Slide 1: Full Year 2018 Results
Full Year 2018 Results February 6th, 2019 Delivery Hero SE. Full Year 2018 Results 1
Slide 2: Our Clear Vision
Our Clear Vision AMAZING FOOD AMAZING ORDERING Create an amazing AMAZING on-demand SERVICE experience Delivery Hero SE. Full Year 2018 Results 22
Slide 3: Agenda
Agenda 1 Recap and Update on German Transaction 2 Recap and Update on Additional Investments 3 Business and Financial Update 4 Outlook Delivery Hero SE. Full Year 2018 Results 3
Slide 4: Germany Transaction Update
Germany Transaction Update Total Consideration Initial Enterprise Value of c. €930m at signing Current Enterprise Value of €1.06bn GMV multiple of 1.6x 2018A; this equates to a €1.06bn1 Revenue multiple of 10.1x 2018A Enterprise Value Cash Consideration €508m cash consideration In January
Slide 5: Agenda
Agenda 1 Recap and Update on German Transaction 2 Recap and Update on Additional Investments 3 Business and Financial Update 4 Outlook Delivery Hero SE. Full Year 2018 Results 5
Slide 6: Delivering on Our Promise
Delivering on Our Promise Guidance at IPO Status1 FY 2018 order and revenue growth of 49% and 77%2 Growth as No.1 Priority • >40% in short & mid-term Number of restaurants grew by 53% YoY3 • >30% in the long-term Remain in early stages of growth trajectory with online penetration still low (c. 10%)4
Slide 7: Increased Growth and Larger Flexibility to Invest…
Increased Growth and Larger Flexibility to Invest… DH INCLUDING GERMANY DH EXCLUDING GERMANY (pro-forma) FY2018 FY2018 €508m €942m Order YoY Growth 45% 49% GMV YoY Growth1 €125m 49% 55% €309m Revenue YoY Growth1 66% 77% Net Cash as of Undrawn Cash Pro-forma 2 Q4 2018 Revolver 3 Consideration Availab
Slide 8: … In Large Markets with Untapped Opportunity…
… In Large Markets with Untapped Opportunity… Asia Americas MENA Europe ex Germany Monthly Orders1 8m 3m 19m 6m Total Population 663m 225m 242m 103m Total Market of c. €500bn with untapped potential Note: 1. As of Q4 2018 Delivery Hero SE. Full Year 2018 Results 8
Slide 9: … and with Higher Frequency as well as Higher Engagement
… and with Higher Frequency as well as Higher Engagement INCREASING # OF ORDERS Average Monthly Orders per Active Customer Over Time +66% +52% +36% +33% MENA Asia Americas Europe ex Germany Month 1 Month 68 Month 1 Month 68 Month 1 Month 68 Month 1 Month 68 High and increasing order frequency across
Slide 10: Upgrading Our 2019 Investment Plan
Upgrading Our 2019 Investment Plan New Investment Plan Expected Impact Increasing Investments with €45m incremental revenue impact expected in 2019 Net Adj. EBITDA Impact of Negative €250m €81m incremental recurring revenue per year starting in 2020 (Equal to approximately half of cash proceeds from
Slide 11: Proven Ability to Deploy Incremental Investment at High Returns: €80m in H2 2018
Proven Ability to Deploy Incremental Investment at High Returns: €80m in H2 2018 ASIA1 - NEW CUSTOMERS2 Materially Increased New Customer Growth Q1 18 Q2 18 Q3 18 Q4 18 ASIA1 - COST PER ACQUISITION (CPA)3 Increased Marketing With Flat to Lower CPAs Q1 18 Q2 18 Q3 18 Q4 18 ASIA1 - MONTH 1 FREQUENCY4,
Slide 12: Agenda
Agenda 1 Recap and Update on German Transaction 2 Recap and Update on Additional Investments 3 Business and Financial Update 4 Outlook Delivery Hero SE. Full Year 2018 Results 12
Slide 13: FY 2018 Financial Highlights
FY 2018 Financial Highlights Including Germany 402m €5.1bn €792m ORDERS GROSS MERCHANDISE VALUE REVENUES +45% +49% +66% Y-o-Y Growth Y-o-Y Growth Y-o-Y Growth Excluding Germany 369m €4.5bn €687m ORDERS GROSS MERCHANDISE VALUE REVENUES +49% +55% +77% Y-o-Y Growth Y-o-Y Growth Y-o-Y Growth 1. YoY grow
Slide 14: Continuous Track Record of Quarterly Growth (excluding Germany)
Continuous Track Record of Quarterly Growth (excluding Germany) Orders GMV Revenues +47% +58% +86% 1,323 219 108 95 176 1.120 86 1.041 155 80 971 74 138 908 126 63 802 58 740 106 53 97 681 88 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2017 2018 2017 2018 All va
Slide 15: Group Performance
Group Performance • Germany is considered as discontinued operation and is therefore excluded Orders GMV Revenues from the figures • Group take rate ex-delivery orders at 11.7% in Q4 2018 +58% +46% • Own Delivery orders now at 19.5% of total orders for the group 1,323 +86% +74% • Above full year 201
Slide 16: MENA Performance
MENA Performance • Revenue growth supported by roll out of own delivery now at 18.6% of total Orders GMV Revenues orders for MENA • Improved delivery efficiency across the MENA segment with decreased cost per +66% order +57% +126% • Continued rollout of multi-vertical offering including groceries an
Slide 17: Europe Performance
Europe Performance • Germany is considered as discontinued operation and is therefore excluded Orders GMV Revenues from the figures • Own Delivery orders now at 8.5% of total orders for Europe • Our Europe segment post the German +38% +37% transaction: • Leadership in 11 out of 13 countries +35% wit
Slide 18: Asia Performance
Asia Performance • Own delivery orders are now at 27.5% of total orders for Asia Orders GMV Revenues • Revenue growth increased despite affordability and lower prices for our customers • Continued expansion to new cities and suburbs in South Korea and Southeast Asia +43% +52% +42% +50% 355 57 248 38
Slide 19: Americas Performance
Americas Performance • Order growth was 34% YoY accounting for the divestment of Brazil Orders GMV Revenues • Revenues and GMV are impacted by the accounting treatment IAS 29 for Argentina considered as a hyperinflationary economy • In 2018 revenues have been retrospectively adjusted in 2018 with a
Slide 20: Agenda
Agenda 1 Recap and Update on German Transaction 2 Recap and Update on Additional Investments 3 Business and Financial Update 4 Outlook Delivery Hero SE. Full Year 2018 Results 20
Slide 21: FY19E Revenue Guidance
FY19E Revenue Guidance c. €1.15bn c. €1.10bn €45m c. €1.08bn Previous Germany Implied Consensus Incremental from Core Business New Consensus 1 (Management Est.) ex. Germany New Investments Overperformance Guidance Investment Impact: +€1,060m (€250m) + c.€810m Enterprise Value Increased investment wi
Slide 22: Equity Value Bridge
Equity Value Bridge Enterprise Value Net Cash as of Cash 15.5% Stake in Portfolio Value of Equity Value ex Germany1 Q4 20182 Consideration Takeaway.com3 Minority Holdings4 Ex Germany1 €284m €552m €508m c. €1.7bn €309m Notes: 1. Illustrative value 2. Excludes restaurant cash 3. Based on €58.10 per sh
Slide 23: Updated Outlook
Updated Outlook 2019E Guidance1: Revenues Revenue guidance €1.08bn to €1.15bn Adj. EBITDA -€270m to -€320m which includes additional investment across all segments with a negative Net Adj. EBITDA impact of €250m • MENA expected full year Adj. EBITDA of €70m after increased investments • Europe expec
Slide 24: Appendix
APPENDIX Delivery Hero SE. Full Year 2018 Results 24
Slide 25: Adjustments
Adjustments Definition • The reported figures have been adjusted for material M&A and exclude the divestment of India, divestment of foodora (Australia, France, Italy & Netherlands) and Germany • India revenues were €2.3m in Q1’17, €2.6m in Q2’17, €2.5m in Q3’17 and €2.5m in Q4’17 • foodora revenues
Slide 26: 2019 Financial Calendar
2019 Financial Calendar Event Release Date Annual Results 2018 / Report 25-Apr-2019 Q1 2019 Trading Update 08-May-2019 2019 Annual General Meeting 12-Jun-2019 Half-year 2019 Report 04-Sep-2019 Q3/9M 2019 Trading Update 07-Nov-2019 Delivery Hero SE. Full Year 2018 Results 26
Slide 27: Delivery Hero KPIs (1/2)
Delivery Hero KPIs (1/2) 2017 2018 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY Delivery Hero Group (ex. Germany) Orders 52.9 58.2 111.1 63.4 73.8 248.3 80.2 86.4 166.6 94.5 108.3 369.4 % YoY Growth (Group currency) 51.8% 48.3% 50.0% 49.0% 46.7% 48.8% % YoY Growth (constant currency) 51.8% 48.3% 50.0%
Slide 28: Delivery Hero KPIs (2/2)
Delivery Hero KPIs (2/2) 2017 2018 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY Asia Orders 11.4 12.8 24.2 14.5 16.5 55.1 17.6 18.7 36.3 21.9 24.4 82.6 % YoY Growth (Group currency) 53.8% 46.9% 50.2% 50.6% 48.6% 49.8% GMV 185.0 200.4 385.4 211.0 247.6 844.0 261.7 280.0 541.7 317.4 354.5 1,213.7 % YoY G
Slide 29: Definitions
Definitions • Gross Merchandise Value (GMV) is the total value of orders (including VAT) transmitted to restaurants. • Revenues presented for Delivery Hero represent the total segment revenues prior to vouchers. • Constant currency provides an indication of the business performance by removing the i
Slide 30: Important Notice
Important Notice • ALL FINANCIAL FIGURES INCLUDED IN THE FOLLOWING PRESENTATION ARE BASED ON IFRS, UNLESS NOTED OTHERWISE. • 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 par