TIDMJET
RNS Number : 1911Y
Just Eat Takeaway.com N.V.
12 January 2022
Amsterdam, 12 January 2022
Just Eat Takeaway.com Q4 2021 Trading Update
Just Eat Takeaway.com grew 33% to 1.1 billion orders in 2021,
worth EUR28.2 billion[1] while rapidly improving profitability
Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY, NASDAQ: GRUB),
hereinafter the "Company" or together with its group companies,
"Just Eat Takeaway.com", one of the world's largest online food
delivery marketplaces, hereby issues a trading update for the
fourth quarter of 2021.
Statement of Jitse Groen, CEO of Just Eat Takeaway.com:
"Following the merger of Just Eat and Takeaway.com nearly two years
ago, we made significant investments to grow our leadership
positions and the Company is now six times bigger in terms of
orders. On the back of this success, we have markedly improved our
adjusted EBITDA throughout the second half of 2021, and we will
make further improvements this year. Meanwhile, we expect our
market positions to strengthen further, driven by our superior
network effects."
http://www.rns-pdf.londonstockexchange.com/rns/1911Y_1-2022-1-12.pdf
-- In the full year 2021, Just Eat Takeaway.com processed 1.1
billion Orders (1) , representing a 33% increase compared with
2020. The Company processed 274 million orders in the fourth
quarter of 2021, representing a 14% increase compared with the same
period of 2020.
-- Gross Transaction Value (GTV (1)) was EUR28.2 billion for the
full year of 2021, representing an increase of 31% compared with
2020. GTV (1) amounted to EUR7.3 billion in the fourth quarter of
2021, up 17% compared with the same period of 2020.
-- The adjusted EBITDA margin (1) improved substantially in the
fourth quarter of 2021, and as a result the adjusted EBITDA margin
(1) for the full year of 2021 is expected to be at the midpoint of
the guided range of minus 1% and minus 1.5% of GTV .
-- The Company achieved both the GTV (1) and adjusted EBITDA
margin targets. GTV (1) was EUR28.2 billion, within the expected
range of EUR28 to EUR30 billion. The adjusted EBITDA margin (1) for
the full year 2021 is expected to be at the midpoint of the guided
range. The full year order growth, excluding Grubhub, was more than
40% year-on-year, versus the targeted 45%, despite the dampening
effect of restaurants reopening.
-- The Company announced several on-demand grocery delivery
partnerships, building on its extensive Delivery network, amongst
others with Asda and One Stop in the UK. In Canada, a dark store
model through Skip Express Lane is rolled out nationally, reaching
70% of Skip's consumer base by year-end.
-- The UK & Ireland was the fastest growing segment for both
the quarter and the year, while significantly improving adjusted
EBITDA. The Company will continue to invest heavily, especially in
its London network, while it expects to further improve
profitability in 2022.
-- In North America, Grubhub continued to make good progress
increasing restaurant selection for diners, most notably in New
York, and drove meaningful expansion of GH+ users. A recently
launched partnership with Instacart and a Grubhub branded
convenience pilot (Grubhub Goods) with 7-Eleven further extends
Grubhub's proposition to drive growth. The Company remains in
discussion with several potential strategic partners to strengthen
its US position.
-- In Northern Europe, Lieferando added 6.9 million incremental
orders in Germany in the fourth quarter of 2021, and 47.5 million
incremental orders in 2021, compared with the same period last
year. This increased scale led to ongoing profitability
improvements.
-- Just Eat Takeaway.com welcomes the EU Commission's proposals
to improve conditions for workers and help them access social
protections. Since the Company already employs tens of thousands of
couriers across the EU, management believes the Company will
benefit from this legislation.
-- Management reiterates the following financial targets:
o GTV (1) to grow by mid-teens percentage points year-on-year in
2022
o 2021 has been the peak year of losses, with 2022 adjusted
EBITDA margin improving to the range of minus 0.6% to minus 0.8% of
GTV
o In excess of EUR30 billion of GTV to be added over the next
five years
o Long term group adjusted EBITDA margin in excess of 5% of
GTV
-- As announced at the Capital Markets Day on 21 October 2021,
the Company changed its reporting structure to better reflect the
Company's existing organisational and management structure and
provide investors with greater clarity on Just Eat Takeaway.com's
underlying business performance across its regions. A
reconciliation to the old structure is included in this
release.
Just Eat Takeaway.com
Jitse Groen, CEO
Brent Wissink, CFO
Joerg Gerbig, COO
Investors:
Joris Wilton
E: IR@justeattakeaway.com
Media:
E: press@justeattakeaway.com
For more information, please visit our corporate website:
https://www.justeattakeaway.com/
About Just Eat Takeaway.com
Just Eat Takeaway.com (LSE: JET, AMS: TKWY, NASDAQ: GRUB) is a
leading global online food delivery marketplace.
Headquartered in Amsterdam, the Company is focused on connecting
consumers and restaurants through its platforms. With over 580,000
connected restaurants, Just Eat Takeaway.com offers consumers a
wide variety of food choice. Just Eat Takeaway.com mainly
collaborates with delivery restaurants. In addition, Just Eat
Takeaway.com provides its proprietary restaurant delivery services
for restaurants that do not deliver themselves.
The Company has rapidly grown to become a leading online food
delivery marketplace with operations in the United States, United
Kingdom, Germany, the Netherlands, Canada, Australia, Austria,
Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy,
Luxembourg, New Zealand, Norway, Poland, Portugal, Romania,
Slovakia, Spain and Switzerland, as well as through partnerships in
Colombia and Brazil.
Analyst and investor conference call and audio webcast
Jitse Groen, Brent Wissink, and Joerg Gerbig will host an
analyst and investor conference call to discuss the Q4 2021 trading
update at 10:30 am CET on Wednesday 12 January 2022. Members of the
investor community can follow the audio webcast on
https://www.justeattakeaway.com/investors/results-and-reports/
.
Media and wires call
Jitse Groen will host a media and wires call to discuss the Q4
2021 trading update at 8:30 am CET on Wednesday 12 January 2022.
Members of the press can join the conference call at +31 20 531
5843.
Additional information on https://justeattakeaway.com
-- Just Eat Takeaway.com Analyst Presentation Q4 2021
Market Abuse Regulation
This press release contains inside information (i) as meant in
clause 7(1) of the Market Abuse Regulation and (ii) in terms of
Article 7(1) of the Market Abuse Regulation as it forms part of UK
law pursuant to the European Union (Withdrawal) Act 2018.
Unaudited figures
All figures in this document are unaudited.
Disclaimer
Statements included in this press release that are not
historical facts (including any statements concerning investment
objectives, other plans and objectives of management for future
operations or economic performance, or assumptions or forecasts
related thereto) are, or may be deemed to be, forward-looking
statements, including "forward-looking statements" made within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements may be identified by the use
of forward-looking terminology, including the terms "believes",
"estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their
negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. Forward-looking statements may and often do differ
materially from actual results. Any forward-looking statements
reflect the Company's current view with respect to future events
and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Company's business,
results of operations, financial position, liquidity, prospects,
growth or strategies. Among the key factors that could cause actual
results to differ materially from those projected in the
forward-looking statements are risks from or uncertainties related
to the following: innovation, competition, brand & reputation,
acquisitions, global strategic projects, technology reliability
& availability, data security & privacy, integration &
transformation and social change, legislation & regulation.
Additional information concerning key factors that could cause
actual results to differ materially from those projected in the
forward-looking statements can be found in the Company's filings
with the U.S. Securities and Exchange Commission ("SEC"), including
the Company's registration statement on Form F-4 (Registration
Statement No. 333-255540), which was declared effective by the SEC
on May 12, 2021, and Current Reports on Form 6-K, which may be
obtained free of charge at the SEC's website, http://www.sec.gov,
and the Company's Annual Reports, which may be obtained free of
charge from the Company's corporate website,
https://justeattakeaway.com.
Past performance is no guide to future performance and persons
needing advice should consult an independent financial adviser.
Forward-looking statements reflect knowledge and information
available at, and speak only as of, the date they are made, and the
Company expressly disclaims any obligation or undertaking to
update, review or revise any forward-looking statement contained in
this announcement whether as a result of new information, future
developments or otherwise. Readers are cautioned not to place undue
reliance on such forward-looking statements.
No Offer or Solicitation
This presentation shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Non-GAAP Financial Measures and Alternative Performance
Measures
This presentation includes certain non-GAAP financial measures
as defined by SEC rules and alternative performance measures as
defined by European rules. Just Eat Takeaway.com uses these
non-GAAP financial measures and alternative performance measures,
respectively, as key performance measures because it believes they
facilitate operating performance comparisons from period to period
by excluding potential differences primarily caused by variations
in capital structures, tax positions, the impact of acquisitions
and restructuring, the impact of depreciation and amortization
expense on its fixed assets and the impact of stock-based
compensation expense. These non-GAAP financial measures and
alternative performance measures are not measurements of Just Eat
Takeaway's financial performance under IFRS and should not be
considered as an alternative to performance measures derived in
accordance with IFRS and should be read in conjunction with Just
Eat Takeaway.com's financial statements prepared in accordance with
IFRS. Just Eat Takeaway.com has provided a reconciliation of those
measures to the most directly comparable IFRS measures in Just Eat
Takeaway.com's 2020 Annual Report.
[1] The Grubhub business was consolidated from 15 June 2021, and
the Just Eat business was consolidated from 15 April 2020. These
figures are presented as if the combination was completed on 1
January 2020 to provide comparable information for the full year
period. These numbers are unaudited.
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END
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