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2022-04-04 07:33:19

Delivery Hero 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-News: Delivery Hero 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-News: Delivery Hero SE / Key word(s): Financing/Forecast
04.04.2022 / 07:33
The issuer is solely responsible for the content of this announcement.

  • Delivery Hero launches a term loan transaction, bolstering the Company's strong liquidity position for the long-term
  • The transaction comprises of a USD 825 million term facility, a EUR 300 million term facility and a EUR 375 million revolving credit facility
  • Delivery Hero updates the adjusted EBITDA outlook for FY 2022
  • Furthermore, Delivery Hero publishes guidance for FY 2023, expecting positive adjusted EBITDA for the entire group (including Glovo)

Berlin, 4 April 2022 - Delivery Hero SE ("Delivery Hero" or the "Company"), the world's leading local delivery platform, announces the syndication of a term loan financing 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.

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: "We're excited to be able to launch this financing transaction today, as it proves our ability to access various funding sources thanks to the fundamental strength of our business. We have established a strong and diversified capital structure that provides us with financial flexibility and ample liquidity buffers to deliver on our strategic priorities. This financing transaction marks another important milestone for Delivery Hero as we are progressing on our objective of delivering superior growth while approaching group level profitability."

The proceeds from the Term Facilities will be used for general corporate purposes, including potential refinancing of convertible debt at maturity, working capital and guarantees. After having successfully placed convertible bonds in the market, this is another milestone in the financing structure of Delivery Hero and will help to diversify funding sources and further bolster the Company's strong liquidity position for the next years to come. The RCF is expected to remain undrawn at closing of the transaction.

Positive adjusted EBITDA for the entire group expected in 2023
In connection with the transaction, Delivery Hero 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[1].

Delivery Hero also updates its outlook for this year[2]. For FY 2022, Delivery Hero 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 now 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.

Delivery Hero also issues its guidance for FY 2023, expecting to generate a positive adjusted EBITDA (including Glovo) for the entire group in FY 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 Investor Relations website.

Further information
Following the launch of the transaction, Delivery Hero will publish an Investor Presentation today at approximately 17:45 CEST on its Investor Relations website, providing further insights on its financials, competitive positioning and strategy. Additionally, the Company will be hosting a conference call today at 18:30 CEST. A livestream webcast and replay will be available here.


ABOUT DELIVERY HERO
Delivery Hero is the world's leading local delivery platform, operating its service in around 50 countries across Asia, Europe, Latin America, the Middle East and North Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 10 to 15 minutes. Headquartered in Berlin, Germany, Delivery Hero is listed on the Frankfurt stock exchange since 2017, and became part of the leading index DAX (Deutscher Aktienindex) in 2020. For more information, please visit www.deliveryhero.com

MEDIA CONTACT
Kingsum Li
Corporate & Financial Communications
+49 151 112 086 22
press@deliveryhero.com

INVESTOR RELATIONS CONTACT
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.

[1] Pro forma refers to the combination with Woowa Brothers Corp., the disposal of Delivery Hero Korea LLC, and excluding Glovoapp 23, S.L. but does not refer to the divestiture of Japan, Romania, Bulgaria and the Balkan countries.
[2] The guidance for FY 2022 is excluding Glovo.



04.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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