Just Eat Takeaway.com publica sus resultados del ejercicio 2022

• El objetivo de la empresa es construir y ampliar posiciones de gran escala y con rentabilidad sostenible en sus mercados. Tras un periodo de importantes inversiones a raíz de la fusión con Just Eat y la pandemia, la empresa ha vuelto a ser rentable. 

• El EBITDA ajustado mejoró significativamente hasta 19 millones de euros positivos en 2022 desde los 350 millones de euros negativos en 2021. Todos los segmentos operativos contribuyeron materialmente a esta mejora, con mayores ganancias en el Reino Unido e Irlanda, el sur de Europa y ANZ, y Norteamérica.

• El valor bruto de transacción (GTV) en 2022 alcanzó los 28.200 millones de euros, estable en comparación con el año anterior, impulsado por un mayor valor medio de las transacciones y movimientos positivos del tipo de cambio, que compensan los menores volúmenes de pedidos.

• Just Eat Takeaway.com procesó 984 millones de pedidos para 90 millones de consumidores activos en 2022. Los consumidores siguen mostrando un mejor comportamiento en los pedidos que antes de la pandemia, con un importante potencial alcista derivado del aumento de la penetración y la frecuencia.

• Los ingresos aumentaron a 5.600 millones de euros en 2022, lo que representa una tasa de crecimiento del 4% en comparación con 2021.Los ingresos menos los costes de tramitación de pedidos aumentaron un 24%, hasta los 2.400 millones de euros, impulsados por el fortalecimiento de la economía unitaria tanto en Delivery como en Marketplace.

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 €19 million positive in 2022 from minus €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 €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 €5.6 billion in 2022, representing a growth rate of 4% compared with 2021. ● Revenue less Order fulfilment costs increased 24% to €2.4 billion, driven by strengthened unit economics  across both Delivery and Marketplace.  

Segment highlights 

● In the North America segment, GTV increased by 1% to €11.6 billion, mainly driven by a higher ATV and  favourable foreign exchange rates. North America returned to positive Adjusted EBITDA of €65 million in  2022, despite a more than €130 million negative impact from remaining fee caps. The Adjusted EBITDA  Margin in H2 2022 was 1.2% of GTV. 

● In the Northern Europe segment, GTV increased by 3% to €7.4 billion driven by a higher ATV. Northern  Europe continued to demonstrate strong profit generation with an Adjusted EBITDA of €313 million in  2022. The Adjusted EBITDA Margin in H2 2022 further improved to 5.1% of GTV. 

● In the UK and Ireland, GTV remained stable at €6.6 billion. Adjusted EBITDA improved significantly to €23  million in 2022 from minus €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% of GTV. 

● In the Southern Europe and ANZ segment, improved unit economics resulted in an Adjusted EBITDA of  minus €161 million in 2022 from minus €262 million in 2021. This €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 €2,020 million as per 31 December  2022. This included the repayment of the €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 €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 €5.7 billion, mainly due to impairment losses of €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 €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 €792 million compared  with €990 million in 2021. 

Outlook  

Management reiterates the following guidance for 2023:

• 2023 Adjusted EBITDA of approximately €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 €30 billion of GTV to be added over the next 5 years 
• Long-term group Adjusted EBITDA Margin in excess of 5% 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.