DGAP-Ad-hoc | 22 Jul, 2022 9:57 AM
Delivery Hero SE / Key word(s): Change in Forecast/Bond
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: Updated guidance for FY 2022 based on preliminary Q2 numbers and announcement of partial repurchase of 2024 convertible bonds
Berlin, 22 July 2022 - Delivery Hero SE ("Delivery Hero" or the "Company", ISIN: DE000A2E4K43, Frankfurt Stock Exchange: DHER) today publishes preliminary results for Q2 2022 and updates its guidance for the full-year 2022. Furthermore, the Company announces the partial repurchase of the 2024 convertible bonds.
Preliminary Q2 2022 results (excl. Glovo)
Delivery Hero today publishes preliminary results for Q2 2022. On this basis, Gross Merchandise Value (GMV) increased by 18% YoY to EUR 9.9 billion (consensus: EUR 10.1 billion) and Total Segment Revenue grew by 38% YoY to EUR 2.1 billion (consensus: EUR 2.2 billion1) in Q2 2022. The Delivery Hero-Group improved the preliminary adjusted EBITDA/GMV margin by 0.4 percentage points YoY to -1.6% in H1 2022 (consensus: -1.8%1) and by 1.0 percentage points YoY to -1.4% in Q2 2022. This has been driven by a strong performance of the Platform business, which was at break-even in terms of adjusted EBITDA in May and June 2022, excluding the one-off impact from Turkey, according to IAS 29.
Updated guidance Delivery Hero (excl. Glovo)
Due to the improving competitive environment in recent months, the Management Board of the Company has decided to further focus on profitability. As a result, the outlook for FY 2022 has been adjusted. The Management Board now expects a lower GMV between EUR 41 to 43 billion (previously: EUR 44 to 45 billion), lower Total Segment Revenue between EUR 9.0 to 9.5 billion (previously: EUR 9.5 to 10.5 billion) and an improved adjusted EBITDA/GMV margin of -0.9% to -1.0% (previously: -1.0% to -1.2%) for FY 2022. Furthermore, Delivery Hero confirms its guidance that the Platform business is expected to generate a positive adjusted EBITDA for the full-year 2022, implying that the Platform business will be profitable in H2 2022. The investments in the Integrated Verticals segment - based on adjusted EBITDA - are expected to amount up to only EUR -475 million (previously: up to EUR -525 million).
Delivery Hero also publishes preliminary numbers for GlovoApp23, S.A. (“Glovo”) as well as an updated guidance for Glovo for the full-year 2022. According to Glovo, GMV grew by 88% YoY in Q2 2022 and by 85% YoY in H1 2022 (+35% like-for-like) to EUR 1.8 billion based on preliminary numbers. Due to more moderate growth ambitions, the Glovo management now expects GMV of EUR 3.7 to 3.9 billion for FY 2022 (previously: EUR 4.0 to 4.3 billion). This results in a lower loss of adj. EBITDA for Glovo than previously targeted, now amounting to an expected up to EUR -300 million (previously: EUR -330 million).
Delivery Hero Group guidance plus Glovo for FY 2022
For the Delivery Hero Group and Glovo on a pro-forma basis, the Management Board of the Company expects GMV to range between EUR 44.7 to 46.9 billion, Total Segment Revenue to reach EUR 9.8 to 10.4 billion and an adjusted EBITDA/GMV margin of -1.5% to -1.6% in FY 2022. This includes adj. EBITDA investments in Integrated Verticals of up to EUR -475 million. Furthermore, the Management Board now expects the Platform business - including the negative EBITDA at Glovo - to break-even in terms of adjusted EBITDA during Q3 2022, and to generate between EUR 40 and 120 million (previously: EUR 0 to 100 million) in Q4 2022.
Partial repurchase of the 2024 convertible bonds
Further, the Management Board of Delivery Hero decided today to repurchase a nominal amount of up to EUR 85 million (i.e., approx. 10%) of its convertible bonds due in January 2024 over the coming months for a maximum cash amount of EUR 85 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 September 30, 2022. 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.
Delivery Hero will publish its Q2 2022 Trading Update as previously scheduled on August 16, 2022. The final numbers for the second quarter of 2022 may deviate from the preliminary results indicated in this ad-hoc release. All numbers presented in this ad-hoc release are unaudited and based on preliminary information.
Regarding the definition of the alternative performance measures, adjusted EBITDA, Total Segment Revenue and GMV, as well as related information, Delivery Hero refers to the corresponding definition in its 2021 Annual Report on page 67 under the chapter A “Group Profile” within the Combined Management Report, which has been published on the Company’s website.
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.
 Company compiled consensus, including 18 analysts.
 The capital increase in relation to the Glovo transaction was registered on 21 July 2022.
 Like-for-like growth rates are adjusted for the acquisition of certain operations in the Balkan region in 2021.
 Pro-forma basis: Delivery Hero Group results including Glovo from 1 January 2022 onwards.
22-Jul-2022 CET/CEST The DGAP 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:||1403593|
|End of Announcement||DGAP News Service|
1403593 22-Jul-2022 CET/CEST