Delivery Hero Se · XETR:DHER
Delivery Hero — Merger or Acquisition (December 2018)
18 slides from Delivery Hero's merger presentation, Dec 21, 2018
Slide 1: Delivery Hero Sells Food Delivery Operations in Germany to Takeaway.com
Delivery Hero Sells Food Delivery Operations in Germany to Takeaway.com for Cash and Shares and Reinvests for Further Growth 21st December 2018 Delivery Hero SE 1
Slide 2: Our Clear Vision
Our Clear Vision AMAZING FOOD AMAZING ORDERING Create an amazing on-demand AMAZING SERVICE experience Delivery Hero SE 2
Slide 3: Transaction Overview
Transaction Overview Total Consideration Enterprise Value of c. €930m €930m1 Enterprise Value Cash Consideration €508m cash consideration Equity Consideration Ownership of c. 18% in Takeaway.com pre-refinancing Enables Delivery Hero to benefit further financially from any value creation that
Slide 4: Delivering on Our Promise
Delivering on Our Promise Guidance at IPO Status1 9M18 order and revenue growth of 50% and 77%2 Growth as No.1 Priority Number of restaurants grew by 51% YoY3 • >40% in short & mid-term • >30% in the long-term Remain in early stages of growth trajectory with online penetration still low (c. 10%)4 #1
Slide 5: Increased Growth and Larger Flexibility to Invest
Increased Growth and Larger Flexibility to Invest… DH INCLUDING GERMANY DH EXCLUDING GERMANY (pro-forma) 9M18 9M18 €508m c. €1.0bn Order YoY Growth 46% 50% GMV YoY Growth1 €125m 50% 56% c. €400m Revenue YoY Growth1 66% 77% Net Cash as of Undrawn Cash Consideration Pro-forma 2 Q3 2018 Revolver 3 from
Slide 6: In Large Markets with Untapped Opportunity
… In Large Markets with Untapped Opportunity… Asia Americas MENA Europe ex Germany Monthly Orders1 7m 3m 16m 5m Total Population 663m 225m 242m 103m Total Market of c. €500bn with untapped potential Note: 1. As of Q3 2018 Delivery Hero SE 6
Slide 7: With Higher Frequency as well as Higher Engagement
… and with Higher Frequency as well as Higher Engagement INCREASING # OF ORDERS Average Monthly Orders per Active Customer Over Time +66% +52% +36% +33% MENA Asia Americas Europe ex Germany Month 1 Month 68 Month 1 Month 68 Month 1 Month 68 Month 1 Month 68 High and increasing order frequency across
Slide 8: Upgrading Our 2019 Investment Plan
Upgrading Our 2019 Investment Plan New Investment Plan Expected Impact Increasing Investments with €45m incremental revenue impact expected in 2019 Net Adj. EBITDA Impact of Negative €250m €81m incremental recurring revenue per year starting in 2020 (Equal to approximately half of cash proceeds from
Slide 9: Proven Ability to Deploy Incremental Investment at High Returns
Proven Ability to Deploy Incremental Investment at High Returns: €80m in H2 2018 ASIA1 - NEW CUSTOMERS2 Materially Increased New Customer Growth Q1 18 Q2 18 Q3 18 Q4 18 YTD ASIA1 - COST PER ACQUISITION (CPA)3 Increased Marketing With Flat to Lower CPAs Q1 18 Q2 18 Q3 18 Q4 18 YTD ASIA1 - MONTH 1 FRE
Slide 10: FY19E Revenue Guidance
FY19E Revenue Guidance c. €1.15bn c. €1.10bn €45m c. €1.08bn Previous Germany Implied Consensus Incremental from Core Business New Consensus 1 (Management Est.) ex. Germany New Investments Overperformance Guidance 2 Investment Impact: +€930m (€250m) + c.€680m Enterprise Value Increased investment wi
Slide 11: Equity Value Bridge
Equity Value Bridge Enterprise Value Net Cash as of Cash 18% Stake in Portfolio Value of Equity Value ex Germany1 Q3 20182 Consideration Takeaway.com3 Minority Holdings4 Ex Germany1 €284m €422m €508m c. €400m c. €1.6bn Notes: 1. Illustrative value 2. Excludes restaurant cash 3. Based on €44.40 per s
Slide 12: Updated Outlook
Updated Outlook 2018E Guidance1: 2019E Guidance2: Revenues Revenues Revenue guidance Revenue guidance €780m to €785m €1.08bn to €1.15bn Adj. EBITDA Adj. EBITDA -5% to -8% -€270m to -€320m plus additional investments which includes additional investment across all segments of up to €80m with a negati
Slide 13: Delivery Hero Outlook 2019 at a Glance
Delivery Hero Outlook 2019 at a Glance: Best-in-class Performance and Global Leadership Scale Leadership Technology c. €1.1bn 33 9 Revenue guidance Leadership positions Markets with multi- of €1.08-1.15bn from 41 countries1 vertical delivery for FY19E platform rolled out Growth Cash Value Creation +
Slide 14: Appendix
Appendix
Slide 15: 2019 Financial Calendar
2019 Financial Calendar Event Release Date Full-year 2018 Trading Update 06-Feb-2019 Annual Results 2018 / Report 25-Apr-2019 Q1 2019 Trading Update 08-May-2019 2019 Annual General Meeting 12-Jun-2019 Half-year 2019 Report 04-Sep-2019 Q3/9M 2019 Trading Update 07-Nov-2019 Delivery Hero SE 15
Slide 16: Delivery Hero: KPIs Post Transaction (1/2)
Delivery Hero: KPIs Post Transaction (1/2) 2017 2018 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 9M Delivery Hero Group (ex. Germany) Orders 52.9 58.2 111.1 63.4 73.8 248.3 80.2 86.4 166.6 94.5 261.1 % YoY Growth 51.8% 48.3% 50.0% 49.0% 49.6% GMV 681.4 739.8 1,421.2 801.7 907.9 3,130.8 970.7 1,041.1 2,011.8
Slide 17: Delivery Hero: KPIs Post Transaction (2/2)
Delivery Hero: KPIs Post Transaction (2/2) 2017 2018 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 9M Asia Orders 11.4 12.8 24.2 14.5 16.5 55.1 17.6 18.7 36.3 21.9 58.2 % YoY Growth 53.8% 46.9% 50.2% 50.6% 50.3% GMV 185.0 200.4 385.4 211.0 247.6 844.0 261.7 280.0 541.7 317.4 859.1 % YoY Growth 41.4% 39.8% 40.
Slide 18: Important Notice
Important Notice ALL FINANCIAL FIGURES INCLUDED IN THE FOLLOWING PRESENTATION ARE BASED ON IFRS, UNLESS NOTED OTHERWISE. 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
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