JUST EAT TAKEAWAY.COM N.V. Analyst Presentation H1 2020
August 2020
Today's presenters
Jitse Groen | Brent Wissink | Jörg Gerbig |
Founder & Chief Executive Officer | Chief Financial Officer | Chief Operating Officer |
Founded Takeaway.com in 2000 | Joined Takeaway.com in 2011 | Founded Lieferando.de in 2009 |
Experience | Experience | Experience |
2 | Analyst presentation H1 2020
CEO UPDATE
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A leading global online food delivery player
Americas | Europe |
Israel
Australia &
New Zealand
Joint Ventures / Partnerships | Company presence |
Source: Company Information
4 | Analyst presentation H1 2020
Business highlights half year 2020
- Completed combination with Just Eat
- Successfully raised €700 million
- Underwent CMA process
- Mitigated coronavirus impact
- Announced Grubhub transaction
- Created single brand identity
- Initiated integration process
- Migrated Switzerland
- Started investment programme
5 | Analyst presentation H1 2020
Half Year 2020 highlights
Active ConsumersOrders
54m | 257m |
(+21%) | (+32%) |
RevenueGross profit
€1.0bn | €630m |
(+44%) | (+34%) |
Marketing | Marketing % of |
Revenue | |
€165m | 16% |
(+1%) | (-7pp) |
GMV
€5.7bn
(+42%)
Gross profit per order
€2.45
(+€0.03)
Adjusted EBITDA
€177m
(+133%)
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Going forward
- Significant tailwinds for the company
- Strong growth with a healthy gross margin
- Just Eat integration
- Aggressive investment programme
- Grubhub transaction
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COO UPDATE
8 | Analyst presentation H1 2020
Just Eat integration well underway and on track
1
Platform
Unification
2
Global
Branding
3
Combined
Operating Model
Just Eat continental European markets to migrate to the Takeaway.com tech platform
Local brands adopted orange branding and logo, creating a single global brand identity
Creating a unified operating model combining the best of both legacy businesses
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Clear strategic initiatives to expand market leadership
Investing in network effects
Focus on restaurant and chain acquisition to build best choice across all markets
Top-of-mind awareness through brand marketing and high last mile visibility
Competitive pricing
Creating one brand, one platform, one company
Brand refresh to ensure single global brand identity
Platform consolidation to create a single best-in-class tech solution
Build one company, one team, and one culture
Broader strategic initiatives
Scoober roll-out
Extension of Takeaway Pay across our markets
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CFO UPDATE
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GROUP RESULTS
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Growth Drivers
Order frequency of Returning Active Consumers1 | 13.2 | 13.6 | 13.1 | 13.1 | 13.2 |
% of Returning Active Consumers2 | 66% | 69% | 63% | 66% | 68% |
Active Consumers (m) |
54 | 48 |
44 | 40 |
33 |
H1 2019 | H1 2020 | 2017 | 2018 | 2019 |
1Orders made by Returning Active Consumers, divided by average number of Returning Active Consumers 2Active Consumers that ordered more than once in the preceding 12 months
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Orders (m)
Growth | 35% | 32% | 30% | 30% | 33% |
413
310
257
195
238
H1 2019 | H1 2020 | 2017 | 2018 | 2019 |
14 | Analyst presentation H1 2020
Gross Merchandise Value (€m)
Growth | 34% | 42% | 28% | 30% | 33% |
Average Order Value (AOV) | €20.6 | €22.2 | €20.8 | €20.7 | €20.7 |
5,702
8,552
6,429
4,957
4,013
H1 2019 | H1 2020 | 2017 | 2018 | 2019 |
15 | Analyst presentation H1 2020
Revenue (€m)
Growth | 40% | 44% | 38% | 42% | 40% |
1,557
1,031 | 1,115 | |
715 | 786 | |
H1 2019 | H1 2020 | 2017 | 2018 | 2019 |
16 | Analyst presentation H1 2020
Gross Profit (€m)
Growth | 23% | 34% | 26% | 26% | 24% |
Gross Margin1 | 66% | 61% | 82% | 73% | 65% |
1,009
813
630 | 645 |
472
H1 2019 | H1 2020 | 2017 | 2018 | 2019 |
1As a percentage of revenue
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Cost by source1 (€m)
Growth | 50% | 34% | 40% | 48% | 44% |
1,339
Delivery expenses
Cost of sales excl. delivery expenses
Other operating expenses
Staff cost
Marketing
927
853
639 | 627 |
H1 2019 | H1 2020 | 2017 | 2018 | 2019 |
1 Cost by source excludes: depreciation, amortisation, impairment, finance income and expenses, share-based payments, share of results of associates and joint ventures, gain on join ventures disposal, acquisition related transaction and integration costs, and income tax expense.
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Adjusted EBITDA1 (€m)
Adjusted EBITDA margin | 11% | 17% | 20% | 17% | 14% |
217
188
177 | 159 |
76
H1 2019 | H1 2020 | 2017 | 2018 | 2019 |
1 Profit or loss for the period before depreciation, amortisation, impairment, finance income and expenses, share-based payments, share of results of associates and joint ventures, gain on join ventures disposal, acquisition related transaction and integration costs, and income tax expense
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Adjusted EBITDA to loss bridge (€m)
177
-31
-85
-152
-12
-18 | ||||||
-37 | -158 | |||||
Adjusted EBITDA | Share of loss of | Depreciation, | Acquisition related Net finance expense | Share based | Tax | Loss after tax |
H1 2020 | associates and | amortisation and | transaction and | payments | H1 2020 | |
joint ventures | impairments | integration cost |
20 | Analyst presentation H1 2020
Cash and cash equivalents (€m)
395
294 | -343 | -14 | 525 | ||||||
177 | 40 | ||||||||
193 | |||||||||
-74 | |||||||||
50 | |||||||||
31 Dec 2019 | Adjusted | Other operational | Other | Cash before | Convertible | ABB equity | Repayment | Other | 30 June 2020 |
EBITDA | movements 1 | investments 2 | financing | loan raise 3 | raise 3 | of RCF | |||
movements |
- Other operational movements are mainly driven by opening balances from the combination with JE and acquisition related transaction and integration cost
- Includes other investing activities in intangibles, property and equipment and investment in iFood
3Net of issue costs
Note: includes JE cash as from consolidation date 15 April 2020
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SEGMENT PERFORMANCE
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United Kingdom
Orders (m) | GMV (€m) |
Growth | Growth | ||||||
9% | 18% | 17% | 8% | 13% | 28% | 22% | 12% |
AOV | |||||||
€21.3 | €23.1 | €20.6 | €21.4 | ||||
123 | 133 | 2,533 | 2,839 | ||||
77 | 1,772 | ||||||
65 | 1,380 | ||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 |
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United Kingdom
Revenue (€m) | Gross profit (€m) | Adjusted EBITDA (€m) | |||||||||||
Growth | Growth | Growth | |||||||||||
14% | 28% | 26% | 17% | 2% | 22% | 22% | 2% | -20% | 46% | 28% | -7% | ||
Gross Margin % | As % of Revenue |
77% | 73% | 87% | 76% | 37% | 42% | 53% | 42% | |||||
509 | 230 | 213 | ||||||||||
436 | ||||||||||||
378 | 385 | |||||||||||
303 | 127 | |||||||||||
236 | ||||||||||||
182 | 222 | 87 | ||||||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | |
24 | | Analyst presentation H1 2020 |
Germany
Orders (m) | GMV (€m) |
Growth | Growth | ||||||
85% | 76% | 36% | 113% | 90% | 89% | 39% | 118% |
AOV | |||||||
€20.7 | €22.3 | €20.4 | €20.9 | ||||
69 | 1,452 | ||||||
49 | 1,096 | ||||||
28 | 33 | 579 | 665 | ||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 |
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Germany | ||||||||||||
Revenue (€m) | Gross profit (€m) | Adjusted EBITDA (€m) | ||||||||||
Growth | Growth | Growth | ||||||||||
115% | 102% | 48% | 147% | 97% | 103% | 56% | 124% | 68% | n.m. | 42% | 181% | |
Gross Margin % | As % of Revenue | |||||||||||
73% | 73% | 80% | 72% | -1% | 36% | -29% | 9% | |||||
58 | ||||||||||||
205 | ||||||||||||
161 | 19 | |||||||||||
148 | ||||||||||||
118 | -1 | |||||||||||
80 | 83 | 66 | -24 | |||||||||
58 | ||||||||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | |
26 | | Analyst presentation H1 2020 |
Canada
Orders (m) | GMV (€m) |
Growth | Growth | ||||||
83% | 59% | 165% | 57% | 78% | 67% | 141% | 55% |
AOV | |||||||
€20.0 | €21.0 | €20.5 | €20.2 | ||||
48 | 978 | ||||||
37 | 776 | ||||||
31 | 630 | ||||||
23 | 466 | ||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 |
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Canada | ||||||||||||
Revenue (€m) | Gross profit (€m) | Adjusted EBITDA (€m) | ||||||||||
Growth | Growth | Growth | ||||||||||
86% | 49% | 174% | 62% | 109% | 49% | 126% | 80% | 126% | n.m. | 4% | 339% | |
Gross Margin % | As % of Revenue | |||||||||||
35% | 35% | 33% | 37% | 1% | 13% | -5% | 7% | |||||
29 | ||||||||||||
24 | ||||||||||||
325 | ||||||||||||
228 | 201 | |||||||||||
2 | ||||||||||||
154 | ||||||||||||
120 | ||||||||||||
54 | 80 | 66 | -10 | |||||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | |
28 | | Analyst presentation H1 2020 |
Netherlands
Orders (m) | GMV (€m) |
Growth | Growth | ||||||
18% | 24% | 19% | 16% | 23% | 36% | 22% | 21% |
AOV | |||||||
€21.3 | €23.4 | €20.6 | €21.4 | ||||
38 | 814 | ||||||
33 | 674 | ||||||
23 | 534 | ||||||
18 | 394 | ||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 |
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Netherlands
Revenue (€m) | Gross profit (€m) | Adjusted EBITDA (€m) | |||||||||||
Growth | Growth | Growth | |||||||||||
26% | 40% | 30% | 23% | 20% | 32% | 24% | 18% | 15% | 23% | 30% | 9% | ||
Gross Margin % | As % of Revenue |
82% | 77% | 85% | 81% | 54% | 48% | 61% | 54% | |||||
119 | 59 | 64 | ||||||||||
96 | 96 | |||||||||||
80 | 82 | 38 | ||||||||||
61 | ||||||||||||
57 | 47 | 31 | ||||||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | |
30 | | Analyst presentation H1 2020 |
Rest of World
Orders (m) | GMV (€m) |
Growth | Growth | ||||||
45% | 18% | 30% | 36% | 33% | 28% | 22% | 28% |
AOV | |||||||
€19.8 | €21.4 | €21.1 | €19.8 | ||||
125 | 2,469 | ||||||
90 | 1,926 | ||||||
71 | 1,524 | ||||||
61 | 1,194 | ||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 |
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Rest of World
Revenue (€m) | Gross profit (€m) | Adjusted EBITDA (€m) | ||||||||||
Growth | Growth | Growth | ||||||||||
35% | 37% | 27% | 33% | 18% | 14% | 14% | 17% | -31% | 47% | -21% | 8% | |
Gross Margin % | As % of Revenue | |||||||||||
69% | 57% | 74% | 65% | 3% | 3% | 6% | 4% | |||||
399 | 16 | 17 | ||||||||||
259 | 299 | 260 | ||||||||||
223 | ||||||||||||
188 | 149 | 7 | ||||||||||
131 | ||||||||||||
5 | ||||||||||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 | |
32 | | Analyst presentation H1 2020 |
Head office costs (€m)
Growth | 50% | 70% | 127% | 138% | 46% |
As a % of Revenue | 7% | 8% | 4% | 7% | 8% |
120
82 | 83 |
48
35
H1 19 | H1 20 | 2017 | 2018 | 2019 |
33 | Analyst presentation H1 2020
iFood1
Orders (m) | GMV (€m) |
Growth | Growth | ||||||
124% | 99% | 103% | 118% | 93% | 118% | 87% | 91% |
AOV | |||||||
€7.7 | €8.4 | €8.6 | €7.5 | ||||
239 | 1,673 | 1,797 | |||||
199 | |||||||
100 | 110 | 766 | 940 | ||||
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 |
1 Data in constant currency, FX BRL/EUR 0.18524986
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iFood1
Revenue (€m) | Adjusted EBITDA (€m) | |||||||
Growth | Growth | |||||||
38% | 261% | 92% | 68% | n.m. | 7% | n.m. | n.m. | |
As a % of Revenue | ||||||||
-99% | -26% | -14% | -80% | |||||
-15 | ||||||||
-62-58
226 | -148 |
185
110
63
H1 19 | H1 20 | 2018 | 2019 | H1 19 | H1 20 | 2018 | 2019 |
1 Data in constant currency, FX BRL/EUR 0.18524986
35 | Analyst presentation H1 2020
CONCLUSION
36 | Analyst presentation H1 2020
Conclusion
- Strong order and revenue growth in first six months of 2020, momentum continues
- Gross margin growth leading to significant increase in adjusted EBITDA across all segments
- Just Eat integration well underway and on track
- Aggressive investment programme to further expand our market-leading positions
37 | Analyst presentation H1 2020
Q&A
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Disclaimer
Statements included in this presentation 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". Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates" and similar expressions. We have based these forward-looking statements on our current expectations and projections about future events, including numerous assumptions regarding our present and future business strategies, operations and the environment in which we will operate in the future. Forward-looking statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Although we believe that the expectations reflected in such forward looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward looking statements.
No statement in this presentation is intended to be a profit forecast.
Statements regarding market share, including Just Eat Takeaway.com's competitive position, contained in this document are based on outside sources such as specialised research institutes, industry and dealer panels in combination with management estimates.
The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to update any public information or forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.
You will be solely responsible for your own assessment of the market and the market position of Just Eat Takeaway.com and you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of Just Eat Takeaway.com's business.
This document does not constitute or form part of, and should not be constructed as, an offer or invitation to subscribe for or purchase any Just Eat Takeaway.com securities.
39 | Analyst presentation H1 2020
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Just Eat Takeaway.com NV published this content on 12 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2020 05:07:01 UTC
