REG - Just Eat Takeaway - Half-year Report
31/07/2024 07:00
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RNS Number : 5449Y Just Eat Takeaway.com N.V. 31 July 2024
Amsterdam, 31 July 2024
Half Year 2024 Results
· Constant currency GTV growth excluding North America of 3% in H1 2024
· Half year adjusted EBITDA 1 of €203 million; an increase of over
40% year-on-year
· Free cash flow before changes in working capital 2 of €38 million
in H1 2024
· New share buyback programme of up to €150 million
· Guidance for 2024 reiterated
Jitse Groen, CEO and founder of Just Eat Takeaway.com said: "Driven by growth
of our partner base, expansion of our Delivery coverage and significant
technological advancements, GTV growth further improved in H1 2024. I am
pleased that, at the same time, our adjusted EBITDA grew to €203 million in
H1 2024, which is 42% higher than in the same period last year. We are well on
track to achieve our guidance for the full year."
Group highlights
● Gross Transaction Value ('GTV') grew 3% in constant currency for
the Group excluding North America, in-line with the 2024 guided range.
● Order growth in Q2 2024 in Northern Europe, reflecting
significant investments in expanding delivery coverage.
● Total revenue was €2,570 million in H1 2024 compared with
€2,588 million for H1 2023. Revenue less adjusted order fulfilment costs 3
per order improved by 7% in H1 2024 compared with the same period prior year.
● Adjusted EBITDA reached €203 million in H1 2024, up 42%
compared with H1 2023, assisted by reduced order fulfilment and central costs.
● Free cash flow before changes in working capital improved to
€38 million in H1 2024 from minus €78 million in H1 2023.
● Net loss for the period amounted to €301 million in H1 2024
(€258 million in H1 2023) and was mainly driven by non-cash impairment
losses and the amortisation of intangibles acquired through business
combinations.
Segment highlights
● In Northern Europe, GTV increased by 5% in constant currency to
€4.0 billion in H1 2024 compared with €3.8 billion H1 2023. Adjusted
EBITDA decreased slightly to €186 million in H1 2024 from €191 million in
H1 2023 reflecting significant investments in expanding delivery coverage by
entering new cities, expanding existing delivery zones, and widening opening
hours. On the back of these investments, Northern Europe saw order growth in
Q2 2024.
● In UK and Ireland, GTV increased by 6% at constant currency in
H1 2024 compared with H1 2023. Lower delivery cost per order following the
delivery model simplification in the UK saw adjusted EBITDA improve by 64% to
€92 million in H1 2024 from €56 million in H1 2023, while we continued to
scale our grocery business. Consequently, the margin in the UK and Ireland
segment continued to improve to 2.7% in H1 2024 compared with 1.8% in H1 2023,
proving the ability to grow both top and bottom lines simultaneously.
● Adjusted EBITDA losses in Southern Europe and ANZ improved to
minus €49 million in H1 2024 from minus €55 million in H1 2023. The
decision to discontinue operations in New Zealand and France reflects the
business' commitment to drive efficiencies and focus on building strong and
sustainably profitable positions.
● In North America, adjusted EBITDA increased significantly by 57%
to €80 million in H1 2024, from €51 million in H1 2023, despite the
ongoing headwind to segment profitability from fee caps in New York City.
Grubhub continues to make strong progress towards cash flow breakeven, with a
free cash flow before changes in working capital of minus €4 million in H1
2024.
Other Financials
● Just Eat Takeaway.com's cash and cash equivalents amounted to
€1,347 million at 30 June 2024 in comparison to €1,724 million at 31
December 2023, reflecting the repayment of convertible bonds of €250 million
in cash upon maturity on 25 January 2024 and cash outflows in relation to the
share buyback programme of €108 million.
● We were able to use part of our strong liquidity position to
complete two share buyback programmes of €150 million each, repurchasing a
total of 9.9% of issued shares. The Company decided to cancel 5% of its total
issued shares, representing approximately 11 million ordinary shares currently
held in treasury, to reduce the number of issued shares. On 30 July 2024, Just
Eat Takeaway.com N.V. held a total of 15,001,596 shares in treasury, from a
total of 219,966,059 issued shares.
● Positive free cash flow (before changes in working capital),
combined with the strong balance sheet (taking into account future debt and
bond maturities) allows us to launch a new share buyback programme of up to
€150 million. The programme will commence on 31 July 2024 and is expected to
complete no later than 31 March 2025.
Outlook
● The Management Board reiterates the following guidance for 2024:
o Constant currency GTV growth excluding North America in the range of 2% to
6% year-on-year
o Adjusted EBITDA of approximately €450 million
o Free cash flow (before changes in working capital) to continue to be
positive in 2024 and thereafter
● Long-term target of group adjusted EBITDA margin in excess of 5%
of GTV.
● Management, together with its advisers, continue to actively
explore 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 N.V. (LSE: JET, AMS: TKWY), hereinafter the 'Company',
or together with its group companies 'Just Eat Takeaway.com' or 'the Group',
one of the world's leading online food delivery companies, hereby reports its
financial results for the first six months of 2024.
Performance highlights
Key Performance Indicators H1 2024 H1 2023 Change Constant currency
Partners (# thousands)(1) 731 679 8%
Active consumers (# millions)(1) 81 87 -6%
Returning active consumers as % of active consumers 67% 67% 0p.p.
Average monthly order frequency (#) 2.8 2.8 0.0
Orders (# millions)
Northern Europe 136 136 0%
UK and Ireland 120 121 0%
Southern Europe and ANZ 40 48 -16%
Total orders excl. North America 297 305 -3%
North America 149 163 -9%
Total orders 446 469 -5%
Average transaction value (€) 29.71 28.57 4%
GTV (€ billions)
Northern Europe 4.0 3.8 6% 5%
UK and Ireland 3.4 3.2 9% 6%
Southern Europe and ANZ 1.0 1.1 -14% -13%
Total GTV excl. North America 8.4 8.1 4% 3%
North America 4.8 5.3 -9% -9%
Total GTV 13.2 13.4 -1% -2%
(1)( )(Number as per 30 June)
Key Financial Indicators (€ millions) H1 2024 H1 2023 Change Constant currency
Revenue -
Northern Europe 692 624 11% 10%
UK and Ireland 672 629 7% 4%
Southern Europe and ANZ 193 229 -16% -14%
North America 1,014 1,106 -8% -8%
Total revenue 2,570 2,588 -1% -1%
Revenue less adjusted order fulfilment costs 1,212 1,188 2%
Adjusted EBITDA -
Northern Europe 186 191 -3%
UK and Ireland 92 56 64%
Southern Europe and ANZ (49) (55) 10%
North America 80 51 57%
Head office (106) (100) -6%
Total adjusted EBITDA 203 143 42%
Free cash flow before changes in working capital 38 (78)
Key Performance Indicators (KPIs) and Key Financial Indicators (KFIs) are
alternative performance measures not defined under IFRS. Refer to Appendix 1
for a 3-year summary of all our KPIs and KFIs.
Operations in New Zealand were discontinued from May 2024. The KPIs and KFIs
presented were adjusted to exclude these operations from 1 January 2024. Refer
to Appendix 2 for a reconciliation of the KFIs from the most directly
comparable IFRS measures.
Grubhub Campus Mobile orders and GTV metrics are now included in the North
America KPIs starting from H1 2024. Prior periods were amended retrospectively
for comparison purposes. Grubhub Campus is a tool for university and college
campuses in the US to manage aspects of their on-campus dining programs,
including POS systems, kitchen display systems, ordering kiosks, mobile
ordering capabilities, bespoke payment integrations and delivery via robots.
It is available at more than 325 colleges and universities across the US,
reaching approximately 4 million students. The inclusion of Grubhub Campus
mobile orders allows for a more comprehensive view of the orders and GTV in
North America. Refer to Appendix 3 for a reconciliation of the previously
published KPIs excluding Grubhub Campus to those now including Grubhub Campus.
These figures are unaudited and may not add up due to rounding. The
percentages used are based on unrounded figures.
Reference is made to the Glossary as included in our 2023 Annual Report for an
overview of defined terms.
Segment information
Our operations span four segments: Northern Europe, United Kingdom and
Ireland, Southern Europe and Australia and New Zealand ('ANZ'), and North
America.
Northern Europe
Six-month period ended 30 June
Millions unless stated otherwise 2024 2023 Change Constant currency
Orders 136 136 0%
GTV (€ billions) 4.0 3.8 6% 5%
Revenue (€) 692 624 11% 10%
Adjusted EBITDA (€) 186 191 -3%
• Adjusted EBITDA margin (%) 4.6% 5.0% (0.4)pp
The Northern Europe segment comprises Austria, Belgium, Denmark, Germany,
Luxembourg, Poland, Slovakia, Switzerland, and the Netherlands. The Northern
Europe segment made up 30% of the total Just Eat Takeaway.com's orders and 30%
of the total GTV during the first six months of 2024, with Germany being the
largest contributing country.
Northern European orders in H1 2024 were stable compared to the same period
last year. The segment returned to order growth in Q2 2024. We have seen a
significant growth in our delivery orders, driven by our investments to
increase logistics population coverage by entering new cities, expanding
existing delivery zones, and widening opening hours.
Year-on-year GTV in Northern Europe improved by 6%, or 5% on a constant
currency basis, to €4.0 billion in H1 2024 from €3.8 billion in H1 2023.
Notably, we delivered particularly encouraging GTV growth rates in key
countries such as Germany, Poland, Switzerland and Belgium. GTV growth in H1
2024 was driven by higher ATV impacted by food price inflation.
Northern Europe revenue grew by 11% to €692 million in H1 2024 from €624
million in H1 2023. Revenue growth outpaced GTV growth, fueled by higher
advertising revenue and higher commission and consumer delivery fee revenue as
a consequence of more delivery orders.
Northern Europe's adjusted EBITDA decreased by 3% to €186 million in H1 2024
from €191 million in H1 2023. The adjusted EBITDA margin decreased to 4.6%
in H1 2024 from 5.0% in H1 2023. A key driver of the year-on-year decline is
the investment in expansion of our delivery network and higher courier costs
driven by minimum wage legislation. Northern Europe remained the segment with
the highest adjusted EBITDA margin within Just Eat Takeaway.com.
In June 2024, Just Eat Takeaway.com announced partnering with Amazon in
Germany and Austria to offer JET+, our new customer loyalty program, to Amazon
Prime customers.
United Kingdom and Ireland
Six-month period ended 30 June
Millions unless stated otherwise 2024 2023 Change Constant currency
Orders 120 121 0%
GTV (€ billions) 3.4 3.2 9% 6%
Revenue (€) 672 629 7% 4%
Adjusted EBITDA (€) 92 56 64%
• Adjusted EBITDA margin (%) 2.7% 1.8% 0.9pp
Our UK and Ireland segment made up 27% of the total Just Eat Takeaway.com
orders and 26% of the total GTV during the first six months of 2024.
UK and Ireland orders were broadly flat versus H1 2023. Our grocery business
and delivery coverage continued to expand. In H1 2024, we successfully doubled
our grocery consumer penetration compared with H1 2023, through adding large
chains such as Morrisons and doubling the Sainsbury's estate. Considerable
headroom remains for continued expansion in our grocery and retail business,
offering significant opportunities to grow our future revenues and further
optimise our delivery network.
GTV increased by 9% year-on-year, or 6% on a constant currency basis, to
€3.4 billion in H1 2024 from €3.2 billion in H1 2023, the highest GTV
growth of this segment since 2021, driven by higher delivery order mix and
higher ATV due to food price inflation, increased consumer fees and positive
foreign currency exchange movements. UK and Ireland was our fastest growing
segment in terms of GTV in H1 2024.
UK and Ireland revenue grew by 7% to €672 million in H1 2024 from €629
million in H1 2023, broadly in line with GTV growth.
Adjusted EBITDA increased to €92 million in H1 2024 from €56 million in H1
2023. The adjusted EBITDA margin improved to 2.7% in H1 2024 from 1.8% in H1
2023 with a trajectory to reach similar levels of adjusted EBITDA margin as in
Northern Europe. The delivery cost per order has notably improved in H1 2024
compared with H1 2023, enabled through the simplification of our operations.
We completed transition of all UK logistics orders to our own delivery
platform in July 2024.
Southern Europe and ANZ
It was announced on 16 April that operations in New Zealand would be
discontinued from May 2024. The figures presented were adjusted to exclude
these operations from 1 January 2024.
Six-month period ended 30 June
Millions unless stated otherwise 2024 2023 Change Constant currency
Orders 40 48 -16%
GTV (€ billions) 1.0 1.1 -14% -13%
Revenue (€) 193 229 -16% -14%
Adjusted EBITDA (€) (49) (55) 10%
• Adjusted EBITDA margin (%) -5.1% -4.9% (0.2)pp
The Southern Europe and ANZ segment comprises Australia, Bulgaria, France,
Israel, Italy, New Zealand (discontinued) and Spain. This segment constituted
9% of the total Just Eat Takeaway.com orders and 7% of the total GTV during
the first six months of 2024.
In H1 2024, orders for the Southern Europe and ANZ segment declined by 16%
compared with H1 2023 driven by our committed path to profitability in markets
with highly competitive pressure and challenging performance in Israel.
GTV decreased by 14%, or by 13% on a constant currency basis, to €1.0
billion in H1 2024 from €1.1 billion in H1 2023, primarily driven by lower
order volume partly offset by higher ATV linked to higher food prices and
optimised consumer pricing and discounts.
Southern Europe and ANZ revenue declined in line with GTV by 16% to €193
million in H1 2024 from €229 million in H1 2023.
Southern Europe and ANZ had an adjusted EBITDA of minus €49 million in H1
2024 compared with minus €55 million in H1 2023 and the adjusted EBITDA
margin declined to minus 5.1% in H1 2024 from minus 4.9% in H1 2023. Adjusted
EBITDA improved despite declining orders due to a focus on cost efficiency
including technology enabled customer services, cost reductions and optimised
marketing spend. Almost all countries in this segment are improving their
adjusted EBITDA year-on-year.
In June 2024, Just Eat Takeaway.com announced partnering with Amazon in Spain
to offer JET+, our new customer loyalty program, to Amazon Prime customers.
North America
Six-month period ended 30 June
Millions unless stated otherwise 2024 2023 Change Constant currency
Orders 149 163 -9%
GTV (€ billions) 4.8 5.3 -9% -9%
Revenue (€) 1,014 1,106 -8% -8%
Adjusted EBITDA (€) 80 51 57%
• Adjusted EBITDA margin (%) 1.7% 1.0% 0.7pp
The North America segment comprises our US and Canadian businesses. It
contributed 33% of the total orders and 36% of the total GTV in the Group.
During H1 2024, North America orders decreased by 9% compared with the same
period last year. This year-on-year decline can be attributed to a lower
consumer base as a consequence of increasing food prices and the competitive
nature of the North American market.
GTV decreased by 9%, also on a constant currency basis, to €4.8 billion in
H1 2024 from €5.3 billion in H1 2023. GTV decreased primarily due to lower
order volume. ATV increased driven by food price inflation and increased
consumer fees but is offset by increased campus orders which have a lower ATV.
North America revenue declined by 8% to €1,014 million in H1 2024 from
€1,106 million in H1 2023, broadly in line with the decrease in GTV.
North America demonstrated continued improvement in adjusted EBITDA during H1
2024 despite lower order volume and courier legislation headwinds mainly in
New York City and also other markets. Adjusted EBITDA increased to €80
million in H1 2024 from €51 million in H1 2023. The adjusted EBITDA margin
improved to 1.7% in H1 2024 from 1.0% in H1 2023. The improved adjusted EBITDA
margin is largely due to efficient spending with lower marketing costs and
continued optimisation in operations and overheads.
In May 2024, Grubhub announced an expansion of its partnership with Amazon
Prime whereby consumers who are Amazon Prime members can enjoy free ongoing
Grubhub+ membership in the United States. This builds on the previous
partnership announced in July 2022 by allowing Amazon consumers to order
Grubhub directly from Amazon.com and the Amazon Shopping App. In addition to
our partnership with Amazon, we have also entered into partnerships with
leading brands, including the rollout of Starbucks delivery, which accelerated
our grocery and retail partner supply in H1 2024 in both the United States and
Canada.
Fee caps, implemented temporarily in response to the pandemic in both the US
and Canada in various states, provinces, and local governments, have been
lifted in most places through 2022 and 2023. However, significant headwind
remained, mainly in New York City, for which we continue to pursue legal and
legislative remedies to eliminate or significantly reduce the financial
impact, as we believe fee caps are contrary to the law.
Head office
Head office costs relate mostly to non-commercial expenses and include all
central operating expenses such as staff costs and expenses for global support
teams such as Legal and Compliance, InfoSec Risk and Control, Finance,
Internal Audit, Human Resources and the Management Board.
Head office expenses were €106 million in H1 2024 compared with €100
million in H1 2023. Head office expenses increased by 6% compared with H1
2023, mainly due to cost inflation impacts.
Financial review
The financial information included in the financial review is derived from the
2024 unaudited condensed consolidated interim financial statements and 2023
comparative figures included therein. This section is reported on an IFRS
basis.
Operations in New Zealand were discontinued during the first half of 2024. Due
to the immaterial impact on revenue and results of the Group, these were not
presented separately as discontinued operations.
Condensed consolidated statement of profit or loss
Six-month period ended 30 June
€ millions
Revenue 2,571 2,588
Courier costs (1,137) (1,143)
Order processing costs (228) (263)
Staff costs (616) (614)
Other operating expenses (495) (544)
Depreciation, amortisation and impairments (443) (306)
Operating loss (348) (282)
Finance income and expense, net (17) (36)
Other gains and losses 2 1
Loss before income tax (363) (317)
Income tax benefit 63 59
Loss for the period (301) (258)
Revenue
Six-month period ended 30 June
€ millions 2024 2023
Order-driven revenue 2,457 2,474
Ancillary revenue 113 114
Revenue 2,571 2,588
Order-driven revenue
Order-driven revenue decreased by 1% to €2,457 million in H1 2024 compared
with €2,474 million in H1 2023, due to a 5% decrease in orders partially
offset by higher ATV and better monetisation of our orders including optimised
pricing, less vouchering and higher advertising revenue on a per order basis.
Ancillary revenue
Ancillary revenue decreased by 1% to €113 million in H1 2024 compared with
€114 million in H1 2023. While ancillary advertising revenue increased on a
year-on-year basis, this was offset by a reduction in subscription revenue as
a consequence of the greater adoption of the partnership with Amazon in
offering Prime members a free one-year Grubhub+ membership.
Order fulfilment costs
Six-month period ended 30 June
€ millions 2024 2023
Courier costs (1,137) (1,143)
Order processing costs (228) (263)
Order fulfilment costs (1,365) (1,406)
Courier costs, which mainly include the cost of engaging couriers through
agencies and third-party delivery companies as well as salary and staff
expenses of our employed couriers, decreased by 1% to €1,137 million in H1
2024 from €1,143 million in H1 2023. Delivery orders, being the primary
driver of our courier costs, decreased in North America and Southern Europe
and ANZ but increased in Northern Europe and UK and Ireland. On a per order
basis, courier compensation in North America and Northern Europe increased due
to legislative impacts while courier cost per order in the UK and Ireland
notably decreased due to the simplification of our operations.
Order processing costs decreased by 13% to €228 million in H1 2024 from
€263 million in H1 2023, primarily driven by the decrease in orders and
closing our employed delivery model in the UK, which reduced expenses related
to vehicles and work attire.
Revenue less order fulfilment costs
Six-month period ended 30 June
€ millions 2024 2023
Revenue 2,571 2,588
Order fulfilment costs (1,365) (1,406)
Revenue less order fulfilment costs 1,206 1,182
Revenue less order fulfilment costs increased by 2% to €1,206 million in H1
2024 from €1,182 million in H1 2023. This improvement was driven by a higher
ATV and lower costs per order driven by better monetisation of our orders and
higher delivery efficiency with the simplification of our operations in UK,
which more than offsets the negative impact of increased courier wage and
courier cost inflation.
Staff costs
Six-month period ended 30 June
€ millions 2024 2023
Wages and salaries (441) (443)
Social security charges (61) (59)
Pension premium contributions (24) (24)
Share-based payments (77) (78)
Temporary staff expenses (13) (11)
Staff costs (616) (614)
Staff costs remained stable at €616 million in H1 2024 compared with €614
million in H1 2023. Staff, excluding couriers, decreased to an average
of 13,155 FTEs in H1 2024 from an average of 13,775 FTEs in the same
period last year. This decrease in FTEs was largely driven by the
restructuring in North America in 2023. The FTE reduction impact was offset by
wage inflation.
Share-based payments include the Long-Term Incentive Plan and the Short-Term
Incentive Plan for the Management Board, as well as the various long and
short-term share (option) plans for employees (as described in Note 7 to the
consolidated financial statements for the period ended 31 December 2023).
Share-based payments remained stable at €77 million in H1 2024 compared with
€78 million in H1 2023, in line with staff costs.
Other operating expenses
Six-month period ended 30 June
€ millions 2024 2023
Marketing expenses (254) (299)
Other operating expenses (242) (245)
Other operating expenses (495) (544)
Marketing expenses
Marketing expenses can primarily be distinguished as relating to (i)
performance marketing (or pay-per-click/pay-per-order) which directly
generates traffic and orders, such as search engine marketing, app marketing
and affiliate marketing (rewarding third parties for referrals to our
platforms) and (ii) brand marketing, such as television, online media, and
outdoor advertising (billboards).
In H1 2024 we continued our partnership with UEFA and our global brand
campaign featuring Christina Aguilera and Latto. Marketing expenses decreased
by 15% to €254 million in H1 2024 compared with €299 million in H1 2023,
primarily due to efficiencies in brand marketing spend in North America as
well as a reduction in performance marketing spend due to costs per order
spend optimisation and lower order volumes.
Other operating expenses
Other operating expenses decreased by 1% to €242 million in H1 2024,
compared with €245 million in H1 2023, mainly driven by a reduction in costs
in relation to the closure of our employed courier delivery solution in the UK
and a reduction in staff related expenses due to less FTEs which is partly
offset by spend on technology.
Depreciation, amortisation and impairments
Depreciation and amortisation expenses remained broadly stable at €294
million in H1 2024 compared with €306 million in H1 2023 due to the
continued amortisation of intangible assets, mainly consumer lists and
development costs. Total impairment losses of €15 million for goodwill and
€131 million for other intangible assets were recognised for several
cash-generating units in H1 2024 (H1 2023: nil). Refer to note 4 in the
condensed consolidated interim financial statements for more details.
Finance income and expense, net
Net finance expense decreased to €17 million in H1 2024 compared with €36
million in H1 2023 mainly due to improved rates of return on cash and cash
equivalent holdings and the repayment of the 2019 convertible bonds in January
2024.
Income tax benefit
In H1 2024, the income tax benefit was €63 million, compared with €59
million in H1 2023. The income tax benefit is composed of €18 million
current tax expense (H1 2023: €14 million expense) and €80 million
deferred tax benefit (H1 2023: €73 million deferred tax benefit). The
deferred tax benefit is mainly related to the temporary differences from the
amortisation and impairment of intangible assets and the (de)recognition of
available tax losses carried forward.
Loss for the period
As a result of the factors described above, Just Eat Takeaway.com realised a
net loss after tax of €301 million in H1 2024 (H1 2023: €258 million).
Condensed consolidated statement of financial position
€ millions 30 June 2024 31 December 2023
Non-current assets 7,632 7,840
Current assets excluding cash and cash equivalents 651 607
Cash and cash equivalents 1,347 1,724
Total assets 9,630 10,172
Total shareholders' equity attributable to equity holders 5,817 6,044
Non-controlling interests (7) (7)
Total equity 5,809 6,036
Non-current liabilities 2,520 2,585
Current liabilities 1,300 1,550
Total liabilities 3,820 4,135
Total equity and liabilities 9,630 10,172
Non-current assets, mainly consisting of goodwill and other intangible assets,
decreased to €7,632 million as at 30 June 2024, compared with €7,840
million as at 31 December 2023. The movement is mainly due to the amortisation
and impairment of intangible assets, partly offset by foreign currency
exchange movements.
Cash and cash equivalents decreased to €1,347 million as at 30 June 2024,
from €1,724 million as at 31 December 2023. This decrease was primarily
driven by the repayment of borrowings of €250 million and cash outflows in
relation to the October 2023 share buyback programme of €108 million.
Shareholders' equity decreased to €5,817 million as at 30 June 2024, from
€6,044 million as at 31 December 2023. This decrease was mainly driven by
accumulated losses over the period as well as the share buyback programme
resulting in treasury shares in shareholders' equity.
The solvency ratio, defined as total equity divided by total assets, increased
slightly to 60% as at 30 June 2024 from 59% as at 31 December 2023, driven
mainly by the repayment of the 2019 convertible bonds in January 2024.
Current liabilities decreased to €1,300 million as at 30 June 2024, from
€1,550 million as at 31 December 2023. This decrease was predominately
driven by the repayment of the 2019 convertible bonds.
Condensed consolidated statement of cash flows
Six-month period ended 30 June
€ millions 2024 2023
Net cash generated by / (used in) operating activities 96 (41)
Net cash used in investing activities (76) (67)
Net cash used in financing activities (406) (114)
Net cash and cash equivalents used (386) (222)
Effects of exchange rate changes on cash held in foreign currencies 9 0
Net decrease in cash and cash equivalents (377) (222)
Net cash generated by operating activities increased to €96 million in H1
2024 compared with net cash used in operating activities of €41 million in
H1 2023. The increase in cash generated was mainly driven by improvements in
our operating loss excluding impairments for the period, a net working capital
increase and a reduction in taxes paid due to settlement with Danish tax
authorities (€36 million) in H1 2023.
Net cash used in financing activities increased to €406 million in H1 2024,
compared with €114 million used in H1 2023. The increase was mainly due to
the cash outflows in relation to the October 2023 share buyback programme and
the repayment of the convertible bonds in January 2024.
Annual General Meeting
On 16 May 2024, the Company's Annual General Meeting of shareholders took
place. All resolutions were adopted by a large majority vote.
Following the resignation of Brent Wissink as per the AGM of 2024, Mayte
Oosterveld has been appointed as chief financial officer and member of the
Management Board, which appointment became effective as per 12 June 2024.
Events after the reporting period
On 25 July 2024, Just Eat Takeaway.com announced its intention to cease
operations in France.
On 31 July 2024, the Company launched a new share buyback programme of up to
€150 million, expected to be completed no later than 31 March 2025.
Furthermore, the Company announced its intention to cancel 5% of its total
issued shares, representing 10,998,303 ordinary shares currently held in
treasury. The cancellation is expected to be completed after a legally
mandated objection period.
There have been no other events after the financial reporting date that
require disclosure.
Outlook
· The Management Board reiterates the following guidance for 2024:
o Constant currency GTV growth excluding North America in the range of 2% to
6% year-on-year
o Adjusted EBITDA of approximately €450 million
o Free cash flow (before changes in working capital 4 ) to continue to be
positive in 2024 and thereafter
· Long-term target of group adjusted EBITDA margin in excess of 5%
of GTV.
· Management, together with its advisers, continues to actively
explore 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.
Principal risks
In conducting our business, we face risks that may interfere with the
achievement of our business objectives. It is important to understand the
nature of these risks. We assess our risks through in-depth interviews with
members of the Management Board and senior management as well as numerous risk
workshops and interviews throughout the organisation during the year. Just Eat
Takeaway.com identified 12 principal risks aligned with its Vision and
Strategy which are categorised into five broad categories as set out in the
chapter "Risk Management" of our 2023 Annual Report. Any of these risks and
events or circumstances described therein may have a material adverse effect
on our business, financial condition, results of operations and reputation.
The risks outlined in the 2023 Annual Report continue to apply in 2024. These
risks are not the only ones that we face. Some risks may not yet be known to
us and certain risks that we do not currently believe to be material could
become material in the future.
In control statement by the Management Board
With reference to Applicable Laws, the Management Board states, to the best of
its knowledge, that:
· The condensed consolidated interim financial statements as at and
for the six months ended 30 June 2024 give a true and fair view of the assets,
liabilities, financial position, and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole;
· The interim management report includes a true and fair review of
the information required pursuant to Article 5:25d paragraph 8 and 9 of the
Dutch Financial Supervision Act and regulations 4.2.7 and 4.2.8 of the UK
Disclosure and Transparency Rules.
The Management Board, 31 July 2024
Jitse Groen, CEO
Mayte Oosterveld, CFO
Jörg Gerbig, COO
Andrew Kenny, CCO
Investor Relations:
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 one of the world's leading
global online food delivery companies.
Headquartered in Amsterdam, the Company is focused on connecting consumers and
partners through its platforms. With 731,000 connected partners, Just Eat
Takeaway.com offers consumers a wide variety of choices from restaurants to
retail.
Just Eat Takeaway.com has rapidly grown to become a leading online food
delivery marketplace with operations in Australia, Austria, Belgium, Bulgaria,
Canada, Denmark, France, Germany, Ireland, Israel, Italy, Luxembourg, Poland,
Slovakia, Spain, Switzerland, the Netherlands, the United Kingdom and the
United States.
Most recent information is available on our corporate website and follow us on
LinkedIn (https://www.linkedin.com/company/just-eat-takeaway-com) and X
(https://x.com/JustEatTakeaway?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)
.
Analyst and investor conference call and audio webcast
Jitse Groen, Mayte Oosterveld, Jörg Gerbig and Andrew Kenny will host an
analyst and investor conference call to discuss the results of the first six
months of 2024 at 10:30 am CET on Wednesday 31 July 2024. 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 half year 2024
results at 8:30 am CET on Wednesday 31 July 2024. Members of the press can
join the conference call at +31 20 708 5073 or +44 (0)33 0551 0200.
Financial calendar
For more information, please visit
https://www.justeattakeaway.com/investors/financial-calendar/
(https://www.justeattakeaway.com/investors/financial-calendar/)
Additional information on https://www.justeattakeaway.com/
(https://www.justeattakeaway.com/)
· Just Eat Takeaway.com Analyst Presentation H1 2024
· Our media kit (https://www.justeattakeaway.com/media/media-kit/)
including photos of the Management Board and industry-related photos for
download
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.
Auditor's involvement
The content of this document has not been audited or reviewed.
Accounting Principles
Just Eat Takeaway.com's half year 2024 results have been prepared in
accordance with IAS 34 Interim Financial Reporting and should be read in
conjunction with the Company's last annual consolidated financial statements
as at and for the year ended 31 December 2023 and any public announcements
made by the Company during the interim reporting period. The accounting
policies applied in these condensed consolidated interim financial statements
are the same as those applied in the Company's consolidated financial
statements as at and for the year ended 31 December 2023, except for the
estimation of the income tax expense which is recognised based on management's
estimate of the weighted average effective annual income tax rate expected for
the full year.
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". These
forward-looking statements may be identified by the use of forward-looking
terminology, including the terms "anticipates", "expects", "intends", "may",
or "will" 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. 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 press
release. Readers are cautioned not to place undue reliance on such
forward-looking statements.
No Offer or Solicitation
This document 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.
Alternative Performance Measures
This document includes certain alternative performance measures. Just Eat
Takeaway.com uses these measures 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 amortisation expense on its
fixed assets and the impact of share-based payment expenses. These 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. These should be read in
conjunction with Just Eat Takeaway.com's financial statements prepared in
accordance with IFRS.
Condensed Consolidated Interim Financial Statements
This section contains the condensed consolidated interim financial statements
(the "interim financial statements") for the six-month period ended 30 June
2024 of Just Eat Takeaway.com N.V. (the 'Company'), a public limited liability
company incorporated under the laws of the Netherlands and domiciled in
Amsterdam, the Netherlands. The information contained herein is unaudited.
Contents
15 Condensed consolidated statement of profit or loss
and other comprehensive income
16 Condensed consolidated statement of financial
position
17 Condensed consolidated statement of changes in equity
18 Condensed consolidated statement of cash flows
19 Notes to the condensed consolidated interim financial
statements
Other Information
24 Key Performance and Financial Indicators
25 Alternative Performance Measures reconciliation from
the most directly comparable IFRS measures
27 Amendments to prior periods: North America Key
Performance Indicators
Condensed consolidated statement of profit or loss and other comprehensive
income
Six-month period ended 30 June
€ millions 2024 2023
Revenue 2,571 2,588
Courier costs (1,137) (1,143)
Order processing costs (228) (263)
Staff costs (616) (614)
Other operating expenses (495) (544)
Depreciation, amortisation and impairments (443) (306)
Operating loss (348) (282)
Finance income 26 20
Finance expense (43) (56)
Other gains and losses 2 1
Loss before income tax (363) (317)
Income tax benefit 63 59
Loss for the period (301) (258)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation gain related to foreign operations, net of tax 108 17
Other comprehensive income for the period 108 17
Total comprehensive loss for the period (193) (241)
Loss attributable to:
Owners of the Company (301) (258)
Non-controlling interests 0 0
Total comprehensive loss attributable to:
Owners of the Company (193) (241)
Non-controlling interests 0 0
Loss per share (expressed in € per share) ( -)
Basic loss per share (1.47) (1.19)
Diluted loss per share (1.47) (1.19)
The accompanying notes are an integral part of these condensed consolidated
interim financial statements. Amounts may not add up due to rounding.
Condensed consolidated statement of financial position
€ millions 30 June 2024 31 December 2023
Assets
Goodwill 2,826 2,812
Other intangible assets 4,294 4,489
Property and equipment 139 152
Right-of-use assets 257 288
Deferred tax assets 30 22
Other non-current assets 85 77
Total non-current assets 7,632 7,840
Trade and other receivables 448 425
Other current assets 149 133
Current tax assets 36 30
Inventories 18 19
Cash and cash equivalents 1,347 1,724
Total current assets 1,998 2,331
Total assets 9,630 10,172
Equity and liabilities
Total shareholders' equity 5,817 6,044
Non-controlling interests (7) (7)
Total equity 5,809 6,036
Borrowings 1,803 1,772
Deferred tax liabilities 460 522
Lease liabilities 234 265
Provisions 24 27
Total non-current liabilities 2,520 2,585
Borrowings 2 254
Lease liabilities 65 69
Provisions 55 51
Trade and other liabilities 1,168 1,163
Current tax liabilities 11 13
Total current liabilities 1,300 1,550
Total liabilities 3,820 4,135
Total equity and liabilities 9,630 10,172
The accompanying notes are an integral part of these condensed consolidated
interim financial statements. Amounts may not add up due to rounding.
Condensed consolidated statement of changes in equity
Share Share Treasury shares Foreign currency translation Other legal reserves Equity-settled share-based payments reserve Equity component of convertible bonds Accumulated Total shareholders' equity Non-controlling interest Total equity
capital
premium
deficits
€ millions Legal reserves Other reserves
Balance as at 1 January 2023 9 13,607 - 718 - 187 195 (6,813) 7,903 (8) 7,895
Total comprehensive income / (loss) - - - 17 - - - (258) (241) 0 (241)
Changes in treasury shares - - (71) - - - - - (71) - (71)
Deferred tax on convertible bonds - - - - - - (1) - (1) - (1)
Share-based payments 0 105 - - - (49) - 19 75 - 75
Balance as at 30 June 2023 9 13,712 (71) 735 - 138 193 (7,052) 7,665 (8) 7,657
Balance as at 1 January 2024 9 13,743 (192) 758 20 175 192 (8,660) 6,044 (7) 6,036
Total comprehensive income / (loss) - - - 108 - - - (301) (193) 0 (193)
Transfers from / (to) accumulated deficits - - - - 11 - (23) 13 - - -
Changes in treasury shares - (79) (29) - - - - - (108) - (108)
Deferred tax on convertible bonds - - - - - - (1) - (1) - (1)
Share-based payments - 94 - - - (25) - 6 75 - 75
Balance as at 30 June 2024 9 13,758 (221) 866 31 (~) 150 167 (8,942) 5,817 (7) 5,809
The accompanying notes are an integral part of these condensed consolidated
interim financial statements. Amounts may not add up due to rounding.
Condensed consolidated statement of cash flows
Six-month period ended 30 June
€ millions 2024 2023
Loss for the period (301) (258)
Adjustments:
Depreciation, amortisation and impairments 443 306
Equity-settled share-based payments 77 78
Finance income and expense recognised in profit or loss 17 36
Other adjustments (3) (0)
Income tax benefit recognised in profit or loss (63) (59)
170 102
Changes in:
Inventories 1 8
Trade and other receivables (17) 112
Other current assets (13) (8)
Other non-current assets (6) (10)
Trade and other liabilities (12) (124)
Provisions (3) (51)
Net cash generated by operations 120 30
Interest received 26 21
Interest paid (25) (27)
Income taxes paid (25) (66)
Net cash generated by / (used in) operating activities 96 (41)
Cash flows from investing activities
Investment in other intangible assets (53) (44)
Investment in property and equipment (24) (22)
Net cash used in investing activities (76) (67)
Cash flows from financing activities
Share buyback (108) (71)
Principal elements of lease payments (38) (31)
Repayments of borrowings (250) -
Taxes paid related to net settlement of share-based payment awards (9) (12)
Net cash used in financing activities (406) (114)
Net decrease in cash and cash equivalents (386) (222)
Cash and cash equivalents at beginning of year 1,724 2,020
Effects of exchange rate changes on cash held in foreign currencies 9 0
Cash and cash equivalents at end of reporting period(1) 1,347 1,799
(1 )Cash and cash equivalents as at 30 June 2024 include €78 million (30
June 2023: €169 million) that is contractually restricted from general use.
The accompanying notes are an integral part of these condensed consolidated
interim financial statements. Amounts may not add up due to rounding.
Notes to the condensed consolidated interim financial statements
1 General
Just Eat Takeaway.com is a leading global online food delivery company focused
on connecting consumers and partners through its platforms.
The Company and the entities controlled by the Company (its subsidiaries) are
referred to herein as 'Just Eat Takeaway.com' or 'the Group', with the Company
being the ultimate parent. The Company's shares are traded on Euronext
Amsterdam (ticker symbol: TKWY), its CREST Depositary Interests are traded on
the London Stock Exchange (ticker symbol: JET) and its American Depositary
Shares ('ADSs') are quoted and traded on the over-the-counter Markets via a
sponsored Level I Programme (ticker: JTKWY). Five ADSs represent one share.
The Company is registered at the Commercial Register of the Chamber of
Commerce in Amsterdam, the Netherlands under number 08142836.
Amounts in the notes to the interim financial statements (the "notes") are in
€ millions unless stated otherwise. Due to rounding, amounts in the notes
may not add up to the totals provided in the statements. Percentages used in
the notes are based on unrounded figures.
2 Basis of preparation
Statement of compliance
The interim financial statements for the six-month period ended 30 June 2024
have been prepared in accordance with IAS 34 Interim Financial Reporting and
should be read in conjunction with the Company's last annual consolidated
financial statements as at and for the year ended 31 December 2023 and any
public announcements made by the Company during the interim reporting period.
These interim financial statements do not include all the information required
for a complete set of financial statements prepared in accordance with
International Financial Reporting Standards as adopted by the European Union
('IFRS'). However, selected explanatory notes are included to explain events
and transactions that are significant to an understanding of the changes in
the Group's financial position and performance since the last consolidated
annual financial statements. Just Eat Takeaway.com's financial position and
performance are not significantly affected by seasonality or cyclicality.
These interim financial statements were authorised for issue by the Management
Board of the Company (the 'Management Board') and the Supervisory Board of the
Company on 31 July 2024.
Accounting policies
The accounting policies applied in these interim financial statements are the
same as those applied in the Company's consolidated financial statements as at
and for the year ended 31 December 2023, except for the estimation of the
income tax expense which is recognised based on management's best estimate of
the weighted average effective annual income tax rate expected for the full
year. The new and amended standards effective from 1 January 2024 do not have
a material effect on these interim financial statements.
Standards issued but not yet effective
Certain new accounting standards and interpretations have been issued but are
not yet effective for the six-month period ended 30 June 2024 and have not
been early adopted. With the exception of IFRS 18 Presentation and Disclosure
in Financial Statements, for which impacts are currently being assessed, none
of the accounting standards issued but not yet effective are expected to have
a significant impact on the Company's interim financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In applying the accounting policies, the Management Board is required to make
judgements that may have a significant impact on the amounts recognised and to
make estimates and assumptions about the carrying amounts of assets and
liabilities that are not readily determinable from other sources. The areas
that involve critical accounting judgement and key sources of estimation
uncertainty are the same as those described in the Company's consolidated
financial statements as at and for the year ended 31 December 2023.
3 Operating segments
Operating segments are reported on a regional level consistent with the
internal reporting provided to the Management Board, which is considered to be
Just Eat Takeaway.com's Chief Operating Decision Maker. The Management Board
assesses the financial performance of operating segments mainly based on
revenues and adjusted EBITDA.
Operations were discontinued in New Zealand during the first half of 2024. Due
to the immaterial impact on revenue and results of Southern Europe and ANZ, it
was not presented separately as discontinued operations.
Adjusted EBITDA is defined as Just Eat Takeaway.com's operating income / loss
for the period adjusted for depreciation, amortisation, impairments,
share-based payments, acquisition- and integration related costs and other
items not directly related to underlying operating performance ("other
items"). These other items include, amongst others, restructuring costs,
certain legal, tax and regulatory matters, and certain insurance income and
costs. Adjusted EBITDA is not a defined performance measure in IFRS. Just Eat
Takeaway.com's definition of adjusted EBITDA may not be comparable with
similarly titled performance measures and disclosures by other companies.
The following is an analysis of Just Eat Takeaway.com's revenue and results by
reportable segment and the non-allocated expenses included in head office as a
reconciliation to the consolidated figures.
Six-month period ended 30 June 2024
€ millions North America Northern Europe UK and Ireland Southern Europe and ANZ Head office Consolidated
Revenue 1,014 692 672 193 - 2,571
Adjusted EBITDA 80 186 92 (49) (106) 203
Share-based payments (91)
Finance income 26
Finance expense (43)
Other gains and losses 2
Depreciation, amortisation and impairments (443)
Integration related costs (1)
Other items (15)
Loss before income tax (363)
Six-month period ended 30 June 2023
€ millions North America Northern Europe UK and Ireland Southern Europe and ANZ Head office Consolidated
Revenue 1,106 624 629 229 - 2,588
Adjusted EBITDA 51 191 56 (55) (100) 143
Share-based payments (79)
Finance income 20
Finance expense (56)
Other gains and losses 1
Depreciation, amortisation and impairments (306)
Integration related costs (2)
Other items (39)
Loss before income tax (317)
4 Goodwill and other intangible assets impairments
Total impairment losses of €15 million for goodwill and €131 million for
other intangible assets were recognised during the six-month period ended 30
June 2024 for several cash-generating units ("CGUs"). The impairment losses
are recognised as part of 'Depreciation, amortisation and impairments' in the
consolidated statement of profit or loss and other comprehensive income.
Impairments
During the interim reporting period, impairment indicators were identified for
the CGU Canada, to which a significant amount of goodwill is allocated.
Impairment indicators were also identified for several CGUs in Southern Europe
and ANZ and in Northern Europe to which no or a non-significant amount of
goodwill is allocated. The main impairment indicator was the
lower-than-expected order levels in the short to medium term resulting from
market competitiveness. An impairment test was therefore performed resulting
in impairment losses of €104 million recognised for some CGUs in the
Southern Europe and ANZ segment and €42 million for one CGU in the Northern
Europe segment. The vast majority of the other intangible assets impairment
loss was allocated to consumer lists. No impairment was required for the CGU
Canada as the recoverable amount exceeded its carrying amount as at 30 June
2024.
The recoverable amount of these CGUs was determined based on value in use,
consistent with the method used as at 31 December 2023. For details see note
11 of our 2023 Annual Report. The uncertainty in the current economic
environment creates a challenge in determining key assumptions and estimating
future performance of the CGUs. Just Eat Takeaway.com continues to monitor the
performance of the CGUs as new information becomes available and circumstances
develop which may indicate that goodwill and other intangible assets may be
impaired.
Sensitivity
Just Eat Takeaway.com has conducted an analysis of the sensitivity to changes
of the key assumptions used to determine the recoverable amount of the CGUs
tested for impairment. A decrease in demand can lead to a decline in revenue
growth rates and adjusted EBITDA margin. Changes in the WACC and perpetual
growth rates can lead to lower recoverable amounts.
The value in use of the CGU Canada remains highly sensitive to order levels.
Following the impairment loss recognised for several CGUs, the recoverable
amount was equal to the carrying amount. Therefore, any adverse changes in key
assumptions may result in further impairment for CGUs with a carrying value.
Based on the current strategy and financial projection, Just Eat Takeaway.com
concluded that there has not been a material deterioration in any of the key
assumptions made during the last annual impairment review for any of the other
CGUs to which a significant amount of goodwill is allocated.
5 Income taxes
Income tax expense is recognised at an amount determined by multiplying the
profit (loss) before tax for the interim reporting period by management's best
estimate of the weighted average annual income tax rate expected for the full
financial year per jurisdiction, adjusted for the tax effect of certain items
recognised in full in the interim period. As such, the effective tax rate
('ETR') in the interim financial statements may differ from management's
estimate of the ETR for the annual financial statements.
The Company's consolidated ETR for the six-month period ended 30 June 2024 was
17% (six-month period ended 30 June 2023: 19%). The income tax benefit
amounted to €63 million for the six-month period ended 30 June 2024
(six-month period ended 30 June 2023: €59 million income tax benefit). This
relates mainly to the temporary differences from the amortisation and
impairment of intangible assets and the (de)recognition of available tax
losses carried forward.
Income tax recognised directly in profit or loss
Six-month period ended 30 June
€ millions 2024 2023
Current tax expenses (18) (14)
Deferred tax benefits 80 73
Total tax recognised directly in profit or loss 63 59
6 Equity
Share capital and treasury shares
The Company had issued 219,966,059 ordinary shares at nominal value €0.04
each, amounting to an issued share capital of €9 million as at 30 June 2024
(31 December 2023: 219,966,059 ordinary shares at a nominal value of €0.04
each, amounting to an issued share capital of €9 million). All shares have
been issued and paid in.
The following table presents the development of the number of shares during
the period:
Six-month period ended 30 June
2024 2023
Outstanding as at 1 January 205,955,082 215,090,869
Shares delivered upon vesting or exercise under share (option) plans 5,579,790 3,151,612
Shares repurchased under the share buyback programmes (7,717,976) (4,964,641)
Outstanding as at 30 June 203,816,896 213,277,840
Treasury shares 16,149,163 6,688,219
Issued as at 30 June 219,966,059 219,966,059
During the six-month period ended 30 June 2024, no additional shares were
issued (six-month period ended 30 June 2023: a total of 4,000,000 shares were
issued by the Company with a nominal value of €0.04 each to be held within
the Group to fulfil potential future obligations under various share-based
payment plans).
Out of the 16,149,163 treasury shares held within the Group as at 30 June
2024, 1,147,567 are held by Stichting Administratiekantoor Takeaway.com also
referred to as the 'STAK' (30 June 2023: 1,723,578 held by the STAK).
Share buyback programmes
During the six-month period ended 30 June 2024, the Company directly
repurchased 7,717,976 ordinary shares at an average price of €13.99 as part
of the October 2023 share buyback programme initiated on 18 October 2023
(six-month period ended 30 June 2023: repurchased 4,964,641 ordinary shares at
an average price of €14.27 as part of the April 2023 share buyback programme
initiated on 19 April 2023). During the period, 5,577,433 of the repurchased
shares were used to settle share-based payment obligations and none were
cancelled (six-month period ended 30 June 2023: none used nor cancelled).
7 Basic and diluted loss per share
Numbers of weighted-average outstanding shares used in the calculation of
basic and diluted loss per share are as follows:
Six-month period ended 30 June
2024 2023
For the purpose of basic loss per share 204,550,110 216,037,190
For the purpose of diluted loss per share 204,550,110 216,037,190
The weighted-average number of dilutive potential shares not taken into
consideration above, due to their anti-dilutive effect, amounts to 27,069,189
ordinary shares (30 June 2023: 25,830,564 ordinary shares), mainly related to
the convertible bonds and share-based payment plans.
8 Provisions and Contingent Liabilities
Legal proceedings
Except for the matters disclosed below, there are no ongoing governmental,
legal or arbitration proceedings (including any such proceedings which are
pending or threatened of which Just Eat Takeaway.com is aware) which may have,
or have had in the past six months, significant effects on the Just Eat
Takeaway.com's financial position or results.
Gig Economy Matters
The classification of couriers as independent contractors has been, and
continues to be, the subject of challenge in certain markets. Although Just
Eat Takeaway.com continues to challenge claimants in such cases, we recognise
the difficulty in assessing the possible outcomes of these ongoing
investigations. If Just Eat Takeaway.com considers the chance of economic
outflow probable for a legal proceeding, a provision has been recognised.
Civil Litigations
There were no significant developments during the six-month period ended 30
June 2024 in relation to the provisions and contingent liabilities disclosed
in our 2023 Annual Report.
9 Events after the reporting period
On 25 July 2024, Just Eat Takeaway.com announced its intention to cease
operations in France.
On 31 July 2024, the Company launched a new share buyback programme of up to
€150 million, expected to be completed no later than 31 March 2025.
Furthermore, the Company announced its intention to cancel 5% of its total
issued shares, representing 10,998,303 ordinary shares currently held in
treasury. The cancellation is expected to be completed after a legally
mandated objection period.
There have been no other events after the financial reporting date that
require disclosure.
Appendix 1
Key Performance and Financial Indicators
Operations in Norway and Portugal were discontinued from 1 April 2022 and
Romania from 1 June 2022. The 2022 figures presented exclude these operations
as from 1 January 2022. Operations in New Zealand were discontinued from May
2024. The H1 2024 figures presented were adjusted to exclude these operations
as from 1 January 2024. Refer to Appendix 2 for a reconciliation of the KFIs
to their closest IFRS-based equivalent where applicable.
Grubhub Campus mobile orders and GTV, as well as their impact on ATV and
adjusted EBITDA margin, were included starting from H1 2024 in North America.
Previous periods were amended retrospectively for comparison purposes. Refer
to Appendix 3 for the Grubhub Campus inclusion impact.
These figures and percentages are unaudited and may not add up due to
rounding.
Millions unless stated otherwise 30 June 2024 30 June 2023 31 December 2023 31 December 2022
Partners ('000) 731 679 699 692
Active consumers 81 87 84 90
Returning active consumers as % of active consumers 67% 67% 67% 68%
Average monthly order frequency (#) 2.8 2.8 2.8 2.8
Orders (million) H1 2024 H1 2023 2023 2022
Northern Europe 136 136 273 288
UK and Ireland 120 121 245 260
Southern Europe and ANZ 40 48 92 109
North America 149 163 318 359
Total orders 446 469 929 1,017
GTV (€ billions) H1 2024 H1 2023 2023 2022
Northern Europe 4.0 3.8 7.7 7.4
UK and Ireland 3.4 3.2 6.6 6.6
Southern Europe and ANZ 1.0 1.1 2.2 2.6
North America 4.8 5.3 10.3 11.9
Total GTV 13.2 13.4 26.8 28.5
Average transaction value (€) H1 2024 H1 2023 2023 2022
Northern Europe 29.53 27.87 28.20 25.80
UK and Ireland 28.55 26.25 26.95 25.18
Southern Europe and ANZ 23.94 23.39 23.45 23.91
North America 32.37 32.40 32.43 33.17
ATV 29.71 28.57 28.85 28.04
€ millions H1 2024 H1 2023 2023 2022
Revenue .
Northern Europe 692 624 1,277 1,155
UK and Ireland 672 629 1,311 1,319
Southern Europe and ANZ 193 229 438 532
North America 1,014 1,106 2,141 2,552
Total revenue 2,570 2,588 5,167 5,559
Revenue less adjusted order fulfilment costs 1,212 1,188 2,390 2,360
Adjusted EBITDA .
Northern Europe 186 191 366 313
UK and Ireland 92 56 135 23
Southern Europe and ANZ (49) (55) (97) (161)
North America 80 51 126 65
Head office (106) (100) (207) (221)
Total adjusted EBITDA 203 143 324 19
Free cash flow before changes in working capital 38 (78) (73) (405)
IFRS-basis
€ millions H1 2024 H1 2023 2023 2022
Loss for the period (301) (258) (1,846) (5,667)
Cash and cash equivalents 1,347 1,799 1,724 2,020
Appendix 2
Alternative Performance Measures reconciliation from the most directly
comparable IFRS measures
These combined figures are unaudited and may not add up due to rounding.
Operations in Norway and Portugal were discontinued from 1 April 2022 and
Romania from 1 June 2022. The 2022 figures are presented as if these
operations were excluded as of 1 January 2022. Operations in New Zealand were
discontinued from May 2024. The 2024 figures are presented as if these
operations were excluded as of 1 January 2024. This is referred to as
'Discontinued businesses' in the tables below.
Combined revenue
Six-month period ended 30 June 2024
€ millions North America Northern Europe UK and Ireland Southern Europe and ANZ Head office Consolidated
Revenue (IFRS) 1,014 692 672 193 - 2,571
Discontinued businesses - - - (0) - (0)
Combined revenue 1,014 692 672 193 - 2,570
There were no reconciling items in 2023.
Twelve-month period ended 31 December 2022
€ millions North America Northern Europe UK and Ireland Southern Europe and ANZ Head office Consolidated
Revenue (IFRS) 2,552 1,156 1,319 534 - 5,561
Discontinued businesses - (1) - (2) - (2)
Combined revenue 2,552 1,155 1,319 532 - 5,559
Combined adjusted EBITDA
Refer to Note 3 in the interim financial statements for a reconciliation of
adjusted EBITDA to loss before income tax (IFRS).
Six-month period ended 30 June 2024
€ millions North America Northern Europe UK and Ireland Southern Europe and ANZ Head office Consolidated
Adjusted EBITDA 80 186 92 (49) (106) 203
Discontinued businesses - - - 0 - 0
Combined adjusted EBITDA 80 186 92 (49) (106) 203
There were no reconciling items in 2023.
Twelve-month period ended 31 December 2022
€ millions North America Northern Europe UK and Ireland Southern Europe and ANZ Head office Consolidated
Adjusted EBITDA 65 312 23 (169) (221) 10
Discontinued businesses - 1 - 8 - 9
Combined adjusted EBITDA 65 313 23 (161) (221) 19
Combined revenue less adjusted order fulfilment costs
€ millions H1 2024 H1 2023 2023 2022
Revenue less order fulfilment costs (IFRS) 1,206 1,182 2,372 2,391
Discontinued businesses (0) - - 3
Other items(1) 7 6 19 (34)
Combined revenue less adjusted order fulfilment costs 1,212 1,188 2,390 2,360
(1)( )(Other items include, amongst others, restructuring costs, certain
legal, tax, and regulatory matters, and certain insurance income and costs. )
Free cash flow
€ millions H1 2024 H1 2023 2023 2022(2)
Net cash generated by / (used in) operating activities (IFRS) 96 (41) 125 (166)
Capital expenditure (76) (67) (152) (201)
Lease payments (38) (31) (65) (54)
Taxes paid on net settlement of share-based payment awards (9) (12) (21) (15)
Free cash flow (28) (151) (113) (436)
Changes in working capital 41 12 (13) 18
Other non-current assets 6 10 11 (11)
Provisions 3 51 35 28
Other changes(1) 16 1 7 (4)
Free cash flow before changes in working capital 38 (78) (73) (405)
(1)( )(Changes added back from working capital movements. H1 2024
includes )(€)(14 million of share-based payment expense / other liabilities
movement from the Amazon commercial agreement in the US.)
(2)( )(2022 free cash flow and free cash flow before changes in working
capital initially reported in 2022 also contained )(€)(88 million of cash
outflow related to funding provided to associates (iFood).)
Appendix 3
Amendments to prior periods: North America KPIs
H1 2023 Grubhub Campus addition H1 2023
(published)
(amended)
Orders (# millions) 145 18 163
GTV (€ millions) 5,130 165 5,295
Average transaction value (€) 35.31 (2.90) 32.40
Adjusted EBITDA margin 1.0% -0.03% 1.0%
2023 Grubhub Campus addition 2023
(published)
(amended)
Orders (# millions) 281 37 318
GTV (€ millions) 9,971 345 10,316
Average transaction value (€) 35.51 (3.08) 32.43
Adjusted EBITDA margin 1.3% -0.04% 1.2%
€ millions 2022 Grubhub Campus addition 2022
(published)
(amended)
Orders (# millions) 327 32 359
GTV (€ millions) 11,626 291 11,917
Average transaction value (€) 35.54 (2.37) 33.17
Adjusted EBITDA margin 0.6% -0.01% 0.5%
1 Adjusted EBITDA is defined as operating income / loss for the period
adjusted for depreciation, amortisation, impairments, share-based payments,
acquisition and integration related costs and other items not directly related
to underlying operating performance ('Other items'). Other items include,
amongst others, restructuring costs, certain legal, tax, and regulatory
matters, and certain insurance income and costs
2 Free cash flow is defined as net cash generated by / (used in) operating
activities less capital expenditure, lease payments and taxes paid on net
settlement of share-based payment awards. Free cash flow before changes in
working capital excludes other changes in working capital, other non-current
assets and provisions
3 Revenue less order fulfilment costs, adjusted for other items as shown in
Appendix 2
4 Free cash flow before working capital excludes other changes in working
capital, other non-current assets and provisions
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