Full Year 2022 Results

Just Eat Takeaway.com returns to full year positive Adjusted EBITDA[1]

In 2022, our priority was to enhance profitability and strengthen our business. As a result, we materially improved our financial performance and generated Adjusted EBITDA of €19 million in 2022 compared with minus €350 million in 2021. We expect a further improvement to Adjusted EBITDA in 2023 and our ambition to create a highly profitable food delivery business is firmly on track. Jitse Groen, CEO of Just Eat Takeaway.com

Group highlights[2]

  • 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 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.

Download the financial results for the full year 2022 below (PDF)

Footnotes

[1] Adjusted EBITDA is defined as operating income / loss for the period adjusted for depreciation, amortisation, impairments, share-based payments, acquisition and integration related expenses and other items not directly related to underlying operating performance. This also excludes the discontinued operations in Norway, Portugal and Romania.

[2] On a combined basis

Analyst and investor conference call and audio webcast

Jitse Groen, Brent Wissink, Jörg Gerbig and Andrew Kenny will host an analyst and investor conference call to discuss the full year 2022 results at 10:30 am CET on Wednesday 1 March 2023. Members of the investor community can follow the audio webcast on: https://www.justeattakeaway.com/investors/results-and-reports/  

Media and wires call

Jitse Groen will host a media and wires call to discuss the full year 2022 results at 8:30 am CET on Wednesday 1 March 2023. Members of the press can join the conference call at +31 20 708 5073 or +44 (0)33 0551 0200.

 

Financial calendar

For more information, please visit https://www.justeattakeaway.com/investors/financial-calendar/

 

Additional information on https://www.justeattakeaway.com/

  • Just Eat Takeaway.com Analyst Presentation FY 2022
  • Our media kit including photos of the Management Board and industry-related photos for download

Market Abuse Regulation

This press release contains inside information (i) as meant in clause 7(1) of the Market Abuse Regulation and (ii) in terms of Article 7(1) of the Market Abuse Regulation as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018.

Auditor's involvement

The full year 2022 and 2021 information in the condensed financial statements is based on Just Eat Takeaway.com’s 2022 Consolidated financial statements, as included in the 2022 Annual Report (the ‘Financial Statements’), which have been published on 1 March 2022. In accordance with article 2:395 of the Netherlands Civil Code, we state that our auditor, Deloitte Accountants B.V., has issued an unqualified opinion on the Financial Statements, dated 1 March 2023. For a better understanding of the company’s financial position and results and of the scope of the audit of Deloitte Accountants B.V., this report should be read in conjunction with the Financial Statements. The general meeting has not yet adopted the Financial Statements.

Accounting Principles

The Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') and comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code.

Disclaimer

Statements included in this press release that are not historical facts are, or may be deemed to be, forward-looking statements, including "forward-looking statements" made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "anticipates", "expects", "intends", "may" or "will" or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results, reflect the Company's current view with respect to future events and are subject to risks relating to future events, including risks from or uncertainties related to innovation; competition; brand & reputation; acquisitions; global strategic projects; technological reliability and availability; social change, legislation & regulation; data security and privacy; financial reporting, people, operational complexity of hybrid model and integration & transformation, as well as those contained in the Company's filings with the SEC, including the Company's registration statement on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov, and the Company's Annual Reports, which may be obtained free of charge from the Company's corporate website, https://justeattakeaway.com. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. Forward-looking statements reflect knowledge and information available at, and speak only as of, the date they are made, and the Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement. Readers are cautioned not to place undue reliance on such forward-looking statements.

Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. Forward-looking statements reflect knowledge and information available at, and speak only as of, the date they are made, and the Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.

No Offer or Solicitation

This document shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Non-GAAP

Financial Measures and Alternative Performance Measures

This document includes certain alternative performance measures. Just Eat Takeaway.com uses these alternative performance measures as key performance measures because it believes they facilitate operating performance comparisons from period to period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of acquisitions and restructuring, the impact of depreciation and amortisation expense on its fixed assets and the impact of share-based payment expenses. These alternative performance measures are not measurements of Just Eat Takeaway's financial performance under IFRS and should not be considered as an alternative to performance measures derived in accordance with IFRS. They should be read in conjunction with Just Eat Takeaway.com's financial statements prepared in accordance with IFRS.

About Just Eat Takeaway.com

Just Eat Takeaway.com (LSE: JET, AMS: TKWY) is one of the world’s leading global online food delivery companies.

Headquartered in Amsterdam, the Company is focused on connecting consumers and Partners through its platforms. With 699,000 connected Partners, Just Eat Takeaway.com offers consumers a wide variety of choices from restaurants to retail.

Just Eat Takeaway.com has rapidly grown to become a leading online food delivery marketplace with operations in Australia, Austria, Belgium, Bulgaria, Canada, Denmark, France, Germany, Ireland, Israel, Italy, Luxembourg, New Zealand, Poland, Slovakia, Spain, Switzerland, the Netherlands, the United Kingdom and the United States.

Most recent information is available on our corporate website and follow us on LinkedIn and X.

Contact details

Related topics

Receive latest company news

Are you a journalist or do you work for a publication?
Sign up and request access to latest company news.

Request access

Receive Just Eat Takeaway.com news on your RSS reader.

Or subscribe through Atom URL manually