Delivery Hero finishes the year with strong final quarter – Orders almost doubling again
- Delivery Hero’s strong growth continued in Q4 2020, with orders for the Group almost doubling YoY to 423 million
- Among the many segment highlights, Europe grew its GMV by 87% on a constant currency basis, while Asia generated almost as many orders in Q4 2020 as it did in all of 2019. Also MENA and Americas showed a strong development with their GMV up 57% and 136%, respectively, on a constant currency basis
- The target of operating 400 Dmarts at the end of 2020 was exceeded, with 491 Dmarts being live globally at the end of Q4 2020 and further growth still ahead
Berlin, 10 February 2021 – Delivery Hero SE (“Delivery Hero”) today announces that orders in the fourth quarter of 2020 almost doubled YoY to a record 423 million (+96%), as the world’s leading local delivery platform continued its strong growth trajectory. Own delivery accounted for 63% of those orders (2019 Q4: 44%), exceeding the expectation set at the beginning of the year. Delivery Hero’s Q4 2020 total segment revenues grew 93% YoY to EUR 933 million, marking the eighth consecutive quarter of revenue growth of around 100%. GMV increased 70% YoY (83% YoY on a constant currency basis) to EUR 3.9 billion.
“We had a strong final quarter in a year that has been exceptional in many ways. While we were able to nearly double our orders and revenues, I’m particularly proud of the role our service has played during these challenging times: By keeping our communities safe and provided with food, supporting small businesses and providing job opportunities across the globe, we have really lived up to our values. Moving into 2021, I’m confident that we will continue our success story and execute on our ambition to deliver anything, locally.”Niklas Östberg, CEO and Co-Founder of Delivery Hero
Having ended the financial year 2020 with another strong quarter, orders for the full year reached 1.3 billion, representing an increase of 96% YoY. Moreover, GMV for the full year increased by 66% to EUR 12.4 billion (2019: EUR 7.4 billion), with total segment revenues reaching the upper end of the guidance at EUR 2.8 billion, up 95% YoY (2019: EUR 1.5 billion). The preliminary, underlying adjusted EBITDA margin prior to the additional investments, is expected to be at -16%, in line with the guidance of -14% to -18%. During the course of the year, the guidance for additional discretionary investments has been decreased twice from up to EUR 200 million initially, to eventually end up at EUR 115 million. The adjusted EBITDA margin for the Group, including those additional investments, is expected to be at -20%.
Also on a segment level, the ambition for 2020 is expected to be achieved. Europe should be break-even in the 2020 financial year, whereas MENA is currently expected to achieve an adjusted EBITDA of approximately EUR 99 million, thereby clearly exceeding the level of 2019, despite the negative impact from COVID-19 during H1 2020. Final numbers will be published together with Delivery Hero’s Annual Report on 28 April 2021.
Quick commerce or q-commerce – the next generation of e-commerce – brings groceries and household items to customers below one hour but can be as fast as 10-15 minutes. Our continued commitment to invest into the part of q-commerce where we act as principal led to the company overachieving its target of operating 400 Dmarts (small Delivery Hero-owned warehouses located in strategically relevant locations for delivery) by the end of 2020. Finishing Q4 2020, Delivery Hero operated 491 Dmarts across the world, catering to evolving customer needs with an increased focus on convenience and speed of delivery.
On 2 February 2021, Delivery Hero received conditional regulatory approval from the Korea Fair Trade Commission with respect to the joint venture with South Korean Woowa Brothers Corp. Given the significance of this transaction for Delivery Hero and pending closing of the deal, which should take place during March 2021, an outlook for the financial year 2021 can only be published after the anticipated closing, latest together with the publication of the Annual Report for 2020 on 28 April 2021.
Delivery Hero – Key Performance Indicators Q4 2020
|Q4 2019||Q4 2020|
|Orders (Unit million) Group||216.0||423.3|
|GMV Group 1,2||2,272.2||3,859.7|
|%YoY Growth (RC) 3||71.8%||69.9%|
|%YoY Growth (CC) 4||70.0%||83.0%|
|Total Segment Revenues Group 1,2||483.3||932.9|
|%YoY Growth (RC) 3||120.6%||93.0%|
|%YoY Growth (CC) 4||116.8%||107.6%|
All 2020 full year stated figures are preliminary and unaudited as of 10 February 2021. Final numbers will be published in the Annual Report and Financial Statements on 28 April 2021.
1 America’s revenues and GMV are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018.
2 The company’s constant currency calculation includes reported current growth rates for Argentina due to the effects of hyperinflation.
3 Reported Currency Growth.
4 Constant Currency Growth.
Note: Orders and GMV for the Integrated Verticals segment are shown for illustrative purposes only as both items are accounted for in the respective platform segments
ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in more than 40 countries across Asia, Europe, Latin America, the Middle East and North Africa. The company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in below one hour and often in 10-15 minutes. Headquartered in Berlin, Germany, Delivery Hero is listed on the Frankfurt stock exchange since 2017, and became part of the leading index DAX (Deutscher Aktienindex) in 2020. For more information, please visit www.deliveryhero.com.
Director, Global Corporate Communications
+49 170 56 35 160
INVESTOR RELATIONS CONTACT
VP, Head of Investor Relations
+49 175 55 26 027
This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE (“forward-looking statements”). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.