ALWAYS DELIVERING
AN AMAZING EXPERIENCE
Annual Report
ALWAYS DELIVERING
AN AMAZING EXPERIENCE
BACK | PREVIOUS PAGE |
FORWARD | HOME |
CONTENT
COMPANY | 03 | CONSOLIDATED FINANCIAL STATEMENTS | 127 | |||
At a Glance | 03 | Consolidated Statement of Financial Position | 129 | |||
Key Figures | 04 | Consolidated Statement of Profit or Loss and | ||||
Our Values | 06 | Other Comprehensive Income | 130 | |||
Investment Highlights | 07 | Consolidated Statement of Changes in Equity | 131 | |||
Letter from the CEO | 08 | Consolidated Statement of Cash Flows | 133 | |||
Management Board and Management Team | 10 | Notes to the Consolidated Financial Statements | 134 | |||
Report of the Supervisory Board | 11 | Responsibility Statement | 207 | |||
Corporate Governance | 18 | Independent Auditorʼs Report | 208 | |||
Compensation Report 2023 | 38 | Independent Assurance Practitionerʼs Report | 215 | |||
Non-Financial Report for the Group | 60 | |||||
Delivery Hero and the Capital Market | 78 | |||||
FURTHER INFORMATION | 217 | |||||
COMBINED MANAGEMENT REPORT | 82 | |||||
GRI, SASB, TCFD Content Index | 219 | |||||
Group Profile | 84 | Financial Calendar 2024 | 229 | |||
Economic Report | 87 | Imprint | 229 | |||
Risk and Opportunity Report | 103 | Disclaimer and further Notices | 230 | |||
Outlook | 118 | |||||
Supplementary Management Report to the | ||||||
Separate Financial Statements | 121 | |||||
Other Disclosures | 126 |
2
Delivery Hero| Annual Report 2023 | Company| Combined Management Report | Consolidated Financial Statements | Further Information |
DELIVERY HERO
AT A GLANCE
GMV | Total Segment Revenue | Adj. EBITDA / GMV |
in EUR billion | in EUR billion | in % |
+5.7%
42.8 45.3
2022 | 2023 | |
+13.5%
10.5
9.2
2022 | 2023 | |
2023
2022 | 0.6% | |
-1.1%
+1.7 PP
Note: Differences compared to the pro forma figures in the Trading Update are due to different consolidation periods for Glovo.
3
Delivery Hero| Annual Report 2023 | Company| Combined Management Report | Consolidated Financial Statements | Further Information |
DELIVERY HERO
KEY FIGURES
GROUP | ASIA | MENA | ||||||||||||||||||||
EUR million | 2023 | 2022 | Change | EUR million | 2023 | 2022 | Change | EUR million | 2023 | 2022 | Change | |||||||||||
GMV | 45,275.2 | 42,826.8 | 5.7 | GMV | 25,354.2 | 26,910.4 | −5.8 | GMV | 9,959.3 | 8,542.3 | 16.6 | |||||||||||
Total Segment Revenue | 10,463.2 | 9,218.9 | 13.5 | Segment Revenue | 3,729.4 | 3,803.6 | −1,9 | Segment Revenue | 2,700.8 | 2,218.4 | 21.7 | |||||||||||
Adj. EBITDA | 253.6 | −467.2 | > 100 | Adj. EBITDA | 385.0 | 57.0 | > 100 | Adj. EBITDA | 304.6 | 130.8 | > 100 | |||||||||||
Adj. EBITDA / GMV (%) | 0.6 | −1.1 | 1.7 PP | Adj. EBITDA / GMV (%) | 1.5 | 0.2 | 1.3 PP | Adj. EBITDA / GMV (%) | 3.1 | 1.5 | 1.5 PP | |||||||||||
EUROPE | AMERICAS | INTEGRATED VERTICALS | |||||||||||||||||||||
EUR million | 2023 | 2022 | Change | EUR million | 2023 | 2022 | Change | EUR million | 2023 | 2022 | Change | ||||||||||||
GMV | 7,510.0 | 4,782.7 | 57.0 | GMV | 2,451.7 | 2,591.4 | −5.4 | GMV | 2,224.4 | 1,866.0 | 19.2 | ||||||||||||
Segment Revenue | 1,522.4 | 980.5 | 55.3 | Segment Revenue | 651.0 | 681.6 | −4.5 | Segment Revenue | 2,126.1 | 1,734.7 | 22.6 | ||||||||||||
Adj. EBITDA | −168.2 | −158.5 | 6.1 | Adj. EBITDA | −49.9 | −132.8 | −62.4 | Adj. EBITDA | −217.9 | −363.5 | −40.0 | ||||||||||||
Adj. EBITDA / GMV (%) | −2.2 | −3.3 | 1.1 PP | Adj. EBITDA / GMV (%) | −2.0 | −5.1 | 3.1 PP | Adj. EBITDA / GMV (%) | −9.8 | −19.5 | 9.7 PP | ||||||||||||
Notes: | |||||||||||||||||||||||
Glovo contribution to the Group was based on its inclusion since July 4, 2022. | |||||||||||||||||||||||
The key figures, as well as the respective growth rates for MENA, Americas, Europe and Integrated Verticals segments were impacted by hyperinflation adjustments as Argentina, Lebanon, Türkiye and Ghana qualified as hyperinflationary | |||||||||||||||||||||||
economies according to IAS 29 Financial Reporting in Hyperinflationary | Economies. |
Total Segment Revenue is defined as revenue before the reduction of vouchers.
The difference between Total Segment Revenue and the sum of each segment revenue was mainly due to intersegment consolidation adjustments for services charged by the platform segment to the Integrated Verticals segment. GMV is accounted for in the respective platform segments and shown in the Integrated Verticals segment for illustrative purposes only.
4
DELIVERY HERO
WORLDWIDE
EUROPE1 ASIA
AMERICAS
MENA
Segment share of Group GMV:
5%
Americas
17%
Europe
22%
MENA
56% | Our brand portfolio: |
Asia | |
45.3 | |
EUR billion |
1 Glovo's operations located in Africa and Central Asia are included in the Europe segment.
5
OUR
VALUES
We deliver solutions. We always aim higher. We are Heroes because we care.
At Delivery Hero, we are driving the future of food delivery and quick commerce to bring anything instantly to our customers. Our mission is to deliver an amazing experience, fast, easy, and to your door. From your favorite restaurant to your local neighborhood shop, we make every order a flawless experience - freeing up your time for moments that truly matter and bring you joy. By being true to our values, we are building a company that the next generation can be proud of. Using our platform for good, we aspire to be an inclusive, responsible and sustainable industry player, always putting our employees, customers, partners, and riders first.
Delivery Hero| Annual Report 2023 | Company| Combined Management Report | Consolidated Financial Statements | Further Information |
DELIVERY HERO
INVESTMENT HIGHLIGHTS
Highly attractive cohort model
Business based on stable customer cohorts generating higher GMV over time. Newly acquired cohorts generate higher GMV than previous cohorts.
Huge market opportunity
Food, groceries and quick commerce offer long-term GMV potential of > € 200 billion.
Strong leadership positions
Footprint serves more than 2 billion people around the world and approx. 90% of Group GMV is generated from #1 countries.¹
1 Based on management estimates
Advertising offers significant earnings opportunity
Expect to generate high margin advertising revenues of more than € 2.0 billion by FY 2024 / 25. Long-term ad revenues should account for 3-5% of Group GMV.
Multi-category service
Attractive mix of Food Delivery, Quick Commerce and Deliver Anything strengthens our ecosystem while raising market entry barriers.
Clear path to profitability
Plan to generate adj. EBITDA of € 725-775 million in FY 2024 on Group level. Long-term target target for adj. EBITDA / GMV margin of 5-8%.
7
Delivery Hero| Annual Report 2023 | Company| Combined Management Report | Consolidated Financial Statements | Further Information |
LETTER FROM
THE CEO
Niklas Östberg Co-Founderand Chief Executive Officer
Dear shareholders and friends of Delivery Hero,
Our team made meaningful contributions during the year that enabled us to further progress towards our long-term strategic direction as a business.
We continued to deepen our standing as a leading global player in food delivery and quick commerce, and most notably became the sole shareholder of HungerStation, our Saudi business. This move has allowed us to build stronger synergies between HungerStation and the rest of our ecosystem, and further grow the local market. We also made significant optimizations to the operating
model of our portfolio as we continually work to become a leaner, more efficient global organization. In a highly competitive industry, this is a crucial task - one that can result in strategic shifts in priorities where necessary, with the long-term prosperity and sustainability of the business in mind. In line with this approach, we closed our operations in Vietnam. Such decisions will ultimately enable us to progress towards the next stage of our strategic devel- opment, but I would like to express my gratitude to the team in Vietnam for their dedicated work and contributions towards the business.
8
Delivery Hero| Annual Report 2023 | Company| Combined Management Report | Consolidated Financial Statements | Further Information |
Our community of global tech hubs continued to drive our ongoing mission to build best-in-class technological solutions throughout 2023. Unlocking innovation that can drive business growth and push the industry forward remains ingrained in our culture of experimentation, one that emphasizes impact, not ego. I've witnessed some inspiring progress from the teams as a result. In May, we launched talabatAI, MENA's first ChatGPT-powered AI grocery shopping assistant, born out of a hackathon event held in the UAE. We further utilized the power of AdTech to launch a new self-booking experience, where restaurants and external companies can book and place ads in real time. Addi- tionally, we continued to make positive contributions towards the greater tech landscape in leveling up local tech talent with the completion of foodpanda Singapore's annual Tech Traineeship Program, readying the next generation of tech talent for success.
This year, we saw a continued shift in the aspirations of the market due to the challenging conditions and world events that backdropped the global economy during the course of the year. This had an undeniable influence on the evolution of the technology sector, with many in the industry optimizing their strategies and adjusting their priorities, in the interest of achieving an operating environment with long-term sustainability. We also took significant strides to accelerate our financial sustainability and delivered many major milestones during the year. We achieved a particularly significant result in our Dmarts business, attaining a positive gross profit for the first time in our company his- tory, ahead of previous guidance. We delivered on our promise to reach free cash flow break-even point during the second half of the year, while generating attractive growth and further investing in our Platform business. By remaining focused on elevating our core business perfor- mance, each quarter proved comparatively more successful than the one before, closing the year with an adjusted
EBITDA uplift on a pro forma basis of more than € 870 million year-on-year, and a positive adjusted EBITDA of more than € 250 million for FY 2023. Wrapping up 2023, we generated an all-time high sales volume in December. On the whole, we managed to improve overall profitability on a Group level due to stronger unit economics and improved delivery costs, while simultaneously generating attractive growth in Europe, MENA, the Americas, and in Quick Commerce. By unlocking this efficiency, we can continue driving our food delivery and Quick Commerce offerings around the world with greater products, service and availability for our customers.
Throughout our path to profitability, we've kept a consistent focus on uplifting and driving positive change in the global setting in which we operate. We have a responsibility to hold ourselves to a higher standard, using our influence to positively impact the broader industry, and we've ensured that our sustainability objectives are embedded within Delivery Hero's foundations and the ambitions of our strategic framework. Delivery Hero is committed to the UNGC principles and advancing the Sustainable Development Goals, and we continue advancing our work across a number of critical sustainability topics material to our business and stakeholders. This includes our long-term path to reducing emissions in line with Science-Based Targets.
As we move forward into 2024 with a positive financial outlook and a more efficient operating model than ever, I am filled with excitement to reach the next milestones for Delivery Hero. I am really proud of the way our employees have responded to change in 2023 and I'm grateful for their dedication and commitment to the future. They have remained focused on helping the business thrive in a constantly shifting climate, and unlocked new possibilities for 2024, which includes driving the business towards positive free cash flow.
Our role as pioneers in the technology industry is to set standards for innovation in a rapidly growing and highly competitive space. This remains at the forefront of our strategic direction, and we remain deeply committed to developing the delivery and quick commerce playing field with our leading local businesses. We see a world of opportunity to power the future of delivery and continue to enhance the customer experience. On behalf of our committed and diverse workforce of almost 45 thousand employees, I want to thank our customers, our partners and our shareholders for placing their trust in Delivery Hero and believing in our ability to create global opportunities.
Yours,
Niklas Östberg
9
Delivery Hero| Annual Report 2023 | Company| Combined Management Report | Consolidated Financial Statements | Further Information |
ONE TEAM ONE MISSION
MANAGEMENT BOARD
Niklas Östberg | Emmanuel Thomassin | Pieter-Jan Vandepitte |
Co-Founder and Chief Executive Officer | Chief Financial Officer | Chief Operating Officer |
MANAGEMENT TEAM | ||
Johannes Bruder | Ana Mitrasevic |
Chief Product Officer | Chief People & Sustainability Officer |
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Delivery Hero SE published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 14:22:06 UTC.