TIDMJET
RNS Number : 3816D
Just Eat Takeaway.com N.V.
19 October 2022
Amsterdam, 19 October 2022
Just Eat Takeaway.com Q3 2022 Trading Update
Company Adjusted EBITDA [1] profitable in Q3 2022, ahead of
schedule
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 largest online food delivery
marketplaces, hereby issues a trading update for the third quarter
of 2022.
Statement of Jitse Groen, CEO of Just Eat Takeaway.com: "After
two years of significant investment following the merger and the
pandemic, I am pleased that Just Eat Takeaway.com has returned to
profitability earlier than anticipated. Driven by a wide range of
initiatives, we continue to improve our operational efficiency
whilst simultaneously enhancing the user experience and consumer
proposition. Although the consumer backdrop will likely be
challenging due to the macro-economic environment, Just Eat
Takeaway.com owns many leadership positions of significant scale,
is well-capitalised through the sale of the iFood stake and is
therefore well-positioned to capture profitable future growth."
-- The Company's focus on profitability delivered material
improvements to Revenue per Order, Delivery costs per Order and
Overheads & Opex. As a result, Just Eat Takeaway.com was
Adjusted EBITDA positive in Q3 2022, materially ahead of prior
guidance at the beginning of the year and is on track towards its
long-term target margins.
-- Adjusted EBITDA improved in all segments in Q3 2022, both
year-on-year as well as on a sequential basis. Within Northern
Europe, Germany remained the most important growth driver with
year-to-date positive Order growth. While the market backdrop in
the UK was less favourable against a strong comparative period, the
UK and Ireland segment achieved further material improvements in
profitability. In North America, Grubhub's partnership with Amazon
showed encouraging early results. Finally, Order growth in the
Southern Europe and ANZ segment was adversely impacted by market
contraction due to lapping a period with significant Covid-19
restrictions in Australia in 2021.
-- GTV was up 2% in Q3 2022 compared with the same period in
2021 driven by a higher Average Transaction Value and positive FX
movements. Just Eat Takeaway.com processed 235 million Orders in Q3
2022, representing a 11% decrease compared with Q3 2021,
predominantly caused by the end of Covid-19 restrictions and, to a
lesser extent, by reducing the number of low contribution
Orders.
-- As a result of the significant progress made during the third
quarter, management updated its guidance for the full year of 2022
o n 27 September 2022:
o Positive Adjusted EBITDA in the second half of 2022
(previously FY 2022 Adjusted EBITDA margin in the range of minus
0.5% to minus 0.7% of GTV)
o GTV to grow by low-single digit year-on-year in 2022
(previously mid-single digit)
o Management expects the Company to maintain positive Adjusted
EBITDA in FY 2023, and the long-term objectives for Just Eat
Takeaway.com remain unchanged.
-- Just Eat Takeaway.com announced its Supervisory Board had
decided to nominate Mr. Andrew Kenny and Mr. Jörg Gerbig for
(re)appointment as members of its Management Board, and to nominate
Mr. Dick Boer and Ms. Mieke De Schepper for appointment to the
Supervisory Board.
-- An Extraordinary General Meeting ("EGM") relating to the sale
of the Company's equity stake of approximately 33% in the iFood
joint venture to an affiliate of Prosus N.V., the proposed
appointments to the Supervisory Board and Management Board and the
proposed transfer of listing of the Company's shares will be held
in Amsterdam on 18 November 2022.
-- Provided the resolution has been adopted at the EGM,
completion of the iFood transaction is anticipated to occur shortly
after the EGM. The Transaction consideration will comprise EUR1.5
billion in cash on closing and contingent consideration of up to
EUR300 million. The transaction proceeds will be retained to
strengthen the balance sheet and to service repayments of upcoming
debt maturities.
-- 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
Jitse Groen, CEO
Brent Wissink, CFO
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) is one of the
world's leading global online food delivery marketplaces.
Headquartered in Amsterdam, the Company is focused on connecting
consumers and partners through its platforms. With 680,000
connected partners, Just Eat Takeaway.com offers consumers a wide
variety of food choice.
Just Eat Takeaway.com has rapidly grown to become a leading
online food delivery marketplace with operations in the United
States, the United Kingdom, Germany, the Netherlands, Canada,
Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland,
Israel, Italy, Luxembourg, New Zealand, Poland, Slovakia, Spain and
Switzerland, as well as Colombia and Brazil through its stake in
the iFood joint venture.
Analyst and investor conference call and audio webcast
Jitse Groen and Brent Wissink will host an analyst and investor
conference call to discuss the Q3 2022 trading update at 10:30 am
CET on Wednesday 19 October 2022. 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 Q3
2022 trading update at 8:30 am CET on Wednesday 19 October 2022.
Members of the press can join the conference call at +31 (0)20 708
5073 or +44 (0)33 0551 0200.
Additional information on https://justeattakeaway.com
-- Just Eat Takeaway.com Analyst Presentation Q3 2022
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 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 "anticipates",
"expects", "intends", "may" or "will" 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, reflect the Company's current view
with respect to future events and are subject to risks relating to
future events, including risks from or uncertainties related to
innovation; competition; brand & reputation; acquisitions;
global strategic projects; technological reliability and
availability; social change, legislation & regulation; data
security and privacy; financial reporting, people, operational
complexity of hybrid model and integration & transformation, as
well as those contained in the Company's filings with the SEC,
including the Company's registration statement on Form 20-F 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.
Readers are cautioned not to place undue reliance on such
forward-looking statements.
[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
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