TIDMJET
RNS Number : 4743R
Just Eat Takeaway.com N.V.
01 March 2023
Amsterdam, 1 March 2023
Full Year 2022 Results
Just Eat Takeaway.com returns to full year positive Adjusted
EBITDA [1]
Jitse Groen, CEO of Just Eat Takeaway.com said: "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 EUR19 million in 2022 compared with
minus EUR350 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."
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 EUR19 million
positive in 2022 from minus EUR350 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 EUR28.2 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 EUR5.6 billion in 2022, representing a
growth rate of 4% compared with 2021.
-- Revenue less Order fulfilment costs increased 24% to EUR2.4
billion, driven by strengthened unit economics across both Delivery
and Marketplace.
Segment highlights
-- In the North America segment, GTV increased by 1% to EUR11.6
billion, mainly driven by a higher ATV and favourable foreign
exchange rates. North America returned to positive Adjusted EBITDA
of EUR65 million in 2022, despite a more than EUR130 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 EUR7.4
billion driven by a higher ATV. Northern Europe continued to
demonstrate strong profit generation with an Adjusted EBITDA of
EUR313 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 EUR6.6 billion.
Adjusted EBITDA improved significantly to EUR23 million in 2022
from minus EUR107 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 EUR161 million in
2022 from minus EUR262 million in 2021. This EUR100 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
EUR2,020 million as per 31 December 2022. This included the
repayment of the EUR300 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 EUR400 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 EUR5.7 billion,
mainly due to impairment losses of EUR 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
EUR275 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 EUR792
million compared with EUR990 million in 2021.
Outlook
-- Management reiterates the following guidance for 2023:
o 2023 Adjusted EBITDA of approximately EUR225 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:
o In excess of EUR30 billion of GTV to be added over the next 5
years
o 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.
Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY), hereinafter
the "Company", or together with its group companies "Just Eat
Takeaway.com", one of the world's largest online food delivery
companies, hereby reports its financial results for the full year
2022.
Performance highlights
On a combined basis
Key Performance Indicators
=================================== ====================== ====================== =====================
Partners (# thousands) (1) 692 634 9%
Active Consumers (# millions) (1) 90 99 -9%
Returning Active Consumers as %
of Active Consumers 68% 67% 0.2pp
Average Monthly Order Frequency
(#) 2.8 2.9 -0.0
Orders (# millions)
North America 327 374 -13%
Northern Europe 288 296 -3%
UK and Ireland 260 289 -10%
Southern Europe and ANZ 109 128 -15%
Total Orders 984 1,086 -9%
Average Transaction Value (EUR) 28.66 25.94 2.73
GTV (EUR billions)
North America 11.6 11.5 1%
Northern Europe 7.4 7.2 3%
UK and Ireland 6.6 6.6 -1%
Southern Europe and ANZ 2.6 2.8 -8%
Total GTV 28.2 28.2 0%
=================================== ====================== ====================== =====================
(1) (Number as at 31 December)
On a combined basis
Key Financial Indicators (EUR millions)
========================================= ======== ======== ======
Revenue
North America 2,552 2,470 3%
Northern Europe 1,155 1,064 9%
UK and Ireland 1,319 1,249 6%
Southern Europe and ANZ 532 548 -3%
Total revenue 5,559 5,331 4%
Adjusted revenue less Order fulfilment
costs 2,360 1,898 24%
Adjusted EBITDA
North America 65 (28) 330%
Northern Europe 313 256 22%
UK and Ireland 23 (107) 122%
Southern Europe and ANZ (161) (262) 38%
Head office (221) (208) -6%
Total Adjusted EBITDA 19 (350) 105%
IFRS-basis
EUR millions
========================================= ======== ======== ======
Loss for the period (5,667) (1,044) -443%
Cash and cash equivalents as at
31 December 2,020 1,320 53%
Refer to Appendix 1 for a summary of all our Key Performance
Indicators.
The Grubhub business was consolidated from 15 June 2021, and the
Just Eat business was consolidated from 15 April 2020. The key
performance indicators and key financial indicators are presented
as if the combinations were completed on 1 January 2020 to provide
comparable information for the periods presented. Operations in
Norway and Portugal were discontinued from 1 April 2022 and Romania
from 1 June 2022. The key performance indicators and key financial
indicators presented exclude these operations as from 1 January
2022. These figures are unaudited and may not add up due to
rounding. Percentages used are based on unrounded figures.
These alternative performance measures are not defined under
IFRS. Reference is made to the Glossary as included in the Annual
Report 2022 for an overview of defined terms. Appendix 2 contains a
reconciliation of these alternative performance measures from the
most directly comparable IFRS measures.
Segment information
The four operating segments comprise: North America, Northern
Europe, United Kingdom and Ireland, and Southern Europe and
Australia and New Zealand (ANZ). North America comprises Canada and
the United States. Northern Europe comprises Austria, Belgium,
Denmark, Germany, Luxembourg, Poland, Slovakia, Switzerland and the
Netherlands. The Southern Europe and ANZ segment comprises
Australia, Bulgaria, France, Israel, Italy, New Zealand, and
Spain.
North America
On a combined basis
(1)
Millions unless stated otherwise
========================================== ========= ======== =======
Orders 327 374 -13%
Gross Transaction Value (EUR) (2) 11,626 11,501 1%
Revenue (EUR) (3) 2,552 2,470 3%
Adjusted EBITDA (EUR) 65 (28) 330%
-- Adjusted EBITDA margin (%) 0.6% -0.2% 0.8pp
(1) (The Grubhub business was consolidated from 15 June 2021.
These figures are presented as if the combination was completed
on 1 January 2021 to provide comparable information for the
full six months period. These numbers are unaudited.)
(2) (Change at constant currency level for GTV is -9%)
(3) (Change at constant currency level for Revenue is -7%)
North America is the largest segment in terms of Orders and GTV,
representing 33% of the total Just Eat Takeaway.com Orders and 41%
of the total GTV in 2022. North American Orders declined 13%
year-on-year while the pandemic continued to affect year-on-year
comparison. Despite the decline in Orders, our GTV increased by 1%
to EUR11.6 billion, driven by a higher Average Transaction Value
('ATV'), which is defined as GTV divided by the number of Orders in
a particular period, and favourable foreign exchange rates.
North America revenue grew by 3% year-on-year reaching EUR2,552
million. This growth was largely driven by the lifting of several
government-imposed fee caps, with the fee cap impact for 2022
reducing to minus EUR132 million from minus EUR192 million in 2021.
Positive foreign exchange movements also impacted North America's
revenue.
North America returned to positive Adjusted EBITDA in 2022
despite the remaining fee caps being in place throughout the year.
Adjusted EBITDA increased to EUR65 million in 2022 from minus EUR28
million in 2021, with Adjusted EBITDA as a percentage of GTV
('Adjusted EBITDA Margin') improving to 0.6% in 2022 from minus
0.2% in 2021. The EUR93 million year-on-year improvement can be
largely attributed to the increased efficiency of our Delivery
network, pricing strategy, strategic marketing efforts, and the
reduced impact of fee caps on our business.
Northern Europe
On a combined basis
(1)
Millions unless stated otherwise
============================================ ======== ======= =======
Orders 288 296 -3%
Gross Transaction Value (EUR) (2) 7,430 7,190 3%
Revenue (EUR) (3) 1,155 1,064 9%
Adjusted EBITDA (EUR) 313 256 22%
-- Adjusted EBITDA margin (%) 4.2% 3.6% 0.7pp
======== ======= =======
(1) (Norway operations were discontinued from 1 April 2022.
The Combined figures exclude Norway as of 1 January 2022. These
numbers are unaudited.)
(2) (Change at constant currency level for GTV is 3%)
(3) (Change at constant currency level for Revenue is 8%)
In 2022, the Northern Europe markets together made up 29% of the
total Just Eat Takeaway.com's Orders and 26% of the total GTV, with
Germany being the largest market in terms of Orders and GTV. We
discontinued our operations in Norway in the first half of
2022.
Despite the post-pandemic headwind in the form of an Order
decline of minus 3% to 288 million Orders in 2022 from 296 million
Orders in 2021, we increased our GTV by 3% to EUR7.4 billion due to
higher ATV.
Northern Europe revenue grew by 9% to EUR1,155 million in 2022
from EUR1,064 million in 2021. Revenue growth exceeded GTV growth,
driven by optimising our Partner and consumer pricing. With more
demand from our Partners, our Promoted Placement revenue also
increased significantly, further driving revenue growth. The
continued trend of our consumers moving from cash to online
payments resulted in increased online payment service revenue.
Northern Europe Adjusted EBITDA increased by 22% to EUR313
million in 2022 from EUR256 million in 2021. The Adjusted EBITDA
Margin improved to 4.2% in 2022 from 3.6% in 2021, resulting in the
highest Adjusted EBITDA Margin within Just Eat Takeaway.com.
United Kingdom and Ireland
Millions unless stated otherwise (1)
========================================= ====== ====== ======
Orders 260 289 -10%
Gross Transaction Value (EUR) (2) 6,553 6,647 -1%
Revenue (EUR) (3) 1,319 1,249 6%
Adjusted EBITDA (EUR) 23 (107) 122%
-- Adjusted EBITDA margin (%) 0.4% -1.6% 2.0pp
(1) (These numbers are unaudited)
(2) (Change at constant currency level for GTV is -2%)
(3) (Change at constant currency level for Revenue is 5%)
Our UK and Ireland segment continued to perform strongly under
the Just Eat brand. The segment processed 260 million Orders in
2022, representing 26% of the total Just Eat Takeaway.com Orders
and 23% of the total GTV in 2022. ATV trended favorably due to food
price inflation and GTV remained stable at EUR6.6 billion.
United Kingdom and Ireland revenue grew by 6% to EUR1,319
million in 2022 from EUR1,249 million in 2021. Despite GTV
remaining stable, the revenue growth rate was positively aided by
optimised Partner and consumer pricing.
The United Kingdom and Ireland achieved positive Adjusted EBITDA
in 2022. Adjusted EBITDA was EUR23 million in 2022 from minus
EUR107 million in 2021, with the Adjusted EBITDA Margin improving
to 0.4% in 2022 from minus 1.6% in 2021. The positive Adjusted
EBITDA development was driven by the overall focus on profitability
in all aspects of the business. We optimised our consumer fees,
reduced our Delivery cost per Order, and further improved our
operating expenses.
Southern Europe and ANZ
On a combined basis
(1)
Millions unless stated otherwise
========================================== ======= ======= =======
Orders 109 128 -15%
Gross Transaction Value (EUR) (2) 2,610 2,840 -8%
Revenue (EUR) (3) 532 548 -3%
Adjusted EBITDA (EUR) (161) (262) 38%
-- Adjusted EBITDA margin (%) -6.2% -9.2% 3.0pp
(1) (Portugal operations were discontinued from 1 April 2022
and Romania's from 1 June 2022. The Combined figures exclude
Portugal and Romania as of 1 January 2022. These numbers are
unaudited.)
(2) (Change at constant currency level for GTV is -10%)
(3) (Change at constant currency level for Revenue is -5%)
The Southern Europe and ANZ segment made up 11% of the total
Just Eat Takeaway.com Orders and 9% of the total GTV in 2022, with
Australia being the largest market in this segment. Following two
years of strong Order growth, Orders for the Southern Europe and
ANZ segment decreased by 15% to 109 million in 2022 from 128
million in 2021. The Order decline was partly offset by an increase
in ATV, leading to a decrease in GTV of 8% to EUR2.6 billion in
2022 from EUR2.8 billion in 2021.
The segment includes diverse markets with significant potential
to increase consumer penetration and expansion of operational scale
and will require ongoing investment. We continue to focus capital
and management attention towards our highest potential markets for
generating scale, leadership positions and profit pools. As a
result, we discontinued our operations in Portugal and Romania in
the first half of 2022.
Southern Europe and ANZ revenue declined with 3% to EUR532
million in 2022 from EUR548 million in 2021. This was primarily
driven by a decline in GTV, which was partially offset by optimised
Partner and consumer pricing. We continue to focus on improving the
performance of this segment, mainly by more targeted investments
and operational efficiencies in our Delivery network.
Southern Europe and ANZ had an Adjusted EBITDA of minus EUR161
million in 2022 compared with minus EUR262 million in 2021, with
the Adjusted EBITDA Margin improving to minus 6.2% in 2022 from
minus 9.2% in 2021. This improvement in Adjusted EBITDA can be
particularly attributed to our enhanced focus on profitability,
driven by higher ATV, optimising our pricing strategy, reducing
Delivery expenses and streamlining operating expenses.
Head office and allocations
Head office costs relate mostly to non-allocated expenses and
include all central operating expenses such as staff costs and
expenses for global support teams such as Legal and Compliance,
InfoSec Risk and Control, Group Finance, Internal Audit, Data
Analytics, Human Resources and the Management Board.
Head office expenses were EUR221 million in 2022 compared with
EUR208 million in 2021. In 2021, we made significant investments in
our head office workforce to support growth, predominantly in
Marketing, HR and Delivery. As such, our year-on-year headquarter
costs increase was primarily driven by the impact of new hires in
2021. During the first half of 2022, our head office FTEs remained
approximately stable compared with the exit-rate in December 2021,
and during the second half of 2022, FTEs were reduced due to a
hiring pause.
CFO update and financial review
The financial information included in the CFO update and
financial review is derived from the 2022 Consolidated financial
statements and 2021 comparative figures included therein. This
section is reported on an IFRS basis, which means that business
combinations have been included as from the acquisition date
('transfer of control').
Financial review
The commentary in the following section is based on the 2022
Consolidated financial statements on an IFRS basis. For clarity, we
highlight the following changes to the consolidation scope in
2021:
-- On 15 June 2021, Just Eat Takeaway.com completed the
acquisition of 100% of the shares in Grubhub ('Grubhub
Acquisition').
-- On 30 September 2021, Just Eat Takeaway.com completed the
acquisition of 100% of the shares in Bistro.sk. ('Bistro
Acquisition').
Consolidated statement of profit or loss
Year ended
31 December
EUR millions
================================= ==================== ====================
Revenue 5,561 4,495
Courier costs (2,599) (2,531)
Order processing costs (571) (406)
Staff costs (1,259) (890)
Other operating expenses (1,377) (1,164)
Depreciation, amortisation and
impairments (5,168) (443)
================================= ==================== ====================
Operating loss (5,413) (939)
Share of results of associates (35) (62)
Finance income and expense, net (47) (53)
Other gains and losses (273) 2
================================= ==================== ====================
Loss before income tax (5,768) (1,052)
Income tax benefit 101 8
Loss for the period (5,667) (1,044)
Revenue
Year ended
31 December
EUR millions
====================== ============= ======
Order-driven revenue 5,315 4,314
Ancillary revenue 246 181
Revenue 5,561 4,495
Revenue is presented net of any discounts provided to Partners
or consumers, value added tax and other sales-related taxes.
Order-driven revenue
Order-driven revenue consists of all revenue streams earned from
Orders placed on Just Eat Takeaway.com's platforms. Order-driven
revenue is earned from Partners and consumers and primarily
includes commission fees, consumer fees and consumer delivery fees
charged on a per order basis.
Order-driven revenue increased by 23% to EUR5,315 million in
2022, mainly driven by the full 12 months of Grubhub revenue being
included in 2022 compared with 6.5 months in 2021. In addition,
Order-driven revenue also increased due to the increases in our
Partner and consumer pricing. This was negatively impacted by
EUR132 million of government-imposed commission caps in the North
America segment.
Ancillary revenue
Ancillary revenue consists of any other revenue streams which
are not earned from Orders placed on Just Eat Takeaway.com's
platforms. It primarily includes sale of merchandise, Promoted
Placement fees which are not earned on a per Order basis, and
subscription fees.
The growth in ancillary revenue was predominantly driven by the
full 12 months of Grubhub revenue included (compared with 6.5
months last year).
Order fulfilment costs
Year ended
31 December
EUR millions
======================== ============= ======
Courier costs 2,599 2,531
Order processing costs 571 406
Order fulfilment costs 3,170 2,937
Order fulfilment costs increased by EUR233 million, or 8%, to
EUR3,170 million in 2022 compared with EUR2,937 million in 2021.
This increase was a result of the full 12 months of Grubhub Order
fulfilment costs being included in 2022 (compared with 6.5 months
in 2021).
Revenue less Order fulfilment costs
Year ended
31 December
EUR millions
=============================== ============= ========
Revenue 5,561 4,495
Order fulfilment costs (3,170) (2,937)
Revenue less Order fulfilment
costs 2,391 1,558
Revenue less Order fulfilment costs increased by EUR833 million,
or 53%, to EUR2,391 million in 2022 compared with EUR1,558 million
in 2021. This significant improvement was mainly driven by the
overall increase in revenue and lower delivery costs per Order.
Order fulfilment costs as a percentage of revenue decreased to 57%
from 65% in 2021.
Staff costs
Year ended
31 December
EUR millions
=============================== ============= ====
Wages and salaries 900 655
Social security charges 125 85
Pension premium contributions 47 33
Share-based payments 166 81
Temporary staff expenses 22 36
Staff costs 1,259 890
Staff costs increased by 41% to EUR1,259 million in 2022
compared with EUR890 million in 2021. Our staff, excluding couriers
directly employed by Just Eat Takeaway.com as this group is
included in order fulfilment costs, increased to an average of
approximately 15,900 FTEs in 2022 from an average of approximately
13,200 FTEs in 2021. In the second half of 2021, we made
significant investments in our workforce to support growth and
drive long-term success. This, along with the Grubhub Acquisition,
contributed to an increase in staff costs. A hiring pause was
implemented in June 2022, bringing FTEs back in line with Order
development and reducing staff costs over the course of 2022.
Share-based payments include the Long-Term Incentive Plan
('LTIP') and the Short-Term Incentive Plan ('STIP') for the
Management Board, as well as the various long-term and short-term
share (option) plans for employees (as described in Note 7 to the
Consolidated financial statements for the period ended 31 December
2022). Share-based payments increased to EUR166 million in 2022
compared with EUR81 million in 2021, mainly driven by Grubhub, an
increase in average FTEs, exceptional additional retention awards,
and the cumulative effect of the annually recurring awards granted
under the long-term plans. The share-based payment expense of EUR48
million resulting from the commercial agreement with Amazon is
included in other operating expenses.
Other operating expenses
Year ended
31 December
EUR millions
========================== ============= ======
Marketing expenses 735 684
Other operating expenses 642 480
Other operating expenses 1,377 1,164
Marketing expenses
Marketing expenditure can primarily be distinguished as relating
to (i) performance marketing (or pay-per-click/pay-per-Order) which
directly generates traffic and Orders, such as search engine
marketing, app marketing and affiliate marketing (rewarding third
parties for referrals to our platforms) and (ii) brand marketing,
such as television, online media, and outdoor advertising
(billboards).
Marketing expenses increased by 7% to EUR735 million in 2022
compared with EUR684 million in 2021, following marketing
investments, such as the Katy Perry campaign and the UEFA
sponsorship in 2022.
Other operating expenses
Other operating expenses increased by 34% to EUR642 million in
2022 compared with EUR480 million in 2021, mainly driven by 12
months of Grubhub expenditures included and the share-based payment
expense of EUR48 million resulting from the commercial agreement
with Amazon.
Depreciation, amortisation and impairment
Depreciation and amortisation expenses were EUR567 million in
2022, up from EUR389 million in 2021. This increase related to the
full 12 months of amortisation of other intangibles recognised in
relation to the Grubhub Acquisition as compared with 6.5 months in
2021, as well as additional depreciation from capitalised ordering
devices.
Following the identification of impairment indicators in the
interim period and the annual impairment test, total impairment
losses of EUR4,521 million for goodwill (2021: EUR18 million) and
EUR61 million for intangible assets (2021: EUR36 million) were
recognised in 2022. Of the goodwill impairment losses, EUR2,977
million is related to cash-generating unit ('CGU') United States,
EUR893 million to CGU United Kingdom, EUR267 million to CGU Canada,
and EUR445 million to seven CGUs to which a non-significant amount
of goodwill is allocated.
The impairment in the United Kingdom and Canada was mainly
driven by the impact of macro-economic circumstances on the
Weighted Average Cost of Capital ('WACC') as used in the value in
use calculation, including increased interest rates and increased
equity volatility.
The impairment in United States and the seven other CGUs, was
mainly driven by the impact of macro-economic circumstances on the
WACC as used in the value in use calculation, including increased
interest rates and increased equity volatility. In addition, higher
levels of inflation and further lifting of Covid-19 measures
affected consumer behaviour in some CGUs, resulting in lower
expectations of Order growth in the short to medium term. See also
Note 12 to the Consolidated financial statements for more
details.
Share of results of associates and joint ventures
A total loss of EUR310 million was recognised in relation to
iFood, consisting of our annual share of losses of EUR35 million
recognised as part of share of results of associates (2021: annual
share of losses of EUR62 million) and a net loss on disposal of
EUR275 million recognised as part of other gains and losses. Prior
to the iFood Transaction, we invested EUR88 million in iFood in
2022 (2021: EUR 83 million).
Income tax expense
In 2022, the net income tax benefit was EUR101 million, compared
with EUR8 million in 2021. The taxable results of profitable
entities, the movement in provisions for uncertain tax positions
and the outcome of the Danish Tax Authority dispute, resulted in a
current tax expense of EUR53 million compared with EUR38 million in
2021. In 2022, the deferred tax benefit was EUR154 million compared
with EUR46 million in 2021, mainly relating to temporary
differences arising from the amortisation of other intangible
assets and the recognition of available tax losses carried
forward.
Loss for the period
As a result of the factors described above, Just Eat
Takeaway.com realised a net loss after tax of EUR5,667 million in
2022 (2021: EUR1,044 million). The loss excluding the impact of
impairments amounted to EUR1,065 million compared with EUR990
million in 2021.
Consolidated statement of financial position
EUR millions
==================================================== ========= ========
Non-current assets 9,742 15,963
Current assets excluding cash and
cash equivalents 626 543
Cash and cash equivalents 2,020 1,320
Total assets 12,389 17,826
Total shareholders' equity attributable
to equity holders 7,903 13,050
Non-controlling interests (8) (8)
Total equity 7,895 13,042
Non-current liabilities 3,085 3,543
Current liabilities 1,408 1,241
Total liabilities 4,494 4,784
Total shareholders' equity and
liabilities 12,389 17,826
*The comparative information is restated in line with IFRS 3
on account of Grubhub's acquisition measurement period adjustments
and due to the reclassification of amounts previously presented
as the current portion of the convertible bonds and senior notes
to non-current liabilities. Reference is made to Note 31 and
Note 21 respectively in the Consolidated financial statements.
Non-current assets, mainly consisting of goodwill and other
intangible assets decreased to EUR9,742 million as of 31 December
2022 from EUR15,963 million as of 31 December 2021. This was
primarily driven by the impairment losses and the iFood
Transaction.
Cash and cash equivalents increased to EUR2,020 million as of 31
December 2022, from EUR1,320 million as of 31 December 2021. This
increase was primarily driven by the consideration received from
the iFood Transaction, partly offset by the repayment of the EUR300
million bank loan and capital and financing expenditure.
Shareholders' equity decreased to EUR7,903 million as of 31
December 2022, from EUR13,050 million as of 31 December 2021,
mainly due to accumulated losses over the period, offset partially
by gains on foreign currency translation.
The solvency ratio, defined as total equity divided by total
assets, was 64% as of 31 December 2022 compared with 73% at of 31
December 2021, mainly caused by accumulated losses over the
period.
Consolidated statement of cash flows
Year ended
31 December
EUR millions
============================================= ============= ======
Net cash used in operating activities (166) (423)
Net cash generated by / (used in) investing
activities 1,214 (106)
Net cash generated by / (used in) financing
activities (365) 1,312
Net cash and cash equivalents generated 683 783
Effects of exchange rate changes of cash
held in foreign currencies 17 8
Net increase in cash and cash equivalents 700 791
Net cash used in operating activities
Net cash used in operating activities amounted to EUR166 million
in 2022 compared with EUR423 million in 2021. The decrease was
mainly driven by operational performance and our focus on becoming
profitable.
Net cash generated by investing activities
Net cash generated by investing activities amounted to EUR1,214
million in 2022 compared with net cash used of EUR106 million in
2021, driven by the proceeds from the iFood Transaction.
Net cash used in financing activities
Net cash used in financing activities amounted to EUR365 million
in 2022 compared with net cash generated of EUR1,312 million in
2021, which included the issuance of convertible bonds of EUR1,100
million. In 2022, the net cash used largely represented the
repayment of the EUR300 million bank loan and net interest
costs.
Events after the reporting period
There have been no events after the balance sheet date that
require disclosure.
Outlook
-- Management reiterates the following guidance for 2023:
o 2023 Adjusted EBITDA of approximately EUR225 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.
-- The Management Board reiterates the following long-term targets:
o In excess of EUR30 billion of GTV to be added over the next 5
years
o 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.
Principal risks
In conducting our business, we face risks that may interfere
with the achievement of our business objectives. It is important to
understand the nature of these risks. We assess our risks through
in-depth interviews with members of the Management Board and senior
management as well as numerous risk workshops and interviews
throughout the organisation during the year. Just Eat Takeaway.com
identified 12 principal risks aligned with its Vision and Strategy
which are categorised into five broad categories as set out in the
chapter "Risk Management" of our 2022 Annual Report. Any of these
risks and events or circumstances described therein may have a
material adverse effect on our business, financial condition,
results of operations and reputation. The risks outlined in the
2022 Annual Report continue to apply in 2023. These risks are not
the only ones that we face. Some risks may not yet be known to us
and certain risks that we do not currently believe to be material
could become material in the future.
In Control Statement by the Management Board
As recommended by Governance Rules and on the basis of the
foregoing and the explanations contained in the section 'Risk
Management', the Management Board confirms, to its knowledge,
that:
-- Just Eat Takeaway.com's financial reporting over 2022
provides sufficient insights into any failings in the effectiveness
of the internal risk management and control systems;
-- Just Eat Takeaway.com's internal risk management and control
systems with regard to financial reporting risks provide a
reasonable assurance that Just Eat Takeaway.com's financial
reporting over 2022 does not contain any material errors;
-- Based on the current state of affairs, it is justified that
the financial reporting over 2022 is prepared on a going concern
basis; and
-- The report states those material risks and uncertainties that
are relevant to the expectation of Just Eat Takeaway.com's
continuity for the period of 12 months after the preparation of the
report.
The Management Board, 1 March 2023
Jitse Groen, CEO
Brent Wissink, CFO
Jörg Gerbig, COO
Andrew Kenny, CCO
Investor Relations:
Joris Wilton
E: IR@justeattakeaway.com
Media:
E: press@justeattakeaway.com
For more information, please visit our corporate website:
https://www.justeattakeaway.com/
About Just Eat Takeaway.com
Just Eat Takeaway.com (LSE: JET, AMS: TKWY) is one of the
world's leading global online food delivery marketplaces.
Headquartered in Amsterdam, the Company is focused on connecting
consumers and partners through its platforms. With 692,000
connected partners, Just Eat Takeaway.com offers consumers a wide
variety of food choice.
Just Eat Takeaway.com has rapidly grown to become a leading
online food delivery marketplace with operations in the United
States, United Kingdom, Germany, the Netherlands, Canada,
Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland,
Israel, Italy, Luxembourg, New Zealand, Poland, Spain and
Switzerland.
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.
Condensed Consolidated Financial Statements
this page has been intentionally left blank
Consolidated statement of profit or loss and other comprehensive
loss
EUR millions Note
=========================================================== ======== ======== ===================================
Revenue 4 5,561 4,495
Courier costs 5 (2,599) (2,531)
Order processing costs 5 (571) (406)
Staff costs 6 (1,259) (890)
Other operating expenses 8 (1,377) (1,164)
12, 13,
Depreciation, amortisation and impairments 14, 25 (5,168) (443)
=========================================================== ======== ======== ===================================
Operating loss (5,413) (939)
Share of results of associates 15 (35) (62)
Finance income 9 38 23
Finance expense 9 (85) (76)
Other gains and losses 15 (273) 2
=========================================================== ======== ======== ===================================
Loss before income tax (5,768) (1,052)
Income tax benefit 10 101 8
=========================================================== ======== ======== ===================================
Loss for the period (5,667) (1,044)
Other comprehensive income
Items that may be reclassified subsequently to profit
or loss:
Foreign currency translation gain related to foreign
operations, net of tax 153 718
Equity-accounted investees - share of other comprehensive
income 15 276 -
Reclassification of foreign currency translation on
loss of significant influence to profit or loss 15 (84) -
=========================================================== ======== ======== ===================================
Other comprehensive income for the period 345 718
=========================================================== ======== ======== ===================================
Total comprehensive loss for the period (5,322) (326)
Loss attributable to:
=========================================================== ======== ======== ===================================
Owners of the Company (5,667) (1,031)
Non-controlling interests (0) (13)
Total comprehensive loss attributable to:
=========================================================== ======== ======== ===================================
Owners of the Company (5,322) (313)
Non-controlling interests (0) (13)
Loss per share (expressed in EUR per share)
Basic loss per share 20 (26.51) (5.61)
Diluted loss per share 20 (26.51) (5.61)
Consolidated statement of financial position
EUR millions Note
=============================== ===== =================================== =======
Assets
Goodwill 12 3,926 8,294
Other intangible assets 13 5,217 5,531
Property and equipment 14 200 185
Right-of-use assets 25 333 354
Investments in associates 15 - 1,517
Deferred tax assets 10 2 6
Other non-current assets 4 64 76
=============================== ===== =================================== =======
Total non-current assets 9,742 15,963
Trade and other receivables 16 433 307
Other current assets 17 136 159
Current tax assets 10 20 44
Inventories 37 33
Cash and cash equivalents 18 2,020 1,320
=============================== ===== =================================== =======
Total current assets 2,646 1,863
Total assets 12,389 17,826
Equity and liabilities
Total shareholders' equity 19 7,903 13,050
Non-controlling interests (8) (8)
=============================== ===== =================================== =======
Total equity 7,895 13,042
Borrowings 21 2,001 2,236
Deferred tax liabilities 10 750 910
Lease liabilities 25 311 316
Provisions 22 24 81
=============================== ===== =================================== =======
Total non-current liabilities 3,085 3,543
Borrowings 21 4 5
Lease liabilities 25 64 59
Provisions 22 91 59
Trade and other liabilities 23 1,183 1,082
Current tax liabilities 10 66 36
=============================== ===== =================================== =======
Total current liabilities 1,408 1,241
=============================== ===== =================================== =======
Total liabilities 4,494 4,784
=============================== ===== =================================== =======
Total equity and liabilities 12,389 17,826
*The comparative information is restated in line with IFRS
3 on account of Grubhub's acquisition measurement period adjustments
and due to the reclassification of amounts previously presented
as the current portion of the convertible bonds and senior
notes to non-current liabilities. Reference is made to Note
31 and Note 21 respectively.
Consolidated statement of changes in equity
Note
===== ============ ================ ---------------- ------------- ----------------------- ----------------------- ------------------ ====================== ===================== ================
EUR millions
=============== ===== ============ ================ ================ =================================================================================== ====================== ===================== ================
Balance as at
31 December
2020 6 8,801 (345) 323 24 74 (384) 8,499 5 8,504
Total
comprehensive
income /
(loss) - - 718 - - - (1,031) (313) (13) (326)
Issuance of
shares
related to
business
combination 11 3 4,637 - - 140 - - 4,780 - 4,780
Transaction
costs 11 - (33) - - - - - (33) - (33)
Issuance of
convertible
bonds 21 - - - - - 139 - 139 - 139
Deferred tax
on
convertible
bonds 10 - - - - - (15) - (15) - (15)
Share-based
payments 7 0 45 - - 24 - 3 72 - 72
Transfer to
accumulated
deficits 19 - - - (323) - - 323 - - -
Direct equity
movements
from
associates 15 - - - - - - (79) (79) - (79)
=============== ===== ============ ================ ================ ============= ======================= ======================= ================== ====================== ===================== ================
Balance as at
31 December
2021 9 13,450 373 - 188 198 (1,168) 13,050 (8) 13,042
Total
comprehensive
income /
(loss) - - 345 - - - (5,667) (5,322) (0) (5,322)
Deferred tax
on
convertible
bonds 10 - - - - - (3) - (3) - (3)
Share-based
payments 7 0 158 - - (2) - 23 179 - 179
=============== ===== ============ ================ ================ ============= ======================= ======================= ================== ====================== ===================== ================
Balance as at
31 December
2022 9 13,607 718 - 187 195 (6,813) 7,903 (8) 7,895
Consolidated statement of cash flows
EUR millions Note
============================== ============ =================================== ===================================
Loss for the period (5,667) (1,044)
Adjustments:
Depreciation, amortisation 12, 13, 14,
and impairments 25 5,168 443
Share of results of
associates 15 35 62
Loss on disposal of
investment in associates 15 275 -
Equity-settled share-based
payments 7 166 76
Finance income and expense
recognised in profit
or loss 9 47 53
Other non-cash adjustments (1) (5)
Income tax benefit recognised
in profit or
loss 10 (101) (8)
============================== ============ =================================== ===================================
(78) (423)
Changes in:
Inventories (4) (17)
Trade and other receivables 16 (126) 5
Other current assets 27 7
Other non-current assets 11 (32)
Trade and other liabilities 85 85
Provisions (28) 52
============================== ============ =================================== ===================================
Net cash used in operations (113) (323)
Interest paid 21, 25 (48) (47)
Income taxes paid 10 (5) (53)
============================== ============ =================================== ===================================
Net cash used in operating
activities (166) (423)
Cash flows from investing
activities
Investment in other
intangible assets 13 (93) (53)
Investment in property and
equipment (108) (98)
Acquisition of subsidiaries,
net of cash acquired 3 128
Proceeds from sale of
investment in associates 15 1,500 -
Funding provided to
associates 15 (88) (83)
============================== ============ =================================== ===================================
Net cash generated by / (used
in) investing
activities 1,214 (106)
Cash flows from financing
activities
Proceeds from issuance of
ordinary shares 7 5 4
Transaction costs related to
issuance of ordinary
shares accounted through
equity 11 - (33)
Principal element of lease
payments 25 (54) (37)
Proceeds from borrowings 21 - 1,409
Transaction costs related to
borrowings 21 - (15)
Repayments of borrowings 21 (300) -
Taxes paid related to net
settlement of share-based
payment awards 7 (15) (16)
============================== ============ =================================== ===================================
Net cash generated by / (used
in) financing
activities (365) 1,312
Net increase in cash and cash
equivalents 683 783
Cash and cash equivalents at
beginning of year 18 1,320 529
Effects of exchange rate
changes of cash held
in foreign currencies 17 8
============================== ============ =================================== ===================================
Cash and cash equivalents at
end of year 2,020 1,320
* The comparative information is amended to separately show
the movements in other non-current assets and provisions. Reference
is made to Note 2 Amendments to 2021 presentation paragraph.
Appendix 1
Key Performance Indicators
The Grubhub business was consolidated from 15 June 2021, and the
Just Eat business was consolidated from 15 April 2020. These
figures are presented as if the combinations were completed on 1
January 2020, to provide comparable information for the periods
presented. Operations in Norway and Portugal were discontinued from
1 April 2022 and Romania from 1 June 2022. The figures presented
exclude these operations as from 1 January 2022.
These figures and percentages are unaudited and may not add up
due to rounding. Refer to the chapter 'Reconciliation of
Alternative Performance Measures' for reconciliations to the
closest IFRS-based equivalent where applicable.
On a combined basis
Millions unless stated otherwise
================================== ======= ======= =======
Partners ('000) 692 634 506
Active Consumers 90 99 91
Average Monthly Order Frequency
(#) 2.8 2.9 2.6
On a combined basis
Total orders (million)
================================== ======= ======= =======
North America 327 374 314
Northern Europe 288 296 219
UK and Ireland 260 289 190
Southern Europe and ANZ 109 128 93
Total Orders 984 1,086 816
On a combined basis
Average transaction value (EUR)
================================== ======= ======= =======
North America 35.54 30.76 31.29
Northern Europe 25.80 24.30 23.03
UK and Ireland 25.18 23.01 23.75
Southern Europe and ANZ 23.91 22.24 22.20
Average Transaction Value 28.66 25.94 26.28
On a combined basis
Total GTV (EUR million)
================================== ======= ======= =======
North America 11,626 11,501 9,827
Northern Europe 7,430 7,190 5,049
UK and Ireland 6,553 6,647 4,515
Southern Europe and ANZ 2,610 2,840 2,057
Total GTV 28,220 28,178 21,448
On a combined basis
EUR millions
============================= ======== ======== ======
Revenue
North America 2,552 2,470 2,111
Northern Europe 1,155 1,064 745
UK and Ireland 1,319 1,249 768
Southern Europe and ANZ 532 548 370
Total revenue 5,559 5,331 3,994
Adjusted revenue less Order
fulfilment costs 2,360 1,898 2,089
Adjusted EBITDA
North America 65 (28) 166
Northern Europe 313 256 217
UK and Ireland 23 (107) 237
Southern Europe and ANZ (161) (262) (92)
Head office (221) (208) (165)
Total Adjusted EBITDA 19 (350) 363
IFRS-basis
EUR millions
============================= ======== ======== ======
Loss for the period (5,667) (1,044) (151)
Cash and cash equivalents 2,020 1,320 529
Appendix 2
Reconciliation of Alternative Performance Measures
The tables below provide a reconciliation of alternative
performance measures from the most directly comparable IFRS
measures. The Grubhub business was consolidated from 15 June 2021,
and the Just Eat business was consolidated from 15 April 2020.
These figures are presented as if the combinations were completed
on 1 January 2020, to provide comparable information for the
periods presented. This is referred to as 'Combined businesses' in
the table below.
Operations in Norway and Portugal were discontinued from 1 April
2022 and Romania from 1 June 2022. These figures are presented as
if these operations were excluded as of 1 January 2022. This is
referred to as 'Discontinued businesses' in the table below.
These figures are unaudited and may not add up due to
rounding.
Combined Revenue
Unaudited
============================================================================================================
2022
EUR millions
============== ================= ================= ================= ======================== ================= ======
Revenue
(IFRS) 2,552 1,156 1,319 534 - 5,561
Discontinued
businesses - (1) - (2) - (2)
Combined
revenue 2,552 1,155 1,319 532 - 5,559
Unaudited
============================================================================================================
2021
EUR millions
============== ================= ================= ================= ======================== ================= ======
Revenue
(IFRS) 1,634 1,064 1,249 548 - 4,495
Combined
businesses 836 - - - - 836
Combined
revenue 2,470 1,064 1,249 548 - 5,331
Unaudited
============================================================================================================
2020
EUR millions
============== ================= ================= ================= ======================== ================= ======
Revenue
(IFRS) 404 723 611 303 - 2,042
Combined
businesses 1,706 22 157 66 - 1,952
Combined
revenue 2,111 745 768 370 - 3,994
Combined Adjusted EBITDA
Refer to Note 3 in the Consolidated financial statements for a
reconciliation of Adjusted EBITDA to loss before income tax
(IFRS).
Unaudited
=========================================================================================================
2022
EUR millions
============== ================= ================= ================= ===================== ================= ======
Adjusted
EBITDA 65 312 23 (169) (221) 10
Discontinued
businesses - 1 - 8 - 9
Combined
Adjusted
EBITDA 65 313 23 (161) (221) 19
Unaudited
=========================================================================================================
2021
EUR millions
============== ================= ================= ================= ===================== ================= ======
Adjusted
EBITDA (11) 256 (107) (262) (207) (331)
Combined
businesses (17) - - - (1) (19)
Combined
Adjusted
EBITDA (28) 256 (107) (262) (208) (350)
Unaudited
=========================================================================================================
2020
EUR millions
============== ================= ================= ================= ===================== ================= ======
Adjusted
EBITDA 42 216 160 (79) (140) 199
Combined
businesses 124 1 76 (13) (25) 164
Combined
Adjusted
EBITDA 166 217 237 (92) (165) 363
Combined adjusted revenue less Order fulfilment costs
Unaudited
EUR millions
====================================== ================= ================= =================
Revenue less Order fulfilment costs 2,391 1,558 1,137
Discontinued businesses 3 - -
Combined businesses - 303 953
Other items (1) (34) 37 -
Combined adjusted revenue less Order
fulfilment costs 2,360 1,898 2,089
(1) Other items include, amongst others, restructuring costs,
certain legal, tax, and regulatory matters, and certain insurance
income and costs
[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
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