Delivery Hero

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Delivery Hero SE

logo
legal form Societas Europaea
ISIN DE000A2E4K43
founding May 2011
Seat Berlin , GermanyGermanyGermany 
management
  • Niklas Östberg ( CEO )
    Emmanuel Thomassin ( CFO )
Number of employees 24,617 (2019)
sales 1.24 billion euros (2019)
Branch Online services, delivery service
Website deliveryhero.com

The Delivery Hero SE is a publicly traded company with headquarters in Berlin . It operates online food ordering platforms worldwide.

Business model

The subsidiaries operate online food ordering services under different company and brand names, in which customers are referred to restaurants and delivery services . These companies generate income by receiving a monthly fee for listing the delivery services on their pages and additionally charging a proportionate commission per order turnover .

In mid-2016, the company (according to its own information) had 200,000 partner restaurants and processed 13 million orders a month. In 2017, the company is active in around 40 countries, including Germany, Austria , Sweden , Great Britain , Turkey , Australia , South Korea and various countries in South America and the Middle East . Delivery Hero employed around 12,100 people worldwide in the 1st quarter of 2017, including 6,800 drivers and 1,000 people at its headquarters in Berlin. Co-founder and managing director is the Swede Niklas Östberg, a former management consultant. In December 2017, the company had 14,631 employees.

Company history

Delivery Hero is based in Berlin, Oranienburger Strasse 70. Formerly the Institute for Post and Telecommunications (2010)

Establishment as a start-up and rapid growth

Delivery Hero was founded in May 2011 in Berlin by Niklas Östberg, Kolja Hebenstreit, Markus Fuhrmann and Lukasz Gadowski as a start-up company under the name RPG International Holding GmbH and renamed Delivery Hero GmbH in the course of the year . The aim was to create a global online network for ordering food. The first companies to be united under the umbrella of the holding were OnlinePizza (Sweden, Austria, Finland and Poland ) as well as the British platform hungryhouse and the Lieferheld platform , which had already been founded in Germany and which was entirely managed by Delivery Hero in the course of 2012 were taken over.

The growth of the company until 2014 aroused the interest of investors who invested over 400 million euros in 2014, which u. a. the takeover of the German market leader pizza.de in August 2014 and the expansion into the South American area made possible. In February and March 2015, the Berlin Internet company Rocket Internet acquired a 38.5% stake in Delivery Hero in two steps for more than half a billion euros, but has no seat on the supervisory board and hardly any operational influence. Delivery Hero was able to take over the market leader in the Middle East, Talabat, as well as the Turkish market leader Yemeksepeti . Following further takeovers in 2014, Delivery Hero agreed to sell business areas in certain countries with its competitor Foodpanda , and vice versa, the company took over areas of Foodpanda . The agreement enabled both companies to strengthen their respective national priorities.

The $ 589 million purchase of Yemeksepeti in May 2015 was the highest sum paid to date for a takeover in this segment. After the last investment round in June 2015, Delivery Hero was valued at 2.8 billion euros (3.1 billion dollars), making it the second-highest valuation in Europe after Spotify among privately financed Internet companies .

Bicycle advertising for Foodora in Lyon, 2016

In September 2015, Delivery Hero took over the restaurant delivery service Foodora from the previous owner Rocket Internet . The restaurant delivery service Valk Fleet , launched in 2015 , was closed in March 2016 in order to concentrate on Foodora .

After purchasing Foodpanda in December 2016, Delivery Hero reorganized its business and on December 15, 2016 announced the sale of its subsidiary Hungryhouse Holdings Limited to competitor Just Eat for EUR 240 million in cash and a further EUR 48 million if certain goals were achieved. In the spring of 2017, the South African media group Naspers acquired around 10% of Delivery Hero for 387 million euros, reducing Rocket Internet's stake to 33%. In September, Naspers acquired a further 13% from Rocket for around € 660 million.

initial public offering

Delivery Hero examined an IPO for 2016 in autumn 2015. At that time, banks were already commissioned for the IPO, in which around 1 billion euros in capital was to be raised. In the summer of 2016, CEO Niklas Östberg considered an IPO in 2017 to be “quite possible”; there is “no need to rush”. In January 2017, Östberg announced that it would be ready for the stock exchange from the second quarter of the current year. According to manager magazin, he was aiming for a valuation of around 3.5 billion euros. In the summer of 2017, Delivery Hero changed its legal form from a GmbH to an AG. On June 6, 2017, an IPO in the Frankfurt Prime Standard was announced for the “coming months”, and two weeks later the date June 30 and the price range 22 to 25.50 euros were set. The shares offered were placed on the Frankfurt Stock Exchange on June 30, 2017 at € 25.50. With around 153 million old shares and 19 million newly issued shares at the time of the IPO , this corresponded to an enterprise value of 4.4 billion euros.

It was the largest IPO of the year to date. With total proceeds of 789 million euros, it was the third largest IPO of an Internet company in Germany to date. In September of the same year, Delivery Hero took over the South Korean delivery service Foodfly. In November 2017, the company was valued at 6.5 billion euros. Delivery Hero increased its sales by 60 percent to 544 million euros in 2017.

From September 18, 2017 to June 18, 2018, the shares of Delivery Hero AG were in the small cap index SDAX and have since been listed in the MDAX .

Further takeovers and sales, inclusion in the DAX

In December 2017 Delivery Hero sold the subsidiary Foodpanda India to the Indian driver service agent Ola. In return, Delivery Hero received company shares in Ola.

Foodarena.ch has been part of Delivery Hero since March 2018. In June 2018, its sale to Takeaway.com was announced. The parties agreed not to disclose the price.

In July 2018, the company changed its legal form again, this time from an AG to a European stock corporation (SE).

At the beginning of August 2018, Foodora announced its withdrawal from Australia, as it wanted to concentrate on other, more promising markets. The company had previously been criticized and even sued for the working conditions of its drivers there. Foodora voluntarily filed for bankruptcy in Australia on August 17, 2018.

On December 21, 2018, the company announced that it would sell its German business to the Dutch competitor Takeaway.com for shares and cash worth 930 million euros. The deal was closed in April 2019. In 2019 Delivery Hero achieved an annual profit of 230.2 million euros.

In January 2020, Delivery Hero received EUR 2.3 billion for the acquisition of South Korean competitor Woowa Brothers through the issue of two convertible bonds and a capital increase . In the first quarter of 2020, Delivery Hero increased its sales by 92 percent to 515 million euros.

On August 24, 2020, Delivery Hero took Wirecard's place in the DAX .

Corporate governance

Board Supervisory board
  • Niklas Östberg, co-founder and CEO
  • Emmanuel Thomassin, CFO
  • Martin Enderle (chairman), managing director of allmyhomes GmbH
  • Hilary Gosher, Adjunct Associate Professor at Columbia SIPA
  • Vera Stachowiak, employee at Delivery Hero SE
  • Christian von Hardenberg, CTO of Delivery Hero SE
  • Patrick Kolek (Vice Chairman), Group Chief Operating Officer at Naspers Limited
  • Björn Ljungberg, employee at Delivery Hero Sweden AB

criticism

As early as 2018, the company came under fire for the working conditions of the bicycle couriers. The pay is only slightly above the minimum wage, and the couriers have to use their own bikes and smartphones for their work. According to the Süddeutsche Zeitung, there is only a works council at very few locations. The fluctuation in the industry is high, nobody wants to do the job in the long term.

Shareholder advocates criticize that it is not foreseeable that the business model can generate profits in the long term. It is also questionable whether the company is adequately controlled.

Acquisitions and investments

Delivery Hero has acquired the following companies and portals since it was founded:

  • 2014: PedidosYa - delivery service agent from Uruguay with services in Argentina , Brazil , Chile , Colombia , Mexico , Peru and other countries
  • 2014: Sinimanes - Argentine delivery service agent with services in Argentina, Mexico and Chile
  • 2014: ClickDelivery - Colombian delivery service broker with offers in Colombia, cities in Argentina and Peru
  • 2014: Subdelivery - Brazilian delivery service intermediary specializing in subway restaurants
  • 2015: Talabat - delivery service provider from Kuwait with offers in Kuwait, Saudi Arabia , United Arab Emirates and other countries. Came to Delivery Hero as a stake in Rocket Internet through a capital increase .
  • 2015: DameJidlo - delivery service in Slovakia and the Czech Republic
  • 2015: Jidloted - delivery service in the Czech Republic
  • 2015: Yemeksepeti - Turkish delivery service broker with services also in Greece , Saudi Arabia, Lebanon and other countries
  • 2015: Suppertime Australia - delivery service for premium restaurants in Australia
  • 2016: Foodpanda - Rocket Internet participation, delivery service with a focus on countries such as India , Pakistan , Bangladesh and Singapore
  • 2017: Carriage - food delivery service in Kuwait
  • 2017: Foodfly - delivery service in South Korea
  • 2018: Foodarena - delivery service in Switzerland
  • 2019: Honest Food - Ghost restaurant chain
  • 2020: Woowa Brothers delivery service in South Korea

Former holdings

  • 2014–2019: Pizza.de - ordering portal with a focus on Germany
  • 2015: MyLorry, later renamed Food Express, bankrupt in November 2015
  • 2015–2019: foodora - Rocket Internet participation, specialized delivery service for restaurants without their own delivery service with a focus on Europe, Australia and Canada

Business figures

Data of the delivery hero group :

year Sales (€ million) EBITDA (€ million) Ø employees source
2013 42 −26 547
2014 88 −70 1,018
2015 200 −174 2,843
2016 297 −107 6,848
2017 544 −94 12,882
2018 792 −142 16,627
2019 1,238 −431 22,515

There were changes in accounting in the 2016 financial year . Without this change, the EBITDA loss would have been EUR 99 million.

Sales in the 2018 financial year include sales of the German companies of EUR 105.4 million. The companies were classified as discontinued operations.

See also

Individual evidence

  1. ↑ a b c Annual financial statements and combined management report. Delivery Hero, December 31, 2019, accessed August 22, 2020 .
  2. ↑ Peer Schader: Delivered - How Pizza.de and Lieferheld put the gastronomy under pressure. Retrieved February 10, 2020 .
  3. ↑ Delivery Hero launches premium brand Urban Taste in Germany: Delivery Hero - The Easiest Way to Your Favorite Food. In: deliveryhero.com. Retrieved July 18, 2016 .
  4. ↑ Delivery Hero to reorganize its food delivery business: Delivery Hero - The Easiest Way to Your Favorite Food. In: deliveryhero.com. Retrieved July 18, 2016 .
  5. ↑ a b c d e Securities sales prospectus of Delivery Hero AG , June 19, 2017. Countries on page S-1, number of employees in section 12.10, company history in section 16.1, changed accounting on pages F-31 and F-32.
  6. ↑ Philipp Alvares de Souza Soares, Jonas Rest: Hungry Eyes. In: Manager Magazin, No. 2, January 20, 2017, p. 35
  7. ↑ Delivery Hero AG annual financial statements for the financial year from January 1, 2017 to December 31, 2017. Bundesanzeiger Verlag, April 24, 2017, accessed on July 31, 2018 .
  8. ↑ a b Rocket Internet Puts $ 586M Into Delivery Hero, Buys 9 Other Food Startups. In: TechCrunch. Retrieved April 7, 2019 (American English).
  9. ↑ Nora-Vanessa Wohlert: Team Europe founds Delivery Hero Holding. In: Gründerszene. November 8, 2011, accessed February 5, 2017 .
  10. ↑ Claude Ritter and Nikita Fahrenholz on their day-to-day work at Lieferheld . In: Gründerszene Magazin . ( Online [accessed June 20, 2017]).
  11. ↑ Catherine Shu: Foodpanda and Delivery Hero Acquire Companies From Each Other In India, Mexico, And Latin America. In: TechCrunch . November 17, 2014, accessed December 14, 2016 .
  12. ↑ Delivery Hero and foodpanda close multiple acquisition deals. Press release. Delivery Hero, November 17, 2014, accessed December 15, 2016 .
  13. ↑ Delivery Hero Eats Up Turkey's Yemeksepeti For A Record $ 589M. In: TechCrunch. Retrieved April 7, 2019 (American English).
  14. ↑ Delivery Hero reaches $ 3bn valuation on latest funding round. Retrieved April 7, 2019 (American English).
  15. ↑ Niklas Wirminghaus: Rocket passes Foodora on to Delivery Hero. In: Gründerszene. September 17, 2015, accessed December 14, 2016 .
  16. ↑ Christina Kyriasoglou: Delivery Hero closes its own delivery service Valk Fleet. In: Gründerszene. March 15, 2016, accessed December 15, 2016 .
  17. ↑ Caspar Tobias Schlenk: Delivery Hero sells its UK business for £ 200 million. In: Gründerszene. December 15, 2016, accessed December 15, 2016 .
  18. ↑ Delivery Hero: Fresh money for Foodora parent company . In: Frankfurter Allgemeine Zeitung . May 16, 2017, ISSN  0174-4909 ( online [accessed August 16, 2017]).
  19. ↑ "Oliver Samwer can apply whatever pressure he wants" . In: Gründerszene Magazin . ( Online [accessed September 8, 2017]).
  20. ↑ Delivery Hero Said to Pick Citigroup, Goldman Sachs for IPO . April 7, 2019 ( online [accessed April 7, 2019]).
  21. ↑ Delivery Hero is pressing ahead with its stock market plans , welt.de, August 7, 2016.
  22. ↑ Philipp Alvares de Souza Soares, Jonas Rest: Delivery Hero wants to pile up before going public. In: Manager Magazin . January 20, 2016. Retrieved February 8, 2017 .
  23. ↑ IPO / Delivery Hero sets course for IPO: Conversion into AG finanzen.net on June 2, 2017
  24. ↑ Delivery Hero plans IPO in 2017 , company press release on dgap.de, June 6, 2017.
  25. ↑ Delivery Hero sets price range for planned IPO at EUR 22.00 to EUR 25.50 , company press release on dgap, June 19, 2017.
  26. ↑ a b Delivery Hero sets final offer price at EUR 25.50 , press release on DGAP.de, June 29, 2017.
  27. ↑ a b Delivery Hero launches largest IPO of the year. In: Spiegel Online. June 30, 2017. Retrieved July 1, 2017 .
  28. ↑ Annual Report 2017. Rocket Internet, March 29, 2018, accessed on May 9, 2018 .
  29. ↑ Delivery Hero buys in South Korea - that's why the market is so important . In: The shareholder . September 20, 2017, ISSN  1432-4911 ( online [accessed October 9, 2017]).
  30. ↑ Sales increase: Delivery Hero continues to grow significantly . ( Online [accessed February 22, 2018]).
  31. ↑ Delivery Hero increases sales by 60 percent - manager magazin . In: Manager Magazin . ( Online [accessed February 22, 2018]).
  32. ↑ METRO AG and Grand City Properties SA to be included in MDAX , press release from Deutsche Börse, September 5, 2017.
  33. ↑ https://www.dax-indices.com/document/News/2018/June/Scout24,%20Delivery%20Hero%20und%20Puma%20in%20MDAX-Index%20aufnahm.pdf
  34. ↑ Delivero Hero competes with Uber. In: n-tv. December 19, 2017. Retrieved August 30, 2017 .
  35. ↑ Why Delivery Hero is selling its India business to gain a foothold there. In: NGIN Food. December 19, 2017, accessed August 30, 2018 .
  36. ↑ Delivery Hero wants everything - or nothing In: fuw.ch , March 12, 2018, accessed on March 12, 2018.
  37. ↑ a b Delivery Hero: Delivery Hero sells Swiss operations. June 22, 2018, accessed June 26, 2018 .
  38. ↑ Delivery Hero sells its Swiss business. In: Handelsblatt . June 22, 2018. Retrieved June 27, 2018 .
  39. ↑ Delivery Hero changes to SE and introduces a new supervisory board. In: dgab.de. July 16, 2018, accessed August 14, 2018 .
  40. ↑ Berlin start-up Foodora is leaving Australia. In: www.spiegel.de. August 3, 2018, accessed August 3, 2018 .
  41. ^ Foodora just put its Australian business into voluntary administration. In: businessinsider.com.au. August 17, 2018, accessed September 4, 2018 .
  42. ↑ For almost a billion euros: Delivery Hero sells German delivery service business . In: Spiegel Online . December 21, 2018 ( online [accessed December 21, 2018]).
  43. ↑ Takeaway.com completes acquisition of German Delivery Hero businesses. (PDF; 135 KB) April 1, 2019, accessed April 10, 2019 (English).
  44. ↑ 92 percent more sales: Corona is driving Delivery Hero sales to unimagined heights. In: Wirtschaftswoche . April 28, 2020, accessed May 26, 2020 .
  45. ↑ Delivery Hero collects over 2 billion euros. In: Frankfurter Allgemeine Zeitung . January 16, 2020, accessed January 16, 2020 .
  46. ↑ Christoph Kapalschinski: Food supplier: Delivery Hero almost doubles sales - but is still not profitable. In: Handelsblatt . April 28, 2020, accessed June 29, 2020 .
  47. ↑ Angela Göpfert: Dax: Out of the trap and into the rally! In: ARD.de . August 24, 2020, accessed on August 24, 2020 .
  48. ↑ a b team. In: deliveryhero.com. Delivery Hero, accessed February 11, 2020 .
  49. ↑ Harald Freiberger, Max Müller, Thomas Ochsner: Boxing World Champion. Süddeutsche Zeitung (Economy Department), August 21, 2020
  50. ↑ Otto Koenig, Richard Detje: Bicycle couriers go to the barricades. IG Metall Gevelsberg Hattingen , August 4, 2018 (accessed August 21, 2020)
  51. ↑ Niklas Wirminghaus: Delivery Hero takes over the Latin American market leader. In: Gründerszene. June 26, 2014, accessed December 14, 2016 .
  52. ↑ Crunchbase Delivery Hero Profile. In: Crunchbase . Accessed December 14, 2016 .
  53. ↑ Niklas Wirminghaus: Delivery Hero takes over other competitors in Latin America. In: Gründerszene. July 21, 2014, accessed December 14, 2016 .
  54. ↑ Ingrid Lunden: Delivery Hero Buys Brazil's Subdelivery As It Beefs Up In Asia And LatAm. In: TechCrunch . October 13, 2014, accessed December 14, 2016 .
  55. ↑ Lydia Skrabania: Rocket buys delivery service agent in Kuwait - for $ 150 million. In: Gründerszene. February 11, 2015, accessed December 14, 2016 .
  56. ↑ a b Alex Hofmann: Delivery Hero takes over Turkish competitor - for 590 million dollars. In: Gründerszene. May 5, 2015, accessed December 14, 2016 .
  57. ↑ a b Christina Kyriasoglou: Delivery Hero takes over two competitors in Eastern Europe. In: Gründerszene. January 8, 2015, accessed December 14, 2016 .
  58. ↑ Liam Mannix: Sydney start-up Suppertime acquired by food delivery giant. In: The Sydney Morning Herald . October 1, 2015, accessed December 14, 2016 .
  59. ↑ Caspar Tobias Schlenk: Delivery Hero swallows Foodpanda. In: Gründerszene. December 10, 2016, accessed December 14, 2016 .
  60. ↑ Delivery Hero: Acquisition in the Middle East. In: Economic Week. May 29, 2017. Retrieved October 10, 2018 .
  61. ↑ Delivery Hero takes over Korean delivery service Foodfly. In: NGIN FOOD. September 20, 2017. Retrieved October 10, 2018 .
  62. ↑ Delivery Hero buys Berlin-based ghost restaurant startup. In: gruenderszene.de. December 23, 2019, accessed January 9, 2020 .
  63. ↑ Delivery Hero collects fresh billions on the capital market. In: Handelsblatt . January 15, 2020, accessed January 16, 2020 .
  64. ↑ Ann-Kathrin Nezik : Food portal Delivery Hero swallows competitors. In: Spiegel Online . August 14, 2014, accessed December 14, 2016 .
  65. ↑ Alexander Hüsing: Delivery Hero joins the delivery service MyLorry. In: deutsche-startups.de. March 31, 2015, accessed December 14, 2016 .
  66. ↑ Christina Kyriasoglou: What role does Delivery Hero play in the insolvency of Food Express? In: Gründerszene. November 11, 2015, accessed December 14, 2016 .
  67. ↑ Niklas Wirminghaus: Rocket passes Foodora on to Delivery Hero. In: Gründerszene. September 17, 2015, accessed December 14, 2016 .
  68. ↑ EBIT (operating result) per income statement plus depreciation , amortization and impairment per cash flow statement , without further adjustments
  69. ↑ a b Annual Report 2014 of Delivery Hero Holding GmbH
  70. ↑ 2015 Annual Report of Delivery Hero Holding GmbH
  71. ↑ Annual financial statement and combined management report. In: deliveryhero.com. December 31, 2017, accessed July 23, 2018 .
  72. ↑ a b deliveryhero.com: Annual Financial Statement 2018. In: deliveryhero.com. December 31, 2018, accessed August 12, 2019 .