Just Eat Takeaway.com - Company Update
Transcript of Just Eat Takeaway.com - Company Update
1 | March 2021 | Company Update
Company Update
March 2021
2 | March 2021 | Company Update
Introduction to
Just Eat Takeaway.com
3 | March 2021 | Company Update
Just Eat Takeaway.com connects consumers and restaurants…
Order is transmitted to restaurant via
proprietary hardware or directly into POS system
Delicious food enjoyed at home or at the office!
Order is delivered by the restaurant or through Just Eat Takeaway.com’s own delivery
solution, or is collected in person
Consumer searches on website or app, places order and makes
payment
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…as a leading global online food delivery player
23Countries
244kRestaurants1
60mActive
Consumers1
>450mAddressable population1,2
13%Penetration1,3
Americas
Europe
Australia &New Zealand
Israel
Note: Light shaded orange colour indicates iFood partnership
Note: Numbers represent FY-2020, presented on the basis of the
combined results of Just Eat and Takeaway.com from 1 January 2020
1 Excluding Colombia and Brazil
2 Addressable population aged over 15 years
3 Represents the proportion of total active consumers over the total addressable population
>90% of GMV generated in markets
with a #1 position
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Experienced founder-led management team…
Jitse Groen
Founder & Chief Executive Officer
Founded Takeaway.com in 2000
Brent Wissink
Chief Financial Officer
Joined Takeaway.com in 2011
Jörg Gerbig
Chief Operating Officer
Founded Lieferando.de in 2009
40 years of combined experience in food delivery
Founders of Takeaway.com, Lieferando.de,
Pyszne.pl and 10bis still active in the company
Proven track record of building leading positions in
markets of scale
Successful M&A executors and integrators with
significant capital markets expertise
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…with a proven track record of integration and growth
2000
2001
2020
2007First international expansion with entry into Germany and Belgium
2012First external investment of €13m from Prime Ventures
2016IPO at Euronext Amsterdam; first Scoober city launched
2019Acquisition of Lieferheld, pizza.de and Foodorafrom Delivery Hero
2011Name change to Takeaway.com
2014Acquisitions of Lieferando.de and Pyszne.pl
2018Acquisition of 10bis in Israel, reflecting entry into B2B market
2006Just Eat launches in UK and moves HQ
2014IPO at London Stock Exchange
2016Acquisition of SkipTheDishesin Canada
2009First external investment of £10m from Index Ventures
2015Acquisition of Menulog in Australia
2018Acquisition of Hungry House in the UK
Jitse Groen launches Thuisbezorgd.nl in The Netherlands
Thuisbezorgd.nl
Launches in Denmark
Just Eat
All-share combination of Just Eat and Takeaway.com and listing on London Stock Exchange (“JET”)
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Key highlights for 2020 show continued delivery on strategic targets
Operational Highlights Financial Highlights
Orders588m+42%
Delivery Orders155m+107%
GMV€12.9bn
+51%
Revenue€2.4bn
+54%
Consumers60m+23%
Restaurants244k+42%
Adj. EBITDA€256m
+18%
Adj. EBITDA Margin
11%
%
Note: Numbers are presented on the basis of the combined results of Just Eat and Takeaway.com from 1 January 2019
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Our Business Model
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Just Eat Takeaway.com leverages powerful network effects…
Network EffectsOur powerful network effects
fuel our ability to attract more new consumers,
compounding our growth
More Orders per Consumer
More Consumers
More OrdersMore
Restaurants
15.2Orders per year per Returning
Active Consumer
60mActive
Consumers
588mOrders
244kRestaurants
New ConsumersConsumers place order
(and make payment)
New RestaurantsJust Eat Takeaway.com
transmits order
Note: Numbers represent FY-2020, presented on the basis of the combined results of Just Eat and Takeaway.com from 1 January 2019
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...as demonstrated in our KPI’s...
13.1 13.1 13.2
15.2
2017 2018 2019 2020
Order frequency of Returning Active Consumers3
% of Returning Active Consumers2
33m
63% 66%
Active Consumers1
60m
70%
40m+21%
1 Active Consumers refers to unique accounts (identified by a unique e-mail address) from which at least one order has been placed on the company’s platform in the preceding 12 months
2 Percentage of consumers who ordered more than once in preceding 12 months over total Active Consumers
3 The number of orders per Returning Active Consumer during the period divided by the average number of Returning Active Consumers
4 Total number of restaurants available on the platform at end of period
68%
48m+22% +23%
110
138
173
244
2017 2018 2019 2020
Total Online Restaurants4 (k)
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…creating a sticky and highly stable consumer base
Cumulative orders per consumer by monthly cohort1 Order split by cohort1
0 12 24 36 48 60 72 84 96 2016
Months
Stable cohorts result in highly predictable revenues Majority of orders from existing cohorts
2016
2015
2014
2012
2013
2017
2018
2019
2020
2017 2018 2019 2020
2016
2015
2014
2012
2013
2017
2018
2019
2020
Pre 2012
588m
413m
310m
238m
183m
+55m
+72m
+103m
+175m
1. Cohort refers to consumers grouped by the calendar year in which they each first placed an order with Just Eat Takeaway.com
Source: Company information
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Our Markets
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Total food delivery market by segment1
A massive market opportunity exists…
€11bn
Germany
€6bn
Canada
€3bn
Netherlands€12bn
UK
€40bn
Rest of the World2
Food delivery market
c. €13bn
c. €72bn
Current food delivery in active markets1
Predominantly through offline ordering
Just Eat Takeaway.com
GMV
1 Management estimates
2. Just Eat Takeaway.com’s other countries have been combined into an "all others" segment which is named 'Rest of the World’
3. Based on Euromonitor Consumer Foodservice forecast for 2025
Total food expenditure in active markets
estimated at over €500bn1,3
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…with significant penetration upside…
Population aged 15+1
UK1 Germany2 Canada3 Netherlands2 Rest of the World4
Just Eat Takeaway.com Active Consumers
55m 72m 32m 15m 283m
29%
17% 17%
37%
7%
Just Eat Takeaway.com
Total
13%
456m
100%
Source:
1 UK 2018 based population projection data for the year 2021 from Office for National statistics
2 Population projection as on 1st Jan 2021 for Germany, Netherlands, Belgium, Bulgaria, Denmark, Ireland, Spain, France, Italy, Luxembourg, Austria, Poland, Portugal, Romania, Switzerland and Norway from Eurostat
3 Population projection 2021 for Canada from Statscan
4 Population projection 2021 data for Israel from CBS.gov.il, Australia from Abs.stat and New Zealand from NZ.stat
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…fueled by clear market leadership across our four largest markets
Google trends web search interest1
1st United Kingdom3 1st Germany 1st Canada 1st Netherlands
Source:
1 Google Trends for the period January 2004 up to and including December 2020, retrieved on 5 January 2021
2 Based on SimilarWeb site analysis data – Total visits for the stated websites for the period January 2020 to January 2021
3. Grocery is included for #2 & #3 under SimilarWeb visits
Jan-20 Jan-21
61%
22%
17%
Skewed towards new user addition
Jan-20 Jan-21
97%3%
45%
35%
20%
Jan-20 Jan-21
14%
81%
5%
#3#2 #2 #3#2 #3#2
Jan-20 Jan-21
54%
29%
17%
Jan-20 Jan-21 Jan-20 Jan-21 Jan-20 Jan-21
Based on SimilarWeb visits2
Indicative of total orders
58%
19%
23%
61%
24%
99%
1%
89%
7%4%
Jan-20 Jan-21
49%
27%
24%
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iFood is a highly attractive and fast-growing asset
#1 online food delivery
company in LatAm…
Orders GMV
A highly attractive and fast-growing asset…
• ~80% market share in the Brazil market (~7 times #2)1
• Heavily urbanised population with rapid market growth
• Over 1,000 cities and 235,000 restaurants in Brazil alone
…with significant value to Just Eat Takeaway.com
• As a non-operated asset, iFood provides optionality to realise value in case an offer at fair value is received
• In case of a disposal, a portion of the sale proceeds is to be returned to shareholders
Note: Numbers represent FY-2020 numbers
1. Management estimate based on user web and app traffic, number of sessions and downloads
…doubling orders and more than doubling GMV in 2020
Just Eat
Takeaway.com
33%
Other
Movile
5%
Prosus
62%
Ownership structure
239
478
2019 2020
+100%
2019
1.5
2020
3.6+134%
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Our Strategy
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Clear and defined strategy, positioning the company for future growth
Supply expansion and
rollout of Delivery
Brand awareness and
share of voice
Customer experience and
value proposition
• Build widest restaurant selection, including partnerships with key branded chains
• Roll out Scoober across Europe
• Develop and grow new channels, including rollout of Takeaway Pay (B2B)
• Build brand love and loyalty through our consumer interactions
• Drive new consumer acquisition through top-of-mind awareness
• Leverage our brand to make a difference in supporting our industry and wider society
• Build price leadership in all markets
• Market-leading product experience for consumers and restaurants
• Continue to optimise our logistics solutions to enhance experience and efficiency
• Deliver best-in-class customer service
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Scoober is at the heart of our strategy
Receive more than minimum wage, paid
on an hourly basis
Receivesick leave
Receivepaid holiday
Are provided witheco-friendly
e-bikes
1. As of 31 December 2020
Branding
• Increased visibility on the street throughout 139 cities in 12 markets1
• Our couriers are the ambassadors of Just Eat Takeaway.com
Great user experience
• Additional choice of restaurants thanks to delivery service
• In-app live tracking available for every Scoober order
• Improved in-house operations with best-in class routing algorithm leading to reduced delivery time and increased efficiency
Being a responsible employer
• Over 20,000 couriers employed and insured accordingly
• All drivers provided with clothing and gear to perform their job safely and professionally
All Scoober couriersare properly
employed
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Priority areas for ESG action have been identified and targets will be set
Fueling growth by responding to changing diets
Enabling choice and transparency
Reducing our carbon footprint: Offices, Scoober deliveries
Operational waste & travel
Empowering our people:Employment & working conditions
Diversity & inclusion
Employee engagement & wellbeing
Food waste
Food poverty
Packaging
Carbon footprint reduction: Marketplace delivery
Society and community:
Backing small businesses
Supporting local communities
Tech skills
OU
R
CO
NT
RO
LO
UR
IN
FL
UE
NC
E
People & SocietyPlanet Food
Using our tech for good: product, data, user experience
Harnessing the reach of our partners to deliver change
Business fundamentals: tax, governance
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Disclaimer
Statements included in this presentation that are not historical facts (including any statements concerning investment objectives, other plans and objectives of
management for future operations or economic performance, or assumptions or forecasts related thereto) are, or may be deemed to be, “forward-looking
statements”. Some of the forward-looking statements may be identified by words like “expects”, "anticipates", "plans", "intends", "projects", "indicates" and similar
expressions. We have based these forward-looking statements on our current expectations and projections about future events, including numerous assumptions
regarding our present and future business strategies, operations and the environment in which we will operate in the future. Forward-looking statements are not
guarantees of future performance and involve a number of risks, uncertainties and assumptions. Although we believe that the expectations reflected in such
forward looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward
looking statements.
No statement in this presentation is intended to be a profit forecast.
Statements regarding market share, including Just Eat Takeaway.com's competitive position, contained in this document are based on outside sources such as
specialised research institutes, industry and dealer panels in combination with management estimates.
The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to update any public information or
forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.
You will be solely responsible for your own assessment of the market and the market position of Just Eat Takeaway.com and you will conduct your own analysis
and be solely responsible for forming your own view of the potential future performance of Just Eat Takeaway.com’s business.
This document does not constitute or form part of, and should not be constructed as, an offer or invitation to subscribe for or purchase any Just Eat
Takeaway.com securities.