Delivery Hero publishes half-year results for 2021
Berlin, 26 August 2021 – Delivery Hero SE (“Delivery Hero” or “the group”), the world’s leading local delivery platform, today published its final half-year results and 2021 Interim Financial Report(1). As previously stated in the Q2 2021 Trading Update on August 12, the group showed a strong growth trajectory in the first half of the year. On a pro-forma-basis, Delivery Hero processed 1.4 billion orders in H1 2021 (H1 2020: 760 million), corresponding to a YoY increase of 83%. The group’s GMV grew by 78% YoY to EUR 16.2 billion (H1 2020: EUR 9.1 billion), while total segment revenue increased 109% YoY to EUR 2.9 billion (H1 2020: EUR 1.4 billion).
While delivering very high YoY performance, the adjusted EBITDA development in the first half-year 2021 demonstrates the capacity of Delivery Hero to achieve efficient growth. The adjusted EBITDA/GMV margin has improved from -3.6% in H1 2020 to -2.1% in H1 2021. This improvement was made in spite of expansions into new verticals and markets.
Within the individual business segments, MENA has increased the adjusted EBITDA from EUR 18.8 million in H1 2020 to EUR 65.0 million in H1 2021 on a pro-forma basis. This corresponds to an increase in the adjusted EBITDA/GMV margin from 1.1% to 2.1%. In Europe, the adjusted EBITDA improved from EUR -7.9 million in H1 2020 to EUR 1.0 million turning the segment Europe profitable. In Asia, the adjusted EBITDA of EUR -202.2 million in H1 2021 improved only marginally compared to the previous year’s period, however, the adjusted EBITDA/GMV margin continued to improve to -1.9% (H1 2020: -3.4%). A similar picture is emerging in our Americas segment, where the adjusted EBITDA/GMV margin improved from -19.2% in H1 2020 to -9.1% in H1 2021.
Confirming the updated guidance given in the Q2 2021 Trading Update, Delivery Hero expects its full-year GMV to reach EUR 33 to 35 billion with a total segment revenue outlook at EUR 6.4 to 6.7 billion, and an adjusted EBITDA/GMV margin at around -2% for the financial year 2021.
(1) Consistent with the previously published Q1 2021 and Q2 2021 Trading Updates, financials in this news release include Woowa on a pro-forma-basis from 1 January 2021, and exclude Delivery Hero Korea from the same date onwards to provide a better picture of the group’s profile, which, for comparison, also applies to historic data. On the contrary, financials in the 2021 Interim Financial Report may differ because the report is based on International Financial Reporting Standards (IFRS) instead of a pro-forma-basis.
Delivery Hero – Key Performance Indicators H1 2021
(All values include Woowa and exclude Delivery Hero Korea on a pro-forma-basis)
|H1 2020||H1 2021|
|Orders (Unit million) Group||760.3||1,393.1|
|GMV Group 1,2||9,055.3||16,158.5|
|%YoY Growth (RC) 3||64.2%||78.4%|
|%YoY Growth (CC) 4||66.9%||86.1%|
|Total Segment Revenues Group 1,2||1,388.8||2,901.6|
|%YoY Growth (RC) 3||99.9%||108.9%|
|%YoY Growth (CC) 4||101.4%||120.5%|
|Intersegment consolidation 5||(14.4)||(54.5)|
|Adjusted EBITDA Group 1,2||(323.5)||(332.3)|
|Adjusted EBITDA/GMV margin Group 1,2||-3.6%||-2.1%|
1. Americas and MENA revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively.
2. Includes Reported Currency growth rates for Argentina and Lebanon in the Constant Currency calculations due to the effects of hyperinflation in the respective countries.
3. Reported Currency Growth.
4. Constant Currency Growth.
5. Difference between total segment revenue and the sum of segment revenues is mainly due to intersegment consolidation for services charged by the Platform Businesses to the Integrated Verticals Businesses.
ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in around 50 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 under one hour and often in 10 to 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
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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.