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MarketScreener Homepage  >  Equities  >  Xetra  >  Delivery Hero SE    DHER   DE000A2E4K43

DELIVERY HERO SE

(DHER)
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Delivery Hero : Concludes 2019 with Order Growth of 99% in Q4 and Invests Further for Growth

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02/11/2020 | 01:05am EDT

DGAP-News: Delivery Hero SE / Key word(s): Quarter Results
Delivery Hero Concludes 2019 with Order Growth of 99% in Q4 and Invests Further for Growth

11.02.2020 / 07:00
The issuer is solely responsible for the content of this announcement.


Berlin, 11 February 2020 - Delivery Hero SE (hereinafter referred to as "Delivery Hero" or "Company"), one of the leading global online food ordering and delivery marketplaces, announces its trading results for the full-year 2019 and the fourth quarter ending December 31, 2019.

2019 continued the Company's strong momentum on all key financial and business metrics:
  • Delivery Hero grew fourth quarter revenues with 117% YoY and meets guidance with full-year revenues amounting to EUR 1.46bn. The preliminary EBITDA margin is expected to be negative at 29.6% for the FY 2019 or circa negative 6.0% as a percentage of GMV
  • Order growth further accelerated to 99% YoY in the fourth quarter (up from 92% YoY in the third quarter), driven by improved service offering and targeted investments into customer acquisitions throughout 2019. For the FY 2019 Delivery Hero grew orders by 80% to 666 million orders.
  • Delivery Hero is strengthening its customer offering through significantly expanding restaurant coverage, enhanced technology & product innovation and improved service offering through additional verticals
  • Delivery Hero scaled own delivery capabilities to 44% of total orders at positive and improving unit economics.
The outlook for 2020 sees continued strong growth:
  • Delivery Hero expects to achieve revenues of EUR 2.4 billion to EUR 2.6 billion for the FY 2020, reflecting a growth rate of circa 70% YoY
  • The adjusted preliminary EBITDA margin for the FY 2020 is expected to be between negative 14% and negative 18% as a percentage of revenue
  • Additionally, Delivery Hero will opportunistically deploy investments with a net adjusted EBITDA impact of negative EUR 200 million over the course of 2020 to take advantage of positive business performance and increasing food delivery market.

Niklas Östberg, CEO of Delivery Hero, commented:
"2019 has been a transformational year for Delivery Hero. We have been continuing our growth journey as a result of our unparalleled focus on customer experience. Our drive to deliver an amazing experience to our customers and partners all over the world has led to new initiatives and dedicated investments. Additionally, the strategic partnership with Woowa Brothers will reinforce our global leadership and further strengthen our position in Asia. I could not be more excited for the opportunities to come in 2020."


Q4 2019 Key Operational Highlights
Strong growth driven by improvement in the service offering throughout the year:
  • Reached Milestone of 500,000 Restaurants Globally
    • Increase of restaurant sales coverage (+70% YoY) with specific push in Asia
    • Reached milestone of half a million restaurants in January (+92% YoY) for widest selection of any publicly listed peer globally outside of China
    • More than 100 virtual restaurants globally adding to selection and penetration as well as improved commission rate structure
  • Regional Platforms Supported by Global Services for Best in Class Technology
    • More than 96% of GMV now generated on our central tech stack serving 7 regional platforms for local adoption
    • Successful launch of "Panda Pay", proprietary payment solution in Asia
    • Successful launch of "Pandamart", a third-generation e-commerce platform in Asia 
  • Becoming a Leading Instant Delivery App
    • Roll out of multi verticals in 11 further markets, now operating in 29 out of 44 countries
    • New verticals surpassed threshold of 1m orders per month
    • Growing importance of dark stores & kitchens will lead to change in reporting structure
  • Scaling Own Delivery at Positive Unit Economics
    • Own delivery today being at 44% of overall orders with expectation to increase own delivery share to a range of between 55% to 60% by the end of 2020 with only very moderate increase after that. The increase in 2020 is mainly driven by market mix effect
    • Own delivery rollout is predominantly focused on new cities & areas (own delivery currently offered in 450 cities globally)
    • Operational improvements led to a reduction in average delivery time to 28 minutes
    • Improved profit contribution per order valid for both, mature and early stage markets
    • Own delivery remains gross profit positive on a group level with own delivery profit contribution for group exceeding that of marketplace in some markets

Q4/FY 2019 Group Financial Performance
  • Order growth further accelerated to 99% YoY reaching 216 million orders in Q4 2019, up from 108 million in Q4 2018 (Q4 2018: 47% YoY)
  • GMV increased by 70% YoY on constant currency basis and by 72% YoY on reported currency basis to EUR 2,272 million in Q4 2019 (Q4 2018: 46% YoY on reported currency basis)
  • Revenues grew by 117% YoY on constant currency basis in Q4 2019 and by 121% YoY on reported currency basis to EUR 483 million in Q4 2019 (Q4 2018: 74% YoY on reported currency basis)
    • Revenue guidance met with full-year 2019 revenues amounting to EUR 1.46 billion
  • The preliminary adjusted EBITDA margin is expected to be negative at 29.6% for the full-year 2019 or negative 6.0% as a percentage of GMV
  • The Europe segment broke-even during Q4 2019
  • MENA platform business is expected to generate a positive adjusted EBITDA of EUR 65 million including group costs for the full-year 2019
Outlook for the Financial Year 2020
  • Delivery Hero expects to achieve segment revenues of EUR 2.4 billion to EUR 2.6 billion for the FY 2020 reflecting a growth rate of circa 70% YoY
  • Expected impact of Integrated Verticals to be smaller than 5% of segment revenues
  • Adjusted EBITDA margin expected to be between negative 14% and negative 18% as a percentage of revenues. Additionally, Delivery Hero will opportunistically deploy investments with a net adjusted impact of negative EUR 200 million over the course of 2020 to take advantage of positive business performance and increasing food delivery market
  • The Company will deploy continued investments into early stage markets but with EBITDA margin directionally improving. The flexibility of additional investments of up to EUR 200 million is intended to be opportunistically allocated to extend our leadership positions
  • Europe expected to remain break even during 2020
  • MENA platform business1 is expected to double adjusted EBITDA in absolute terms in 2020
1) MENA food delivery business is defined as the MENA segment excluding investments into dark stores and virtual restaurants.


Key Performance Indicators
  Q1
2018
Q2
2018

 
H1
2018
Q3
2018
Q4
2018
FY
2018

 
Q1
2019
 
Q2
2019
H1
2019
Q3
2019
Q4
2019
FY
2019

 
 
  EUR
million
EUR
million
EUR
million
EUR
million
   EUR
million
EUR
million
EUR
million
EUR
million
EUR
million
EUR
Million
EUR
Million
EUR
million
 
Group                          
Orders (Unit million) 80.2 86.4 166.6 94.5 108.3 369.4 124.5 144.2 268.8 181.3 216.0 666.1  
  % YoY Growth 51.8% 48.3% 50.0% 49.0% 46.7% 48.8% 55.2% 67.0% 61.4% 91.8% 99.4% 80.3%
   % OD Orders 10.2% 11.9% 11.1% 16.4% 19.5% 14.9% 25.0% 29.9% 27.6% 40.4% 44.5% 36.8%  
GMV2,3 970.7 1,041.1 2,011.8 1,119.8 1,322.8 4,454.4 1,507.6 1,684.1 3,191.7 1,971.7 2,272.2 7,435.5  
   % YoY Growth (RC) 42.5% 40.7% 41.6% 39.7% 45.7% 42.3% 55.3% 61.8% 58.6% 76.1% 71.8% 66.9%  
   % YoY Growth (CC) 59.4% 55.6% 57.4% 46.2% 57.8% 54.7% 56.8% 63.7% 60.4% 73.2% 70.0% 66.5%  
Total Segment Revenues2,3 137.7 154.5 292.2 175.9 218.9 687.0 267.2 314.6 581.8 390.5 483.3 1,455.5  
   % YoY Growth (RC) 56.2% 58.7% 57.5% 65.3% 74.4% 64.6% 94.1% 103.6% 99.1% 122.1% 120.7% 111.8%  
   % YoY Growth (CC) 73.9% 74.0% 74.0% 71.4% 85.5% 76.8% 93.0% 103.0% 98.3% 117.0% 116.9% 109.0%  
MENA                          
Orders (Unit million) 41.1 44.2 85.4 48.7 56.5 190.6 64.6 70.6 135.2 76.9 86.5 298.6  
   % YoY Growth 60.4% 56.5% 58.3% 53.8% 50.9% 54.9% 57.0% 59.7% 58.4% 57.9% 53.0% 56.7%  
   % OD Orders 7.9% 9.4% 8.7% 14.4% 18.6% 13.1% 26.5% 28.3% 27.4% 32.4% 31.0% 29.8%  
GMV 439.8 479.9 919.7 549.7 630.6 2,099.9 744.8 813.8 1,558.5 927.8 990.5 3,476.8  
   % YoY Growth (RC) 52.4% 53.2% 52.8% 50.1% 56.9% 53.3% 69.3% 69.6% 69.5% 68.8% 57.1% 65.6%  
   % YoY Growth (CC) 76.6% 74.6% 75.6% 64.7% 66.3% 69.9% 69.6% 70.0% 69.8% 62.1% 53.6% 62.9%  
Revenues 56.6 66.7 123.3 85.0 108.1 316.4 143.9 164.3 308.2 193.2 214.8 716.2  
   % YoY Growth (RC) 91.5% 103.8% 97.9% 103.4% 119.7% 106.4% 154.1% 146.4% 149.9% 127.4% 98.7% 126.3%  
   % YoY Growth (CC) 121.5% 130.1% 126.1% 117.6% 126.5% 123.9% 146.8% 141.2% 143.8% 117.9% 93.5% 119.7%  
Europe                          
Orders (Unit million) 13.8 14.6 28.4 14.3 17.5 60.3 19.2 20.8 39.9 20.7 24.4 85.0  
   % YoY Growth 37.9% 39.1% 38.5% 43.5% 44.6% 41.4% 38.5% 42.1% 40.4% 44.5% 39.5% 41.1%  
   % OD Orders 6.1% 6.4% 6.2% 7.8% 8.5% 7.3% 10.2% 13.1% 11.7% 14.8% 15.6% 13.6%  
GMV 173.1 173.2 346.3 174.8 213.4 734.5 232.0 248.6 480.6 258.4 308.4 1,047.5  
   % YoY Growth (RC) 34.8% 31.4% 33.1% 33.7% 36.4% 34.2% 34.1% 43.5% 38.8% 47.8% 44.5% 42.6%  
   % YoY Growth (CC) 35.7% 32.8% 34.2% 36.1% 37.9% 35.7% 35.4% 44.7% 40.0% 48.8% 45.8% 43.8%  
Revenues 27.4 27.4 54.8 27.6 33.6 115.9 37.0 41.3 78.2 42.7 52.3 173.2  
   % YoY Growth (RC) 29.1% 25.1% 27.1% 28.5% 34.8% 29.6% 34.9% 50.7% 42.8% 55.0% 55.7% 49.5%  
   % YoY Growth (CC) 30.6% 26.8% 28.7% 31.1% 36.5% 31.5% 36.6% 52.2% 44.4% 56.4% 57.7% 51.1%  
Asia                          
Orders (Unit million) 17.6 18.7 36.3 21.9 24.4 82.6 30.4 40.2 70.6 68.1 88.3 227.0  
   % YoY Growth 53.8% 46.9% 50.2% 50.6% 48.6% 49.8% 73.0% 114.8% 94.6% 211.6% 261.4% 174.9%  
   % OD Orders 19.4% 21.8% 20.6% 25.7% 27.5% 24.0% 29.3% 38.8% 34.7% 54.6% 63.7% 52.0%  
GMV 261.7 280.0 541.7 317.4 354.5 1,213.7 416.3 479.0 895.3 654.2 808.0 2,357.5  
   % YoY Growth (RC) 41.4% 39.8% 40.6% 50.4% 43.2% 43.8% 59.1% 71.1% 65.3% 106.1% 127.9% 94.3%  
   % YoY Growth (CC) 52.7% 45.7% 49.0% 48.7% 42.0% 46.9% 54.3% 72.5% 63.7% 106.6% 125.5% 93.0%  
Revenues 39.9 44.7 84.6 50.8 57.1 192.5 66.7 83.0 149.7 126.4 179.3 455.5  
   % YoY Growth (RC) 44.7% 44.2% 44.4% 63.2% 52.1% 51.3% 67.3% 85.7% 77.0% 148.8% 213.9% 136.6%  
   % YoY Growth (CC) 56.4% 50.2% 53.1% 61.3% 50.4% 54.3% 61.4% 84.9% 73.8% 146.0% 206.3% 132.2%  
Americas                          
Orders (Unit million) 7.7 8.8 16.5 9.6 9.8 36.0 10.4 12.6 23.1 15.6 16.8 55.4  
   % YoY Growth 33.8% 31.1% 32.4% 32.6% 25.9% 30.6% 35.5% 43.8% 39.9% 61.6% 70.2% 54.0%  
   % OD Orders 9.5% 12.9% 11.3% 18.6% 24.2% 16.8% 30.2% 37.6% 34.3% 48.5% 54.8% 44.5%  
GMV2,3 96.1 108.0 204.2 77.9 124.3 406.3 114.5 142.7 257.2 131.2 165.2 553.6  
   % YoY Growth (RC) 21.1% 14.3% 17.4% -16.9% 22.0% 10.0% 19.1% 32.1% 26.0% 68.4% 32.9% 36.2%  
   % YoY Growth (CC) 51.0% 45.8% 48.1% -17.5% 93.4% 44.0% 44.0% 43.7% 43.8% 70.6% 36.0% 46.6%  
Revenues2,3 13.8 15.8 29.6 12.5 20.1 62.1 19.6 26.1 45.7 28.2 36.6 110.4  
   % YoY Growth (RC) 40.7% 34.3% 37.2% 4.0% 45.4% 31.2% 42.5% 65.0% 54.5% 125.2% 82.2% 77.7%  
   % YoY Growth (CC) 73.1% 68.5% 70.6% 8.4% 123.8% 70.3% 75.7% 80.4% 78.2% 126.6% 86.3% 90.5%  
                                                 






 
  Q4 2019 Q4 2018

 
Reported
Currency
Change
 
Constant Currency Change

 
FY 2019 FY 2018

 
Reported
Currency
Change
 
Constant Currency Change

 
  EUR
million
EUR
million
% % EUR
million
EUR
million
% %
Group                
Orders (Unit million) 216.0 108.3 99.4% 99.4% 666.1 369.4 80.3% 80.3%
GMV2,3 2,272.2 1,322.8 71.8% 70.0% 7,435.5 4,454.4 66.9% 66.5%
Total Segment Revenues2,3 483.3 218.9 120.6% 116.8% 1,455.5 687.0 111.8% 109.0%
MENA                
Orders (Unit million) 86.5 56.5 53.0% 53.0% 298.6 190.6 56.7% 56.7%
GMV 990.5 630.6 57.1% 53.6% 3,476.8 2,099.9 65.6% 62.9%
Revenues 214.8 108.1 98.7% 93.5% 716.2 316.4 126.3% 119.7%
Europe                
Orders (Unit million) 24.4 17.5 39.5% 39.5% 85.0 60.3 41.1% 41.1%
GMV 308.4 213.4 44.5% 45.8% 1,047.5 734.5 42.6% 43.8%
Revenues 52.3 33.6 55.7% 57.7% 173.2 115.9 49.5% 51.1%
Asia                
Orders (Unit million) 88.3 24.4 261.4% 261.4% 227.0 82.6 174.9% 174.9%
GMV 808.0 354.5 127.9% 125.5% 2,357.5 1,213.7 94.3% 93.0%
Revenues 179.3 57.1 213.9% 206.3% 455.5 192.5 136.6% 132.2%
Americas                
Orders (Unit million) 16.8 9.8 70.2% 70.2% 55.4 36.0 54.0% 54.0%
GMV2,3 165.2 124.3 32.9% 36.0% 553.6 406.3 36.2% 46.6%
Revenue2,3 36.6 20.1 82.2% 86.3% 110.4 61.1 77.7% 90.5%
 
  1. Americas revenues and GMV are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018. 2018 revenue is retrospectively adjusted.
  2. Included reported current growth rates for Argentina in our constant currency calculation due to the effects of hyperinflation in Argentina.

Definitions
  • The Reported Figures are calculated on proforma basis, i.e. adjusted for the divestments of foodora (Australia, France, Italy & Netherlands) and Germany. The numbers have not been adjusted for smaller acquisitions or divestments.
  • The group order growth would have been 93 % YoY if adjusted for all acquisition and divestments. The difference to the reported order growth is mainly related to the acquisition of Zomato UAE which is consolidated from 1 March 2019.
  • Gross Merchandise Value (GMV) is the total value of orders (including VAT) transmitted to restaurants.
  • Revenues presented for Delivery Hero represent the total segment revenues prior to discounts.
  • Since January 2019, Adjusted EBITDA is adopted for IFRS 16.
  • Constant currency figures provide an indication of the business performance by removing the impact of foreign exchange rate movements.


Conference Call and Webcast Details
Niklas Östberg Co-Founder (CEO), Emmanuel Thomassin (CFO), Duncan McIntyre (Global Head of Strategy) & Julia Stoetzel (Director Investor Relations) will host an analyst and investor conference call to discuss Q4 and FY 2019 trading results at 10:00am CET / 9:00am GMT on 11 February 2020.
The audio webcast can be followed via https://webcasts.eqs.com/delivery20200211.
An on-demand replay will be available on the corporate website following the presentation. The accompanying presentation can be downloaded on the Company's website, via the following link:
https://ir.deliveryhero.com/websites/delivery/English/3500/presentations-and-webcasts.html.


Financial Calendar 2020
Event Date
FY 2019 Financial Results 28/04/2020
Q1 2020 Trading Update 28/04/2020
2020 Annual General Meeting  18/06/2020
Q2 2020 Trading Update 30/07/2020
H1 2020 Financial Results 27/08/2020
Q3/9M 2020 Trading Update 28/10/2020

About Delivery Hero
Delivery Hero is one of the leading global online food ordering and delivery marketplaces. The company maintains number one competitive market positions, in terms of restaurants, active users and orders, and online and mobile platforms, across 35 out of 44 countries in Europe, the Middle East & North Africa (MENA), Latin America and Asia-Pacific. Delivery Hero also operates its own delivery service primarily in over 600 cities around the world. The Company is headquartered in Berlin, Germany and has over 22,000 employees.
For more information, please visit www.deliveryhero.com
WKN: A2E4K4; ISIN: DE000A2E4K43

 
Investor Relations
Duncan McIntyre
Head of Strategy
ir@deliveryhero.com

Julia Stoetzel
Director, Investor Relations
ir@deliveryhero.com
Media
Vincent Pfeifer
Senior Manager Global Corporate Communications | Spokesperson
press@deliveryhero.com




Disclaimer
The presentation contains forward looking statements, other estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("Forward-looking Statements"). These Forward-looking Statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "aims", "plans", "predicts", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These Forward-looking Statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding Delivery Hero SE's intentions, beliefs or current expectations concerning, among other things, Delivery Hero SE's prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking Statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Similarly, past performance should not be taken as an indication of future results, and nor representation or warranty, express or implied, is made regarding future performance. The development of Delivery Hero SE's prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on Delivery Hero SE may differ materially from those made in or suggested by the Forward-looking Statements contained in this presentation or past performance. In addition, even if the development of Delivery Hero SE's prospects, growth, strategies and the industry in which it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments may not be indicative of Delivery Hero SE's results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Any Forward-Looking Statements only speak as at the date of this press release is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted by Delivery Hero SE in respect of the achievement of such Forward-looking Statements and assumptions.




 


11.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Delivery Hero SE
Oranienburger Straße 70
10117 Berlin
Germany
Fax: +49 (0)30 5444 59 024
E-mail: info@deliveryhero.com
Internet: www.deliveryhero.com
ISIN: DE000A2E4K43
WKN: A2E4K4
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, OTC QB, OTC QX, SIX, Vienna Stock Exchange
EQS News ID: 972397

 
End of News DGAP News Service

972397  11.02.2020 

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© EQS 2020
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Sales 2019 1 261 M
EBIT 2019 -512 M
Net income 2019 393 M
Finance 2019 553 M
Yield 2019 -
P/E ratio 2019 202x
P/E ratio 2020 -22,0x
EV / Sales2019 10,2x
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Technical analysis trends DELIVERY HERO SE
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Mean consensus BUY
Number of Analysts 13
Average target price 85,82  €
Last Close Price 67,96  €
Spread / Highest target 47,1%
Spread / Average Target 26,3%
Spread / Lowest Target 5,94%
EPS Revisions
Managers
NameTitle
L. Niklas Östberg Chief Executive Officer
Martin Karl Enderle Chairman-Supervisory Board
Pieter-Jan Vandepitte Chief Operating Officer
Emmanuel Thomassin Chief Financial Officer
Christian Graf von Hardenberg Member-Supervisory Board & CTO
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