Delivery Hero Reports H1 2019 Financial Results. FY 2019 Revenues Expected to Reach Top of Revenue Guidance Range of EUR 1.3 to 1.4 Billion
Niklas Östberg, CEO of Delivery Hero, commented:
“A significant revenue acceleration to 103% YoY in Q2 boosted H1 performance. The initiatives to improve our product offering and own-delivery services are driving strong top-line growth in Q3 and we see this trend continuing into the year end. We are confident that we can achieve our ambitious targets and expect our full year revenues to reach the top of the guidance range“
Group Financial Performance H1 2019:
- Orders increased from 167 million to 269 million, with order growth accelerating from 50% YoY in H1 2018 to 61% YoY in H1 2019
- Gross Merchandise Value (GMV) increased by 60% YoY on constant currency and by 59% YoY on reported currency basis to EUR 3,192 million (H1 2018: 57% YoY on constant currency and 42% YoY on reported currency)
- Revenues grew by 98% YoY on constant currency and by 99% YoY on reported currency basis to EUR 582 million (H1 2018: 74% YoY on constant currency and 58% YoY on reported currency)
- Adjusted EBITDA at negative EUR 171 million, with a margin of negative 29%, is in line with management expectations (H1 2018: negative EUR 25 million)
- Given the continued positive momentum with higher levels of new customer acquisitions, orders and revenues, Delivery Hero raises the full year 2019 revenue guidance to the top of the previously announced guidance range of between € 1.3 and € 1.4 billion.
- Delivery Hero expects adjusted EBITDA in line with the previously announced guidance of between negative EUR 370 million and negative EUR 420 million.
o This guidance includes the EUR 100 million of additional investments announced in June 2019
o The Europe segment is expected to breakeven during the second half of 2019
o The MENA segment is expected to generate full year adjusted EBITDA of EUR 70 million
Key Performance Indicators 2019:
- Americas revenues and GMV are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018. 2018 revenue is retrospectively adjusted.
- Included reported current growth rates for Argentina in our constant currency calculation due to the effects of hyperinflation in Argentina.
- The reported figures have been retrospectively adjusted for the divestments of foodora (Australia, France, Italy & Netherlands) and Germany. The numbers have not been adjusted for smaller acquisitions or divestments. The Zomato UAE food delivery business is consolidated from 1 March 2019 onwards
- 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 discounts. Discounts amounted to EUR 71 million in H1 2019 (H1 2018: EUR 13 million)
- Adjusted EBITDA is the earnings from continuing operations before income taxes, financial result, depreciation and amortization and non-operating earnings effects. Non-operating earnings effects comprise, in particular (i) expenses for share-based compensation, (ii) expenses for services in connection with corporate transactions and financing rounds, (iii) expenses for reorganization measures, (iv) expenses for the implementation of information technology, and (v) other non-operating expenses and income, especially the result from disposal of tangible and intangible assets, the result from sale and abandonment of subsidiaries, allowances for other receivables, and non-income taxes. From 1 January 2019, Adjusted EBITDA excludes depreciation from right of use assets under IFRS 16
- Constant currency figures provide an indication of the business performance by removing the impact of foreign exchange rate movements
The full Half-Year Report 2019 can be downloaded on the Delivery Hero website, via the following link: https://www.deliveryhero.com/wp-content/uploads/2019/09/Delivery_Hero_SE_H2_2019.pdf
On 7 November 2019 Delivery Hero will publish its Q3/9M 2019 Quarterly Trading Update.
About Delivery Hero:
Delivery Hero is one of the leading global online food ordering and delivery marketplaces. The Company maintains number one competitive market positions, in terms of restaurants, active users, orders and number of online and mobile platforms, across 33 out of 41 countries in Europe, the Middle East & North Africa (MENA), Latin America and Asia-Pacific. Delivery Hero also operates its own delivery service primarily in over 300 cities around the world. The Company is headquartered in Berlin, Germany and has over 22,000 employees.
For more information, please visit www.deliveryhero.com
WKN: A2E4K4; ISIN: DE000A2E4K43
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