Just Eat Takeaway.com: Full Year 2021 Results

Amsterdam / NL. (tkwy) Just Eat Takeaway.com N.V., hereafter the «Company» or together with its subsidiaries «Just Eat Takeaway.com», one of the world’s largest online food delivery marketplaces, hereby issues its full year 2021 financial results. Chief Executive Jitse Groen: «After a period of significant investment, and with adjusted Ebitda losses having peaked in the first half of 2021, the Company is now rapidly progressing towards profitability. While the Northern European segment, with an adjusted Ebitda of EUR 256 million in 2021, is the most profitable segment in the industry already, we also concluded the year with much improved adjusted Ebitda in our other operating segments. The team is working hard to make 2022 a successful year for both the Company and all our stakeholders.»

  • 2021 was a year of strong growth driven by the Company’s investments during the pandemic. Revenue on a combined basis grew by 33 percent to EUR 5.3 billion in 2021, compared with EUR 4.0 billion in 2020. The adjusted Ebitda margin(2) improved substantially in the fourth quarter of 2021, and as a result the adjusted Ebitda margin for the full year of 2021 was minus 1.2 percent of GTV, well within the guided range of minus 1 percent and minus 1.5 percent of GTV.
  • Northern Europe was the most profitable segment in the industry with an adjusted Ebitda of EUR 256 million in 2021. In the UK and Ireland, the Company doubled orders in the past two years and is now on a clear path to profitability. In Southern Europe and ANZ, high investments into leading positions doubled the segment, in terms of orders, during the pandemic, with profitability improving going forward.
  • In North America, both in the US and Canada, various states, provinces and local governments imposed mandatory fee caps on online food delivery marketplaces. This had a significant impact of EUR 192 million on adjusted Ebitda. At the end of 2021, many of these have expired, but they remain in place in major US cities such as New York City and San Francisco.
  • Brazilian market leader iFood continued to deliver strong growth in 2021. GTV grew 55 percent in 2021 compared with 2020 and revenue grew 51 percent in the same period.
  • The Company’s business has accelerated with Active Consumers, Average Monthly Order Frequency, Returning Consumers and Average Transaction Values (ATVs) improving to above pre-pandemic levels.
  • Just Eat Takeaway.com raised EUR 1.1 billion of convertible bonds in February 2021 and secured an additional EUR 300 million of funding through a two-year term loan at favourable terms in December 2021, resulting in a strong cash base to finance its operational cashflows and business plan with EUR 1.3 billion cash on its balance sheet as of 31 December 2021. The maturity profile on the Company’s debt is well aligned with the guided profitability improvements. Management believes that its strong cash position, balance sheet optionality in the form of its iFood stake, as well as its intentions to seek a strategic partner in the US, provide a solid foundation for the future.
  • The Loss for the period on an IFRS basis was EUR 1,044 million in 2021, compared with EUR 151 million in 2020. Operating losses in 2021 were mainly driven by investments in historically underinvested legacy Just Eat markets to reposition the business for online share gains. In addition, Loss for the period was caused by (i) a significant increase of depreciation, amortisation and impairment, (ii) an increase of financing expenses and (iii) one-off integration cost. All three items were directly related to the acquisitions made in the last three years and in aggregate amounted to approx. EUR 350 million in 2021.
  • Management reiterates the following financial targets:
  1. GTV to grow by mid-teens percentage points year-on-year in 2022
  2. 2021 has been the peak year of losses, with 2022 adjusted Ebitda margin improving to the range of minus 0.6 percent to minus 0.8 percent of GTV
  3. In excess of EUR 30 billion of GTV to be added over the next five years
  4. Long-term group adjusted Ebitda margin in excess of 5 percent of GTV
  • To concentrate on leadership positions and profit pools, Just Eat Takeaway.com management intends to discontinue(3) its operations in Norway and Portugal, anticipated to be effective as of 1 April 2022. Adjusted Ebitda in Norway and Portugal is approximately minus EUR 10 million on an annual basis and the impact on Orders, GTV and Revenue is immaterial.
  • In line with its recent announcement to delist from Nasdaq to reduce costs and complexity, Just Eat Takeaway.com confirms that the last trading day of its American Depositary Shares (ADSs) on Nasdaq is expected to be 11 March 2022. Trading of its ADS on the OTC Markets via a sponsored Level 1 programme is expected to begin on 14 March 2022.
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