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2022-04-04 07:31:10

Delivery Hero SE announces launch of EUR 1.4 billion-equivalent debt financing syndication and issues outlook to reach positive adjusted EBITDA on a group level in 2023

DGAP-Ad-hoc: Delivery Hero SE announces launch of EUR 1.4 billion-equivalent debt financing syndication and issues outlook to reach positive adjusted EBITDA on a group level in 2023

Delivery Hero SE / Key word(s): Financing/Forecast
Delivery Hero SE announces launch of EUR 1.4 billion-equivalent debt financing syndication and issues outlook to reach positive adjusted EBITDA on a group level in 2023

04-Apr-2022 / 07:31 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


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 announces launch of EUR 1.4 billion-equivalent debt financing syndication and issues outlook to reach positive adjusted EBITDA on a group level in 2023

Berlin, 4 April 2022 - Delivery Hero SE ("Delivery Hero" or the "Company", ISIN: DE000A2E4K43, Frankfurt Stock Exchange: DHER) announces the syndication of a term loan transaction comprising of a USD 825 million term facility ("Dollar Term Facility") and a EUR 300 million term facility ("Euro Term Facility" and, together with the Dollar Term Facility, the "Term Facilities"). The Term Facilities will have a maturity of 5.25 years. Concurrently with the signing of the Term Facilities, the Company expects to enter into a revolving credit facility ("RCF") in the amount of EUR 375 million with a consortium of banks. The RCF will have an initial maturity of 3 years, with two 1-year extension options.

The proceeds from the Term Facilities will bolster the Company's liquidity position and will be used for general corporate purposes, including potential refinancing of convertible debt at maturity, working capital and guarantees. The RCF is expected to remain undrawn at closing of the transaction.

In connection with the transaction, the Company is providing an update on its financial performance. In the first two months of 2022, the Company generated GMV and Total Segment Revenue growth of 30% and 53% YoY, respectively (on a pro forma basis for the combination with Woowa Brother Corp., the disposal of Delivery Hero Korea LLC, and excluding Glovoapp 23, S.L. ("Glovo")).

The Company also updates its outlook for this year (excluding Glovo). For FY 2022, the Company confirms that it expects to achieve an adjusted EBITDA/GMV margin of around -1.0% to -1.2%, of which its Integrated Verticals segment is expected to contribute an adjusted EBITDA of up to EUR -525 million (previously EUR -525 million to EUR -550 million). For the Platform business (corresponding to the segments Europe, MENA, Asia and Americas, but excluding the segment Integrated Verticals), the Company confirms the previous guidance and expects to generate a positive adjusted EBITDA in FY 2022.

The Company also issues guidance for FY 2023, expecting to generate a positive adjusted EBITDA for the entire group (including Glovo) in 2023.

Regarding the definition of the alternative performance measures, adjusted EBITDA and GMV, as well as related information, Delivery Hero refers to the corresponding definition in its 2020 Annual Report, which has been published on its website.

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Responsible person for this publication:

Christoph Bast
Head of Investor Relations
+49 160 30 13 435
ir@deliveryhero.com

Disclaimer

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.


04-Apr-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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