deliveroo plc Annual Report 2022
Our path to profitability
Annual Report 2022
Our purpose
Strategic Report
1 At a glance
2 Operational highlights
4 Founder and Chief Executive
Officer’s letter
12 Chair’s letter
14 Business model
16 Strategy
18 Key performance indicators
23 Stakeholder statement
29 Section 172(1) Statement
31 Sustainability review
44 People
50 Operating and strategic review
54 Financial review
59 Risk management and our
principal risks
68 Task Force on Climate-related
Financial Disclosures statement
75 Viability Statement
76 Non-financial information statement
Governance Report
77 Structure of the
Governance section
78 Chair’s introduction to governance
80 Board of Directors
84 Governance Report
95 Nomination Committee Report
98 Audit and Risk Committee Report
106 Directors’ Remuneration Report
133 Directors’ Report
139 Directors’ Responsibilities
statement
Financial Report
141 Independent Auditor’s Report
149 Consolidated income
statement and statement
of comprehensive loss
150 Consolidated statement
of financial position
151 Consolidated statement
of changes in equity
152 Consolidated statement
of cash flows
153 Notes to the consolidated
financial statements
183 Parent Company balance sheet
183 Parent Company statement
of changes in equity
184 Notes to the financial statements
189 5-year financial summary
190 Glossary
192 Glossary – alternative
performance measures
194 Company and shareholder
information
Our business is a
hyperlocal three-sided
online marketplace
At a glance
What we do
We connect consumers, riders and merchants across
local markets to bring people the food they love.
We are a global online platform, yet a very local
business. Our consumers, riders and merchants
live and operate within their local neighbourhoods.
Through our sophisticated logistics technology, we
unlock a wealth of hyperlocal choice, at the right price,
with fast and reliable delivery.
Who we partner with
We work with some of the largest and best known restaurants
and grocers in each of our markets. Our restaurant partners
span four key segments: global quick service restaurants;
national casual dining chains; independent full-service
restaurants; and takeaways. On the grocery side, we partner
with some of the largest grocery retailers in the world, as well
as a large number of small independent grocers. We also work
with a small number of merchants in adjacent categories such
as health and beauty products.
Our business split by geography (% of GTV*)
Where we do it
We manage our business on a geographic basis. Our 10 markets
are split into two geographical segments: the UK and Ireland
(‘UKI’) segment and the International segment, comprising our
business in Continental Europe, Asia and the Middle East.
1 Exited Australia and the Netherlands on 16 November 2022 and 30 November 2022, respectively. Launched in Qatar in October 2022.
* To supplement performance assessment, Deliveroo uses alternative performance measures (‘APMs’), which are not defined under IFRS. The first instance of each
APM is indicated with an asterisk (*); definitions and further details are provided on page 192.
UKI – 57%
UK
Ireland
International
1
– 43%
France
Italy
Belgium
Hong Kong
Singapore
UAE
Kuwait
Qatar
Consumers
Riders Merchants
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL REPORT
1Annual Report 2022 deliveroo plc
21 meal
occasions
Operational highlights
Delivering on our
path to profitability
Reached adjusted EBITDA*
profitability in H2 2022
Throughout 2022 we made excellent progress
on our path to profitability, reaching adjusted
EBITDA profitability in the second half of 2022.
This represents a significant milestone that was
achieved ahead of our aim to reach adjusted
EBITDA breakeven at some point during H2 2023 to
H1 2024. We expect adjusted EBITDA to continue
to improve in 2023.
0.2%
Adjusted EBITDA margin (as % of GTV)* in H2 2022
Delivered a record
number of orders in 2022
During 2022 we delivered 299
million orders to consumers
globally. Despite the challenging
macroeconomic environment, this
represented the highest annual
total of orders, with demand
remaining robust for our service.
299m
+5% vs 2021
Expanded our restaurant and
on-demand grocery selection
We further increased our restaurant
selection to around 158,000 restaurant
partner sites live on the platform globally
(2021: ~130,000), while our fast-growing
on-demand grocery service now
delivers from around 18,000 grocery
partner sites globally (2021: ~11,000).
To complement this, we have continued
the measured rollout of our Deliveroo
Hop and Hop as a Service proposition.
Grocery now represents 11% of total
Group GTV in H2 2022 (H2 2021: 9%).
~176,000
Merchants
* To supplement performance assessment, Deliveroo uses
alternative performance measures (‘APMs’), which are not
defined under IFRS. The first instance of an APM is indicated
in this document with an asterisk (*); definitions and further
details are provided on page 192.
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL REPORT
2 deliveroo plc Annual Report 2022