REG - Just Eat Takeaway - Trading Statement

Just Eat Takeaway.com NVAnnouncement

12/01/2022 07:00

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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 €28.2
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
(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 Orders¹, 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 (GTV¹) was €28.2 billion for the full
year of 2021, representing an increase of 31% compared with 2020. GTV¹
amounted to €7.3 billion in the fourth quarter of 2021, up 17% compared with
the same period of 2020.

·      The adjusted EBITDA margin¹ improved substantially in the fourth
quarter of 2021, and as a result the adjusted EBITDA margin¹ 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 GTV¹ and adjusted EBITDA margin
targets. GTV¹ was €28.2 billion, within the expected range of €28 to
€30 billion. The adjusted EBITDA margin¹ 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
(https://www.justeattakeaway.com/en-WW/208083-just-eat-partners-with-asda-to-launch-grocery-partnership-in-the-uk)
and One Stop
(https://www.justeattakeaway.com/en-WW/208302-just-eat-extends-grocery-delivery-in-uk-with-one-stop-partnership)
in the UK. In Canada, a dark store model through Skip Express Lane
(https://www.justeattakeaway.com/en-WW/207921-skipthedishes-announces-national-rollout-of-skip-express-lane-in-canada)
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
(https://www.justeattakeaway.com/en-WW/207795-just-eat-takeaway-com-s-response-to-eu-commission-s-platform-work-initiative)
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  GTV¹ 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 €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

·      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 (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, 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/
(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
(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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