Amsterdam, 28 February 2024
Full Year 2023 Results
·
Group excluding
North America returned to GTV growth in 2023
·
2023 adjusted
EBITDA[1] ahead of guidance
at €324 million and growing quickly
·
Strong momentum
in UK and Ireland with adjusted EBITDA margin rapidly approaching a
similarly high level as Northern Europe
·
We reached the
significant milestone of positive free cash flow[2] in H2 2023
·
To date, we have
repurchased 7.3% of our issued shares
·
We issue new
guidance for 2024
Jitse Groen, CEO of Just Eat Takeaway.com said:
"In 2023, we
significantly improved our financial performance in all our
segments and generated adjusted EBITDA of €324 million compared
with €19 million in 2022. Our enhanced profitability resulted in
reaching the critical milestone of returning to positive free cash
flow in the second half of 2023. I am particularly pleased with the
strong momentum in the UK and Ireland, with adjusted EBITDA margin
rapidly approaching a similarly high level as Northern Europe.
Overall, the business is in a strong position to capture further
improvement to our topline performance, adjusted EBITDA and free
cash flow in 2024."
Group highlights[3]
● The
Group excluding North America returned to GTV growth in 2023. The
year-on-year GTV trajectory improved throughout 2023. GTV
for the Group including
North America was €26.4 billion in 2023, down 4% on constant
currency compared with 2022.
● Revenue less adjusted order fulfilment costs[4] per order improved by 12% in 2023 compared with
prior year. Improved processes and automation led to reduced costs
per order, whilst improving customer and restaurant
experience.
● Adjusted EBITDA improved significantly to €324 million in
2023 from €19 million in 2022. All segments materially contributed
to this improvement. As a result of the increased adjusted EBITDA,
the Group reached the significant milestone of being free cash flow
positive in H2 2023.
● With
cash and cash equivalents as per 31 December 2023 of €1,724 million
and the Group having turned free cash flow positive in H2 2023, we
are well-capitalised. We were able to use part of our strong
liquidity to buy back shares and, under the share buyback
programmes announced in April and October 2023, 7.3% of the issued
shares were repurchased as per 23 February 2024.
Segment highlights3
● The
Northern Europe and the UK and Ireland segments exited 2023 at the
highest ever quarterly GTV level.
● In
the Northern Europe segment, GTV increased gradually throughout
2023 which resulted in an increase of 3% to €7.7 billion. Northern
Europe continued to demonstrate strong profit generation with an
adjusted EBITDA of €366 million in 2023. The adjusted EBITDA margin
in Northern Europe remained one of the industry's strongest and
further improved to 4.8% of GTV in 2023 from 4.2% in
2022.
● In
the UK and Ireland segment, the improvement in year-on-year GTV
performance was most pronounced, resulting in a GTV of €6.6 billion
in 2023. Adjusted EBITDA improved significantly to €135 million in
2023 from €23 million in 2022, mainly due to enhanced delivery
efficiency and simplification of our delivery operation. With the
adjusted EBITDA margin increasing further to 2.0% of GTV in 2023
from 0.4% of GTV in 2022, UK and Ireland is rapidly approaching a
similarly high adjusted EBITDA margin as Northern
Europe.
● In
the Southern Europe and ANZ segment, operational improvements in
logistics and more efficient customer services resulted in an
improved adjusted EBITDA of minus €97 million in 2023 from minus
€161 million in 2022.
● North America significantly increased its adjusted EBITDA to
€126 million in 2023 from €65 million in 2022. Under the new
management, we are improving our cost base and competitiveness of
Grubhub, including a continued push in new verticals. Grubhub too
continues to make strong progress towards free cash flow
breakeven.
Financials
● Loss
for the period on an IFRS basis was €1,846 million in 2023,
driven by impairment
losses of €1,539 million, mainly related to goodwill and other
intangible assets from past equity funded acquisitions, and
amortisation of €452 million, mainly related to the amortisation of
consumer lists, technology platforms and development costs.
Excluding the aforementioned impact of impairment losses and
amortisation, profit for the period would have amounted to €145
million in 2023 compared with a loss
of €652 million in 2022.
● The
€250 million convertible bond issued on 25 January 2019 was fully
repaid in cash upon maturity on 25 January 2024, thereby reducing
interest payments going forward.
Outlook
● The
Management Board issues 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[5]) 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.
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 leading online food delivery
companies, hereby reports its financial results for the full year
2023.
Performance highlights
Key
Performance Indicators
|
2023
|
2022
|
Change
|
Constant
currency
|
Partners (#
thousands)1
|
699
|
692
|
1%
|
|
Active consumers (#
millions)1
|
84
|
90
|
-6%
|
|
Returning active consumers as % of
active consumers
|
66.6%
|
67.5%
|
-0.9p.p.
|
|
Average monthly order frequency
(#)
|
2.8
|
2.8
|
-0.1
|
|
Orders (# millions)
|
|
|
|
|
North America
|
281
|
327
|
-14%
|
|
Northern Europe
|
273
|
288
|
-5%
|
|
UK
and Ireland
|
245
|
260
|
-6%
|
|
Southern Europe and ANZ
|
92
|
109
|
-16%
|
|
Total orders
|
891
|
984
|
-9%
|
|
Average transaction value
(€)
|
29.67
|
28.66
|
1.00
|
|
GTV
(€ billions)
|
|
|
|
|
North America
|
10.0
|
11.6
|
-14%
|
-11%
|
Northern Europe
|
7.7
|
7.4
|
4%
|
3%
|
UK
and Ireland
|
6.6
|
6.6
|
1%
|
3%
|
Southern Europe and ANZ
|
2.2
|
2.6
|
-17%
|
-14%
|
Total GTV
|
26.4
|
28.2
|
-6%
|
-4%
|
1 Number as at 31 December
|
|
Key
Financial Indicators (€ millions)
|
2023
|
2022
|
Change
|
Constant
currency
|
Revenue
|
-
|
|
|
|
North America
|
2,141
|
2,552
|
-16%
|
-13%
|
Northern Europe
|
1,277
|
1,155
|
11%
|
10%
|
UK
and Ireland
|
1,311
|
1,319
|
-1%
|
1%
|
Southern Europe and ANZ
|
438
|
532
|
-18%
|
-14%
|
Total revenue
|
5,167
|
5,559
|
-7%
|
-5%
|
Revenue less adjusted order fulfilment
costs
|
2,390
|
2,360
|
1%
|
|
Adjusted EBITDA
|
-
|
|
|
|
North America
|
126
|
65
|
93%
|
|
Northern Europe
|
366
|
313
|
17%
|
|
UK
and Ireland
|
135
|
23
|
485%
|
|
Southern Europe and ANZ
|
(97)
|
(161)
|
40%
|
|
Head office
|
(207)
|
(221)
|
7%
|
|
Total adjusted EBITDA
|
324
|
19
|
1587%
|
|
Operations in Norway and Portugal
were discontinued from 1 April 2022 and Romania from 1 June 2022.
The Key Performance Indicators (KPIs) and Key Financial Indicators
(KFIs) presented for the comparative period in 2022 exclude these
operations as from 1 January 2022. These
figures are unaudited and may not add up due to rounding. The
percentages used are based on unrounded figures.
Refer to Appendix 1 for a 3-year summary of all
our KPIs and KFIs and to Appendix
2 for a reconciliation of the KFIs from the most directly
comparable IFRS measures. These alternative performance measures
are not defined under IFRS. Reference is made to the Glossary as
included in the Annual Report 2023 for an overview of defined
terms.
Segment information
Our operations span four segments.
These segments are: Northern Europe, United Kingdom and Ireland,
North America, and Southern Europe and Australia and New Zealand
(ANZ). Northern Europe comprises Austria, Belgium, Denmark,
Germany, Luxembourg, Poland, Slovakia, Switzerland and the
Netherlands. Southern Europe and ANZ comprises Australia, Bulgaria,
France, Israel, Italy, New Zealand, and Spain. North America
comprises Canada and the United States.
Northern Europe
|
|
Millions unless stated
otherwise
|
2023
|
2022
|
Change
|
Orders (#)
|
273
|
288
|
-5%
|
GTV (€ billions)1
|
7.7
|
7.4
|
4%
|
Revenue (€)2
|
1,277
|
1,155
|
11%
|
Adjusted EBITDA (€)
|
366
|
313
|
17%
|
• Adjusted EBITDA
margin (%)
|
4.8%
|
4.2%
|
0.5pp
|
1 Change at constant currency level for GTV is
3%
|
2 Change at constant currency level for Revenue is
10%
|
In 2023, the Northern Europe
markets together made up 31% of Just Eat Takeaway.com's total
orders and 29% of the total GTV, with Germany being the largest
market in terms of orders and GTV.
Performance in Northern Europe
gradually improved throughout 2023 to reach positive year-on-year
GTV growth in the second half of the year and achieved a full year
GTV increase of 4% to €7.7 billion in 2023 from €7.4 billion in
2022. Orders in Northern Europe declined by 5% in 2023 compared
with 2022, primarily attributable to the impact of the pandemic on
the early prior year comparatives. Growth in GTV was mainly caused
by higher ATV predominantly driven by higher food
prices.
Northern Europe revenue grew by
11% to €1,277 million in 2023 from €1,155 million in 2022. Revenue
growth was driven by higher ATV driven by higher food pricing,
optimising our partner pricing and more demand for advertising from
our partners.
Northern Europe adjusted EBITDA
increased to €366 million in 2023 from €313 million in 2022. The
adjusted EBITDA margin improved to 4.8% in 2023 from 4.2% in 2022.
The improved adjusted EBITDA was mainly driven by optimised partner
pricing, higher demand for advertising offering and targeted cost
reduction programmes. Northern Europe remained the segment with the
highest adjusted EBITDA margin within Just Eat
Takeaway.com.
UK and Ireland
Millions unless stated
otherwise
|
2023
|
2022
|
Change
|
Orders (#)
|
245
|
260
|
-6%
|
GTV (€ billions)1
|
6.6
|
6.6
|
1%
|
Revenue (€)2
|
1,311
|
1,319
|
-1%
|
Adjusted EBITDA (€)
|
135
|
23
|
485%
|
• Adjusted EBITDA
margin (%)
|
2.0%
|
0.4%
|
1.7pp
|
1 Change at constant currency level for GTV is
3%
|
2 Change at constant currency level for Revenue is
1%
|
Our UK and Ireland segment,
operating under the Just Eat brand, processed 245 million orders
which makes up 28% of Just Eat Takeaway.com's total orders and €6.6
billion GTV representing 25% total GTV in 2023.
Order growth in the UK and Ireland
segment improved throughout 2023. Year-on-year orders overall still
declined by 6% compared with 2022, which can be partially
attributed to lapping the pandemic in the first half of 2023. There
is positive momentum in our grocery business as well. Full year GTV
improved significantly in the second half of 2023 and returned to
growth, achieving a year-on-year increase of 1% at €6.6 billion.
Growth in GTV was driven by higher ATV from higher food pricing,
partly offset by unfavourable foreign exchange rate movements. On a
constant currency basis, GTV grew by 3% in 2023 compared with
2022.
United Kingdom and Ireland revenue
decreased by 1% to €1,311 million in 2023. The higher ATV was
offset by the decrease in orders and unfavourable foreign exchange
rate movements.
Adjusted EBITDA increased to €135
million in 2023 from €23 million in 2022 and the adjusted EBITDA
margin improved to 2.0% in 2023 from 0.4% in 2022. The improved
adjusted EBITDA was primarily driven by enhanced delivery
efficiency and simplification of our delivery operation. As a
result, the delivery cost per order notably reduced and additional
efficiencies were achieved through streamlining our
operations.
Southern Europe and ANZ
Millions unless stated
otherwise
|
2023
|
2022
|
Change
|
Orders (#)
|
92
|
109
|
-16%
|
GTV (€ billions)1
|
2.2
|
2.6
|
-17%
|
Revenue (€)2
|
438
|
532
|
-18%
|
Adjusted EBITDA (€)
|
(97)
|
(161)
|
40%
|
• Adjusted EBITDA
margin (%)
|
-4.5%
|
-6.2%
|
1.7pp
|
1 Change at constant currency level for GTV is
-14%
|
2 Change at constant currency level for Revenue is
-14%
|
These markets together made up 10%
of Just Eat Takeaway.com's total orders and 8% of the total GTV in
2023, with Australia being the largest market in this
segment.
Orders for the Southern Europe and
ANZ segment declined by 16% in 2023. This decline can be attributed
to the impact of the pandemic, primarily in the first few months of
2022. In line with the order decline, GTV decreased by 17% to €2.2
billion in 2023 from €2.6 billion in 2022, primarily driven by
lower order volume and foreign currency headwinds. The constant
currency GTV decrease was 14% in 2023 compared with
2022.
Southern Europe and ANZ revenue
declined by 18% to €438 million in 2023 from €532 million in 2022.
This was mainly driven by a decline in ATV and orders as well as
unfavourable foreign exchange rates.
Southern Europe and ANZ had an
adjusted EBITDA of minus €97 million in 2023 compared with minus
€161 million in 2022, and the adjusted EBITDA margin improved to
minus 4.5% in 2023 from minus 6.2% in 2022. This improvement in
adjusted EBITDA was mainly driven by actions taken to streamline
operations, more efficient customer service as a result of better
technology and improvement in marketing efficiency. In addition, we
continue to focus capital and management attention towards our
highest potential markets to generate scale, leadership positions
and profit pools, as our industry rationalises.
North America
|
|
|
|
|
|
Millions unless stated
otherwise
|
2023
|
2022
|
Change
|
Orders (#)
|
281
|
327
|
-14%
|
GTV (€ billions)1
|
10.0
|
11.6
|
-14%
|
Revenue (€)2
|
2,141
|
2,552
|
-16%
|
Adjusted EBITDA (€)
|
126
|
65
|
93%
|
• Adjusted EBITDA
margin (%)
|
1.3%
|
0.6%
|
0.7pp
|
1 Change at constant currency level for GTV is
-11%
|
2 Change at constant currency level for Revenue is
-13%
|
North America represented 32% of
the total Just Eat Takeaway.com orders and 38% of the total GTV in
2023.
While constant currency GTV growth
improved in the second half of 2023, the pandemic impact on the
early prior year comparatives was still noticeable. North America's
orders and GTV both decreased overall by 14% compared with 2022, to
281 million orders and €10.0 billion GTV. Year-on-year order growth
increased in the second half of 2023 as we refocused on key
operating pillars and invested behind the core business and new
verticals. On a constant currency basis, GTV decreased by 11% in
2023 compared with 2022.
North America revenue decreased by
16% to €2,141 million due to a reduction in orders, investment in
consumer pricing and unfavourable foreign exchange rates, partly
offset by a higher ATV on constant currency basis due to higher
food prices.
North America significantly
improved its adjusted EBITDA to €126 million in 2023 from €65
million in 2022. Segment adjusted EBITDA as a percentage of GTV
('adjusted EBITDA margin') improved to 1.3% in 2023 from 0.6% in
2022. The improved adjusted EBITDA was largely attributed to
efficient spending with lower marketing costs and continued
optimisation in overheads.
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 €207
million in 2023 compared with €221 million in 2022. The decrease in
expense was primarily driven by continued optimisation in overheads
partly offset by inflation-related cost adjustments.
CFO update and financial
review
The financial information included
in the CFO update and financial review is derived from the 2023
consolidated financial statements and 2022 comparative figures
included therein. This section is reported on an IFRS
basis.
Consolidated statement of
profit or loss
|
Year ended 31 December
|
€ millions
|
2023
|
2022
|
Revenue
|
5,167
|
5,561
|
Courier costs
|
(2,289)
|
(2,599)
|
Order processing costs
|
(507)
|
(571)
|
Staff costs
|
(1,191)
|
(1,259)
|
Other operating expenses
|
(1,075)
|
(1,377)
|
Depreciation, amortisation and
impairments
|
(2,138)
|
(5,168)
|
Operating loss
|
(2,032)
|
(5,413)
|
Share of results of
associates
|
-
|
(35)
|
Finance income and expense,
net
|
(48)
|
(47)
|
Other gains and losses
|
10
|
(273)
|
Loss before income tax
|
(2,071)
|
(5,768)
|
Income tax benefit
|
225
|
101
|
Loss for the period
|
(1,846)
|
(5,667)
|
Revenue
|
Year ended 31 December
|
€ millions
|
2023
|
2022
|
Order-driven revenue
|
4,933
|
5,315
|
Ancillary revenue
|
234
|
246
|
Revenue
|
5,167
|
5,561
|
Order-driven revenue decreased by
7% to €4,933 million in 2023 due to a 9% decrease in orders,
partially offset by a higher ATV and increased promoted placement
revenue earned on a per order basis, as well as a reduction in
consumer vouchers and refunds issued.
Ancillary revenue decreased by 5%
to €234 million in 2023 compared with €246 million in 2022, due to
a slight reduction in subscription revenue. This was caused mainly
by the partnership with Amazon in offering Prime members a free
one-year Grubhub+ membership.
Order fulfilment
costs
|
Year ended 31 December
|
€ millions
|
2023
|
2022
|
Courier costs
|
2,289
|
2,599
|
Order processing costs
|
507
|
571
|
Order fulfilment costs
|
2,795
|
3,170
|
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 12% to €2,289 million in
2023 from €2,599 million in 2022. This decrease was driven by a
reduction in both delivery orders of 9% and substantial
improvements in delivery efficiency through our delivery network
optimisation, order pooling, algorithm optimisation, and
simplification of our delivery operations. These improvements
offset courier wage inflation and impact of courier pay legislation
resulting in lower courier costs per order.
Order processing costs decreased
by 11% to €507 million in 2023 from €571 million in 2022, primarily
driven by the decrease in orders, as well as efficiency gained in
the costs per order.
Revenue less Order
fulfilment costs
|
Year ended 31 December
|
€ millions
|
2023
|
2022
|
Revenue
|
5,167
|
5,561
|
Order fulfilment costs
|
(2,795)
|
(3,170)
|
Revenue less order fulfilment costs
|
2,372
|
2,391
|
Revenue less order fulfilment
costs slightly decreased to €2,372 million in 2023 compared with
€2,391 million in 2022. The negative impact of the reduction in
orders is partially offset by a higher ATV and lower costs per
order driven by higher delivery efficiency.
Staff
costs
|
Year ended 31 December
|
€ millions
|
2023
|
2022
|
Wages and salaries
|
854
|
900
|
Social security charges
|
117
|
125
|
Pension premium
contributions
|
46
|
47
|
Share-based payments
|
147
|
166
|
Temporary staff expenses
|
27
|
22
|
Staff costs
|
1,191
|
1,259
|
Staff costs decreased by 5% to
€1,191 million in 2023 compared with €1,259 million in 2022. Our
staff, excluding employed couriers as this group is included in
order fulfilment costs, decreased by 15% to an average of
approximately 13,500 FTEs in 2023 from an average of approximately
15,900 FTEs in 2022. This average FTE decrease was largely due to
the Group restructuring activities and the hiring pause put in
place during the second half of 2022 which had a full year effect
in 2023 as well as ongoing optimisation and automation efforts
pursued in 2023. Within 2023, FTEs remained broadly stable. The
impact of the FTE decrease on staff costs was partially offset by
staff wage inflation.
Share-based payments relate to the
Long-Term Incentive Plan (LTIP) and the Short-Term Incentive Plan
(STIP) for the Management Board, as well as the various long-term
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 decreased to €147
million in 2023 compared with €166 million in 2022, mainly driven
by the decrease in average FTEs and the gradual completion of
legacy and Grubhub rollover plans.
Other operating
expenses
|
Year ended 31 December
|
€ millions
|
2023
|
2022
|
Marketing expenses
|
588
|
735
|
Other operating expenses
|
487
|
642
|
Other operating expenses
|
1,075
|
1,377
|
Marketing expenses
Marketing expenditure 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 2023, we continued our
partnership with UEFA and launched a new global brand campaign with
Christina Aguilera and Latto. Marketing expenses decreased by 20%
to €588 million in 2023 compared with €735 million in 2022,
primarily due to efficiencies in brand marketing spend as well as a
reduction in performance marketing spend due to lower order volumes
and costs per order spend optimisation.
Other operating expenses
Other operating expenses decreased
by 24% to €487 million in 2023 compared with €642 million in 2022,
mainly driven by measures taken to increase efficiency and
automation in the business. Consequently, we achieved savings in
relation to staff-related expenses and professional fees. These
measures allowed us to effectively manage costs while maintaining a
focus on operational efficiency, ultimately contributing to a
reduction in overall expenditure.
Depreciation, amortisation
and impairments
Depreciation and amortisation
expenses were €599 million in 2023, up from €567 million in 2022
due to the amortisation of intangible assets, mainly consumer lists
and development costs.
Total impairments of €1,539
million were recognised in 2023 for goodwill, other intangible
assets and property and equipment. Following the annual impairment
test and the identification of impairment indicators, impairment
losses were mainly recognised in the amount of €1,060 million
related to cash-generating unit (CGU) United States and €436
million to CGU Canada. The impairment in the United States and
Canada was mainly driven by lower-than-expected order levels in the
short-to-medium term resulting from market competitiveness. See
also Note 11 to the consolidated financial statements for more
details.
Share of results of
associates and joint ventures
Movements in the share of results
of associates and other gains and losses are mainly explained by
the sale of our investment in iFood in 2022.
Income tax
expense
In 2023, the net income tax benefit
was €225 million, compared with €101 million in 2022. The taxable
results of profitable entities resulted in a current tax expense of
€30 million compared with €53 million in 2022, which included the
impact of the Danish Tax authority dispute of €32 million. In 2023,
the deferred tax benefit was €254 million compared with €154
million in 2022, mainly relating to temporary differences arising
from the amortisation of other intangible assets and the
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 €1,846 million in 2023 (2022: €5,667 million). The loss for
the period excluding the impact of total impairments amounted to
€307 million compared with €1,065 million in 2022.
Consolidated statement of
financial position
€ millions
|
31 December
2023
|
31 December
2022
|
Non-current assets
|
7,840
|
9,742
|
Current assets excluding cash and
cash equivalents
|
607
|
626
|
Cash and cash equivalents
|
1,724
|
2,020
|
Total assets
|
10,172
|
12,389
|
|
|
|
Total shareholders' equity
attributable to equity holders
|
6,044
|
7,903
|
Non-controlling interests
|
(7)
|
(8)
|
Total equity
|
6,036
|
7,895
|
|
|
|
Non-current liabilities
|
2,585
|
3,085
|
Current liabilities
|
1,550
|
1,408
|
Total liabilities
|
4,135
|
4,494
|
Total equity and liabilities
|
10,172
|
12,389
|
Non-current assets, mainly
consisting of goodwill and other intangible assets decreased to
€7,840 million as of 31 December 2023 from €9,742 million as of 31
December 2022. This was primarily driven by the impairment losses
and amortisation of intangible assets.
Cash and cash equivalents
increased to €1,724 million as of 31 December 2023, from €2,020
million as of 31 December 2022. This decrease was primarily driven
by cash outflows from the share buyback programmes and capital
expenditures.
Shareholders' equity decreased to
€6,044 million as of 31 December 2023, from €7,903 million as of 31
December 2022, mainly due to accumulated losses over the
period.
The solvency ratio, defined as
total equity divided by total assets, was 59% as of 31 December
2023 compared with 64% at of 31 December 2022, the decrease was
mainly caused by accumulated losses over the period.
Consolidated statement of
cash flows
|
Year
ended 31 December
|
€ millions
|
2023
|
2022
|
Net cash generated by / (used in)
operating activities
|
125
|
(166)
|
Net cash (used in) / generated by
investing activities
|
(136)
|
1,214
|
Net cash used in financing
activities
|
(278)
|
(365)
|
Net
cash and cash equivalents (used) / generated
|
(290)
|
683
|
|
|
|
Effects of exchange rate changes of
cash held in foreign currencies
|
(6)
|
17
|
Net
(decrease) / increase in cash and cash
equivalents
|
(296)
|
700
|
Net cash generated by operating
activities amounted to €125 million in 2023 compared with €166
million used in 2022. The increase was driven by improved
operational performance and our focus on becoming
profitable.
Net cash used in investing
activities amounted to €136 million in 2023 mainly driven by
continued capital expenditure, compared with net cash generated of
€1,214 million in 2022 which included the proceeds from the
disposal of iFood.
Net cash used in financing
activities amounted to €278 million in 2023 driven by cash outflows
from the share buyback programmes and lease payments, compared with
net cash used of €365 million in 2022 which included the repayment
of a bank loan.
Events after the reporting
period
On 7 February 2024, the
Supervisory Board announced the nomination of Mayte Oosterveld for
appointment as new CFO and member of the Management Board at the
AGM 2024.
Outlook
●
The Management Board issues the following
guidance for 2024:
o Constant currency GTV growth excluding North America to be 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, 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. The principal risks published in the Company's 2022 Annual
Report were reviewed by senior management and the Management Board
through a series of one-on-one interviews and it was determined
that the principal risks continued to apply throughout 2023, with
the exception of one principal risk that was no longer deemed
relevant in 2023 ("Integration and Transformation") and some minor
wording changes made to this list. 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
As recommended by Governance Rules
and on the basis of the foregoing and the explanations contained in
the section 'Risk Management', the Management Board confirms, to
its knowledge, that:
·
Just Eat Takeaway.com's financial reporting over
2023 provides sufficient insights into any failings in the
effectiveness of the internal risk management and control
systems;
·
Just Eat Takeaway.com's internal risk management
and control systems with regard to financial reporting risks
provide a reasonable assurance that Just Eat Takeaway.com's
financial reporting over 2023 does not contain any material
errors;
·
Based on the current state of affairs, it is
justified that the financial reporting over 2023 is prepared on a
going concern basis; and
·
The report states those material risks and
uncertainties that are relevant to the expectation of Just Eat
Takeaway.com's continuity for the period of 12 months after the
preparation of the report.
The Management Board, 28 February
2024
Jitse Groen, CEO
Brent Wissink, CFO
Jörg Gerbig, COO
Andrew Kenny, CCO
Investor Relations:
Joris Wilton
E: IR@justeattakeaway.com
Media:
E: press@justeattakeaway.com
For more information, please visit
our corporate website: 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 699,000 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, New
Zealand, 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 and X.
Analyst and investor conference
call and audio webcast
Jitse Groen, Brent Wissink, Jörg
Gerbig and Andrew Kenny will host an analyst and investor
conference call to discuss the full year 2023 results at 10:30 am
CET on Wednesday 28 February 2024. Members of the investor
community can follow the audio webcast on: https://www.justeattakeaway.com/investors/results-and-reports/
Media and wires call
Jitse Groen will host a media and
wires call to discuss the full year 2023 results at 8:30 am CET on
Wednesday 28 February 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/
Additional information on
https://www.justeattakeaway.com/
· Just
Eat Takeaway.com Analyst Presentation FY 2023
· Our 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 full year 2023 and 2022
information in the condensed financial statements is based on Just
Eat Takeaway.com's 2023 consolidated financial statements, as
included in the 2023 Annual Report (the 'Financial Statements'),
which have been published on 28 February 2024. In accordance with
article 2:395 of the Netherlands Civil Code, we state that our
auditor, Deloitte Accountants B.V., has issued an unqualified
opinion on the Financial Statements, dated 28 February 2024. For a
better understanding of the company's financial position and
results and of the scope of the audit of Deloitte Accountants B.V.,
this report should be read in conjunction with the Financial
Statements. The general meeting has not yet adopted the Financial
Statements.
Accounting Principles
The Financial Statements of the
Company have been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union
('IFRS') and comply with the financial reporting requirements
included in Part 9 of Book 2 of the Dutch Civil Code.
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. 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
alternative performance 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. They should be read in conjunction with Just Eat
Takeaway.com's financial statements prepared in accordance with
IFRS.