Statement of Jitse Groen, CEO of Takeaway.com: “2017 was a year of tremendous order and revenue growth. It was also a year in which we invested heavily in marketing, our restaurant delivery service Scoober, product development and in further professionalising the Company. We are now by far the largest food delivery brand in our Leading Markets, which position is essential in order to grow towards profitability. Because of this strong growth, losses decreased in the second half of 2017, and we expect a further decline in 2018.”
• Revenue grew by 49% to €166.5 million in 2017 compared with €111.6 million in 2016, exceeding order growth, driven mostly by increased commission rates in the Germany and Other segments.
• Takeaway.com processed 68.3 million orders in 2017, representing an order growth of 38% compared with 2016, further cementing its market leadership positions in the five Leading Markets (the Netherlands, Germany, Poland, Belgium and Austria).
• Orders via Takeaway.com’s restaurant delivery service Scoober, represented 1.4% of total orders in 2017 versus 0.5% of orders in 2016. It is important to reiterate that the Company, in general, does not believe restaurant delivery services can be run at a profit.
• In 2017, the Netherlands segment continued to show strong order and revenue growth of 30% and 35% respectively compared with 2016. Adjusted EBITDA in the Netherlands further increased to €43.0 million in 2017 compared with €34.7 million in 2016, resulting in an adjusted EBITDA margin of 58%. This adjusted EBITDA included both accelerated investments in Scoober and headquarter costs.
• Takeaway.com demonstrated its strong revenue generation capability in Germany with 57% top line growth, well in excess of 38% order growth. Takeaway.com remains committed to significant investments in Germany in order to further expand its market share.
• Revenue in the segment Other grew by 75% to €34.2 million in 2017 compared with €19.6 million in 2016. Order growth in Poland, Austria and Belgium remained at high levels and Takeaway.com is the clear market leader in each of these countries in terms of orders. Poland remains a significant long-term growth opportunity.
• In February 2018, Takeaway.com strengthened its position in Eastern Europe with the acquisition of BGmenu in Bulgaria and Oliviera in Romania, in line with the strategy to further expand its leadership position on the continent. Takeaway.com will significantly invest in both Bulgaria and Romania.
• Adjusted EBITDA1 for the Company was minus €27.6 million in 2017 compared with minus €18.3 million in 2016, caused by significant investments in marketing, Scoober and further investments to professionalise the organisation, as part of its growth strategy. Although investments will continue, management expects absolute losses to decrease going forward. Adjusted EBITDA improved to minus €12.1 million in the second half year of 2017 from minus €15.5 million in the first six months of 2017.
• From 1 January 2018, the Company increased its commission rates in all Leading Markets, which is expected to have a ca. 5% positive effect on revenue growth for 2018 and onwards.
• Management reiterates the medium-term objectives.
1 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 full year 2017 (unaudited). The Company will publish its annual report 2017 on Friday 16 March 2018.
Thousands unless stated otherwise 2017 2016 2017 to 2016
(% change, except
where indicat ed)
Restaurants (#)1,2 32,929 28,787 14%
Active Consumers1,2 11,500 8,899 29%
Orders3 68,291 49,321 38%
Netherlands 27,446 21,083 30%
Germany 23,946 17,341 38%
Other 16,899 10,897 55%
Returning Active Consumers as % of Active Consumers (%)1 59% 57% 2pp
Orders per Returning Active Consumer (#) 10.7 10.5 0.2
Average Order Value (€) 19.23 19.09 0.14
GMV (in € millions) 1,313.2 941.7 39%
1 Excludes United Kingdom, for which operat ions were discont inued in August 2016, to enable like-for-like comparison
2 Number as at 31 December
3 White label orders have not been included in the number of orders, 2017: 15 thousand; 2016: 371 thousand
Thousands unless stated otherwise 2017 2016 2017 to 2016
Revenue 166,478 111,641 49%
Netherlands 74,427 55,253 35%
Germany 57,859 36,809 57%
Other 34,192 19,579 75%
Gross prof it 139,505 96,032 45%
Marketing expenses (116,636) (82,600) 41%
Adjusted EBITDA (27,572) (18,276) (51%)
Netherlands 1 43,017 34,746 24%
Germany 1 (47,024) (39,402) (19%)
Other 1 (23,565) (13,620) (73%)
Loss for the period (42,024) (30,887) (36%)
1 Includes allocatio n of headquarter expenses
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 aims to achieve revenue growth which continues to exceed order growth after 2016;
• Takeaway.com aims to achieve a positive EBITDA margin for both its Germany segment and the Group as a whole within two to three years following its initial public offering; and
• Takeaway.com 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 during 2017. We strengthened our staff across all markets and at headquarter level, with year-end staff level increasing to 761 FTEs as at 31 December 2017 from 506 FTEs as at 31 December 2016. This excluded approximately 2,000 Scoober couriers, or 410 FTEs, as at the end of 2017.
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