DGAP-Ad-hoc | 10 Nov 2022
Delivery Hero SE / Key word(s): Bond/Forecast
Public disclosure of inside information according to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation - MAR)
Delivery Hero SE: Additional partial repurchase of 2024 convertible bonds, updated guidance for FY 2022 based on Q3 numbers and guidance for FY 2023
Berlin, 10 November 2022 – Delivery Hero SE (“Delivery Hero” or the “Company”, ISIN: DE000A2E4K43, Frankfurt Stock Exchange: DHER) announces an additional partial repurchase of its 2024 convertible bonds, updates its forecast relating to FY 2022 based on Q3 numbers and provides new guidance relating to FY 2023.
Additional partial repurchase of the 2024 convertible bonds
The Management Board of Delivery Hero decided today to repurchase a nominal amount of up to EUR 80 million (i.e., approx. 10%) of the outstanding principal of its convertible bonds (EUR 790 million) due in January 2024 over the coming months for a maximum cash amount of EUR 80 million (excluding accrued interest). Delivery Hero intends to cancel the repurchased bonds. The repurchase may start as early as today, may be carried out in over-the-counter transactions, and is expected to end by January 31, 2023 at the latest. Delivery Hero has appointed a bank to execute the repurchase independently within parameters that will be predefined. To the extent legally permissible, the repurchase can be terminated, extended, suspended, and also resumed at any time. At this time, no further repurchases are planned.
Updated FY 2022 guidance
The updated Company’s Gross Merchandise Value (“GMV”) for FY 2022 is now expected at the lower end of the former forecast of EUR 44.7 billion to EUR 46.9 billion, and Total Segment Revenue at the lower end of the previously anticipated EUR 9.8 billion to EUR 10.4 billion.
The FY 2022 adjusted EBITDA/GMV margin is now expected to arrive at -1.4% to -1.5%, improving from the previously given outlook of -1.5% to -1.6%.
The profitable markets in the Platform business are expected to achieve an adjusted EBITDA of more than EUR 450 million for H2 2022 (EUR 50 million higher than previous guidance).
The adjusted EBITDA for the Platform business of the Group (including Glovo) in Q4 2022 is now expected to arrive below the mid-point of the previously communicated guidance of EUR 40 million to EUR 120 million. This update is a result of a slightly lower GMV growth compared to the Company’s initial internal forecast as well as minor additional investments in two key markets in the Middle East and North Africa (“MENA”) segment.
The updated Company’s FY 2022 adjusted EBITDA for the Integrated Verticals segment is now expected between EUR -380 million and EUR -400 million (previously: up to EUR -475 million).
FY 2023 guidance
For the FY 2023, Delivery Hero expects the entire Group (including Glovo and comprising the Platform business and the Integrated Verticals segment) to achieve a positive adjusted EBITDA/GMV margin of more than 0.5%. For the second half of 2023, the adjusted EBITDA/GMV margin is expected at more than 1.0%. The Company previously planned to achieve positive adjusted EBITDA for the entire Group in FY 2023.
Regarding the definition of the alternative performance measures adjusted EBITDA, GMV as well as related information, the Company refers to the corresponding definition in its 2021 Annual Report on page 67 under the chapter A “Group Profile” of the Combined Management Report, which has been published on the Company’s website.
Delivery Hero will publish its Q3 2022 Trading Update/Quarterly Statement as previously scheduled on November 10, 2022 before the market open.
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This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("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," "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. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 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. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.
10-Nov-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Delivery Hero SE|
|Oranienburger Straße 70|
|Phone:||+49 (0)30 5444 59 105|
|Fax:||+49 (0)30 5444 59 024|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, OTC QB, OTC QX, SIX, Vienna Stock Exchange|
|EQS News ID:||1483773|
|End of Announcement||EQS News Service|
1483773 10-Nov-2022 CET/CEST