company presentation · total segment revenues. group revenues h1 2017 of €253m, reconciling...

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1 Delivery Hero AG. Company Presentation.

Company

Presentation

7th February 2018

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Our Clear Vision

Create an amazing takeaway experience

AMAZING

FOOD

AMAZING

ORDERING

AMAZING

SERVICE

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We Are an Online Food Ordering and Delivery Marketplace

USER RESTAURANT

1

2

Customer Order

Received (TBU)

3

Search

Order Receive

Deliver

4

Eat

Cook

6

RESTAURANT

DRIVER

Customer Order

Received (TBU)

5

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwju8dLYoMfPAhXGrD4KHWPGBewQjRwIBw&url=http://lickability.com/pinpoint/&psig=AFQjCNGwZf1ya_E1CPn_nHgaa5riHnf1Vg&ust=1475880278593539

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwju8dLYoMfPAhXGrD4KHWPGBewQjRwIBw&url=http://lickability.com/pinpoint/&psig=AFQjCNGwZf1ya_E1CPn_nHgaa5riHnf1Vg&ust=1475880278593539

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Delivery Hero in 2017 at a Glance: Best-in-class Performance and Global Leadership

#1 Leader in

36 out of 41

Countries3 as of 2017

€72bn2 Growing & Taking on

€563bn4

Food Service Market Opportunity

Source: Company information; Euromonitor; World Bank; United Nations

Notes: 1. For the like-for-like definition, please refer to the “Definitions” slide. 2. Based on our IPO disclosure. 3. Market position denotes sum of all platforms (brands) in the respective country. Based on our IPO disclosure including Panama, excluding Costa Rica and divested countries (India, Kazakhstan, Georgia and Slovakia). 4. Source: Euromonitor International; Consumer Foodservice 2017ed; Foodservice data at foodservice value RSP, 2016 fixed exchange rate; data as of 2016. Referring only to Delivery Hero’s countries as of 2016. 5. Source: Euromonitor International; Economies and Consumers; data as of 2016.

292m Orders in 2017

€3.8bn Gross Merchandise

Value in 2017

Already Reaching

2.7bn People5

+65% Constant Currency Basis

+60% Y-o-Y Revenue Growth1 in 2017

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1 Large Market Opportunity

2 Highly Attractive Markets

3 Very Strong Business Fundamentals

4 Leadership in Innovation and Technology

5 Global Category Leadership

6 Multiple Drivers for Long-term Growth

DELIVERY HERO HIGHLIGHTS

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Unlocking the Large and Underpenetrated Food Market

Online & Mobile Engagement

On-demand & Last-mile Logistics

Life-style, Urbanization & Convenience

Mega Trends That Drive Additional Growth

Delivery Hero GMV

€2.6bn in 2016

Total Food Market

€7.5tn3 in 2016

Takeaway Market in Delivery Hero’s Countries

€72bn1 in 2016

Foodservice Market in Delivery Hero’s Countries

€563bn2 in

2016

Source: Company information; Euromonitor

Notes:

1. Based on our IPO disclosure. 2. Source: Euromonitor International; Consumer Foodservice 2017ed; Foodservice data at foodservice value RSP, 2016 fixed exchange rate;

data as of 2016. 3. Source: Euromonitor International; Economies and Consumers; Global Food Market represents Consumer Expenditure on Food and Catering,

value at fixed 2016 exchange rates; data as of 2016.

1

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Juan (26) and Santiago (26), childhood gaming pals from Montevideo, taking a League of Legends break

Shirilee (20), Farah (21) and Aasiyah (20), university students in Riyadh, catching up after a busy week of lectures

Seung (42), a tech COO from Seoul, ordering his favourite lunch

Laura (38), a working mother of 2 from Munich, getting Sushi for Friday dinner

Source: Images used under license from Shutterstock.com

Note: • Customer profiles are for illustrative purposes only.

Our Customers Consistently Increasing Order Frequency Across our Highly Attractive Markets 2

High and increasing order frequency across highly attractive markets over time

Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47

INCREASING # OF ORDERS Average Monthly Orders per Active Customer Over Time

Source: Company information

Note: • Example: Cohort (March 2013) is shown; “Month 1” refers to April 2013.

MENA excl.

Turkey

Turkey Asia Americas Europe excl.

Nordics

Nordics

+40%

+33%

+27%

+19%

+95%

+32%

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2012 2013 2014 2015 2016 2017

3 Highly Predictable Customer Behaviour With Accelerating Growth…

Orders From Earlier Cohorts

Orders From 2013 Cohort




MAJORITY OF ORDERS FROM EXISTING COHORTS1

Total Orders per Cohort and Year

Before 2008 2008 2009 2010 2011

High Returning Customer-base

Increasing First-time Customer-base


Source: Company information

Note: 1. “Cohort” refers to customers grouped by the calendar month in which they first placed an order with Delivery Hero.


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RESTAURANT PARTNER SOLUTIONS

Restaurant-facing technology to deepen our relationship with our restaurant partners

Tools for restaurants:

• Order transmission

• Order processing

• Partner integration

• Order tracking

• Restaurants performance reports

• Business Intelligence to enable better product and operational decisions

DESCRIPTION

LOGISTICS SERVICES

Improvements in logistics efficiency (e.g. delivery rider scheduling, fleet management, etc.) via central services, enabling to cut delivery fee

Our technology provides smart and efficient delivery processes:

• Rider scheduling

• Rider staffing

• Fleet management

• Route Optimization

• Real-time delivery estimates

DESCRIPTION

PLATFORM

Localisation challenge solved with:

• Central services:

• Personalization and Search & Discovery

• Restaurant Partner Solutions

• Logistics Services

• Data warehouse & Analytics

• Performance Marketing

• Restaurant CRM (Salesforce)

• Finance systems

• Customer reviews

• Regional platforms:

• Cultural specifics

• Address systems

• Integrated payment systems

DESCRIPTION

Discovery based on inspirational content and next generation browsing experience

Personalisation based on consumer preferences and machine learning

Recommendation to customers with targeted messages and tailored product experience

Our goal is for the customer to ultimately outsource its food decision to us

PERSONALIZATION SEARCH & DISCOVERY

DESCRIPTION

Leadership in Innovation and Technology 4

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Total Addressable Market €72bn2 €28bn N/A €13bn

Expected GDP Growth7 3.1% 1.7% 1.9% 1.5%

2016 Population7 2.7bn 0.5bn 0.3bn 0.2bn

# of Countries8 411 12 1 9

#1 Positions8 361 12 1 5

# of Orders c. 206m3 c. 124m c. 86m c. 49m

# of Restaurants >150k4 c. 69k c. 70k c. 29k

Revenue Growth5 +66%6 +52% +36% +45%

Source: Company information; management estimates; Euromonitor; public filings

Notes: 1. Market position denotes sum of all platforms (brands) in the respective country. Based on our IPO disclosure including Panama, excluding Costa Rica and divested countries (India, Kazakhstan, Georgia and Slovakia). 2. Based on our IPO disclosure. 3. 9 Months 2017. 4. Refers to number of active restaurants (i.e. restaurants that received at least 1 successful order in 2016) per leading brand as of December 2016, with an adjustment for Yogiyo in South Korea. 5. H1 2017 Like-for-Like (LfL) Year-over-Year (Y-o-Y) Growth (%) – for LfL definition of Delivery Hero, please refer to the “Definitions” slide. 6. Total segment revenues. Group revenues H1 2017 of €253m, reconciling effect primarily relate to food, order and delivery services where the Group is considered to act as principal as results of country specific service arrangements. 7. Source: Euromonitor International; Economies and Consumers; 2016-2020 GDP CAGR at constant currency for GDP growth. 8. Just Eat, GrubHub and Takeaway.com data on countries and market positions based on 2017.

€

Lead

ing

Pla

yer

Larg

est

Markets

5 We Are the Global Leader in Online Food Delivery with Larger Reach, More Scale and Faster Growth

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Multiple Drivers for Long-term Growth and Profitability 6

Source: Company information; management estimates; Euromonitor Notes: 1. Based on our IPO disclosure. 2. Source: Euromonitor International; Economies and Consumers; Global Food Market represents Consumer Expenditure on Food and Catering, value at fixed 2016 exchange rates; data as of 2016.

€72bn Takeaway Market

Going Online1

Taking on

€7.5tn Food Market Opportunity2

Increased Frequency Through Better

Experience

Take-rate Expansion

with Best Marketplace

Markets Already +18%

Above 50% EBITDA Margin

in Best Markets

Ongoing

Industry Consolidation

FOOD MARKET TRANSFORMATION

TAKE-RATE IMPROVEMENT

MARGIN EXPANSION

M&A FOR SCALE

ONLINE TRANSITION

TECHNOLOGY & INNOVATION

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BUSINESS MODEL & FINANCIALS

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Our Business Model Is Designed for Multiyear Revenue Growth

Average Basket Size

GMV Revenue Orders

Recurring high quality cohorts combined with

strong new customer growth and increasing

frequency

Take-rate expansion driven

by market maturity and own delivery

Take-rate

IN

CR

EA

SIN

G

IN

CR

EA

SIN

G

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Growing Take-rates With Significant Long-term Upside Potential

Source: Company information Notes: 1. For the like-for-like definition, please refer to the “Definitions” slide. 2. Total segment revenues.

16.8 % 16.8 %

10.0 %

12.2 %

14.8 %

15.8 %

11.5 %

13.6 % 13.5 %

14.6 %

Q4 2016 Q4 2017

Europe

Asia

Americas

Group

MENA

REGIONAL TAKE-RATES1 SEGMENT REVENUE 2017 BY SOURCE2

Commissions 75%

Premium placements

9%

Delivery fees 9%

Credit card use 4%

Other 4%

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Group Continuous Track Record of Growth

43 46

49

59

63

69

74

85

Orders1

+46% Y-o-Y Growth

GMV1

566 598

673

781

846

906

975

1,096

Revenues1,2

70

79

86

106

118

128

138

160

Q1 Q2 Q3 Q4 Q1 Q2

2016 2017

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017

Q3 Q4

+41% Y-o-Y Growth

+51% Y-o-Y Growth

+61% Y-o-Y Growth Constant Currency Basis

Source: Company information Notes: 1. For the like-for-like definition, please refer to the “Definitions” slide. 2. Total segment revenues.

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Growth across all Segments

Europe

+36%

MENA Asia Americas Average Order Value

€ 15.8 € 15.7

Average Order Value

€ 11.1 € 11.5

Average Order Value

€ 13.7 € 13.7

Average Order Value

€ 13.4 € 11.9

Ord

ers

1

+28%

FY 2016 FY 2017

+63%

FY 2016 FY 2017

+51%

FY 2016 FY 2017

+41%

FY 2016 FY 2017

57

73 75

123

45

68

20 28

GM

V1

+29%

FY 2016 FY 2017

+58%

FY 2016 FY 2017

+50%

FY 2016 FY 2017

+59%

FY 2016 FY 2017

617

924

232 370

Reven

ue

1

FY 2016 FY 2017

+87%

FY 2016 FY 2017

+66%

FY 2016 FY 2017

+91%

FY 2016 FY 2017

147

199

82

153

87

145

25

47

Source: Company information Notes: 1. For the like-for-like definition, please refer to the “Definitions” slide.

900

1,160

869

1,370

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Increasing Share of Revenues from MENA, Asia and Americas

Europe 43%

MENA 24%

Asia 26%

FULL YEAR 2016 REVENUE SHARE PER SEGMENT1

FULL YEAR 2017 REVENUE SHARE PER SEGMENT

Source: Company information Notes: 1. For the like-for-like definition, please refer to the “Definitions” slide.

MENA 28% +4 percentage points

Asia 27%

+1 percentage points

Europe 37%

Americas 9%

+2 percentage points Americas

7%

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REVENUE (€m, aggregated)1

147

199

82

153 87

145

25

47

Europe MENA Asia Americas

FY 2016 FY 2017

Source: Company information Notes: 1. Total segment revenues. 2. For the like-for-like definition, please refer to the “Definitions” slide.

LFL1,2

+60%

Strong Revenue Growth and Improving Adj. EBITDA Margins

-28 -26

6 16

-38

-24

-10

-11

H1 2016 H1 2017

Europe MENA Asia Americas

ADJ. EBITDA1 (€m, aggregated)

ADJ. EBITDA MARGIN1 (%, aggregated)

-47% -18%

544

341

-70

-45

Europe -40% -27%

MENA 19% 25%

Asia -108 %

-36%

Americas -99% -51%

Group

+65% Constant Currency Basis

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We Remain on Track to Meet our IPO Guidance

Status Guidance at IPO

v • >40% in short & mid-term

• >30% in the long-term

v

FY order and revenue growth of 48% and 60%

Developing ahead of plan with further room to invest in Marketing, Product and Technology

Growth as No.1 Priority

v

M&A strategy towards consolidation of our leadership positions (i.e. 36/41 markets), and value accretive investments in complementary business models (positive impact on customers frequency)

Expansion into logistics in MENA and Americas further builds leadership positions in these segments

v

• Further build global leadership ssssssssssssssssssssssssss

• Further build leadership positions across all markets

Invest for Leadership

v Investment in personalization, restaurant partner

solutions, logistics services and our platforms, enhancing global data and machine learning capabilities

v • Invest in technology and continue to innovate to

build an Amazing Takeaway Experience

Build Tech & Product Leadership

v On plan (expected at the end of 2018)

On plan v

• Achieve breakeven in the course of 2018

• Achieve breakeven on a full-year basis in 2019

Growing into profitability

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v Substantial Market Opportunity

v v v v v Long-term Take-rate Upside

Highly Attractive Regions

Leader in Product and Technology

More Leadership Positions

Best-in-Class Delivery Operations

1 2 3 4 5 6

DELIVERY HERO SUMMARY

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APPENDIX

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Orders 2017: Quarterly Y-o-Y Growth

+27%

+33% +29% +23%

Source: Company information Notes: • For the like-for-like definition, please refer to the “Definitions” slide.

+47% +47%

+56% +56%

+60%

+71%

+62% +60%

+36% +39% +43% +49%

Europe MENA

Asia Americas

14 16

18 20

Q1 2017 Q2 2017 Q3 2017 Q4 2017

6 7 7 8

Q1 2017 Q2 2017 Q3 2017 Q4 2017

26 28

32

37

Q1 2017 Q2 2017 Q3 2017 Q4 2017

17 18 18 21

Q1 2017 Q2 2017 Q3 2017 Q4 2017

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+28%

+34% +30% +24%


+42%

+37% +61% +67%

+51%

+59%

+63% +59%

+42% +48% +73% +91%

Europe MENA

Asia Americas

289 313

366

402

Q1 2017 Q2 2017 Q3 2017 Q4 2017

205 221 232

266

Q1 2017 Q2 2017 Q3 2017 Q4 2017

79 94 94 102

Q1 2017 Q2 2017 Q3 2017 Q4 2017

273 278 283

326

Q1 2017 Q2 2017 Q3 2017 Q4 2017

GMV 2017: Quarterly Y-o-Y Growth

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32 36 36

42

Q1 2017 Q2 2017 Q3 2017 Q4 2017

+28%

+46% +33% +38%


+52%

+47% +85% +99%

+85%

+91%

+86% +87%

+67% +80% +109%

+131%

Europe MENA

Asia Americas

47 48 49

55

Q1 2017 Q2 2017 Q3 2017 Q4 2017

30 33

42

49

Q1 2017 Q2 2017 Q3 2017 Q4 2017

10 12 12

14

Q1 2017 Q2 2017 Q3 2017 Q4 2017

Revenue 2017: Quarterly Y-o-Y Growth

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Date Event

Feb 7, 2018 Full-Year 2017 Trading Update

Apr 26, 2018 Annual Report 2017

May 9, 2018 Q1 Quarterly Statement 2018

Jun 6, 2018 Annual General Meeting

Sep 13, 2018 Half-Year Report 2018

Nov 7, 2018 Q3/9M Quarterly Statement 2018

Financial Calendar 2018

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Definitions

• All numbers are excluding UK operations (discontinued operations).

• “Like for like” presents Delivery Hero’s comparative 2016 results as if the acquisition of foodpanda had occurred on 1 January 2016 and excludes contributions from operations reported in discontinued operations. In addition, please note that:

• No adjustments have been made for Hungerstation (first fully consolidated in July 2016).

• Asia KPIs exclude our former operations in China, which were sold in May 2016.

• All numbers are including India operations, with for full year 2017:

• Orders: 11.6 million.

• GMV: EUR 57.5 million.

• Revenues: EUR 9.9 million.

• Revenues presented for Delivery Hero represent the total segment revenues.

• Orders represent orders made by end consumers in the period indicated. Orders for our click-to-call operations have been estimated based on the number of phone calls made by users to restaurants through these click-to-call platforms in the relevant period that lasted 25 seconds or longer multiplied by 60%.

• Gross Merchandise Value (GMV) refers to gross merchandise value, which means the total value of orders (including VAT) transmitted to restaurants. GMV for our click-to-call operations have been estimated based on the number of phone calls made by users to restaurants through these click-to-call platforms in the relevant period that lasted 25 seconds or longer multiplied by 60% and by the average basket size for the orders placed through our Korean non-click-to-call online marketplaces during the same period.

• Adjusted (Adj.) EBITDA represents earnings before interest, taxes, depreciation and amortization adjusted for extraordinary expenses related to transactions and financings, our planned IPO, restructuring expenses and expenses related to major IT projects and for expenses for share-based payments.

• Adjusted (Adj.) EBITDA Margin refers to adjusted EBITDA divided by Revenues.

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Important Notice

• ALL FINANCIAL FIGURES INCLUDED IN THE FOLLOWING PRESENTATION ARE BASED ON IFRS, UNLESS NOTED OTHERWISE. THE 2014, 2015 AND 2016 DELIVERY HERO FINANCIAL INFORMATION AND THE 2015 AND 2016 FOODPANDA FINANCIAL INFORMATION IS AUDITED (UNLESS OTHERWISE INDICATED).

• For the purposes of this notice, “presentation” means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

• This presentation is neither an advertisement nor a prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or any other information discussed verbally, or on its completeness, accuracy or fairness.

• The information in this presentation is of preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. Neither the Company nor any of its directors, officers, employees, agents or affiliates undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information.

• This presentation is not an offer of securities for sale in the United States. The securities of the Company are not and will not be registered pursuant to the provisions of the US Securities Act of 1933, as amended (the “Securities Act”) or with the securities regulators of the individual states of the United States. The securities may not be offered, sold or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from the registration and reporting requirements of the United States securities laws and in compliance with all other applicable United States legal regulations. The Company does not intend to register its securities under the Securities Act or to conduct a public offering of securities in the United States.

• Sales in the United Kingdom are also subject to restrictions. The securities are only available in the United Kingdom to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities in the United Kingdom will be engaged in only with, such relevant persons to whom it may lawfully be communicated (“Relevant Persons”). Any person in the United Kingdom who is not a Relevant Person should not act or rely on this presentation or any of its contents.

• Certain information (including industry, market and competitive position data) in this presentation is based on the Company’s own internal research and management estimates. In addition, certain data points in this presentation are selective and may not necessarily be representative for the Delivery Hero Group. Such research, estimates and data points have been made in good faith and represent the current beliefs of members of management. The Company and those management members believe that such research, estimates and data points are founded on reasonable grounds. However, by their nature, research and estimates as well as the data points may not be correct or complete, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness. Accordingly, no representation or warranty, express or implied, is given that such research, estimates or data points are correct or complete.

• The presentation and discussion contain forward looking statements, other estimates, opinions and projections with respect to anticipated future performance of the Company (“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,”, “aims”, “plans”, “predicts”, “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. They appear in a number of places throughout this presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. 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. Similarly, past performance should not be taken as an indication of future results, and no representation or warranty, express or implied, is made regarding future performance. The development of the Company’s prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on the Company may differ materially from those made in or suggested by the Forward-looking Statements contained in this presentation or past performance. In addition, even if the development of the Company’s prospects, growth, strategies and the industry in which it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments may not be indicative of the Company’s results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Any Forward-looking Statements only speak as at the date of this presentation is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted by the Company in respect of the achievement of such Forward-looking Statements and assumptions.

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