9) and related to our continued investments in product development. Investments were made in new products for property sellers,
as well as new products for real estate agents. A total of SEK 16.8m (23.2) was capitalised during the period.
Other external expenses increased by 49.3 percent to SEK 344.7m (230.9). SEK 260.8m (159.9) of other external expenses were administration and commission expenses to real estate agents, which increased by 63.1 percent following the increasing revenue from property sellers. The remaining part increased by 18.2 percent to SEK 83.9m (71.0), mainly related to higher costs for marketing but also licenses.
Personnel costs increased by 20.9 percent to SEK 150.5m (124.5), mainly a consequence of an increase in FTE's, lower number of employees on parental leave during 2024, salary inflation and higher variable remuneration in 2024 compared to last year.
EBITDA increased 41.6 percent to SEK 543.5m (383.9), corresponding to an EBITDA-margin of 52.7 (52.6) percent.
EBITDA
- A Net sales
- B Compensation to real estate agents
- C Other external expenses excl. comp. to real estate agents
- D Personnel costs
- E Other
Depreciation & amortisation amounted to SEK 63.3m (57.2), whereof amortisation of intangible assets, mainly from the acquisition of Hemnet, amounted to SEK 52.9m (46.8) and depreciation of right-of-use assets amounted to SEK 8.5m (9.1).
Operating profit increased 47.0 percent to SEK 480.2m (326.7), corresponding to an operating margin of 46.6 (44.8) percent.
Net financial items, decreased from negative SEK 17.2m to negative SEK 23.1m, mainly due to higher interest costs on bank loans following higher market rates and increased borrowing. Interest costs on bank loans amounted to SEK 21.6m (15.4).
Tax expense for the period amounted to SEK 94.6m (64.1), corresponding to an effective tax rate of 20.7 (20.7) percent.
Net profit for the period increased by SEK 117.1m and amounted to SEK 362.5m (245.4).
Cash flow and financial position
Cash flow from operating activities increased by SEK 98.9m and amounted to SEK 427.2m (328.3). The change in working capital was negative at SEK -11.3m (+47.1), mainly an effect of timing of payments from customers and payment providers. Taxes paid during the period amounted to SEK -83.2m (-84.8).
Cash flow from investing activities amounted to SEK -18.0m (-30.3) mainly related to capitalised development expenses of SEK -16.8m (-23.2), as well as SEK -1.2m (-7.1) in investment in tangible assets.
Cash flow from financing activities totalled SEK -366.7m (-242.4), mainly as a result of share buybacks of SEK -344.0m and paid dividend of SEK -115.2m. These were partly offset by a new issue of shares in connection with the redemption of an incentive program for management and key personnel which resulted in a cash flow of SEK +50.9m as well as an increased utilisation of the credit facility of, net, SEK +50.0m. Amortisation of lease liabilities resulted in a cash flow of SEK -8.4m. During the same period last year, financing activities resulted in a cash flow of SEK -242.4m, mainly consisting of repurchase of own shares SEK -308.8, paid dividend of SEK -98.0m and an increased utilisation of the credit facility of, net, SEK +170.0m.
Cash and cash equivalents amounted to SEK 145.1m (102.6) and total interest-bearing liabilities amounted to SEK 583.1m (540.7). Net debt thus amounted to SEK 438.0m (438.1), which corresponds to 0.6 (0.8) times EBITDA for the last twelve months.
Total shareholders' equity amounted to SEK 1,214.2m (1,259.6), corresponding to an equity-to-assets ratio of 52.4 (58.4) percent.
Parent company, financial development January-September
Net sales of the Parent company amounted to SEK 5.6m (6.9). All revenue refers to services to other Group companies. Operating profit/loss was SEK -10.6m (-7.2).
The assets of the Parent company consist mainly of investments in Group companies and Group receivables.
The operations are financed by equity, bank loans and Group liabilities. The Parent company equity at the end of the period amounted to SEK 745.5m (1,186.5) and the equity ratio was 57.5 (70.0) percent.
Other information
Current macro environment
There are a number of macro factors that can have an impact on Hemnet financial results. For the property market current interest rate is relevant, and during the period interest rates have become lower. On the property market we see a number of positive signals, for example the number of property transactions is higher than last year. B2B customers is affected by interest rate as well as economy, mainly display advertising where economy affects both prices and volumes.
Employees
The number of employees at the end of the period was 152 compared to 154 at the end of December 2023.
Cecilia Beck-Friis to leave as CEO of Hemnet
Hemnet Group AB (Hemnet) CEO Cecilia Beck-Friis has informed Hemnet's Board of Directors that she intends to leave her position. She will remain in her current role until a successor has been appointed. The process of finding a new CEO has started and will be led by Hemnet's Chair Anders Nilsson.
Repurchase and holding of treasury shares
The Annual General Meeting 2024 authorized the Board of Directors to cancel 2,112,069 shares repurchased under previous share repurchase programs in 2023-2024, as well as on one or more occasions during the period until the next Annual General Meeting, decide on the repurchase of own shares to such an extent that the Company holds no more
than ten (10) percent of all shares in the Company at any time after the acquisition. The maximum amount for repurchases during the period shall be SEK 450 million. Acquisitions shall be made on Nasdaq Stockholm at a price per share within the price interval registered at any given time. The purpose of the authorization is to adjust the Company's capital structure by reducing the share capital. The Board of Directors therefore intends to propose to the Annual General Meeting 2025 that the repurchased shares be cancelled.
The repurchase program is implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052 (the "Safe Harbour Regulation"). The repurchase program is managed by Carnegie Investment Bank AB (publ), which makes its trading decisions regarding the timing of the repurchases of Hemnet shares independently of Hemnet.
See further information in note 4.
Performance share program 2024/2027
The 2024 Annual General Meeting decided to introduce a performance share program aimed at senior executives and other key employees. The program runs from June 2024 to June 2027 and includes a maximum of 37 people, divided into four different tiers. Participants in the program will be awarded performance shares at the conclusion of the program based on the fulfillment of various performance conditions as follows:
-
Performance Share Rights of Series A – Allocation requires an TSR (Total Shareholder Return on Hemnet's shares of at least 7.5 percent during the period from March 2024 to March 2027.
-
Performance Share Rights of Series B – Allocation requires that the average annual TSR (Total Shareholder Return) growth for Hemnet's shares during the period from March 2024 to March 2027 amounts to at least 7.5 percent. Allocation is calculated linearly between 7.5 percent and the maximum level of 15.0 percent.
-
Performance Share Rights of Series C – Average Agent Satisfaction (C1), Seller-NPS (C2), and Buyer-NPS (C3). Full allocation requires a positive development in each of the key figures: Average Agent Satisfaction, Seller-NPS, and Buyer-NPS in the first quarter of 2027 compared to the first quarter of 2024. The development is measured individually for each key figure, and the key figures are equally weighted. A maximum of 42,000 performance shares can be awarded to participants.
Seasonality
Hemnet's sales and earnings are partly affected by seasonal fluctuations, mainly linked to vacation seasons and major holidays, as the number of listings and activity on Hemnets platforms tend to be lower during these periods than during other periods of the year. Seen over a financial year, the year begins with low volumes that gradually increase until the summer months where volumes decrease to lower levels and then increase again after the summer holiday period, before they decrease again ahead of the Christmas holidays.
Overall, the first quarter in particular tends to be weaker seasonally, both in terms of sales and earnings, while the second quarter tends to be the strongest.
Average revenue per published listing, ARPL, is affected by certain seasonal effects. Listing revenue and revenue from
listing related value-added services is, in accordance with IFRS, recognised over the average duration of a listing on Hemnet. The effect is that quarters that are preceded by a month with a high volume of listings and value-added services benefit. Historically, March and September have been such months with high volume of listings, giving a positive contribution to revenue and ARPL in the following month and therefore the second and the fourth quarter respectively.
Risks and uncertainties
Hemnet is through its operations exposed to risks and uncertainties. The income from listing fees is a significant part of sales. Hemnet's operations are therefore dependent on an efficient, well-functioning housing market with high mobility. Through Hemnet's advertising business, we offer customers advertising both through direct sales and through programmatic trading. The development and trends for advertising purchases in the market can affect Hemnet's revenue both positively and negatively. For Hemnet, it is of great importance to have a good relationship with the real estate agents and to have a substantial range of listings. Hemnet's future business may be threatened if a deteriorating agent relationship would result in a reduction in the number of listings.
In addition to its own funds, the Group´s operations are also financed through borrowing. As a result, the business is exposed to financing risks and interest rate risk. The Group's overall risk management policy focuses on the unpredictability of the financial markets and strives to minimise potential adverse effects on the Group's financial results.
For a detailed description of the risk factors and how they are managed, please refer to Hemnet's Annual Report 2023, page 62-63. Hemnet's assessment is that no other significant risks or uncertainties have arisen during the period.
About Hemnet
Hemnet operates the leading property platform in Sweden. The Company emerged as an industry initiative in 1998 and has since transformed into a "win-win" value proposition for the housing market. By offering a unique combination of relevant products, insights and inspiration, Hemnet has built lasting relationships with buyers, sellers, and agents for more than 20 years. Hemnet shares a mutual passion for homes with its stakeholders and is driven by being an independent go-to-place for people to turn to for the various housing needs that arise through life. This is mirrored in the Company's vision to be the key to your property journey, supplying products and services to improve efficiency, transparency and mobility on the housing market.
The key to your property journey
We increase efficiency, transparency and mobility on the housing market.
Hemnet Interim report Q3
Cecilia Beck-Friis CEO
Anders Edmark Member of the board
Tracey Fellows Member of the board
Håkan Hellström Member of the board
Nick McKittrick Member of the board
Rasmus Järborg Member of the board
Maria Redin Member of the board
Stockholm, 23 October, 2024 Hemnet Group AB (publ)
Anders Nilsson Chair
Review report
Hemnet Group Ab (publ), corporate identity number 559088-4440
Introduction
We have reviewed the condensed interim report for Hemnet Group AB (publ) as of September 30, 2024 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.
Stockholm, October 23, 2024
Ernst & Young AB
Anna Svanberg Authorized Public Accountant
Condensed consolidated income statement
¹The calculation of dilution of shares is made based on the number of days that the incentive programmes that have been active during each respective period.
Condensed consolidated statement of financial position
| Jul-Sep | Jan-Sep | Last twelve months | FY | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (SEK million) | 2024 | 2023 | 2024 | 2023 | ending Sep 2024 | 2023 | (SEK million) | 2024-09-30 | 2023-09-30 | 2023-12-31 | |
| Net sales | 2 | 372.1 | 272.0 | 1,030.5 | 729.7 | 1,305.5 | 1,004.7 | ASSETS | |||
| Other operating income | 0.5 | 0.7 | 1.7 | 1.9 | 2.5 | 2.7 | Goodwill | 902.8 | 902.8 | 902.8 | |
| Total revenue | 372.6 | 272.7 | 1,032.2 | 731.6 | 1,308.0 | 1,007.4 | Customer relationships | 662.4 | 717.8 | 703.9 | |
| Right-of-use assets | 36.7 | 48.0 | 45.2 | ||||||||
| Capitalised development | 1.2 | 3.2 | 7.8 | 8.9 | 11.9 | 13.0 | Other non-current assets | 297.2 | 287.4 | 292.5 | |
| Other external expenses | 3 | -120.1 | -82.5 | -344.7 | -230.9 | -437.5 | -323.7 | Total non-current assets | 1,899.1 | 1,956.0 | 1,944.4 |
| Personnel costs | -45.7 | -37.0 | -150.5 | -124.5 | -195.6 | -169.6 | |||||
| Depreciation & amortisation | -21.9 | -19.1 | -63.3 | -57.2 | -83.4 | -77.3 | Accounts receivables | 35.4 | 54.1 | 38.3 | |
| Other operating costs | -0.4 | -0.4 | -1.3 | -1.2 | -1.7 | -1.6 | Other current assets | 235.6 | 49.2 | 70.7 | |
| Total operating expenses | -188.1 | -139.0 | -559.8 | -413.8 | -718.2 | -572.2 | Cash and cash equivalents | 145.1 | 156.0 | 102.6 | |
| Operating profit | 185.7 | 136.9 | 480.2 | 326.7 | 601.7 | 448.2 | Total current assets | 416.1 | 259.3 | 211.6 | |
| TOTAL ASSETS | 2,315.2 | 2,215.3 | 2,156.0 | ||||||||
| Net financial items | -7.5 | -7.4 | -23.1 | -17.2 | -26.7 | -20.8 | |||||
| Profit before taxes | 178.2 | 129.5 | 457.1 | 309.5 | 575.0 | 427.4 | EQUITY AND LIABILITIES | ||||
| Income tax | -36.8 | -26.7 | -94.6 | -64.1 | -119.2 | -88.7 | Total equity (attributable to controlling interest) 4 |
1,214.2 | 1,276.0 | 1,259.6 | |
| Net profit for the period | 141.4 | 102.8 | 362.5 | 245.4 | 455.8 | 338.7 | Liabilities to credit institutions | 547.9 | 497.9 | 497.1 | |
| Net profit attributable to con trolling interest |
141.4 | 102.8 | 362.5 | 245.4 | 455.8 | 338.7 | Lease liabilities | 26.9 | 38.3 | 35.5 | |
| Deferred tax liabilities | 196.4 | 205.3 | 203.7 | ||||||||
| Other comprehensive income | - | - | - | - | - | - | Total non-current liabilities | 771.2 | 741.5 | 736.3 | |
| Total comprehensive income | 141.4 | 102.8 | 362.5 | 245.4 | 455.8 | 338.7 | |||||
| Lease liabilities | 8.3 | 8.0 | 8.1 | ||||||||
| Earnings per share¹ | Accrued expenses and deferred income | 236.7 | 141.3 | 110.9 | |||||||
| before dilution, SEK | 1.47 | 1.06 | 3.77 | 2.51 | 4.73 | 3.47 | Other current liabilities | 84.8 | 48.5 | 41.1 | |
| after dilution, SEK | 1.47 | 1.06 | 3.76 | 2.50 | 4.72 | 3.47 | Total current liabilities | 329.8 | 197.8 | 160.1 | |
| Total liabilities | 1,101.0 | 939.3 | 896.4 | ||||||||
| Number of shares | TOTAL EQUITY AND LIABILITIES | 2,315.2 | 2,215.3 | 2,156.0 | |||||||
| Average before dilution | 95,974,562 | 97,327,611 | 96,143,434 | 97,938,221 | 96,295,422 | 97,638,241 | |||||
| Average after dilution | 96,228,880 | 97,441,668 | 96,450,326 | 98,008,012 | 96,593,881 | 97,742,566 | |||||
| At period end | 95,812,288 | 97,042,211 | 95,812,288 | 97,042,211 | 95,812,288 | 96,535,933 | ¹The calculation of dilution of shares is made based on the number of days that the incentive programmes that have been active during each respective period. |
Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flow
| Jan-Sep FY |
Jul-Sep | Jan-Sep | FY | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (SEK million) | 2024 | 2023 | 2023 | (SEK million) | 2023 | 2024 | 2023 | 2023 | |||
| Equity, opening balance | 1,259.6 | 1,432.7 | 1,432.7 | Operating activities | |||||||
| Operating profit | 185.7 | 136.9 | 480.2 | 326.7 | 448.2 | ||||||
| Net profit for the period | 362.5 | 245.4 | 338.7 | Adjustments for non-cash items | 22.3 | 19.1 | 63.7 | 57.2 | 77.3 | ||
| Other comprehensive income | - | - | - | - | Interest paid and received | -7.2 | -8.4 | -22.2 | -17.9 | -22.2 | |
| Total comprehensive income | 362.5 | 245.4 | 338.7 | Paid income tax | -37.9 | -26.0 | -83.2 | -84.8 | -103.2 | ||
| Cash flow from operating activities before changes in working capital | 162.9 | 121.6 | 438.5 | 281.2 | 400.1 | ||||||
| Dividend distribution | -115.2 | -98.0 | -98.0 | ||||||||
| Repurchase of shares | 4 | -344.0 | -308.8 | -418.4 | Changes in working capital, net | -31.0 | 7.3 | -11.3 | 47.1 | -4.2 | |
| New share issue following exercise of warrants | 6 | 50.9 | - | - | - | Cash flow from operating activities | 131.9 | 128.9 | 427.2 | 328.3 | 395.9 |
| Warrant issues | - | 5.0 | 5.0 | 5.0 | |||||||
| Warrant redemption | - | -0.4 | -0.4 | -0.4 | Investing activities | ||||||
| Other transactions with shareholders | 0.4 | - | - | -0.4 | Investments in intangible assets | -2.9 | -7.1 | -16.8 | -23.2 | -31.5 | |
| Total transactions with shareholders | -407.9 | -402.2 | -511.8 | Investments in tangible assets | -0.3 | -0.4 | -1.2 | -7.1 | -7.3 | ||
| Equity, closing balance | 1,214.2 | 1,276.0 | 1,259.6 | Cash flow from investing activities | -7.5 | -18.0 | -30.3 | -38.8 | |||
| Financing activities | |||||||||||
| Borrowings | 55.0 | - | 180.0 | 185.0 | 185.0 | ||||||
| Repayment of loans | -30.0 | - | -130.0 | -15.0 | -15.0 | ||||||
| Amortisation of lease liabilities | -2.9 | -2.7 | -8.4 | -10.2 | -13.0 | ||||||
| New share issue following exercise of warrants | - | - | 50.9 | - | - | ||||||
| Issue of warrants | - | 0.8 | - | 5.0 | 5.0 | ||||||
| Warrant redemption | - | -0.4 | - | -0.4 | -0.4 | ||||||
| Repurchase of shares 4 |
-124.6 | -119.5 | -344.0 | -308.8 | -418.5 | ||||||
| Paid dividend | - | - | -115.2 | -98.0 | -98.0 | ||||||
| Cash flow from financing activities | -102.5 | -121.8 | -366.7 | -242.4 | -354.9 | ||||||
| Net change in cash and cash equivalents | 26.2 | -0.4 | 42.5 | 55.6 | 2.2 | ||||||
| Cash and cash equivalents, beginning of period | 118.9 | 156.4 | 102.6 | 100.4 | 100.4 | ||||||
| Cash and cash equivalents, end of period | 145.1 | 156.0 | 145.1 | 156.0 | 102.6 |
Condensed parent company income statement Condensed parent company balance sheet
Parent company statement of comprehensive
| Jul-Sep | Jan-Sep | FY | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (SEK million) | 2024 | 2023 | 2024 | 2023 | 2023 | (SEK million) | 2024-09-30 | 2023-09-30 | 2023-12-31 |
| Net sales | 1.6 | 1.4 | 5.6 | 6.9 | 8.9 | ASSETS | |||
| Total revenue | 1.6 | 1.4 | 5.6 | 6.9 | 8.9 | Non-current assets | 1,179.7 | 1,310.7 | 1,678.4 |
| Current assets | 117.1 | 34.5 | 17.4 | ||||||
| Other external costs | -1.3 | -0.7 | -6.9 | -4.6 | -7.5 | TOTAL ASSETS | 1,296.8 | 1,345.2 | 1,695.8 |
| Personnel costs | -1.9 | -2.4 | -9.3 | -9.5 | -11.4 | ||||
| Total operating expenses | -3.2 | -3.1 | -16.2 | -14.1 | -18.9 | EQUITY AND LIABILITIES | |||
| Operating profit/loss | -1.6 | -1.7 | -10.6 | -7.2 | -10.0 | Equity | |||
| Restricted equity | 77.7 | 77.4 | 77.4 | ||||||
| Profit/loss from shares in group companies | - | - | - | - | 382.9 | Non-restricted equity | 667.8 | 447.1 | 1,109.1 |
| Net financial items | -7.2 | -6.9 | -22.2 | -16.0 | -22.2 | ||||
| Appropriations - Group contributions received | - | - | - | - | 492.7 | Total equity | 745.5 | 524.5 | 1,186.5 |
| Profit before taxes | -8.8 | -8.6 | -32.8 | -23.2 | 843.4 | Non-current liabilities | 548.0 | 497.9 | 497.2 |
| Current liabilities | 3.3 | 322.8 | 12.1 | ||||||
| Income tax | - | - | - | - | -94.9 | Total liabilities | 551.3 | 820.7 | 509.3 |
| Net income (loss) | -8.8 | -8.6 | -32.8 | -23.2 | 748.5 | TOTAL EQUITY AND LIABILITIES | 1,296.8 | 1,345.2 | 1,695.8 |
| Jul-Sep | Jan-Sep | FY | ||||||
|---|---|---|---|---|---|---|---|---|
| (SEK million) | 2024 | 2023 | 2024 | 2023 | 2023 | |||
| Net income (loss) | -8.8 | -8.6 | -32.8 | -23.2 | 748.5 | |||
| Other comprehensive income | - | - | - | - | - | - | ||
| Total comprehensive income for the period | -8.8 | -8.6 | -32.8 | -23.2 | 748.5 |
Notes
Note 1 Accounting principles
This report has been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. The Group applies the same accounting principles as described in Note 1 in the annual report for 2023 and no new or IFRS or IFRIC interpretations that have not yet come into force are expected to have a material impact on the Group. The Parent company, Hemnet Group AB (publ), applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation (RFR 2). accounting for legal entities. The
accounting principles are consistent with those of the previous year and, where applicable, with the Group's accounting principles.
Amounts are expressed in SEK million unless stated otherwise. Amounts and figures in brackets refer to comparative figures for the corresponding period last year. In some cases roundings have been made, which means that tables and calculations do not always sum up exactly.
Note 2 Net sales
Net sales from external customers by customer category and service category:
Revenues are in their entirety attributable to services rendered to private individuals and companies. Property sellers revenue consists of sales to consumers, while Real estate agents, Real estate developers and Advertisers represent sales to business customers. Revenue is recognized over time as performance obligations are fulfilled. The revenues are almost entirely attributable to Swedish customers.
| Net sales by customer category | Jul-Sep | Jan-Sep | Last twelve months |
FY | |||
|---|---|---|---|---|---|---|---|
| (SEK million) | 2024 | 2023 | 2024 | 2023 | ending Sep 2024 | 2023 | |
| Property sellers | 318.0 | 217.1 | 868.1 | 559.8 | 1,090.1 | 781.8 | |
| Real estate agents | 27.8 | 28.7 | 83.4 | 85.8 | 108.0 | 110.4 | |
| Real estate developers | 8.6 | 8.4 | 26.7 | 27.7 | 35.7 | 36.7 | |
| Advertisers | 17.7 | 17.8 | 52.3 | 56.4 | 71.7 | 75.8 | |
| Total net sales | 372.1 | 272.0 | 1,030.5 | 729.7 | 1,305.5 | 1,004.7 |
| Net sales by service category | Jul-Sep | Jan-Jul | Last twelve months |
FY | |||
|---|---|---|---|---|---|---|---|
| (SEK million) | 2024 | 2023 | 2024 | 2023 | ending Sep 2024 | 2023 | |
| Listing services | 324.9 | 223.8 | 888.7 | 580.4 | 1,117.0 | 808.7 | |
| Other services | 47.2 | 48.2 | 141.8 | 149.3 | 188.5 | 196.0 | |
| Total net sales | 372.1 | 272.0 | 1,030.5 | 729.7 | 1,305.5 | 1,004.7 |
Note 3 Other external expenses
Administration and commission compensation refers to compensation to real estate agent offices regarding administration of property listings on Hemnet's platform and, for real estate agent offices having entered into a commission agreement regarding sale of Hemnet's value-added services, commission.
Note 4 Repurchase program and treasury shares
During the quarter 334,010 shares were repurchased for a total of SEK 124.5m, excluding transaction costs, under the 2024/2025 Share repurchase program of SEK 450 million. Under the 2024/2025 Share repurchase program, a total of 522,010 shares have thus been repurchased for a total amount of SEK 180.6m, excluding transaction costs. In total during 2024, under both the previous and the current share repurchase program, 1,056,413 shares were repurchased for SEK 343,8m, excluding transaction costs. The total number of treasury shares at the end of the period thus amounts to 759,461. The number of shares outstanding, excluding treasury shares, as of 30 September, 2024, is 95,812,288. The total number of shares in the Company is 96,571,749.
Following a decision at the annual general meeting on 25 April, 2024, 2,112,069 shares, repurchased under previous share buyback programs, were cancelled, whereby the share capital in the company was reduced by SEK 1,663,090. In order to restore the share capital, a bonus issue of the corresponding amount was carried out at the same time by transfer of the amount from unrestricted equity.
Note 5 Financial instruments
Hemnet's financial instruments consist mainly of accounts receivables, other current receivables, liabilities to credit institutions, accounts payable and accrued expenses.
Liabilities to credit institutions carries a floating interest that is estimated in all material respects to correspond to current market rate, whereby fair value is deemed to approximately correspond to booked value adjusted for accrued borrowing costs. For other financial assets and liabilities, their book values are an approximation of fair value, why these items are not split according to the fair value hierarchy.
Note 6 Related party transactions
Transactions with related parties and management incentive program are described in notes G27 and G8 in the annual report for 2023. The Annual General Meeting 2024 decided to introduce a new performance share program 2024/2027, see further under Other information.
In May 2024, the incentive program LTIP I - 2021/2024 ended and participants in the program could then pay the redemption price of SEK 153.1 per share to subscribe for newly issued shares in the company. Related parties in the management team subscribed for a total of 114,897 newly issued shares within the framework of LTIP I, and in total all participants in the program subscribed for a total of 332,768 newly issued shares whereby Hemnet received SEK 50.9 million.
In other respects, the scope and focus of these transactions did not change significantly during the period.
Note 7 Significant events after the end of the period
No material events have occurred after the reporting period which have had a material impact on the operation or assumptions and assessments used in preparation of this report.
| Jul-Sep Jan-Sep |
Last twelve months |
FY | ||||
|---|---|---|---|---|---|---|
| (SEK million) | 2024 | 2023 | 2024 | 2023 | ending Sep 2024 | 2023 |
| Administration and commission com pensation |
-93.5 | -62.6 | -260.8 | -159.9 | -326.2 | -225.3 |
| Other external expenses | -26.6 | -19.9 | -83.9 | -71.0 | -111.3 | -98.4 |
| Total | -120.1 | -82.5 | -344.7 | -230.9 | -437.5 | -323.7 |
Hemnet Interim report Q3
Group key ratios
| Jul-Sep | Jan-Sep | Last twelve months | FY | ||||
|---|---|---|---|---|---|---|---|
| (SEK million, unless stated otherwise) | 2024 | 2023 | 2024 | 2023 | ending Sep 2024 | 2023 | |
| EBITDA | 207.6 | 156.0 | 543.5 | 383.9 | 685.1 | 525.5 | |
| EBITDA margin, % | 55.8% | 57.4% | 52.7% | 52.6% | 52.5% | 52.3% | |
| Operating profit | 185.7 | 136.9 | 480.2 | 326.7 | 601.7 | 448.2 | |
| Operating margin, % | 49.9% | 50.3% | 46.6% | 44.8% | 46.1% | 44.6% | |
| Net profit for the period | 141.4 | 102.8 | 362.5 | 245.4 | 455.8 | 338.7 | |
| Profit margin % | 38.0% | 37.8% | 35.2% | 33.6% | 34.9% | 33.7% | |
| Earnings per share, basic, SEK | 1.47 | 1.06 | 3.77 | 2.51 | 4.73 | 3.47 | |
| Earnings per share, diluted, SEK | 1.47 | 1.06 | 3.76 | 2.50 | 4.72 | 3.47 | |
| ARPL (average revenue per published listing), SEK | 6,183 | 4,353 | 5,865 | 4,101 | 5,874 | 4,490 | |
| Net debt | 438.0 | 388.2 | 438.0 | 388.2 | 438.0 | 438.1 | |
| Net debt/EBITDA (LTM), times | 0.6 | 0.8 | 0.6 | 0.8 | 0.6 | 0.8 | |
| Debt/Equity ratio, times | 0.5 | 0.4 | 0.5 | 0.4 | 0.5 | 0.4 | |
| Equity/Assets ratio, % | 52.4% | 57.6% | 52.4% | 57.6% | 52.4% | 58.4% | |
| Cash conversion, % | 87.0% | 100.0% | 87.0% | 100.0% | 87.0% | 91.8% | |
| Number of published listings during the period, thousand | 51.5 | 50.1 | 148.3 | 137.6 | 186.0 | 175.3 | |
| Number of employees at period end | 152 | 154 | 152 | 154 | 152 | 154 |
| Jul-Sep | Jan-Sep | Last twelve months | FY | ||
|---|---|---|---|---|---|
See pages 18-20 for derivation and definitions.
Derivation of alternative performance measures
Certain statements and analyses presented in this interim report include alternative performance measures (APMs) that are not defined by IFRS. The company believes that this information, together with comparable defined IFRS metrics, are useful to investors as they provide a basis for measuring operating profit and ability to repay debt and invest in operations. Corporate management use these financial measurements, along with the most directly comparable financial metrics under IFRS, to evaluate operational results and value added. The APMs should not be assessed in isolation from, or as a substitute for, financial information presented in the financial statements in accordance with IFRS. The APMs reported need not necessarily be comparable to similar metrics presented by other companies. The reconciliations are presented in the tables below.
| Jul-Sep | Jan-Sep | Last twelve months |
FY | |||
|---|---|---|---|---|---|---|
| (SEK million, unless stated otherwise) |
2024 | 2023 | 2024 | 2023 | ending Sep 2024 |
2023 |
| Operating profit | 185.7 | 136.9 | 480.2 | 326.7 | 601.7 | 448.2 |
| Depreciation & amortisation | 21.9 | 19.1 | 63.3 | 57.2 | 83.4 | 77.3 |
| EBITDA | 207.6 | 156.0 | 543.5 | 383.9 | 685.1 | 525.5 |
| Net sales | 372.1 | 272.0 | 1,030.5 | 729.7 | 1,305.5 | 1,004.7 |
| EBITDA margin, % | 55.8% | 57.4% | 52.7% | 52.6% | 52.5% | 52.3% |
| EBITDA | 207.6 | 156.0 | 543.5 | 383.9 | 685.1 | 525.5 |
| Adjusted EBITDA | 207.6 | 156.0 | 543.5 | 383.9 | 685.1 | 525.5 |
| Net sales | 372.1 | 272.0 | 1,030.5 | 729.7 | 1,305.5 | 1,004.7 |
| Adjusted EBITDA margin, % | 55.8% | 57.4% | 52.7% | 52.6% | 52.5% | 52.3% |
| Operating profit | 185.7 | 136.9 | 480.2 | 326.7 | 601.7 | 448.2 |
| Net sales | 372.1 | 272.0 | 1,030.5 | 729.7 | 1,305.5 | 1,004.7 |
| Operating margin, % | 49.9% | 50.3% | 46.6% | 44.8% | 46.1% | 44.6% |
| Jan-Sep Jul-Sep |
Last twelve months |
FY | |||||
|---|---|---|---|---|---|---|---|
| (SEK million, unless stated otherwise) | 2024 | 2023 | 2024 | 2023 | ending Sep 2024 |
2023 | |
| Net sales | 372.1 | 272.0 | 1,030.5 | 729.7 | 1,305.5 | 1,004.7 | |
| Revenue not arising from published listings | -54.0 | -53.7 | -161.0 | -165.3 | -213.1 | -217.4 | |
| Revenue from published listings | 318.1 | 218.3 | 869.5 | 564.4 | 1,092.4 | 787.3 | |
| Number of published listings in the period, thousands |
51.5 | 50.1 | 148.3 | 137.6 | 186.0 | 175.3 | |
| ARPL, SEK | 6,183 | 4,353 | 5,865 | 4,101 | 5,874 | 4,490 | |
| Non-current interest-bearing liabilities | 574.8 | 536.2 | 574.8 | 536.2 | 574.8 | 532.6 | |
| Current interest-bearing liabilities | 8.3 | 8.0 | 8.3 | 8.0 | 8.3 | 8.1 | |
| Cash and cash equivalents | 145.1 | 156.0 | 145.1 | 156.0 | 145.1 | 102.6 | |
| Net debt | 438.0 | 388.2 | 438.0 | 388.2 | 438.0 | 438.1 | |
| EBITDA, LTM | 685.1 | 472.7 | 685.1 | 472.7 | 685.1 | 525.5 | |
| Net debt/ LTM EBITDA, times | 0.6 | 0.8 | 0.6 | 0.8 | 0.6 | 0.8 | |
| Net debt | 438.0 | 388.2 | 438.0 | 388.2 | 438.0 | 438.1 | |
| Adjusted EBITDA, LTM | 685.1 | 472.7 | 685.1 | 472.7 | 685.1 | 525.5 | |
| Net debt/ LTM adjusted EBITDA, times | 0.6 | 0.8 | 0.6 | 0.8 | 0.6 | 0.8 | |
| Equity | 1,214.2 | 1,276.0 | 1,214.2 | 1,276.0 | 1,214.2 | 1,259.6 | |
| Total assets | 2,315.2 | 2,215.3 | 2,315.2 | 2,215.3 | 2,315.2 | 2,156.0 | |
| Equity/Assets ratio, % | 52.4% | 57.6% | 52.4% | 57.6% | 52.4% | 58.4% | |
| Non-current interest-bearing liabilities | 574.8 | 536.2 | 574.8 | 536.2 | 574.8 | 532.6 | |
| Current interest-bearing liabilities | 8.3 | 8.0 | 8.3 | 8.0 | 8.3 | 8.1 | |
| Total interest-bearing liabilities | 583.1 | 544.2 | 583.1 | 544.2 | 583.1 | 540.7 | |
| Equity | 1,214.2 | 1,276.0 | 1,214.2 | 1,276.0 | 1,214.2 | 1,259.6 | |
| Debt/Equity ratio, times | 0.5 | 0.4 | 0.5 | 0.4 | 0.5 | 0.4 | |
| Adjusted EBITDA, LTM | 685.1 | 472.7 | 685.1 | 472.7 | 685.1 | 525.5 | |
| Decrease / (Increase) in net working capital, LTM | -62.6 | 35.2 | -62.6 | 35.2 | -62.6 | -4.2 | |
| Capital expenditures, LTM | -26.5 | -35.4 | -26.5 | -35.4 | -26.5 | -38.8 | |
| Free cash flow, LTM | 596.0 | 472.5 | 596.0 | 472.5 | 596.0 | 482.5 | |
| Adjusted EBITDA, LTM | 685.1 | 472.7 | 685.1 | 472.7 | 685.1 | 525.5 | |
| Cash conversion, % | 87.0% | 100.0% | 87.0% | 100.0% | 87.0% | 91.8% |
Definitions
Alternative Performance Measures (APMs) are financial measures of historical or future financial performance, financial position or cash flows that are not defined in applicable accounting regulations (IFRS). These measures are not directly comparable to similar key ratios presented by other companies.
Average revenue per published listing, calculated as revenue from home sellers published listings including related value-added products during the period, in relation to the number of published listings during the period.
This measure enables comparison of profitability over time, regardless of depreciation of tangible and right-of-use assets as well as amortisation of intangible assets, and independent of taxes and the company's financing structure. The measure is also adjusted
The measure reflects the business's operating profitability before depreciation of tangible and right-of-use assets as well as amortisation of intangible assets. The measure is an important component, together with net sales growth, to follow the company's value creation. The measure is also adjusted for the impact of items affecting comparability to increase comparability over time.
| Alternative key ratio | Definition |
|---|---|
| ARPL (average revenue per published listing) |
products during the period, in relation to the number of published listings during the period. It is a measure that shows the company's earning capacity per published listing. |
| Adjusted EBITDA | EBITDA excluding items affecting comparability. for the impact of items affecting comparability to increase comparability over time. |
| Adjusted EBITDA-margin | Adjusted EBITDA in relation to net sales. |
| Cash conversion | with the exception of interest-related cash flows. |
| Debt/Equity ratio | Interest-bearing liabilities in relation to total equity. |
| EBITDA (earnings before interest, taxes, depreciation and amortisation) |
Free cash flow in relation to adjusted EBITDA. Free cash flow is defined as adjusted EBITDA, adjusted for changes in working capital and reduced with investments in tangible and intangible assets. The measure is always calculated for the last twelve month period.
This measure shows the percentage of profit that is converted into cash flow. The purpose is to analyse what percentage of earnings can be converted into cash and cash equivalents and, in the longer term, the opportunity for investments, acquisitions and dividends,
The measure shows the relation between the Company's two forms of financing. The measure shows how large a share the debt financing has in relation to the owners' invested capital. The measure reflects the financial strength, but also the leverage effect of the debt. A higher debt/equity ratio means a higher financial risk and a higher financial leverage on invested capital.
Operating profit plus depreciation of tangible and right-of-use assets as well as amortisation of intangible assets.
The measure enables comparison of profitability over time, regardless of depreciation of tangible and right-of-use assets as well as amortisation of intangible assets, as well as independent of taxes and the company's financing structure.
The measure reflects the business's operating profitability before depreciation of tangible and right-of-use assets as well as amortisation of intangible assets. The measure is an important component, together with net sales growth, to follow the company's value creation.
The measure reflects the Company's financial position. A high equity/assets ratio provides a readiness to be able to handle periods of weak economic growth. At the same time, a higher equity/assets ratio creates a lower financial leverage.
Interest-bearing liabilities less cash and cash equivalents and current interest-bearing securities.
| Alternative key ratio | Definition |
|---|---|
| EBITDA-margin | EBITDA in relation to net sales. |
| Equity/Assets ratio | Total equity in relation to total assets. |
| Interest-bearing liabilities | Interest-bearing liabilities consists of debt to credit institutions and leasing debt. |
| Net financial items | Financial income less financial expenses. The measure reflects the company's financial activities. |
| Net debt | Interest-bearing liabilities less cash and cash equivalents and current interest-bearing securities. |
| Net debt/EBITDA Net debt/adjusted EBITDA |
|
| Operating margin | Operating profit/loss in relation to net sales. net sales growth, to follow the company's value creation. |
| Operating profit/loss | Total revenue less total operating expenses. generated by operating activities. |
| Profit margin | Net profit in relation to net sales. |
Net debt is a measure used to follow the development of debt and the size of the refinancing need. Since cash and cash equivalents can be used to pay off debt at short notice, net debt is used instead of gross debt as a measure of the total loan financing.
Interest-bearing liabilities less cash and cash equivalents and current interest-bearing securities in relation to EBITDA or adjusted EBITDA.
The measure is a debt ratio that shows how many years it would take to pay off the company's debt, provided that its net debt and EBITDA or adjusted EBITDA are constant and without taking into account the cash flows regarding interest, taxes and investments.
The measure reflects the operational profitability of the business. The measure is an important component, together with
The measure indicates the company's operation profit/loss before financing and taxes and is used to measure the profit
The measure indicates the company's profit after financing and taxes and is used to measure the profit generated by operating activities.
Hemnet Interim report Q3
Consolidated quarterly financial information
The table below presents the Group's condensed financial performance for the last nine quarters.
| (SEK million) | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 238.9 | 201.0 | 190.1 | 267.6 | 272.0 | 275.0 | 253.4 | 405.0 | 372.1 |
| Other operating income | 0.7 | 0.6 | 0.4 | 0.8 | 0.7 | 0.8 | 0.6 | 0.6 | 0.5 |
| Total revenue | 239.6 | 201.6 | 190.5 | 268.4 | 272.7 | 275.8 | 254.0 | 405.6 | 372.6 |
| Capitalised development | 1.3 | 3.3 | 3.4 | 2.3 | 3.2 | 4.1 | 3.9 | 2.7 | 1.2 |
| Other external costs | -79.2 | -74.0 | -63.2 | -85.2 | -82.5 | -92.8 | -86.9 | -137.7 | -120.1 |
| Personnel costs | -32.7 | -41.7 | -43.1 | -44.4 | -37.0 | -45.1 | -50.9 | -53.9 | -45.7 |
| Other operating expenses | -0.5 | -0.4 | -0.4 | -0.4 | -0.4 | -0.4 | -0.4 | -0.5 | -0.4 |
| EBITDA | 128.5 | 88.8 | 87.2 | 140.7 | 156.0 | 141.6 | 119.7 | 216.2 | 207.6 |
| Depreciation & amortisation | -17.6 | -17.5 | -19.1 | -19.0 | -19.1 | -20.1 | -20.8 | -20.6 | -21.9 |
| Operating profit | 110.9 | 71.3 | 68.1 | 121.7 | 136.9 | 121.5 | 98.9 | 195.6 | 185.7 |
| Net financial items | -1.4 | -2.6 | -4.1 | -5.7 | -7.4 | -3.6 | -7.6 | -8.0 | -7.5 |
| Profit before taxes | 109.5 | 68.7 | 64.0 | 116.0 | 129.5 | 117.9 | 91.3 | 187.6 | 178.2 |
| Taxes | -22.7 | -14.2 | -13.3 | -24.1 | -26.7 | -24.6 | -18.9 | -38.9 | -36.8 |
| Net profit for the period | 86.8 | 54.5 | 50.7 | 91.9 | 102.8 | 93.3 | 72.4 | 148.7 | 141.4 |
| Other comprehensive income | - | - | - | - | - | - | - | - | - |
| Total comprehensive income for the period | 86.8 | 54.5 | 50.7 | 91.9 | 102.8 | 93.3 | 72.4 | 148.7 | 141.4 |
| 2022 2023 |
2024 | |||||||
|---|---|---|---|---|---|---|---|---|
Hemnet Interim report Q3
Group key ratios by quarter
| Net sales | 238.9 | 201.0 | 190.1 | 267.6 | 272.0 | 275.0 | 253.4 | 405.0 | 372.1 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales growth YoY, % | 22.0% | 13.4% | 5.8% | -0.8% | 13.9% | 36.8% | 33.3% | 51.3% | 36.8% |
| EBITDA | 128.5 | 88.8 | 87.2 | 140.7 | 156.0 | 141.6 | 119.7 | 216.2 | 207.6 |
| EBITDA margin, % | 53.8% | 44.2% | 45.9% | 52.6% | 57.4% | 51.5% | 47.2% | 53.4% | 55.8% |
| Adjusted EBITDA | 128.5 | 88.8 | 87.2 | 140.7 | 156.0 | 141.6 | 119.7 | 216.2 | 207.6 |
| Adjusted EBITDA margin, % | 53.8% | 44.2% | 45.9% | 52.6% | 57.4% | 51.5% | 47.2% | 53.4% | 55.8% |
| Adjusted EBITDA growth, % | 25.6% | 5.0% | 2.0% | -3.2% | 21.4% | 59.5% | 37.3% | 53.7% | 33.1% |
| Operating profit | 110.9 | 71.3 | 68.1 | 121.7 | 136.9 | 121.5 | 98.9 | 195.6 | 185.7 |
| Operating margin, % | 46.4% | 35.5% | 35.8% | 45.5% | 50.3% | 44.2% | 39.0% | 48.3% | 49.9% |
| Net profit for the period | 86.8 | 54.5 | 50.7 | 91.9 | 102.8 | 93.3 | 72.4 | 148.7 | 141.4 |
| Profit margin, % | 36.3% | 27.1% | 26.7% | 34.3% | 37.8% | 33.9% | 28.6% | 36.7% | 38.0% |
| Earnings per share, basic, SEK | 0.87 | 0.55 | 0.51 | 0.94 | 1.06 | 0.96 | 0.75 | 1.55 | 1.47 |
| Earnings per share, diluted, SEK | 0.87 | 0.55 | 0.51 | 0.94 | 1.05 | 0.96 | 0.75 | 1.54 | 1.47 |
| ARPL (average revenue per published listing), SEK | 3,404 | 4,044 | 3,706 | 4,138 | 4,353 | 5,911 | 4,911 | 6,274 | 6,183 |
| Net debt | 175.1 | 228.1 | 320.7 | 391.5 | 388.2 | 438.1 | 471.7 | 441.8 | 438.0 |
| Net debt/EBITDA LTM, times | 0.4 | 0.5 | 0.7 | 0.9 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 |
| Net debt/ Adjusted EBITDA (LTM), times | 0.4 | 0.5 | 0.7 | 0.9 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 |
| Debt/Equity ratio, times | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 |
| Equity/Assets ratio, % | 67.7% | 68.4% | 65.4% | 58.5% | 57.6% | 58.4% | 55.2% | 53.2% | 52.4% |
| Cash conversion, % | 103.8% | 98.4% | 97.7% | 98.5% | 100.0% | 91.8% | 89.2% | 91.3% | 87.0% |
| Number of published listings during the period, thousand | 52.2 | 35.8 | 36.9 | 50.6 | 50.1 | 37.7 | 41.1 | 55.7 | 51.5 |
| 2022 | 2023 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (SEK million, unless stated otherwise) | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Net sales | 238.9 | 201.0 | 190.1 | 267.6 | 272.0 | 275.0 | 253.4 | 405.0 | 372.1 | |
| Net sales growth YoY, % | 22.0% | 13.4% | 5.8% | -0.8% | 13.9% | 36.8% | 33.3% | 51.3% | 36.8% | |
| EBITDA | 128.5 | 88.8 | 87.2 | 140.7 | 156.0 | 141.6 | 119.7 | 216.2 | 207.6 | |
| EBITDA margin, % | 53.8% | 44.2% | 45.9% | 52.6% | 57.4% | 51.5% | 47.2% | 53.4% | 55.8% | |
| Adjusted EBITDA | 128.5 | 88.8 | 87.2 | 140.7 | 156.0 | 141.6 | 119.7 | 216.2 | 207.6 | |
| Adjusted EBITDA margin, % | 53.8% | 44.2% | 45.9% | 52.6% | 57.4% | 51.5% | 47.2% | 53.4% | 55.8% | |
| Adjusted EBITDA growth, % | 25.6% | 5.0% | 2.0% | -3.2% | 21.4% | 59.5% | 37.3% | 53.7% | 33.1% | |
| Operating profit | 110.9 | 71.3 | 68.1 | 121.7 | 136.9 | 121.5 | 98.9 | 195.6 | 185.7 | |
| Operating margin, % | 46.4% | 35.5% | 35.8% | 45.5% | 50.3% | 44.2% | 39.0% | 48.3% | 49.9% | |
| Net profit for the period | 86.8 | 54.5 | 50.7 | 91.9 | 102.8 | 93.3 | 72.4 | 148.7 | 141.4 | |
| Profit margin, % | 36.3% | 27.1% | 26.7% | 34.3% | 37.8% | 33.9% | 28.6% | 36.7% | 38.0% | |
| Earnings per share, basic, SEK | 0.87 | 0.55 | 0.51 | 0.94 | 1.06 | 0.96 | 0.75 | 1.55 | 1.47 | |
| Earnings per share, diluted, SEK | 0.87 | 0.55 | 0.51 | 0.94 | 1.05 | 0.96 | 0.75 | 1.54 | 1.47 | |
| ARPL (average revenue per published listing), SEK | 3,404 | 4,044 | 3,706 | 4,138 | 4,353 | 5,911 | 4,911 | 6,274 | 6,183 | |
| Net debt | 175.1 | 228.1 | 320.7 | 391.5 | 388.2 | 438.1 | 471.7 | 441.8 | 438.0 | |
| Net debt/EBITDA LTM, times | 0.4 | 0.5 | 0.7 | 0.9 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | |
| Net debt/ Adjusted EBITDA (LTM), times | 0.4 | 0.5 | 0.7 | 0.9 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | |
| Debt/Equity ratio, times | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | |
| Equity/Assets ratio, % | 67.7% | 68.4% | 65.4% | 58.5% | 57.6% | 58.4% | 55.2% | 53.2% | 52.4% | |
| Cash conversion, % | 103.8% | 98.4% | 97.7% | 98.5% | 100.0% | 91.8% | 89.2% | 91.3% | 87.0% | |
| Number of published listings during the period, thousand | 52.2 | 35.8 | 36.9 | 50.6 | 50.1 | 37.7 | 41.1 | 55.7 | 51.5 | |
| Number of employees at period end | 124 | 135 | 141 | 148 | 154 | 154 | 155 | 152 | 152 |
23
Hemnet Interim report Q3
Financial calendar
31 January, 2025 Year-end report 2024 25 April, 2025 Quarterly report, Q1 2025 6 May, 2025 Annual General Meeting
Presentation of the interim report
Hemnet invites analysts, investors and media to participate in the results presentation of the third quarter on 24 October, 2024 at 10:00 CET. The results will be presented by CEO Cecilia Beck-Friis and CFO Anders Örnulf. The presentation will be held in English, followed by a Q&A session. Participants are welcome to join via the link or phone, see details below.
If you wish to participate via webcast please use the link below.
https://ir.financialhearings.com/hemnet-q3 report-2024
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/ teleconference/?id=50048620
Publication
This is information that Hemnet Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 24 October, 2024 at 08:00 CET.
For further information, please contact:
CFO Anders Örnulf Phone: +46 727 32 10 12 Email: [email protected]
IR Manager Nick Lundvall Phone: +46 761 45 21 78 Email: [email protected]
Address
Sveavägen 9 111 57 Stockholm