Hemnet Group ENG 2022

Note G17 Accounts receivable

Note G18 Other current receivables

31/12/2022 31/12/2021

2022-12-31 2021-12-31

Settlement receivables

21.0

18.1

Accounts receivable

37.9 -6.4 31.5

33.5 -4.8 28.7

VAT recievable

0.2 3.6 0.1

0.2 4.0 0.0

Reserve for expected credit losses

Tax account

G1 G2 G3 G4 G5 G6 G7 G8 G9

Total

Other Total

24.9 22.3 In the event the amounts are deemed to be significant, a reserve for expected credit losses is recognised for accrued income. No reserve has been recognised. Note G19 P repaid expenses and accrued income

The carrying amount of accounts receivable is considered to be a good approximation of the fair value, since the discounting effect is not significant. As of December 31, 2022 net accounts receivable amounted to SEK 31.5 million (28.7) after the provision of expected customer losses. Accounts receivable due amounted to SEK 12.1 million (9.4). Of the accounts receivable due between 1-60 days at the balance sheet date, SEK 6.1 million, SEK 3.9 million had been paid before 2023-01-31.

As of the balance sheet date, there were no accounts receivable in foreign currency. The age analysis of accounts receivable is as follows:

31/12/2022 31/12/2021

G10 G11 G12 G13 G14 G15 G16 G17 G18 G19 G20 G21 G22 G23 G24 G25 G26 G27 G28

Accrued income

4.6 7.2

4.3 3.8

Other prepaid expenses

Total 8.1 In the event the amounts are deemed to be significant, a reserve for expected cre - dit losses is recognised for accrued income. No reserve has been recognised. 11.8

31/12/2022 31/12/2021

Not overdue accounts receivable

25.8

24.1

1-30 days 31-60 days > 61 days

5.6 0.5 6.0

4.2 0.4 4.8 9.4

Note G20 Equity

Total overdue accounts receivable

12.1

Change in reserve for expected credit losses: Opening balance

Voting rights No. of shares Share capital

Ordinary shares, Series A

4.8

4.4

96,074,904 5,056,574

96,074,904 5,056,574

73,571,626 3,872,191

Reserve for expected credit losses/reserve reversal

Series A1

1.6

0.5

As of December 31, 2022

Credit losses recovered and reversed

-0.0 6.4

-0.1

101,131,478 101,131,478 77,443,817 As of 31 December 2022, the share capital consists of 101,131,478 shares divided into ordinary shares (Series A) and shares of Series A1. Both series of shares have a voting value of 1 vote per share. Series A1 shares have a veto right against amendments to the objects of the company's articles of association. The holder of Series A1 shares may request a conversion of Series A1 shares into ordinary shares. The shares of Series A1 are subject to retention of title according to the articles of association. In all other aspects the ordinary shares and the shares of Series A1 have the same rights. Other contributed capital consists of premiums for a new issue of SEK 1,246.8 million (1,243.6). There are two incentive programs for senior executives and key employees which includes warrants and one incentive program for Hemnets employees which include ordinary shares. See further information in Note G8. During the year, a total of 2,235,683 shares were repurchased for a total of SEK 318.3 million within the framework for the Share Repurchase Program of a maximum of SEK 450 million. In addition, 57,000 shares have been repurchased for a total of SEK 7.5 million within the framework of the company's commitment to the Share Savings Program 2022/2025. The holding of own Shares at the end of the quarter amounted to 2,292,683. the number of shares outstanding, excluding holdings of own shares, as of 31 Dec 2022, amounts to 98,838,795. It The total number of shares in the company is 101,131,478.

Closing balance 4.8 Hemnet's customer base mainly consists of residential property sellers with real estate brokers acting as agents. Furthermore, in addition to property sellers and real estate agents, customers also consist of advertisers and real estate developers. Collateral for receivables is not normally held. There are no significant credit concentrations, the number of customers is significant and they are geographically well-distributed. The payment terms are normally between 0-30 days depending on the counterparty and there is no significant credit risk concentration to individual counterparties. The outstanding accounts receivable for the five largest customers are gross at SEK 4.4 million (SEK 4.5 million). Recognition of expected credit losses is made in accordance with IFRS 9, specified in internal regulations. The Group applies the simplified method of accounting for expected credit losses on accounts receivable. This means that expected credit losses are reserved for the remaining term, which is expected to be less than one year for all receivables. The Group's accounts receivable are divided into two groups: property sellers and other customers. Customers within each group are considered to have a similar risk profile, which is why credit risk is initially assessed collectively for all customers in each group. In the case of individual major receivables that are more than 60 days overdue for payment or where the credit risk is assessed to be significant, the credit provision for these receivables is assessed per counterparty. Hemnet will write off a claim when there is no longer any expectation of receiving payment and when active measures to obtain payment have been completed. The Group applies a method based on historical proportion of losses for both customer groups. The method is applied in combination with other known information and forward-looking factors, including information about individual customers and management's assessment of the impact of the sectors' business cycle.

P1 P2 P3 P4 P5 P6 P7 P8 P9

Financial statements

Hemnet Group | Annual and sustainability report 2022 · 61

Made with FlippingBook flipbook maker