Just Eat Takeaway.com: Full Year 2022 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 statement for the full year 2022 financial results. Chief Executive Jitse Groen: «In 2022, our priority was to enhance profitability and strengthen our business. As a result, we materially improved our financial performance and generated Adjusted Ebitda of EUR 19 million in 2022 compared with minus EUR 350 million in 2021. We expect a further improvement to Adjusted Ebitda in 2023 and our ambition to create a highly profitable food delivery business is firmly on track.»

Group Highlights

  • The Company’s objective is to build and extend large scale and sustainably profitable positions in its markets. After a period of significant investment following the Just Eat merger and the pandemic, the Company is back to profitability.
  • Adjusted Ebitda improved significantly to EUR 19 million positive in 2022 from minus EUR 350 million in 2021. All operating segments materially contributed to this improvement, with largest gains in UK and Ireland, Southern Europe and ANZ, and North America.
  • GTV in 2022 was EUR 28.2 billion which is stable compared with prior year, driven by a higher Average Transaction Value and positive FX movements, which offset lower Order volumes.
  • Just Eat Takeaway.com processed 984 million Orders from 90 million Active Consumers in 2022. Consumers continue to show better Order behaviour than pre-pandemic, with significant upside potential from increasing penetration and frequency.
  • Revenue increased to EUR 5.6 billion in 2022, representing a growth rate of 4 percent compared with 2021.
  • Revenue less Order fulfilment costs increased 24 percent to EUR 2.4 billion, driven by strengthened unit economics across both Delivery and Marketplace.

Segment highlights

  • In the North America segment, GTV increased by 1 percent to EUR 11.6 billion, mainly driven by a higher ATV and favourable foreign exchange rates. North America returned to positive Adjusted Ebitda of EUR 65 million in 2022, despite more than EUR 130 million negative impact from remaining fee caps. The Adjusted Ebitda Margin in H2 2022 was 1.2 percent of GTV.
  • In the Northern Europe segment, GTV increased by 3 percent to EUR 7.4 billion driven by a higher ATV. Northern Europe continued to demonstrate strong profit generation with an Adjusted Ebitda of EUR 313 million in 2022. The Adjusted Ebitda Margin in H2 2022 further improved to 5.1 percent of GTV.
  • In the UK and Ireland, GTV remained stable at EUR 6.6 billion. Adjusted Ebitda improved significantly to EUR 23 million in 2022 from minus EUR 107 million in 2021, with a notable step-up in H2 2022. The Adjusted Ebitda Margin turned positive again in H2 2022 at 1.2 percent of GTV.
  • In the Southern Europe and ANZ segment, improved unit economics resulted in an Adjusted Ebitda of minus EUR 161 million in 2022 from minus EUR 262 million in 2021. This EUR 100 million Adjusted Ebitda improvement compared with prior year was driven by a higher ATV, optimised pricing strategy, reduced Delivery expenses and improved operating expenses. In H2 2022, the Adjusted Ebitda loss halved compared with H1 2022.

Other Financials

  • Just Eat Takeaway.com’s cash and cash equivalents amounted to EUR 2,020 million as per 31 December 2022. This included the repayment of the EUR 300 million bank loan in December. Free cash flow is expected to improve substantially in 2023. The Company’s improved profitability and strong capital position strengthen its business for further growth and underpin its ability to both deliver on its Adjusted Ebitda targets and invest in food and non-food adjacencies.
  • In December 2022, the Company entered into an amendment and restatement agreement for its EUR 400 million Revolving Credit Facility with its existing syndicate of 10 banks. The facility was amended to enable the facility to be drawn from 1 January 2023, recognising both the strengthened balance sheet and improved profitability trajectory. Although the Company does not expect to draw the facility in the near term, it provides additional liquidity headroom and diversifies its capital structure.
  • The Loss for the period on an IFRS basis was EUR 5.7 billion, mainly due to impairment losses of EUR 4.6 billion on past equity funded acquisitions. These non-cash goodwill impairments associated with the Grubhub acquisition and Just Eat merger were primarily driven by macroeconomic factors, such as increasing interest rates. In addition, the Loss for the period also included a book loss of EUR 275 million on the sale of the iFood stake based on the historical allocation to iFood as part of the equity value issued on the Just Eat merger, which is reflected in the line-item ‘Other gains and losses’. Excluding the impact of impairments and the loss on the iFood stake, the Loss for the period amounted to EUR 792 million compared with EUR 990 million in 2021.

Performance Highlights


Outlook – Guidance 2023

Management reiterates the following guidance for 2023:

  • 2023 Adjusted Ebitda of approximately EUR 225 million
This guidance includes additional investments in food and non-food adjacencies as well as wage costs inflation and takes into account an uncertain macro-economic environment. Growth in 2023 is expected to be skewed towards the end of the year, given the lower absolute Order level of H2 2022 versus H1 2022.

The Management Board reiterates the following long-term targets:

  • In excess of EUR 30 billion of GTV to be added over the next 5 years
  • Long-term group Adjusted Ebitda Margin in excess of 5 percent 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.

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