Delivery Hero — Merger or Acquisition (February 2021)

5 slides from Delivery Hero's merger presentation, Feb 3, 2021

Slide 1: Ad hoc Update 2021
2021
Slide 2: Valuation at time of signing
Valuation • US$4.0bn (or €3.6bn)1 for 100% of Woowa on a cash and debt free basis at time of signing • Equating to c. 0.6x2019E GMV • It was agreed that the payment of the purchase price should consist of a cash and a fixed Delivery Stock and Hero share component cash o Cash: Approximately €1.7bn co
Slide 3: Delivery Hero share price (Factset)
Source: Factset Prices 1. Based on the VWAP for the 20 trading days prior to the date of the deal announcement of €47.47. 3
Slide 4: Strong Delivery Hero Share Price Increase Creates Likelihood of Goodwill Impairment at Closing
Strong Delivery Hero Share Price Increase Creates LB Likelihood of Goodwill Impairment at Closing yr) Due to strong Delivery Hero share price increase since the announcement of the Woowa Partnership in December 2019 and assuming yesterday’s closing share price of €128.65, size of impairment could be
Slide 5: Thank you for your attention
DB Delivery Hero Thank you for your attention Looking forward to your questions