REG - Just Eat Takeaway - Q3 2022 Trading Update

Just Eat Takeaway.com NVAnnouncement

19/10/2022 07:01

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RNS Number : 3816D  Just Eat Takeaway.com N.V.  19 October 2022

Amsterdam, 19 October 2022

Just Eat Takeaway.com Q3 2022 Trading Update

Company Adjusted EBITDA 1  (#_ftn1) profitable in Q3 2022, ahead of schedule

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 third quarter of 2022.

Statement of Jitse Groen, CEO of Just Eat Takeaway.com: "After two years of
significant investment following the merger and the pandemic, I am pleased
that Just Eat Takeaway.com has returned to profitability earlier than
anticipated. Driven by a wide range of initiatives, we continue to improve our
operational efficiency whilst simultaneously enhancing the user experience and
consumer proposition. Although the consumer backdrop will likely be
challenging due to the macro-economic environment, Just Eat Takeaway.com owns
many leadership positions of significant scale, is well-capitalised through
the sale of the iFood stake and is therefore well-positioned to capture
profitable future growth."

·      The Company's focus on profitability delivered material
improvements to Revenue per Order, Delivery costs per Order and Overheads
& Opex. As a result, Just Eat Takeaway.com was Adjusted EBITDA positive in
Q3 2022, materially ahead of prior guidance at the beginning of the year and
is on track towards its long-term target margins.

·      Adjusted EBITDA improved in all segments in Q3 2022, both
year-on-year as well as on a sequential basis. Within Northern Europe, Germany
remained the most important growth driver with year-to-date positive Order
growth. While the market backdrop in the UK was less favourable against a
strong comparative period, the UK and Ireland segment achieved further
material improvements in profitability. In North America, Grubhub's
partnership with Amazon
(https://www.justeattakeaway.com/newsroom/en-WW/216251-just-eat-takeaway-com-and-amazon-enter-into-commercial-agreement-in-the-us)
showed encouraging early results. Finally, Order growth in the Southern Europe
and ANZ segment was adversely impacted by market contraction due to lapping a
period with significant Covid-19 restrictions in Australia in 2021.

·      GTV was up 2% in Q3 2022 compared with the same period in 2021
driven by a higher Average Transaction Value and positive FX movements. Just
Eat Takeaway.com processed 235 million Orders in Q3 2022, representing a 11%
decrease compared with Q3 2021, predominantly caused by the end of Covid-19
restrictions and, to a lesser extent, by reducing the number of low
contribution Orders.

·      As a result of the significant progress made during the third
quarter, management updated its guidance for the full year of 2022 on 27
September 2022:

o  Positive Adjusted EBITDA in the second half of 2022 (previously FY 2022
Adjusted EBITDA margin in the range of minus 0.5% to minus 0.7% of GTV)

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

o  Management expects the Company to maintain positive Adjusted EBITDA in FY
2023, and the long-term objectives for Just Eat Takeaway.com remain unchanged.

·      Just Eat Takeaway.com announced
(https://www.justeattakeaway.com/newsroom/en-WW/218688-just-eat-takeaway-com-nominates-new-management-board-and-supervisory-board-members)
its Supervisory Board had decided to nominate Mr. Andrew Kenny and Mr. Jörg
Gerbig for (re)appointment as members of its Management Board, and to nominate
Mr. Dick Boer and Ms. Mieke De Schepper for appointment to the Supervisory
Board.

·      An Extraordinary General Meeting
(https://www.justeattakeaway.com/general-meeting) ("EGM") relating to the sale
of the Company's equity stake of approximately 33% in the iFood joint venture
to an affiliate of Prosus N.V., the proposed appointments to the Supervisory
Board and Management Board and the proposed transfer of listing of the
Company's shares will be held in Amsterdam on 18 November 2022.

·      Provided the resolution has been adopted at the EGM, completion
of the iFood transaction
(https://www.justeattakeaway.com/newsroom/en-WW/217436-just-eat-takeaway-com-sells-ifood-stake)
is anticipated to occur shortly after the EGM. The Transaction consideration
will comprise €1.5 billion in cash on closing and contingent consideration
of up to €300 million. The transaction proceeds will be retained to
strengthen the balance sheet and to service repayments of upcoming debt
maturities.

·      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.

Just Eat Takeaway.com

Jitse Groen, CEO

Brent Wissink, CFO

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 one of the world's leading
global online food delivery marketplaces.

Headquartered in Amsterdam, the Company is focused on connecting consumers and
partners through its platforms. With 680,000 connected partners, Just Eat
Takeaway.com offers consumers a wide variety of food choice.

Just Eat Takeaway.com has rapidly grown to become a leading online food
delivery marketplace with operations in the United States, the United Kingdom,
Germany, the Netherlands, Canada, Australia, Austria, Belgium, Bulgaria,
Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Poland,
Slovakia, Spain and Switzerland, as well as Colombia and Brazil through its
stake in the iFood joint venture.

Analyst and investor conference call and audio webcast

Jitse Groen and Brent Wissink will host an analyst and investor conference
call to discuss the Q3 2022 trading update at 10:30 am CET on Wednesday 19
October 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 Q3 2022 trading
update at 8:30 am CET on Wednesday 19 October 2022. Members of the press can
join the conference call at +31 (0)20 708 5073 or   +44 (0)33 0551 0200.

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

●      Just Eat Takeaway.com Analyst Presentation Q3 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.

 1  (#_ftnref1) 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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