Delivery Hero SE · XETR:DHER
Delivery Hero — Debt Investor Presentation (April 2022)
26 slides from Delivery Hero's debt investor presentation, Apr 4, 2022
Slide 1: Delivery Hero Flash Update
DB Delivery Hero Flash Update 4 April 2022
Slide 2: Transaction Structure, Business Update, Current Trading, Outlook, Appendix
Transaction Structure Business Update Current Trading Outlook Appendix
Slide 3: Key indicative terms of our new Term Loan B and revolving credit facility financing
Key indicative terms of our new Term Loan B and revolving credit facility financing Delivery Hero SE, New German Finco and certain restricted Borrower New German Finco and New U.S. Finco subsidiaries Instrument Term Loan B Term Loan B (pre-placed) Revolving Credit Facility Currency USD EUR Multicurr
Slide 4: Business Update
Transaction Structure Business Update Current Trading Outlook Appendix
Slide 5: We have built a truly global footprint and leading positions across all our regions
We have built a truly global footprint and leading positions across all our regions Asia MENA Europe3 Americas Globally Countries 74 13 11 35 (o/w 25 Glovo) 15 #1 positions1 54 10 10 23 (o/w 16 Glovo) 11 Total population 2.2bn 887m 300m 765m 224m 5% 5% 7% % GMV 18% FY212 64% Note: The closing of the
Slide 6: High diversity and market leadership positions drive long-term margins
High diversity and market leadership positions drive long-term margins GMV Market position2 FY21 % Excludes Glovo countries Country #1 Clear leader ✓✓ Other countries 21% Country #1 52% Country #2 Leader ✓ Country #9 2% Country #8 3% Country #7 3% Country #3 Leader ✓ Country #6 3% Country #5 4% Coun
Slide 7: We have leading scale to drive profitability
We have leading scale to drive profitability Countries served Population coverage Orders (#)1 (bn)2 (FY21, bn)3 74 2.2 3.0 1.5x 1.4x 2.3x ~1.5 ~2.1 ~1.1 ~32 ~1.4 ~27 ~0.9 ~25 ~1.1 ~0.7 ~0.9 ~11 #2 #3 #4 #5 #2 #3 #4 #5 #2 #3 #4 #5 Scale advantage vs. local and global peers, in particular with less re
Slide 8: Frequency and loyalty fundamental for long term margin
Frequency and loyalty fundamental for long term margin Total GMV per cohort per year1 Cumulative order frequency by annual cohort1 GMV from cohorts, multiple indicates GMV growth within Cumulative order frequency of cohorts cohort vs. GMV of respective cohort in the year acquired GMV from 2021 cohor
Slide 9: We expect to be adj. EBITDA break-even at group level in 2023
3 We expect to be adj. EBITDA break-even at group level in 2023, with break-even in the Platform business1 this year already GMV FY21 % GMV FY212 Guidance for 2022 Break-even 1 Platform 1 €34.3bn 92% adj. EBITDA between €0 to €100m in Q4 20223 2 Glovo 5% €330m investment to €2.0bn drive leadership I
Slide 10: Numerous additional and actionable levers to further increase profitability
Platform Glovo Integrated Verticals 1 Numerous additional and actionable levers to further increase profitability Illustrative examples of levers which may or may not be Adj. EBITDA impact based on 2021 order size implemented in the short or long term Basket size Increase minimum order value, increa
Slide 11: We started to monetise the huge value of our platform's audience through advertising
Platform Glovo Integrated Verticals 1 We started to monetise the huge value of our platform’s audience through advertising with a massive opportunity ahead Advertising revenue1 (€m) 0% Penetration of Delivery Hero As % of GMV 1.6% 1.5% 1.7% 1.9% ad products at Woowa Advertising revenue per order (€)
Slide 12: Advertising revenue offers significant earnings potential
Platform Glovo Integrated Verticals 1 Advertising revenue offers significant earnings potential Advertising revenue1 as a % of GMV Long-term target 3-5% of GMV 1.4% 1.4% 1.7% ~2.5% including excluding South Korea South Korea Advertising products help vendors to > €2,000m increase awareness, acquire
Slide 13: Proven EBITDA profitability underpinned by strong market positions
Platform Glovo Integrated Verticals 1 Proven EBITDA profitability underpinned by strong market positions Case study: Strong EBITDA generation in select MENA countries GMV (€bn) Adj. EBITDA (€mm) % own % GMV 54% 66% 76% 1.2% 3.0% 3.6% delivery margin +2.4 p.p. margin expansion 4.8 172 3.3 2.7 98 33 F
Slide 14: Investing in Glovo to replicate globally the proven success story in Spain
Platform Glovo Integrated Verticals 2 Investing in Glovo to replicate globally the proven success story in Spain Spain Monthly Active Users (MAU) Glovo was able to gain leadership in Spain, its largest country in terms of GTV 1.6x Successfully widened the gap to competitors in terms of MAU and conti
Slide 15: We know how to get the Dmarts model right
Platform Glovo Integrated Verticals 3 We know how to get the Dmarts model right Operating metrics Unit economics Best-in-class Dmarts overall Best-in-class Dmarts overall Incl. 7 countries Incl. 42 countries Incl. 7 countries Incl. 42 countries Daily orders per store 540 244 Product margin 25.0% 26.
Slide 16: Each of our main business lines generates similarly attractive level of gross profit
Platform Glovo Integrated Verticals 3 Each of our main business lines generates similarly attractive level of gross profit Reporting Integrated lines Platform verticals Jan-22 unit economics (ex-Woowa) Best-in-class Marketplace Own delivery € per order Dmarts2 AOV / Basket size 10.0 10.0 10.0 (+) Co
Slide 17: Clear operational levers to drive best-in-class performance across all Dmarts
Platform Glovo Integrated verticals 3 Clear operational levers to drive best-in-class performance across all Dmarts Coverage Increase delivery areas (and times) ✓ More new Achieve scale customers / higher ✓ Low shrinkage CPO Visibility Improve visibility in app penetration Assortment Aim for >5k SKU
Slide 18: Current Trading
Transaction Structure Business Update Current Trading Outlook Appendix
Slide 19: Strong momentum in January and February
Strong momentum in January and February GMV Total Segment Revenue €bn Good top line momentum €bn into 2022, driven by South % YoY Korea, Dmarts and Americas % YoY growth 30% growth 53% 1.3x 6.6 1.3 1.5x 5.1 0.9 Jan & Feb 2021 Jan & Feb 2022 Jan & Feb 2021 Jan & Feb 2022 Note:Figures shown pro forma
Slide 20: Outlook
Transaction Structure Business Update Current Trading Outlook Appendix
Slide 21: 2022 Outlook (excluding Glovo)
2022 Outlook (excluding Glovo) Platform Business: adj. EBITDA as % of GMV2 GMV €44bn to €45bn FY19 FY20 FY21 FY22 >0.0% (1.0%) (2.0%) (2.9%) Total Segment €9.5bn to €10.5bn Revenue (1.0%) to (1.2%) of GMV ◼ Glovo management targets GMV of €4.0bn to €4.3bn Adjusted and adj. EBITDA of negative €330m i
Slide 22: We expect to be adj. EBITDA break-even at group level in 2023
We expect to be adj. EBITDA break-even at group level in 2023, with break-even in the Platform business1 this year already 04 03 We expect to generate positive adj. EBITDA on 01 02 We committed to Q4 2022 group level in 2023 break-even in the Platform On the basis of our global business1 in January
Slide 23: Appendix
Transaction Structure Business Update Current Trading Outlook Appendix
Slide 24: Delivery Hero KPIs (new pro forma data)
Delivery Hero KPIs (new pro forma data) 2020 2021 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY 2 Delivery Hero Group Orders 352.2 408.1 760.3 520.5 610.1 1,890.8 662.8 730.3 1,393.1 791.4 775.5 2,960.0 % YoY Growth 85.8% 88.0% 87.0% 98.6% 96.3% 93.0% 88.2% 78.9% 83.2% 52.0% 27.1% 56.5% % OD Orders 38.1
Slide 25: Delivery Hero KPIs (new pro forma data) – cont'd
Delivery Hero KPIs (new pro forma data) – cont’d 2020 2021 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY 1 Europe Orders 25.4 30.6 56.0 32.0 40.6 128.7 47.0 49.8 96.8 43.3 46.3 186.4 % YoY Growth 32.9% 47.4% 40.4% 54.8% 66.4% 51.4% 84.7% 62.8% 72.7% 35.1% 13.9% 44.8% % OD Orders 19.0% 26.3% 23.0% 25.8%
Slide 26: Important Notice
Important Notice For the purposes of this notice, “presentation” means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe
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