TIDMJET
RNS Number : 3363F
Just Eat Takeaway.com N.V.
15 July 2021
Amsterdam, 15 July 2021
Just Eat Takeaway.com Q2 2021 Trading Update
Half year 2021 orders up 61% (51% including Grubhub); GTV of
EUR14.1 billion
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
second quarter of 2021.
Statement of Jitse Groen, CEO of Just Eat Takeaway.com: "We have
combined Just Eat Takeaway.com and Grubhub into one of the largest
online food delivery companies in the world. The new combination
grew 51% in terms of orders in the first half year. Adjusted EBITDA
losses, mainly caused by US and Canadian fee caps and our
investment programme, have now peaked. We therefore expect the
Company to trend back to profitability going forward while
retaining significant growth during the second half of the
year."
On 15 June 2021, Just Eat Takeaway.com successfully completed
the acquisition of Grubhub in the United States. The combined
business is one of the largest online food delivery marketplaces
globally, with very significant growth opportunities in several of
the largest profit pools in the world.
To aid comparability, this press release contains information
about Just Eat Takeaway.com and Grubhub, on both a separate and pro
forma combined basis. In addition, the Company has aligned its KPI
definitions, which has led to replacing Gross Merchandise Value
(GMV) with Gross Transaction Value (GTV) in the financial
information presented.
-- Given the success of the Company's investment programme in
the legacy Just Eat markets, expectations for 2021 have improved
and management upgrades its previous guidance of more than 42%
order growth for Just Eat Takeaway.com (excluding Grubhub) during
2021 to now more than 45% order growth for the full year.
-- GTV for the full year 2021 for Just Eat Takeaway.com
(including Grubhub) is expected to be in a range of EUR28 to EUR30
billion.
-- The Company's efforts in the historically under-invested
legacy Just Eat markets have continued to drive growth and win
online share. Just Eat gained online share in the UK, including a
significant inflection in London with triple-digit order growth in
the first half of 2021 compared with the first six months of 2020.
Delivery order growth in the UK was 733% in the first half of 2021
compared with the same period in 2020.
-- Just Eat Takeaway.com will continue to invest in growth and
prioritise market share over adjusted EBITDA [1] . Management
believes that adjusted EBITDA losses peaked in the first half of
2021 and expects its adjusted EBITDA margin [2] to improve going
forward, driven by the removal of significant fee caps in the US
and Canada, improved unit economics in the Company's Delivery
network and increasing benefits from the investment programme in
the legacy Just Eat markets. As a result, for the full year 2021,
management expects Just Eat Takeaway.com (including Grubhub) to
generate an adjusted EBITDA margin in a range of minus 1% to minus
1.5% of GTV. This adjusted EBITDA margin includes the significant
impact of fee caps and voluntary partner support of approximately
EUR200 million in the US and Canada.
-- As previously announced, Just Eat Takeaway.com intends to
take a period of time to determine the optimal listing venues for
the Company's long-term future. Following the completion of the
Grubhub transaction, this review is ongoing and no decisions on the
structure of the Company's listing venues are expected prior to
FTSE Russell's semi-annual review of assigned nationality in August
2021. Therefore, it is possible that Just Eat Takeaway.com will
cease to be eligible for inclusion in the FTSE UK Index Series from
the next review decision, expected to be announced on 1 September
2021.
-- As of May, Just Eat Takeaway.com has been included in the
S&P Europe 350 ESG Index, which is a testament to the Company's
ongoing and increasing focus on ESG matters and related
disclosures.
Just Eat Takeaway.com
Jitse Groen, CEO
Brent Wissink, CFO
Joerg Gerbig, COO
Matt Maloney, Member of the Management Board
Investors:
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, 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, offering consumers
a wide variety of food choice. Just Eat Takeaway.com mainly
collaborates with delivery restaurants, but also 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, Spain
and Switzerland, as well as through partnerships in Colombia and
Brazil.
Analyst and investor conference call and audio webcast
Jitse Groen, Matt Maloney, Brent Wissink and Jörg Gerbig will
host an analyst and investor conference call to discuss the Q2 2021
trading update at 10:30 am CET on Thursday 15 July 2021. Members of
the investor community can follow the audio webcast on
https://www.justeattakeaway.com/investors/results-and-reports/
.
Additional information on https://justeattakeaway.com
-- Just Eat Takeaway.com Analyst Presentation Q2 2021
-- Our media kit including photos of the Management Board and
industry-related photos for download at
https://www.justeattakeaway.com/media/media-kit/
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] 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
[2] As a percentage of GTV
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