Takeaway.com reports 53% revenue growth in the first half of 2017
Statement of Jitse Groen, CEO of Takeaway.com
“In the first half of 2017 we have taken further steps in the execution of the plan laid out at the time of our Initial
Public Offering (IPO). We firmly believe that only sizeable market-leading positions in large food delivery markets
will generate high and sustainable EBITDA levels. It is therefore of the utmost importance to grow our already
significant market positions, especially in Germany and Poland, to a similar scale as our Dutch operations, where
we have demonstrated such profitability. Takeaway.com is well on track to achieve this objective.
Our net loss for the period is a result of significant investments we have made in our organisation and in marketing.
The rapid growth of Scoober also required accelerated investments. That being said, we expect absolute losses to
decrease going forward, in line with our medium-term profitability targets. It is important to understand that
revenue growth will be the major driver for margin improvement, rather than a deceleration of our investments.”
• Takeaway.com processed 32.0 million orders in the first six months of 2017, representing an order
growth of 43% compared with the first half of 2016, further cementing its market leadership positions in
its five Leading Markets (the Netherlands, Germany, Poland, Belgium and Austria).
• Revenue grew 53% to €77.4 million in the first six months of 2017 compared with the first half of 2016.
Revenue growth exceeded order growth, mainly driven by increased commission rates in the Germany
and Other segments.
• The Netherlands segment continued to show strong order growth of 31%, and revenue growth of 35%,
in the first six months of 2017 compared with the first half of 2016. The Netherlands’ adjusted EBITDA
further increased to €20.5 million in the first six months of 2017 compared with €16.3 million in the first
half of 2016, resulting in an adjusted EBITDA margin1 of 59%, post headquarter costs and including the
accelerated Scoober investments.
• Takeaway.com demonstrated its strong revenue generation capability in Germany with 63% top line
growth, well in excess of 44% order growth. Takeaway.com remains committed to significant investments
in Germany in order to further expand its market share.
• Management believes the company has further outgrown competitors in the Other segment with its
Polish brand now being approximately five times larger than the nearest competitor and its Austrian
brand being more than 40% larger than the number two, both in terms of orders. Revenue grew in Poland
by 133%, and in Austria by 61%, in the first six months of 2017 compared with the first half year of 2016.
• Adjusted EBITDA2
for the company was minus €15.5 million in the first six months of 2017, caused by
significant investments in marketing, Scoober and further professionalising the organisation, as part of
its growth strategy. Although these investments will continue to increase, management expects losses
to decrease going forward.
• Management reiterates the medium-term objectives as communicated in the Q1 2017 trading update.
Adjusted EBITDA divided by Revenue
Profit or loss for the period before depreciation, amortisation, finance income and expenses, share-based payments, share of loss of
joint ventures, non-recurring items and income tax expense
Takeaway.com N.V. (AMS: TKWY), hereinafter the “company”, or together with its group companies
the “group” or “Takeaway.com”, the leading online food delivery marketplace in Continental Europe,
hereby reports its financial results for the first six months of 2017.
Thousands unless st at ed ot herwise H1 2 0 17 H1 2 0 16 H1 2 0 17 t o H1 2 0 16
( % change, except
where indicat ed)
31,289 27,090 16%
10,167 7,539 35%
31,984 22,342 43%
Netherlands 12,918 9,873 31%
Germany 11,257 7,810 44%
Other 7,809 4,659 68%
Returning Active Consumers as % of Active Consumers (%)1
58% 55% 3pp
Orders per Returning Active Consumer (#) 10.8 10.2 0.6
Average Order Value (€) 19.17 19.15 0.02
GMV (in € millions) 613.3 428.7 43%
Excludes United Kingdom, for which operations were discontinued in August 2016, to enable like-for-like comparison
Number as at 30 June
White label orders have not been included in the number of orders, H1 2017: 15 thousand; H1 2016: 312 thousand
€’0 0 0 H1 2 0 17 H1 2 0 16 H1 2 0 17 t o H1 2 0 16
( % change)
Revenue 77,360 50,459 53%
Netherlands 34,775 25,731 35%
Germany 27,017 16,544 63%
Other 15,568 8,184 90%
Gross profit 65,176 43,709 49%
Marketing expenses (58,851) (36,254) 62%
Adjusted EBITDA (15,467) (8,149) (90)%
20,516 16,330 26%
(23,837) (17,886) (33)%
(12,146) (6,593) (84)%
Loss for the period (21,837) (11,540) (89)%
Includes allocation of headquarter expense
Management reiterates the following medium-term objectives:
• Takeaway.com aims for order growth to exceed 25% per annum in the medium-term (targeting
greater than 30% compounded annual growth rate (CAGR) from 2015 to 2018);
• Takeaway.com is seeking to achieve revenue growth which continues to exceed order growth after
• Takeaway.com is seeking to achieve a positive EBITDA margin for both its Germany segment and the
company as a whole within two to three years following its IPO; and
• The company aims for adjusted EBITDA in the Netherlands to continue to increase.
The group's ability to achieve these objectives will depend upon a number of factors outside of its control,
including significant business, economic and competitive uncertainties and contingencies.
Our people are critical to the success of our business and we made significant investments in our organisation
in the first six months of 2017. During this period, we strengthened our staff across all markets (including
Scoober drivers) and at headquarter level, with average FTE increasing to 938 FTE as at 30 June 2017 from
720 FTE as at 31 December 2016.
For the first time, we introduced an equity-based compensation plan for our senior managers, an important
part of our efforts to attract and retain top-quality staff.
To maintain our strong growth, we will continue to invest significantly in our offering to consumers and
restaurants, in conformity with the guidance given by the company at our full year results announcement.
We will do this through investments in marketing, product development, expansion of Scoober, recruitment
of staff at all levels and organisational infrastructure. As a result, we anticipate a loss at group level for the
year 2017 but expect the absolute amount of future losses to decrease going forward.
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For more information, please visit our corporate website: https://corporate.takeaway.com