Årsredovisning 2023

Financial statements58 · Hemnet Group | Annual and sustainability report 2023
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For the fiscal year 2023, the Group estimated that SEK 31.5 million meets the 
criteria for capitalization of development costs, see Note G1 for accounting 
principles. 
Goodwill is attributable to the acquisition of Hemnet Sverige AB Group in 2017. 
The useful life is deemed to be indefinite with impairment testing done 
annually and when impairment is indicated. 
Customer relationships, platform and trademarks, like goodwill, are mainly 
attributable to the acquisition of Hemnet Sverige AB Group in 2017. 
Customer relationships are attributable to acquired customer relationships to 
real estate agents and advertising. The useful life of customer relationships 
attributable to real estate agents has been estimated to be 20 years and 
customer relationships attributable to advertising has been estimated to be 10 
years. The remaining amortisation period amounts to 13 and 3 years 
respectively. 
Platform refers to intangible assets attributable to websites and apps. The 
useful life was 5 years and the assets is fully amortised. 
Trademarks is attributable to the value in Hemnet as a brand which is held with 
ownership rights. The Company does not see any limitation in the useful life of 
the Hemnet trademark and the useful life is therefore considered 
indeterminable.  
Impairment testing of goodwill and trademarks  
Management assesses the company's performance based on the Group's 
overall results. This means management has determined that there is only one 
cash-generating unit. Goodwill and trademarks are thus monitored by 
management at the Group level. 
The recoverable amount for goodwill and trademarks with an indefinite useful 
life has been determined based on calculations of value in use. These 
calculations are based on estimated future cash flows before tax based on 
financial budgets and forecasts approved by company management and 
covering a five-year period. Cash flows beyond the five-year period are 
extrapolated using the estimated growth rate as stated below. The growth rate 
is considered reasonable given the company's historical growth and market 
conditions. 
Material assumptions that have been used when calculating value in use: 
Discount rate before tax1), % 16.1
Long-term growth rate2), % 2.0
1)  Pre-tax discount rate used in the present value calculation of estimated future cash flows.
2) Growth rate used to extrapolate cash flows beyond the budget period.
The discount rate used is stated before tax and reflects the specific risks that 
exist for the Group. 
The most significant assumptions during the five-year forecast period are 
sales growth and profitability development, where the operating margin is ass -
umed to increase as a result of sales growth. 
No impairment needs for goodwill and/or trademarks have been identified for 
the fiscal year. 
Sensitivity analysis
The recoverable amount exceeds the carrying amount of operating capital by 
a good margin. This also applies to each individual assumption that: 
– the discount rate before tax had been 1 percentage point higher, 
– the estimated growth rate to extrapolate cash flows beyond the five-year 
period was 0 percent, 
– a decrease in the assumption of sales growth of 2 percentage points in the 
forecast period and an assumption of unchanged operating margins. 
Nothing of the above would result in any impairment.
Note G13 Intangible assets
2023 Goodwill
Customer
relationships Platform Trademarks
Capitalised 
development costs Total
Opening acquisition value 902.8 1,090.4 40.5 241.8 41.4 2,316.9
Acquisitions for the year - - - - 31.5 31.5
Closing acquisition value 902.8 1,090.4 40.5 241.8 72.9 2,348.4
Opening accumulated amortisation - -331.1 -40.5 -0.6 -21.3 -393.5
Amortisation for the year - -55.4 - - -7.6 -63.0
Closing accumulated amortisation - -386.5 -40.5 -0.6 -28.9 -456.5
As of December 31, 2022
Acquisition value 902.8 1,090.4 40.5 241.8 72.9 2,348.4
Accumulated amortisation - -386.5 -40.5 -0.6 -28.9 -456.5
Closing carrying amount 902.8 703.9 - 241.2 44.0 1,891.9
2022 Goodwill
Customer
relationships Platform Trademarks
Capitalised 
development costs Total
Opening acquisition value 902.8 1,090.4 40.5 241.7 27.6 2,303.1
Acquisitions for the year - - - - 13.7 13.7
Closing acquisition value 902.8 1,090.4 40.5 241.7 41.4 2,316.8
Opening accumulated amortisation - -275.8 -40.3 -0.6 -15.0 -331.5
Amortisation for the year - -55.4 -0.2 - -6.3 -61.9
Closing accumulated amortisation - -331.1 -40.5 -0.6 -21.3 -393.5
As of December 31, 2022
Acquisition value 902.8 1,090.4 40.5 241.7 41.4 2,316.8
Accumulated amortisation - -331.1 -40.5 -0.6 -21.3 -393.5
Closing carrying amount 902.8 759.3 - 241.2 20.1 1,923.4

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Financial statements Hemnet Group | Annual and sustainability report 2023 · 59
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Note G14 Tangible non-current assets
Equipment 31/12/2023 31/12/2022
Opening acquisition value 12.0 11.0
Acquisitions for the year 7.3 1.8
Disposals for the year - -0.7
Closing acquisition value 19.3 12.0
Opening accumulated depreciation -10.1 -9.7
Depreciation for the year -2.3 -1.1
Disposals for the year - 0.7
Closing accumulated depreciation -12.4 -10.1
Closing carrying amount 7.0 2.0
Note G15 Leases
The company's leasing liability consists mainly of the head office's contract for 
premises in Stockholm. 
The lease for the headquarters premises has been extended by four months 
until January 2023. 
The company has entered into an agreement for a new premises for the head 
office in Stockholm from 1 Januari, 2023. This increases the right-to-use 
assets and leasing liabilities by SEK 56.5m as per 1 January, 2023.
The company recognises deferred tax assets and liabilities relating to leases 
as a net in accordance with IAS 12. As at 31 December 2023, deferred tax 
assets amounted to SEK 9.6 million and deferred tax liabilities to SEK 9.3 
million. 
The table below shows the value of right of use assets and leasing liabilities 
and the change during the period:
Right of use assets
Offices Total
Leasing
liabilities
As of January 1, 2023 0.6 0.6 0.0
Additional contracts 56.5 56.5 56.5
Depreciation for the year -11.9 -11.9
Interest expenses 1.6
Payments -14.5
As of December 31, 2023 45.2 45.2 43.6
Right of use assets
Offices Total
Leasing
liabilities
As of January 1, 2022 6.8 6.9 5.2
Additional contracts 1.3 1.3 1.3
Depreciation for the year -7.5 -7.5
Interest expenses 0.1
Payments -6.5
As of December 31, 2022 0.6 0.6 0.0
The table below shows the amounts reported in the income statement: 
Right of use assets 2023 2022
Depreciation of right of use assets 11.9 7.5
Interest expenses for leasing liabilities 1.6 0.1
Short-term leasing 0.1 0.1
Total amount reported in year-end results 13.6 7.7
Future leasing fees are shown in the table below:
Maturity analysis (undiscounted flows) 31/12/2023 31/12/2022
Year 1 9.3 -
Year 2 12.4 -
Year 3 12.4 -
Year 4 12.4 -
Year 5 - -
Total 46.5 -

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Financial statements60 · Hemnet Group | Annual and sustainability report 2023
Note G16 Deferred tax
Deferred tax assets and liabilities are distributed as follows:
31/12/2023 31/12/2022
Deferred tax assets:
Deferred tax assets assessed to be utilised after more than 12 months 0.3 -0.0
Deferred tax assets assessed to be utilised within 12 months 0.0 0.1
Total 0.3 0.0
Deferred tax liabilities
Deferred tax liabilities assessed to be utilised after more than 12 months 189.6 197.0
Deferred tax liabilities assessed to be utilised within 12 months 14.1 13.2
Total 203.7 210.2
Net change in deferred taxes is as follows:
31/12/2023 31/12/2022
Opening balance 210.2 220.1
Reported in statement of comprehensive income -6.8 -9.9
Closing balance 203.4 210.2
Changes in deferred tax assets and tax liabilities during the year, without regard to offsets made within the same tax jurisdiction, are shown below:
Deferred tax liabilities
Customer 
relationships Trademark Other Total
As of December 31, 2021 167.8 49.6 2.7 220.1
Reported in statement of comprehensive income -11.4 - 1.5 -9.9
As of December 31, 2022 156.4 49.6 4.2 210.2
Reported in statement of comprehensive income -11.4 - 4.9 -6.5
As of December 31, 2023 145.0 49.6 9.1 203.7
Deferred tax assets Right of use assets Total
As of December 31, 2021 0.1 0.1
Reported in statement of comprehensive income - -
As of December 31, 2022 0.1 0.1
Reported in statement of comprehensive income 0.2 0.2
As of December 31, 2023 0.3 0.3
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Financial statements Hemnet Group | Annual and sustainability report 2023 · 61
Note G17 Accounts receivable
2023-12-31 2022-12-31
Accounts receivable 47.1 37.9
Reserve for expected credit losses -8.8 -6.4
Total 38.3 31.5
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, 2023 net accounts receivable amounted to SEK 38.3 million 
(31.5) after the provision of expected credit 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 11.4 million, SEK 9.8 million had been paid 
before 2024-01-31. 
As of the balance sheet date, there were no accounts receivable in foreign 
currency. The age analysis of accounts receivable is as follows:
31/12/2023 31/12/2022
Not overdue accounts receivable 27.1 25.8
1-30 days 10.4 5.6
31-60 days 1.0 0.5
> 61 days 8.6 6.0
Total overdue accounts receivable 20.0 12.1
Change in reserve for 
expected credit losses:
Opening balance 6.4 4.8
Reserve for expected credit 
losses/reserve reversal 2.4 1.6
Credit losses recovered and reversed -0.0 -0.0
Closing balance 8.8 6.4
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 3.1 million (SEK 4.4 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.
Note G18 Other current receivables
31/12/2023 31/12/2022
Settlement receivables 57.8 21.0
VAT recievable - 0.2
Tax account 1.0 3.6
Other 2.9 0.1
Total 61.7 24.9
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  Prepaid expenses and accrued 
income
31/12/2023 31/12/2022
Accrued income 4.7 4.6
Other prepaid expenses 4.3 7.2
Total 9.0 11.8
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 G20 Equity
Voting rights No. of shares Share capital
Ordinary shares, 
Series A 93,294,476 93,294,476 73,462,157
Series A1 5,056,574 5,056,574 3,981,659
As of December 
31, 2023 98,351,050 98,351,050 77,443,817
As of 31 December 2023, the share capital consists of 98,351,050 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 1,255.1 
million (1,250.5). 
There are incentive programs for senior executives and key employees which 
includes warrants and ordinary shares. See further information in Note G8.
The Annual General Meeting 2023 authorized the Board of Directors to, 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 2024 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.
In total during 2023, 1,480,996 shares were repurchased for SEK 287.2m and 
the numer of treasury shares at year-end are 1,815,117. The number of shares 
outstanding, excluding treasury shares, as of December 31, 2023, is 
96,535,933. The total number of shares in the Company is 98,351,050.
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Financial statements62 · Hemnet Group | Annual and sustainability report 2023
Note G21  Financial risk management 
and financial instruments by 
category
Financial risk factors
Through its operations, the Group is exposed to a variety of financial risks: mar-
ket risks (currency risks, interest rate risks and price risks), credit risks and liqui-
dity risks. The Group's overall risk management policy focuses on the unpre-
dictability of the financial markets and strives to minimise potential adverse 
effects on the Group's financial results. 
Risk management is handled by the Group's CFO. The CFO provides monthly 
information on the Group's results, financial position and business perfor -
mance to the Board and management of Hemnet. The Group has a finance 
policy established by the Parent Company's Board of Directors, which states 
which financial risks the Group is exposed to and how these risks should be 
limited. FInancial operations should support the operations of the business 
and be of a non-speculative nature. Interest rate risks consist of risks that 
developments in the interest rate market will have negative effects on the com -
pany. Interest rate risks affect the Group, both as current interest expenses for 
loans and derivative instruments and as changes in the market value of deriva -
tive instruments. According to the company's finance policy, derivative instru -
ments may be used for the management of interest rate risks and currency 
risks, but only on condition that this follows from other contractual commit -
ments, such as may exist in, for example, credit financing agreements. The 
objective of interest rate risk management is to achieve the desired stability in 
the Group's overall cash flow. At the same time, it must be ensured that pos -
sible market value changes on the derivatives required do not pose unaccepta -
ble risks to shareholder equity and that requirements from credit institutions 
on levels of interest rate hedging are met. Currency risks are low and thus not 
hedged. Credit risks are managed through an efficent monitoring of outstan -
ding receivables. 
Surplus liquidity must be managed with the overall goal of preserving capital 
rather than generating financial income. In the first instance, surplus liquidity 
should be used to repay debt. Surplus liquidity can be invested as an alternative 
to amortisation of interest-bearing debt to meet known future financing needs.
Market risks
Currency risks  
The Group operates only marginally on an international basis and currency risks 
are low. Currency risks arise when future business transactions are expressed in 
a currency that is not the unit's functional currency. The Group has no or 
marginal sales in foreign currencies and purchases are made marginally in EUR, 
USD and GBP. As a result of the limited risk, the company's financial policy is not 
to hedge these flows, unless there are specific reasons to do so, but to manage 
currency risks primarily operationally by seeking to enter into contracts in SEK. 
Exposure as of 31 December, 2023
The Group's risk exposure in foreign currency at the end of the reporting period, 
expressed in million SEK, was the following:
31/12/2023
USD EUR
Accounts payable 0.4 0.8
Accrued income 0.0 -
31/12/2022
USD EUR
Cash and cash equivalents - -
Accounts payable 0.7 0.1
Accrued income 0.4 -
Sensitivity
As shown in the table above, the Group is marginally exposed to changes in the 
exchange rate for USD/SEK and EUR/SEK. 
If the Swedish krona had weakened/strengthened by 10 percent in relation to 
the USD with all other variables constant, the recalculated profit after tax/ 
effect on shareholder's equity as of December 31, 2023 would be SEK 36 thou -
sand lower/higher, as a result of profits/losses on conversion of accrued 
income, cash and cash equivalents and accounts payable in USD. 
If the Swedish krona had weakened/strengthened by 10 percent relative to the 
EUR with all other variables constant, the recalculated profit after tax/effect on 
shareholder equity as of December 31, 2023 would be SEK 75 thousand higher/ 
lower, largely as a result of gains/losses on the conversion of cash and cash 
equivalents and accounts payable in EUR. 
Amounts reported in the Group's statement of comprehensive income During 
the year, the following currency-related amounts were reported in the consoli -
dated income statement:
2023 2022
Net exchange rate gain (+)/ loss (-), 
included in other operating income/
other operating expenses -0.1 -0.1
Net exchange rate gains (+)/ currency (-), 
included in financial income/expenses - 0.1
Interest rate risks
The Group's interest rate risks arise through long- and short-term borrowing. 
Liabilities to credit institutions constitute a bank loan from Nordea that is 
subject to variable interest rates and exposes the Group to interest rate risk with 
respect to cash flow, which is partially neutralised by cash with variable interest 
rates. The bank loan was renegotiated and extended during the year. The loan 
matures 1 April, 2026 and runs at a variable interest rate equivalent to Stibor plus 
1.40-2.00 percent per year, depending on the covenant Net Leverage. The fee for 
the undrawn part of the facility is 0.35 percent. The bank loan has a revolving 
credit, which means that the Group has a loan facility that makes it possible to 
use the unused credit at no extra cost. The Group has two covenants to relate to: 
Net Leverage and Interest Cover. Net leverage is calculated according to the 
formula net debt/consolidated EBITDA. Net debt refers to total interest-bearing 
liabilities (comprising the items due to credit institutions and lease liabilities in 
the consolidated balance sheet) less cash and cash equivalents and short-term 
investments. Interest Cover is calculated according to the formula consolidated 
EBITDA/financial expenses, net.
The Group's borrowing is only in Swedish kronor. It is possible to take out a loan 
in another currency.
Sensitivity  
If interest rates on borrowing in Swedish kronor in 2023 were 100 basis points 
higher/lower with all other variables constant, the calculated profit after tax for 
the financial year would have been SEK 3.3 million higher/lower, as an effect of 
higher/lower interest costs for borrowing with variable interest rates. 
Credit risks
Credit risks are managed at the Group level, with the exception of credit risks 
regarding outstanding accounts receivable where analysis is done for each 
Group company. Credit risks arise through liquid funds and balances with banks, 
as well as credit exposures to customers. There is no high concentration of 
credit risks, either through exposure to individual customers, specific industries 
or regions. In cases where there is no independent credit assessment, a risk 
assessment is made of the customer's credit rating, taking into account his/her 
financial position, as well as past experience and other factors.
Credit risk exposure and possible provision for expected loan losses are stated 
in Note G17 Accounts receivable, Note G19 Prepaid expenses and deferred 
income and Note G26 Cash and cash equivalents.
Liquidity risks
Cash flow forecasts are prepared by the Group's operating companies and 
aggregated at the Group level. At the Group level, careful rolling forecasts for 
the Group's liquidity reserve are followed to ensure that the Group has 
sufficient cash to meet the needs of its ongoing operations. 
At Group level, surplus liquidity may be invested in interest-bearing settlement 
accounts or interest-bearing money market instruments, depending on which 
instrument has the appropriate maturity or sufficient liquidity to meet the 
scope provided by the aforementioned forecasts.
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Financial statements Hemnet Group | Annual and sustainability report 2023 · 63
As of December 31, 2023
Less than 
3 months
Between 
3 months
and 1 year
Between 
1 and 2 years
Between 
2 and 5 years
More than 
5 years
Total
Contractual 
undiscounted 
cash flows Reported value
Financial liabilities
Liabilities to credit institutions 2.3 6.7 8.9 502.8 - 520.7 497.1
Leasing liabilities - 9.3 12.4 24.8 - 46.5 43.6
Accounts payable 14.4 - - - - 14.4 14.4
Other current liabilities 23.1 - - - - 23.1 23.1
Total 39.8 16.0 21.3 527.6 - 604.7 578.2
As of December 31, 2022
Less than 
3 months
Between 
3 months
and 1 year
Between 
1 and 2 years
Between 
2 and 5 years
More than 
5 years
Total
Contractual 
undiscounted 
cash flows Reported value
Financial liabilities
Liabilities to credit institutions 1.4 4.4 332.0 - - 337.8 328.5
Leasing liabilities - - - - - - -
Accounts payable 13.5 - - - - 13.5 13.5
Other current liabilities 17.2 - - - - 17.2 17.2
Total 32.1 4.4 332.0 - - 368.5 359.2
Maturity of financial liabilities
Fair value calculation
The following tables shows financial instruments measured at fair value, 
based on how the classification in the fair value hierarchy was made. The 
different levels are defined as follows: 
(a) Level 1 financial instruments
Listed prices (unadjusted) in active markets for identical assets or liabilities.
(b) Level 2 financial instruments
Observable data for the asset or liability other than quoted prices included in 
level 1, either directly (i.e. as price quotes) or indirectly (i.e. derived from price 
quotes).
(c) Level 3 financial instruments
In cases where one or more significant inputs are not based on observable 
market information, the instrument concerned is classified under level 3.
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Credit facility
The Group has the following total credit facility as of December 31, 2023: SEK 
600 million. 
The Group has the following unutilised credit facility as of December 31, 2023: 
SEK 100 million. 
Variable interest rate on utilised credit: Stibor plus 1,40 – 2,00 percent, 
depending on Net Leverage. 
Fixed interest on unutilised credit: 0.35 percent 
Expires within one year (bank loan) SEK - million 
Expires after more than one year (bank loan) SEK 497.1 million 
The credit facilities can be utilised at any time provided that the covenants in 
the loan agreement are fulfilled. The table on the next page analyses the 
Group's financial liabilities broken down by the time remaining on the balance 
sheet date until the contractual maturity date. The amounts stated in the table 
are the contractual, undiscounted cash flows.
Capital management
Hemnet's capital structure objective is to achieve a net debt to adjusted 
EBITDA ratio of less than 2.0x. Hemnet’s capital under management consists 
of equity. Changes in equity under management are shown in the Group's 
statement of changes in equity. 
In order to maintain or adjust the capital structure, the Group may change the 
dividend paid to the shareholders, repay capital to the shareholders, issue new 
shares or sell assets to reduce liabilities. 
The Group assesses its capital needs based, among other things, on its capital 
structure, which is assessed on the basis of the net debt/adjusted EBITDA 
ratio and amounts to 0.8 (0.5) at 31 December 2023. Net debt is calculated as 
total interest-bearing liabilities (comprising the items due to credit institutions 
and lease liabilities in the consolidated balance sheet) less cash and cash 
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Financial statements64 · Hemnet Group | Annual and sustainability report 2023
Note G22 Liabilities to credit institutions
31/12/2023 31/12/2022
Long-term liabilities
Liabilities to credit institutions 500.0 330.0
Effective interest rate/settlement 
fee/renegotiation result -2.9 -1.5
Total liabilities to credit institutions 497.1 328.5
Liabilities to credit institutions 
The Group's borrowing matures on 1 April, 2026 and runs at variable interest rates 
corresponding to 1.40 - 2.00 percent per annum, depending on the net leverage 
covenant. 
The Group has two covenants to fulfill: Net leverage and Interest cover. Net 
leverage is calculated according to the formula net debt/consolidated EBITDA. 
Net debt refers to the loans with deductions for balances with the bank. Interest 
cover is calculated according to the formula consolidated EBITDA/net financial 
liabilities. 
The Group has fulfilled the loan terms for the entire financial year January 1 - 
December 31, 2023.
Reported value
31/12/2023
Fair value
31/12/2023
Loans from credit 
institutions 497.1 500.0
Financial instruments by category
Assets as of December 31, 2023
Financial assets measured at
fair value through profit or loss
Financial assets measured
at amortised cost Total
Assets in the balance sheet
Accounts receivable and other receivables 104.7 104.7
Cash and cash equivalents 102.6 102.6
Total - 207.3 207.3
Liabilities as of December 31, 2023
Financial liabilities measured at
fair value through profit or loss
Financial liabilities measured
at amortised cost Total
Liabilities in the balance sheet
Liabilities to credit institutions 497.1 497.1
Other liabilities 53.0 53.0
Accounts payable 14.4 14.4
Accrued expenses 84.9 84.9
Total - 649.4 649.4
Financial instruments by category
Assets as of December 31, 2022
Financial assets measured at
fair value through profit or loss
Financial assets measured
at amortised cost Total
Assets in the balance sheet
Accounts receivable and other receivables 61.0 61.0
Cash and cash equivalents 100.4 100.4
Total - 161.4 161.4
Liabilities as of December 31, 2022
Financial liabilities measured at
fair value through profit or loss
Financial liabilities measured
at amortised cost Total
Liabilities in the balance sheet
Liabilities to credit institutions 328.5 328.5
Other liabilities 7.6 7.6
Accounts payable 13.5 13.5
Accrued expenses 68.8 68.8
Total - 418.5 418.5
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 67 =====

Financial statements Hemnet Group | Annual and sustainability report 2023 · 65
Note G25 Changes in liabilities belonging to the financing operations
Non-cash flow items
01/01/2023 Cash inflow
Cash 
outflow
Paid 
financing 
costs
Unpaid
interest 
expenses
Accrual of
financing 
costs
Change in 
leasing 
committments 31/12/2023
Liabilities to credit institutions 328.5 185.0 -15.0 -1.4 497.1
Leasing liabilities 0.0 -13.0 56.5 43.6
Total 328.5 185.0 -28.0 - - -1.4 56.5 540.7
Non-cash flow items
01/01/2022 Cash inflow
Cash 
outflow
Paid 
financing 
costs
Unpaid
interest 
expenses
Accrual of
financing 
costs
Change in 
leasing 
committments 31/12/2022
Liabilities to credit institutions 277.8 115.0 -65.0 0.7 328.5
Leasing liabilities 5.2 -6.5 1.3 0.0
Total 283.0 115.0 -71.5 - - 0.7 1.3 328.5
Note G23 Other current liabilities
31/12/2023 31/12/2022
VAT credit 10.8 6.5
Personnel-related taxes 9.5 9.0
Other items 2.8 1.7
Total 23.1 17.2
 
Note G24  Accrued expenses and deferred 
income
31/12/2023 31/12/2022
Accrued personnel costs 15.5 13.4
Deferred income 26.0 12.4
Accrued administration and 
commission compensation 61.2 42.5
Other accrued costs 8.2 12.9
Total 110.9 81.2
Note G26 Cash and cash equivalents
31/12/2023 31/12/2022
Bank balances 102.6 100.4
Total 102.6 100.4
For bank balances, all counterparties have a credit rating of at least AA (S&P). 
In cases where the amounts are not considered insignificant, a reserve for ex -
pected credit losses for these financial instruments is recognised according 
to the rating-based method. No reserve for expected credit losses has been 
recognised.
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 68 =====

Financial statements66 · Hemnet Group | Annual and sustainability report 2023
Note G27 Related party transactions
Long-Term Incentive Plan (LTIP) 
On 27 April, 2023, the Annual General Meeting resolved to issue warrants of 
Series 2023/2027 to the Company and to managers and certain other 
employees with key competences in the Group participating in the warrant 
programme. This is the third long-term incentive program and the Board 
intends to present a proposal for the establishment of a renewed incentive 
program at the 2024 Annual General Meeting. For more information read G8 
for more information. 
During 2023, 151,958 warrants were subscribed by related parties in the 
management team. For further information regarding this and previous long-
term incentive programs, see not G8.  
Note G28 Events after the  
 reporting period
Hemnet continued the share repurchase program in 2024 and repurchased an 
additional 321,952 shares for a total of SEK 93.1 million during the period from 
1 January, 2024 to 12 March, 2024.
On 25 January, 2024, Hemnet announced that its targets set with the overall 
aim of achieving netzero greenhouse gas emissions by no later than 2050 have 
been approved by the Science Based Targets initiative (SBTi). 
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 69 =====

Financial statements Hemnet Group | Annual and sustainability report 2023 · 67
Parent Company income statement
Amount in SEK million Note 2023 2022
Net sales 7 8.9 9.2
Total 8.9 9.2
Other external expenses -7.5 -11.3
Personnel costs 2 -11.4 -8.8
Total operating expenses -18.9 -20.1
Operating profit/loss -10.0 -10.9
Profit/loss from participations in group companies 3 382.9 -
Net financial items -22.2 -7.3
Appropriations  - Group contributions received 7 492.7 435.0
Earnings before tax 843.4 416.8
Income tax -94.9 -85.8
Profit/loss for the year 748.5 331.0
Parent Company statement of 
comprehensive income
Amount in SEK million Note 2023 2022
Profit/loss for the year 748.5 331.0
Other comprehensive income - -
Total comprehensive income for the year 748.5 331.0

===== SIDA 70 =====

Financial statements68 · Hemnet Group | Annual and sustainability report 2023
Parent Company balance sheet
Amount in SEK million Note 31/12/2023 31/12/2022
ASSETS
Non-current assets
Participations in Group companies 3 1,141.6 1,146.6
Non-current receivables Group companies 4 536.8 497.9
Total non-current assets 1,678.4 1,644.5
Current assets
Current receivables from Group companies 4 2.4 1.7
Prepaid costs 0.7 1.4
Cash and bank balances 14.2 34.9
Total current assets 17.4 38.0
TOTAL ASSETS 1,695.8 1,682.5
EQUITY AND LIABILITIES
Equity 5
Restricted equity
Share capital 77.4 77.4
Total restricted equity 77.4 77.4
Unrestricted equity
Share premium reserve 872.2 867.6
Retained earnings -511.6 -326.1
Profit/loss for the year 748.5 331.0
Total unrestricted equity 1,109.1 872.5
Total equity 1,186.5 949.9
Non-current liabilities
Liabilities to credit institutions 6 497.1 328.5
Non-current liabilities to Group companies 4 0.0 0.0
Total non-current liabilities 497.2 328.5
Current liabilities
Accounts payable 1.0 0.6
Current liabilities to Group companies 4 - 387.9
Other liabilities 8.8 12.1
Accrued expenses and deferred income 2.3 3.5
Total current liabilities 12.1 404.1
TOTAL LIABILITIES AND EQUITY 1,695.8 1,682.5

===== SIDA 71 =====

Financial statements Hemnet Group | Annual and sustainability report 2023 · 69
Parent Company statement of changes  
in equity
Amount in SEK million
Share capital 
(Note P5)
Share premium 
reserve
(Note P5)
Retained 
earnings 
(Note P5)
Profit/loss for 
the year
(Note P5)
Total 
shareholder
equity (Note P5)
Opening balance as of January 1, 2022 77.4 863.9 -124.6 180.2 996.9
Transfer of previous year's results 180.2 -180.2 -
Profit/loss for the year 331.0 331.0
Other comprehensive income - -
Total comprehensive income 331.0 331.0
Transactions with owners
Dividends -55.6 -55.6
Share repurchase -326.1 -326.1
Warrant issue 4.6 4.6
Repurchase of warrants -0.8 -0.8
Issuance costs -0.2 -0.2
Total transactions with the company's owners - 3.7 -381.7 - -378.0
Closing balance as of December 31, 2022 77.4 867.6 -326.1 331.0 949.9
Opening balance as of January 1, 2023 77.4 867.6 -326.1 331.0 949.9
Transfer of previous year's results 331.0 -331.0 -
Profit/loss for the year 748.5 748.5
Other comprehensive income - -
Total comprehensive income 748.5 748.5
Transactions with owners
Dividends -98.0 -98.0
Share repurchase -418.5 -418.5
Warrant issue 5.0 5.0
Repurchase of warrants -0.4 -0.4
Share redemption -2.1 2.1 -
Bonus issue 2.1 -2.1 -
Total transactions with the company's owners - 4.6 -516.5 - -511.9
Closing balance as of December 31, 2023 77.4 872.2 -511.6 748.5 1 186.5
Restricted equity Unrestricted equity

===== SIDA 72 =====

financial statements70 · Hemnet Group | Annual and sustainability report 2023
Amount in SEK million 2023
 
2022
Cash flow from operating activities
Operating profit -10.0 -10.9
Interest received 0.2 0.0
Interest paid -23.8 -6.6
Paid income tax -100.2 -89.0
Cash flow from operating activities before changes in working capital -133.8 -106.5
Cash flow from changes in working capital
Change in current receivables 454.7 449.0
Change in current liabilities 0.3 0.6
Total changes in working capital 455.0 449.6
Cash flow from operating activities 321.2 343.1
Cash flow from financing activities
Dividend -98.0 -55.6
Share repurchase -418.5 -326.1
Borrowings 185.0 115.0
Repaid borrowings -15.0 -65.0
Warrant issue 5.0 4.6
Issuance costs - -0.2
Repurchase of warrants -0.4 -0.8
Cash flow from financing activities -341.9 -328.1
Cash flow for the year -20.7 15.1
Cash and cash equivalents at beginning of the year 34.9 19.8
Cash and cash equivalents at end of the year 14.2 34.9
Parent Company statement of cash flows

===== SIDA 73 =====

financial statements Hemnet Group | Annual and sustainability report 2023 · 71
The Parent Company has direct ownership in the following subsidiaries:
Name Corp. reg. no Location Share capital/% Number of shares
Reported value
31/12/2023
Hemnet Sverige AB 556536-0202 Stockholm 100 1,000 1,141.6
HN Hem AB 559264-9775 Stockholm 100 25,000 0.0
Note P1  Parent Company  
accounting principles
Basis for the preparation of the reports
The annual report for the Parent Company, Hemnet Group AB (publ), has been 
prepared in accordance with the Swedish Annual Accounts Act and RFR 2 
Accounting for Legal Entities. The RFR 2 states that, in financial reports, the 
Parent Company must apply International Financial Reporting Standards 
(IFRS) as adopted by the EU, to the extent this is possible within the framework 
of the Swedish Annual Accounts Act, as well as the relationship between 
accounting and taxation. The recommendation specifies the exceptions and 
additions required in relation to IFRS.
Accordingly, the Parent Company applies the principles presented in note G1 
of the consolidated financial statements, with the exceptions set out below. 
There were no changed accounting principles for the Parent Company in 2023.
The preparation of reports in accordance with RFR 2 requires the use of some 
important estimates for accounting purposes. Furthermore, management is 
required to make certain assessments when applying the Parent Company’s 
accounting principles. The areas that comprise a high degree of judgement, 
which are complex or such areas where assumptions and estimates are of 
material importance for the annual report, are stated in note G2 of the 
consolidated financial statements.
For information on financial risks, see note G21 of the consolidated financial 
statements.
Presentation formats
The income statement and balance sheet follow the format of the Swedish 
Annual Accounts Act. The report on changes in equity also follows the Group's 
format, but must contain the columns specified in the Swedish Annual Accounts 
Act. Furthermore, this means a difference in terms, compared to the 
consolidated accounts, mainly regarding financial income as well as expenses, 
equity and the statement of comprehensive income.
Participations in group companies
Shares in subsidiaries are recognised at cost minus any write-downs. The 
acquisition value includes acquisition-related costs and any additional 
purchase considerations. When there is an indication that participations in 
subsidiaries have decreased in value, the recoverable amount is calculated. 
If this is lower than the carrying amount, a write-down is made. Writedowns 
are reported in the item Profit/loss from participations in group companies.
Financial instruments  
Due to the relationship between accounting and taxation, the rules on financial 
instruments in accordance with IFRS 9 are not applied in the Parent Company as 
a legal entity, rather the Parent Company applies these in accordance with the 
Annual Accounts Act value method. In the Parent Company, therefore, financial 
fixed assets are valued at cost and financial current assets in accordance with 
the lowest value principle, applying impairment losses for expected credit 
losses in accordance with IFRS 9 for assets that are debt instruments, see the 
Group's accounting principles, Impairment of financial instruments. Impairment 
losses for other financial assets are based on market values.
The Parent Company applies the general method, according to the rating-based 
method for calculating expected credit losses on intra-group receivables, see 
the Group's accounting principles, Impairment of financial instruments.
Based on the parent company's judgement taking into account known 
information and forward-looking factors, including business plans and 
forecasts, expected credit losses are not considered to be material and 
therefore no provision has been recognised.
The Parent Company's assets and receivables have been assessed to be in 
Stage 1, that is, there has been no significant increase in credit risk. 
Group contributions
Group contributions received and submitted are reported as a year-end 
appropriation.
Not P2 Personnel costs
Parent company 2023 2022
Salaries and other renumeration 4.2 4.8
Social costs including payroll tax 1.5 1.7
Pension costs 0.9 0.7
Parent company total 6.6 7.2
Average number of employees
2023 2022
Total
Of which 
women Total
Of which 
women
Parent company
Sweden 1 1 1 1
Total 1 1 1 1
Note P3 Participations in Group companies 
 
31/12/2023 31/12/2022
Opening balance 1 146.6 1 146.6
Change for the year -5.0 -
Closing balance 1 141.6 1 146.6
A review of the corporate structure of the Hemnet Group was carried out during 
the year and passive companies were merged or liquidated. This concerns the 
three former companies Hemnet Holding AB, Hemnet Holding II AB and Hemnet 
Holding III AB, which were all merged with Hemnet Sverige AB in 2023, as well as 
the former company HN Area AB, which was liquidated in 2023.
The Parent Company has direct ownership in the following subsidiaries included in the Group:
Name Corp. reg. no Location Share capital/% Number of shares
Hemnet AB 556260-0089 Stockholm 100 10,000
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 74 =====

Financial statements72 · Hemnet Group | Annual and sustainability report 2023
Note P4  Receivables and liabilities of 
group companies
31/12/2023 31/12/2022
Long-term receivables
Hemnet Holding AB - 497.9
Hemnet Sverige AB 536.8 -
536.8 497.9
Current receivables
Hemnet AB - 1.7
Hemnet Sverige AB 2.4 -
2.4 1.7
Current liabilities
HN Hem AB 0.0 0.0
0.0 0.0
Current liabilities
HN Area AB - 387.9
- 387.9
Note P5 Equity
The share capital consists of 98,351,050 (101,131,478) shares with a quotient 
value of SEK 0.787 (0.766). See also information in the Group's note G20.
Note P6 Liabilities to credit institutions
31/12/2023 31/12/2022
Long-term liabilities
Liabilities to credit institutions 500.0 330.0
Effective interest rate/settlement 
fee/renegotiation result -2.9 -1.5
Total liabilities to credit institutions 497.1 328.5
See also Group note G22.
Not P7 Related parties
Related parties are owners, senior executives of the Group and their related 
parties, as well as all parent/subsidiary/associate companies and joint 
ventures within the Group and companies controlled by related parties. Goods 
and services are bought and sold to related parties on normal commercial 
terms on a commercial basis. Within the Group, goods and services are priced 
in accordance with established internal pricing policies based on the arm's 
length principle. 
There are short-term and long-term deposits and borrowings between the 
Parent Company and the subsidiaries. Since 2020, the Group’s CEO is 
employed by the Parent Company, whereby invoicing to subsidiaries takes 
place for company management services.  
Of reported net sales, SEK 8.9 (9.2) million relates to internal invoicing to 
Hemnet AB. Of other external costs, SEK - (11.3) million relates to internal 
invoicing from Hemnet AB. Received group contribution of SEK 492.7 (435.0) 
million is provided by Hemnet Sverige AB. 
Note P8  Events after the reporting period
Hemnet continued the share repurchase program in 2024 and repurchased 
an additional 321,952 shares for a total of SEK 93.1 million during the period 
from 1 January, 2024 to 12 March, 2024. 
On 25 January, 2024, Hemnet announced that its targets set with the overall 
aim of achieving netzero greenhouse gas emissions by no later than 2050 have 
been approved by the Science Based Targets initiative (SBTi).
Note P9 Appropriation of earnings
The following earnings are available to the Annual General Meeting:
Share premium reserve 872,169,330
Retained earnings 232,957,699
Treasury shares -744,565,135
Profit for the year 748,494,827
Total 1,109,056,721
The Board of Directors proposed that the profits be allocated as follows:
Dividend to shareholders, SEK 1.20 per share 118,021,260
Funds to be carried forward, SEK 991,035,461
Total 1,109,056,721
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 75 =====

Audit report Hemnet Group | Annual and sustainability report 2023 · 73
Auditor’s report
To the general meeting of the shareholders of Hemnet Group AB (publ), corporate identity number 559088-4440
Report on the annual accounts and 
consolidated accounts
Opinions
We have audited the annual accounts and consolidated accounts of Hemnet 
Group AB (publ) except for the corporate governance statement on pages 
34-39 for the year 2023. The annual accounts and consolidated accounts of 
the company are included on pages 31-72 in this document.
In our opinion, the annual accounts have been prepared in accordance with the 
Annual Accounts Act and present fairly, in all material respects, the financial 
position of the parent company as of 31 December 2023 and its financial 
performance and cash flow for the year then ended in accordance with the Annual 
Accounts Act. The consolidated accounts have been prepared in accordance with 
the Annual Accounts Act and present fairly, in all material respects, the financial 
position of the group as of 31 December 2023 and their financial performance and 
cash flow for the year then ended in accordance with International Financial 
Reporting Standards (IFRS Accounting standards), as adopted by the EU, and the 
Annual Accounts Act. Our opinions do not cover the corporate governance 
statement on pages 34-39. The statutory administration report is consistent with 
the other parts of the annual accounts and consolidated accounts.
We therefore recommend that the general meeting of shareholders adopts the 
statement of comprehensive income and statement of financial position for 
the group and the income statement and balance sheet for the parent 
company.
 
Our opinions in this report on the annual accounts and consolidated accounts 
are consistent with the content of the additional report that has been 
submitted to the parent company's audit committee in accordance with the 
Audit Regulation (537/2014) Article 11.
Basis for Opinions
We conducted our audit in accordance with International Standards on 
Auditing (ISA) and generally accepted auditing standards in Sweden. Our 
responsibilities under those standards are further described in the Auditor’s 
Responsibilities section. We are independent of the parent company and the 
group in accordance with professional ethics for accountants in Sweden and 
have otherwise fulfilled our ethical responsibilities in accordance with these 
requirements. This includes that, based on the best of our knowledge and 
belief, no prohibited services referred to in the Audit Regulation (537/2014) 
Article 5.1 have been provided to the audited company or, where applicable, 
its parent company or its controlled companies within the EU.
We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinions.
Key Audit Matters
Key audit matters of the audit are those matters that, in our professional 
judgment, were of most significance in our audit of the annual accounts and 
consolidated accounts of the current period. These matters were addressed 
in the context of our audit of, and in forming our opinion thereon, the annual 
accounts and consolidated accounts as a whole, but we do not provide a 
separate opinion on these matters. For each matter below, our description of 
how our audit addressed the matter is provided in that context. 
We have fulfilled the responsibilities described in the Auditor’s 
responsibilities for the audit of the financial statements section of our report, 
including in relation to these matters. Accordingly, our audit included the 
performance of procedures designed to respond to our assessment of the 
risks of material misstatement of the financial statements. The results of our 
audit procedures, including the procedures performed to address the 
matters below, provide the basis for our audit opinion on the accompanying 
financial statements.
Valuation goodwill and other intangible assets with an indefinite useful life 
DESCRIPTION 
As of December 31, 2023, the value of goodwill and other intangible 
assets with an indefinite useful life amounts to SEK 1,144 million and 
represents 53% of the Group's assets. Goodwill is reviewed for potential 
impairment whenever there is an indication that the current value may 
be impaired, or at least annually. The recoverable amount is determined 
as the value-in-use, which is calculated based on the discounted present 
value of future cash flows. Key assumptions in this calculation include 
future growth, EBITDA margin and applied discount rate. 
Goodwill and other intangible assets with an indefinite useful life 
constitute a key audit matter as the process of calculating the value-in-
use is based on judgments and assumptions of how the Group's 
operations will be affected by future development in the market and 
other economic events, and that the underlying calculations are 
complex.
See Note K1 for accounting principles regarding the valuation of 
goodwill and other intangible assets with an indefinite useful life and 
Note K2 and K13 for the company's description of the assumptions and 
judgments made in connection with the execution of the impairment 
test.
HOW OUR AUDIT ADDRESSED THIS KEY AUDIT MATTER
In our audit, we have evaluated and reviewed key assumptions, 
application of valuation theory, used valuation model, discount rate 
and other source data used by the company. For example, we have 
compared external data sources, such as assumptions of future 
market growth and assessed the sensitivity of the company's 
valuation model. We have used our valuation specialists in this work. 
In particular, we have focused on the sensitivity of the calculations 
and have assessed whether there is a risk that reasonably probable 
course of events would give rise to a situation where the recoverable 
amount would be less than carrying amounts. We have also assessed 
the company's historical forecasting ability. Finally, we have audited 
the disclosures made in Note K13 (Intangible Assets).

===== SIDA 76 =====

Audit report74 · Hemnet Group | Annual and sustainability report 2023
Other Information than the annual accounts and consolidated accounts  
This document also contains other information than the annual accounts and 
consolidated accounts and is found on pages 1-29. The other information also 
includes the remuneration report and were obtained before the date of this 
auditor’s report. The Board of Directors and the Managing Director are 
responsible for this other information. 
Our opinion on the annual accounts and consolidated accounts does not cover 
this other information and we do not express any form of assurance 
conclusion regarding this other information.
In connection with our audit of the annual accounts and consolidated 
accounts, our responsibility is to read the information identified above and 
consider whether the information is materially inconsistent with the annual 
accounts and consolidated accounts. In this procedure we also take into 
account our knowledge otherwise obtained in the audit and assess whether 
the information otherwise appears to be materially misstated.
If we, based on the work performed concerning this information, conclude that 
there is a material misstatement of this other information, we are required to 
report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors and the Managing Director  
The Board of Directors and the Managing Director are responsible for the 
preparation of the annual accounts and consolidated accounts and that they 
give a fair presentation in accordance with the Annual Accounts Act and, 
concerning the consolidated accounts, in accordance with IFRS as adopted by 
the EU. The Board of Directors and the Managing Director are also responsible 
for such internal control as they determine is necessary to enable the 
preparation of annual accounts and consolidated accounts that are free from 
material misstatement, whether due to fraud or error.
In preparing the annual accounts and consolidated accounts, The Board of 
Directors and the Managing Director are responsible for the assessment of the 
company’s and the group’s ability to continue as a going concern. They 
disclose, as applicable, matters related to going concern and using the going 
concern basis of accounting. The going concern basis of accounting is 
however not applied if the Board of Directors and the Managing Director 
intends to liquidate the company, to cease operations, or has no realistic 
alternative but to do so.
The Audit Committee shall, without prejudice to the Board of Director’s 
responsibilities and tasks in general, among other things oversee the 
company’s financial reporting process.
Auditor’s responsibility  
Our objectives are to obtain reasonable assurance about whether the annual 
accounts and consolidated accounts as a whole are free from material 
misstatement, whether due to fraud or error, and to issue an auditor’s report 
that includes our opinions. Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted in accordance with ISAs and 
generally accepted auditing standards in Sweden will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on 
the basis of these annual accounts and consolidated accounts.
As part of an audit in accordance with ISAs, we exercise professional judgment 
and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the annual 
accounts and consolidated accounts, whether due to fraud or error, design 
and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our 
opinions. The risk of not detecting a material misstatement resulting from 
fraud is higher than for one resulting from error, as fraud may involve 
collusion, forgery, intentional omissions, misrepresentations, or the 
override of internal control.
• Obtain an understanding of the company’s internal control relevant to our 
Revenue recognition
DESCRIPTION 
Net sales for 2023 amounted to SEK 1 004.7 million in the Group's 
statement of comprehensive income. As stated in Note K1, the Group's 
net revenue is generated from sales of services, mainly listing services 
and other services. Revenue is reported over time if the customer receives 
or consumes the benefits at the same time as the service is performed. 
Where the term of the agreement is not stated, the average term of the 
service used is based on historical information. Revenue is measured at 
the agreed transaction price, less any discounts and value added tax.
We have assessed the recognition of revenue as a key audit matter based 
on the size of revenue in relation to other income statement items, focus 
from stakeholders and that the company makes assumptions through 
interpretation of agreements, which affects the period in which revenue 
recognition takes place.
See Note K1 for accounting principles regarding revenue recognition and 
Note K3 for the company's description of the year's revenues and the 
assessments made in connection with the year end close.  
 
 
HOW OUR AUDIT ADDRESSED THIS KEY AUDIT MATTER
In our audit, we have evaluated the company's revenue recognition 
processes. Furthermore, we have reviewed the Group's financial manual 
and assessed whether the accounting principles for revenue recognition 
are in accordance with applicable accounting standards. We have also 
performed detailed testing of revenue transactions as well as data 
analysis to assess revenue recognition.
Finally, we have audited the disclosures related to the key audit matter 
made in the annual report.

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Audit report Hemnet Group | Annual and sustainability report 2023 · 75
audit in order to design audit procedures that are appropriate in the 
circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the company’s internal control. 
• Evaluate the appropriateness of accounting policies used and the 
reasonableness of accounting estimates and related disclosures made by 
the Board of Directors and the Managing Director. 
• Conclude on the appropriateness of the Board of Directors’ and the 
Managing Director’s use of the going concern basis of accounting in 
preparing the annual accounts and consolidated accounts. We also draw a 
conclusion, based on the audit evidence obtained, as to whether any 
material uncertainty exists related to events or conditions that may cast 
significant doubt on the company’s and the group’s ability to continue as a 
going concern. If we conclude that a material uncertainty exists, we are 
required to draw attention in our auditor’s report to the related disclosures 
in the annual accounts and consolidated accounts or, if such disclosures 
are inadequate, to modify our opinion about the annual accounts and 
consolidated accounts. Our conclusions are based on the audit evidence 
obtained up to the date of our auditor’s report. However, future events or 
conditions may cause a company and a group to cease to continue as a 
going concern.
• Evaluate the overall presentation, structure and content of the annual 
accounts and consolidated accounts, including the disclosures, and 
whether the annual accounts and consolidated accounts represent the 
underlying transactions and events in a manner that achieves fair 
presentation.
• Obtain sufficient and appropriate audit evidence regarding the financial 
information of the entities or business activities within the group to express 
an opinion on the consolidated accounts. We are responsible for the 
direction, supervision and performance of the group audit. We remain solely 
responsible for our opinions.  
We must inform the Board of Directors of, among other matters, the planned 
scope and timing of the audit. We must also inform of significant audit 
findings during our audit, including any significant deficiencies in internal 
control that we identified.
We must also provide the Board of Directors with a statement that we have 
complied with relevant ethical requirements regarding independence, and to 
communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, 
actions taken to eliminate threats or related safeguards applied.
From the matters communicated with the Board of Directors, we determine 
those matters that were of most significance in the audit of the annual 
accounts and consolidated accounts, including the most important 
assessed risks for material misstatement, and are therefore the key audit 
matters. We describe these matters in the auditor’s report unless law or 
regulation precludes disclosure about the matter.
Report on other legal and regulatory 
requirements
REPORT ON THE AUDIT OF THE ADMINISTRATION AND THE PROPOSED 
APPROPRIATIONS OF THE COMPANY’S PROFIT OR LOSS
Opinions  
In addition to our audit of the annual accounts and consolidated accounts, 
we have also audited the administration of the Board of Directors and the 
Managing Director of ABC AB (publ) for the year 201X (the financial year …) 
and the proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the profit be 
appropriated (loss be dealt with) in accordance with the proposal in the 
statutory administration report and that the members of the Board of 
Directors and the Managing Director be discharged from liability for the 
financial year.
A separate list of loans and collateral has been prepared in accordance with 
the provisions of the Companies Act.
Basis for opinions  
We conducted the audit in accordance with generally accepted auditing 
standards in Sweden. Our responsibilities under those standards are further 
described in the Auditor’s Responsibilities section. We are independent of 
the parent company and the group in accordance with professional ethics for 
accountants in Sweden and have otherwise fulfilled our ethical 
responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors and the Managing Director  
The Board of Directors is responsible for the proposal for appropriations of 
the company’s profit or loss. At the proposal of a dividend, this includes an 
assessment of whether the dividend is justifiable considering the 
requirements which the company's and the group’s type of operations, size 
and risks place on the size of the parent company's and the group’s equity, 
consolidation requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s organization and the 
administration of the company’s affairs. This includes among other things 
continuous assessment of the company’s and the group’s financial situation 
and ensuring that the company's organization is designed so that the 
accounting, management of assets and the company’s financial affairs 
otherwise are controlled in a reassuring manner. The Managing Director shall 
manage the ongoing administration according to the Board of Directors’ 
guidelines and instructions and among other matters take measures that are 
necessary to fulfill the company’s accounting in accordance with law and 
handle the management of assets in a reassuring manner.
Auditor’s responsibility  
Our objective concerning the audit of the administration, and thereby our 
opinion about discharge from liability, is to obtain audit evidence to assess 
with a reasonable degree of assurance whether any member of the Board of 
Directors or the Managing Director in any material respect:  
• has undertaken any action or been guilty of any omission which can give 
rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act, the 
Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations of the 
company’s profit or loss, and thereby our opinion about this, is to assess with 
reasonable degree of assurance whether the proposal is in accordance with 
the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guarantee 
that an audit conducted in accordance with generally accepted auditing 
standards in Sweden will always detect actions or omissions that can give 
rise to liability to the company, or that the proposed appropriations of the

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Audit report76 · Hemnet Group | Annual and sustainability report 2023
company’s profit or loss are not in accordance with the Companies Act. 
As part of an audit in accordance with generally accepted auditing standards 
in Sweden, we exercise professional judgment and maintain professional 
skepticism throughout the audit. The examination of the administration and 
the proposed appropriations of the company’s profit or loss is based 
primarily on the audit of the accounts. Additional audit procedures 
performed are based on our professional judgment with starting point in risk 
and materiality. This means that we focus the examination on such actions, 
areas and relationships that are material for the operations and where 
deviations and violations would have particular importance for the 
company’s situation. We examine and test decisions undertaken, support for 
decisions, actions taken and other circumstances that are relevant to our 
opinion concerning discharge from liability. As a basis for our opinion on the 
Board of Directors’ proposed appropriations of the company’s profit or loss 
we examined the Board of Directors’ reasoned statement and a selection of 
supporting evidence in order to be able to assess whether the proposal is in 
accordance with the Companies Act.
THE AUDITOR’S EXAMINATION OF THE ESEF REPORT
Opinion  
In addition to our audit of the annual accounts and consolidated accounts, 
we have also examined that the Board of Directors and the Managing Director 
have prepared the annual accounts and consolidated accounts in a format 
that enables uniform electronic reporting (the Esef report) pursuant to 
Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for 
Hemnet Group AB (publ) for the financial year 2023. 
Our examination and our opinion relate only to the statutory requirements.
In our opinion, the Esef report has been prepared in a format that, in all 
material respects, enables uniform electronic reporting.
Basis for opinion  
We have performed the examination in accordance with FAR’s We have 
performed the examination in accordance with FAR’s recommendation RevR 
18 Examination of the ESEF report. Our responsibility under this 
recommendation is described in more detail in the Auditors’ responsibility 
section. We are independent of Hemnet Group AB (publ) in accordance with 
professional ethics for accountants in Sweden and have otherwise fulfilled 
our ethical responsibilities in accordance with these requirements. 
We believe that the evidence we have obtained is sufficient and appropriate 
to provide a basis for our opinion.  
Responsibilities of the Board of Directors and the Managing Director  
The Board of Directors and the Managing Director are responsible for the 
preparation of the Esef report in accordance with Chapter 16, Section 4(a) of 
the Swedish Securities Market Act (2007:528), and for such internal control 
that the Board of Directors and the Managing Director determine is 
necessary to prepare the Esef report without material misstatements, 
whether due to fraud or error.
 
Auditor’s responsibility  
Our responsibility is to obtain reasonable assurance whether the Esef report 
is in all material respects prepared in a format that meets the requirements 
of Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), 
based on the procedures performed.
RevR 18 requires us to plan and execute procedures to achieve reasonable 
assurance that the Esef report is prepared in a format that meets these 
requirements. 
Reasonable assurance is a high level of assurance, but it is not a guarantee 
that an engagement carried out according to RevR 18 and generally accepted 
auditing standards in Sweden will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in aggregate, they could reasonably be 
expected to influence the economic decisions of users taken on the basis of 
the Esef report. 
The audit firm applies ISQM 1 Quality Management for Firms that Perform 
Audits or Reviews of Financial Statements, or other Assurance or Related 
Services Engagements which requires the firm to design, implement and 
operate a system of quality management, including policies and procedures 
regarding compliance with professional ethical requirements, professional 
standards and applicable legal and regulatory requirements.
The examination involves obtaining evidence, through various procedures, 
that the Esef report has been prepared in a format that enables uniform 
electronic reporting of the annual and consolidated accounts. The 
procedures selected depend on the auditor’s judgment, including the 
assessment of the risks of material misstatement in the report, whether due 
to fraud or error. In carrying out this risk assessment, and in order to design 
audit procedures that are appropriate in the circumstances, the auditor 
considers those elements of internal control that are relevant to the 
preparation of the Esef report by the Board of Directors and the Managing 
Director, but not for the purpose of expressing an opinion on the 
effectiveness of those internal controls. The examination also includes an 
evaluation of the appropriateness and reasonableness of assumptions made 
by the Board of Directors and the Managing Director. 
The procedures mainly include a validation that the Esef report has been 
prepared in a valid XHTML format and a reconciliation of the Esef report with 
the audited annual accounts and consolidated accounts.
Furthermore, the procedures also include an assessment of whether the 
consolidated statement of financial performance, financial position, 
changes in equity, cash flow and disclosures in the Esef report have been 
marked with iXBRL in accordance with what follows from the Esef regulation.
THE AUDITOR’S EXAMINATION OF THE CORPORATE GOVERNANCE 
STATEMENT
The Board of Directors is responsible for that the corporate governance 
statement on pages 34-39 has been prepared in accordance with the Annual 
Accounts Act.
Our examination of the corporate governance statement is conducted in 
accordance with FAR´s standard RevR 16 The auditor´s examination of the 
corporate governance statement. This means that our examination of the 
corporate governance statement is different and substantially less in scope 
than an audit conducted in accordance with International Standards on 
Auditing and generally accepted auditing standards in Sweden. We believe 
that the examination has provided us with sufficient basis for our opinions.
A corporate governance statement has been prepared. Disclosures in 
accordance with chapter 6 section 6 the second paragraph points 2-6 of the 
Annual Accounts Act and chapter 7 section 31 the second paragraph the 
same law are consistent with the other parts of the annual accounts and 
consolidated accounts and are in accordance with the Annual Accounts Act.
Ernst & Young AB, Hamngatan 26, was appointed auditor of Hemnet Group 
AB (publ) by the general meeting of the shareholders on the April 27, 2023 
and has been the company’s auditor since the December 22, 2016.
Stockholm the day of our electronical signature  
Ernst & Young AB
Anna Svanberg  
Authorized Public Accountant

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Alternative performance measures Hemnet Group | Annual and sustainability report 2023 · 77
Amount in SEK million 2023 2022
Operating margin
Operating profit 448.2 377.5
Net sales 1,004.7 889.2
Operating margin  % 44.6% 42.5%
EBITDA & EBITDA margin
Operating profit 448.2 377.5
Depreciation -77.3 -70.6
EBITDA 525.5 448.1
Net sales 1,004.7 889.2
EBITDA margin  % 52.3% 50.4%
Adjusted EBITDA & Adjusted EBITDA margin
EBITDA 525.5 448.1
Adjusted EBITDA 525.5 448.1
Net sales 1,004.7 889.2
Adjusted EBITDA margin, % 52.3% 50.4%
Average revenue per published listing (ARPL)
Net sales 1,004.7 889.2
Deduct revenue not arising from published listings -217.4 -240.0
Revenue from published listings 787.3 649.2
Number of published listings, thousand 175.3 198.3
ARPL, SEK 4,490 3,275
Net debt
Non-current interest-bearing liabilities 532.6 328.5
Current interest-bearing liabilities 8.1 -
Cash and cash equivalents, including current interest-bearing securities 102.6 100.4
Net debt 438.1 228.1
Net debt/EBITDA
Net debt 438.1 228.1
EBITDA 525.5 448.1
Net debt/EBITDA, times 0.8 0.5
Net debt/adjusted EBITDA
Net debt 438.1 228.1
Adjusted EBITDA 525.5 448.1
Net debt/adjusted EBITDA, times 0.8 0.5
Equity/Assets ratio
Equity 1,259.6 1,432.7
Total assets 2,156.0 2,094.6
Equity/Assets ratio, % 58.4% 68.4%
Debt/Equity ratio
Non-current interest-bearing liabilities 532.6 328.5
Current interest-bearing liabilities 8.1 -
Equity 1,259.6 1,432.7
Debt/Equity ratio, times 0.4 0.2
Cash conversion
Adjusted EBITDA 525.5 448.1
Decrease / (Increase) in net working capital -4.2 8.2
Capital expenditures -38.8 -15.5
Free cash flow 482.5 440.7
Adjusted EBITDA 525.5 448.1
Cash conversion, % 91.8% 98.4%
Reconciliation of alternative performance measures
Below are calculations to derive the alternative performance measures used in the report. See definitions for more information.

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Definitions78 · Hemnet Group | Annual and sustainability report 2023
Key ratios Definition
Alternative performance measures Alternative performance measures (APMs) are financial measures of historical or future earnings trend, financial position 
or cash flow that are not defined in the applicable accounting regulations (IFRS). Alternative performance measures are 
used by Hemnet when it is relevant to follow up and describe Hemnet's financial situation and to provide additional useful 
information to the users of the financial reports. These metrics are not directly comparable to similar performance measu-
res presented by other companies.
ARPL (Average revenue per published listing) 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. 
It is a measure that shows the company's earning capacity per published listing.
EBITDA (earnings before interest, taxes, 
depreciation and amortisation)
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 independently of taxes and the company’s financing structure.
EBITDA margin EBITDA in relation to net sales.
The measure reflects the operating profitability of the business 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.
Interest-bearing liabilities Interest-bearing liabilities consist of liabilities to credit institutions and leasing liabilities.
Net financial items Financial income less financial expenses. 
The measure reflects the company's financial activities.
Adjusted EBITDA EBITDA adjusted for items affecting comparability.
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 independently of taxes and the company’s financing structure. 
The measure is also adjusted for the impact of items affecting comparability to increase comparability over time.
Adjusted EBITDA margin Adjusted EBITDA in relation to net sales.
The measure reflects the operating profitability of the business 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.
Items affecting comparability Items affecting comparability include revenue and expenses that do not arise regularly in the operating activities.
A separate disclosure of items affecting comparability clarifies the development of the underlying business.
Cash conversion Free cash flow in relation to EBITDA. Free cash flow is defined as 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, with the 
exception of interest-related cash flows.
Net debt Interest-bearing liabilities minus cash and cash equivalents and current interest-bearing securities.
The net debt measure is used to monitor the evolution of debt and to see the size of the refinancing needs. Since 
cash can be used to pay off debt at short notice, net debt is used instead of gross debt as a measure of total loan 
financing.
Net debt/EBITDA
Net debt/adjusted EBITDA
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.
Operating margin Operating profit/loss in relation to net sales.
The measure reflects the operational profitability of the business. The measure is an important component, together 
with net sales growth, to follow the company’s value creation.
Interest-bearing liabilities Interest-bearing liabilities consists of debt to credit institutions and leasing debt.
Operating profit/loss Total revenue less total operating expenses.
The measure indicates the company’s operation profit/loss before financing and taxes and is used to measure the 
profit generated by operating activities.
Debt/Equity ratio Interest-bearing liabilities in relation to total equity.
The performance measure is a measure of the relationship between the company's two forms of financing. The mea-
sure shows the proportion of debt capital in relation to the owners' invested capital. The measure reflects the financial 
strength, but also the leverage of the loan. A higher leverage ratio implies a higher financial risk and a higher financial 
leverage on invested capital.
Equity/Assets ratio Total equity in relation to total assets.
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.
Profit margin Profit after tax in relation to net sales of the business.
The performance measure indicates the company's operating profit after financing and tax and is used to measure 
the profit generated by operating activities.
Definitions

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