REG - Just Eat Takeaway - 1st Quarter Results

Just Eat Takeaway.com NVAnnouncement

20/04/2022 07:00

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RNS Number : 7184I  Just Eat Takeaway.com N.V.  20 April 2022

Amsterdam, 20 April 2022

Just Eat Takeaway.com Q1 2022 Trading Update

Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY), 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 first quarter of 2022.

Statement of Jitse Groen, CEO of Just Eat Takeaway.com: "After two years of
exceptional growth, we maintain the same high level of orders that were
processed during the Covid-19 restrictions. Our priority for 2022 lies in
enhancing profitability and strengthening our business. We expect
profitability to gradually improve throughout the year, and to return to
positive adjusted EBITDA in 2023."

                              First quarter(1)
 (in millions)                2022   2021   Growth  Constant Currency
 Orders
 North America                89.6   94.7   -5%
 Northern Europe              76.5   73.4   4%
 UK and Ireland               67.6   67.3   0%
 Southern Europe and ANZ      30.5   31.8   -4%
 Total Orders                 264.1  267.1  -1%
 GTV(2)
 North America                2,962  2,887  3%      -5%
 Northern Europe              1,910  1,803  6%      6%
 UK and Ireland               1,648  1,548  7%      2%
 Southern Europe and ANZ      715    724    -1%     -3%
 Total GTV                    7,235  6,962  4%      0%

 (1 )The Grubhub business was consolidated from 15 June 2021. These figures are
 presented as if the combination was completed on 1 January 2021 to provide
 comparable information for the period.

 (2 )Gross Transaction Value (GTV) represents the total value of orders placed
 on our platform, including taxes, tips and any applicable consumer fees.

 

·      Just Eat Takeaway.com maintained the high level of Orders that
were processed during the Covid-19 restrictions in the first quarter of last
year. In the first quarter of 2022, Just Eat Takeaway.com processed 264
million Orders, roughly flat compared with the same period in 2021.

·      Gross Transaction Value (GTV) amounted to €7.2 billion in the
first quarter of 2022, up 4% compared with the same period of 2021, driven by
a higher Average Transaction Value.

·      During the pandemic, the Company benefitted from a rapidly
increasing consumer base in a short period of time, adding more than 20
million active consumers since April 2020. As a result, the Company
temporarily experiences a corresponding higher-than-normal absolute churn
level in the first half of 2022, despite a lower relative churn level of this
new consumer group versus pre-pandemic cohorts. While growth in the second
quarter of 2022 will remain challenging, key growth drivers, such as Average
Monthly Order Frequency and Returning Consumers are expected to remain above
pre-pandemic and even above pandemic levels.

·      Management considers enhancing profitability as one of its
highest priorities in 2022, with a clear focus on (i) increasing revenue per
order, (ii) improving courier costs per order, and (iii) reducing overheads
and operating expenses. Consequentially, management expects to reach positive
adjusted EBITDA 1  for the full year 2023.

·      The Company continues to strengthen its on-demand grocery
delivery proposition, with significant progress achieved in the period,
including new partnerships with Central England Co-op
(http://www.justeattakeaway.com/newsroom/en-GB/212605-central-england-co-op-partners-with-food-delivery-app-just-eat-to-provide-even-more-options-for-shoppers)
in the UK and Albert Heijn
(http://www.justeattakeaway.com/newsroom/en-WW/213193-thuisbezorgd-nl-partners-with-albert-heijn-for-grocery-delivery)
and Spar
(http://www.justeattakeaway.com/newsroom/en-WW/213270-thuisbezorgd-nl-expands-grocery-and-convenience-delivery-offering-in-partnership-with-spar-netherlands)
in the Netherlands. Progression also continues in Canada, with a total of 11
Skip Express Lanes now in operation.

·      The Company's new, long-term global strategic partnership with
McDonald's
(http://www.justeattakeaway.com/newsroom/en-WW/212481-just-eat-takeaway-com-and-mcdonald-s-announce-long-term-global-strategic-partnership-to-drive-delivery-growth)
is expected to drive operational and efficiency improvements, as well as
additional marketing exposure.

·      Management updates its guidance for the full year of 2022:

o  GTV to grow by mid-single digit year-on-year in 2022 (previously
mid-teens)

o  2022 adjusted EBITDA margin in the range of minus 0.5% to minus 0.7% of
GTV (previously minus 0.6% to minus 0.8%)

The long-term objectives remain unchanged:

o  In excess of €30 billion of GTV to be added over the next five years

o  Long term group adjusted EBITDA margin in excess of 5% of GTV

·      The Management Board confirms its alignment with shareholders in
wanting to both create and realise value from the Company's highly attractive
portfolio of assets. As such, management is currently, together with its
advisers, actively exploring the introduction of a strategic partner into
and/or the partial or full sale of Grubhub. There can be no certainty that any
such strategic actions will be agreed or what the timing of such agreements
will be. Further announcements will be made as and when appropriate.

Just Eat Takeaway.com

Jitse Groen, CEO

Brent Wissink, CFO

Joerg Gerbig, COO

Investors:

Joris Wilton

E: IR@justeattakeaway.com (mailto:IR@justeattakeaway.com)

Media:

E: press@justeattakeaway.com (mailto:press@justeattakeaway.com)

 

For more information, please visit our corporate website:
https://www.justeattakeaway.com/ (https://www.justeattakeaway.com/)

 

 

About Just Eat Takeaway.com

Just Eat Takeaway.com (LSE: JET, AMS: TKWY) is a leading global online food
delivery marketplace outside China.

Headquartered in Amsterdam, the Company is focused on connecting consumers and
restaurants through its platforms. With over 634,000 connected partners, 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 combination of Just Eat and Takeaway.com has rapidly grown to become a
leading online food delivery marketplace with operations in the United
Kingdom, Germany, The Netherlands, Canada, Australia, Austria, Belgium,
Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand,
Poland, Romania, Spain and Switzerland, as well as through partnerships in
Brazil and Colombia.

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 Q1 2022 trading update at 10:30 am CET on
Wednesday 20 April 2022. Members of the investor community can follow the
audio webcast on
https://www.justeattakeaway.com/investors/results-and-reports/
(https://www.justeattakeaway.com/investors/results-and-reports/) .

Media and wires call

Jitse Groen will host a media and wires call to discuss the Q1 2022 trading
update at 8:30 am CET on Wednesday 20 April 2022. Members of the press can
join the conference call at +31 20 531 5843.

Additional information on https://justeattakeaway.com
(https://justeattakeaway.com)

●      Just Eat Takeaway.com Analyst Presentation Q1 2022

 

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 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 "anticipates",
"expects", "intends", "may" or "will" 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, reflect the Company's current view with respect to future
events and are subject to risks relating to future events, including risks
from or uncertainties related to innovation; competition; brand &
reputation; acquisitions; global strategic projects; technological reliability
and availability; social change, legislation & regulation; data security
and privacy; financial reporting, people, operational complexity of hybrid
model and integration & transformation, as well as those contained in the
Company's filings with the SEC, including the Company's registration statement
on Form 20-F 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. Readers are
cautioned not to place undue reliance on such forward-looking statements.

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(( 1 ))( )Adjusted EBITDA is defined as operating income / loss for the
period adjusted for depreciation, amortisation, impairments, share-based
payments, acquisition and integration related expenses and other items not
directly related to underlying operating performance

 

 

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