Experience - Just

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Experience - Just
1
This presentation, which has been
prepared by JUST EAT plc (the
"Company"), includes statements that
are, or may be deemed to be,
“forward-looking statements”. These
forward-looking statements can be
identified by the use of forwardlooking terminology, including the
terms “believes”, “estimates”, “plans”,
“projects”, “anticipates”, “expects”,
“intends”, “may”, “will”, or "should" or,
in each case, their negative or other
variations or comparable
terminology. These forward-looking
statements include matters that are
not historical facts and include
statements regarding the Company's
intentions, beliefs or current
expectations. Any forward-looking
statements in this presentation reflect
the Company’s current expectations
and projections about future events.
By their nature, forward-looking
statements involve a number of risks,
uncertainties and assumptions that
could cause actual results or events to
differ materially from those expressed
or implied by the forward-looking
statements. These risks, uncertainties
and assumptions could adversely
affect the outcome and financial
effects of the plans and events
described herein. Forward-looking
statements contained in this
presentation regarding past trends or
activities should not be taken as a
representation that such trends or
activities will continue in the future.
You should not place undue reliance
on forward-looking statements, which
speak only as of the date of this
presentation. No representations or
warranties are made as to the
accuracy of such statements,
estimates or projections. Other than
in accordance with its legal or
regulatory obligations, the Company
does not undertake any obligation to
update or revise publicly any forwardlooking statement, whether as a result
of new information, future events or
otherwise.
In making this presentation, the
Company is not seeking to encourage
any investor to either buy or sell
shares in the Company. Any investor in
any doubt about what action to take is
recommended to seek financial advice
from an independent financial advisor
authorised by the Financial Services
and Markets Act 2000.
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Welcome
John Hughes, Chairman
1
Introduction: David Buttress, CEO
2
Operations: Adrian Blair, COO
3
Technology: Fernando Fanton, CPTO
4
Marketing: Barnaby Dawe, CMO
5
Wrap-up and Q&A
4
Revenue
£m
•
•
•
•
•
Underlying EBITDA1
£m
Adjusted EPS
p
96.8
157.0
247.6
14.1
32.6
59.7
1.4
4.2
6.6
FY 2013
FY 2014
FY 2015
FY 2013
FY 2014
FY 2015
FY 2013
FY 2014
FY 2015
+62%
+58%
+131%
+83%
+200%
+57%
Forex neutral revenue growth of 62%
95% of 2015 revenues were organic
Highly profitable growth despite continued investment
Q1 2016 orders up 57% year-on-year (41% like for like)
Guidance given at Q1 update of £358m revenue and £102-104m EBITDA
1. Excludes share-based compensation, exceptional items, forex and 'other' gains/losses.
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Orders, m
40.2
Revenue, £m
FY 2013
+52%
+57%
96.2
61.2
96.8
+62%
FY 2014
FY 2015
157.0
+58%
247.6
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UK
£5.5bn
Overall takeaway
delivery market size:
Intn’l
£23.9bn
JE 2015
GMV:
£1.7bn
£18.4bn
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Growth driven by:
•
Channel shift from
voice to digital
•
Scale in marketing
activity
•
Scale in technology
investment
8,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
Mar-16
Sep-15
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
0
Mar-06
Orders by month
7,000,000
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Added in 12 months
to March 2016
7%
JUST EAT
c. 25%
Telephone
Domino’s
55%
c. 13%
Others online
c. 7%
Management estimates based on recent news flow and estimated AOVs
Other online includes management estimates for HungryHouse, Pizza Hut, Papa Johns and Deliveroo
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France
Ireland
Denmark
Profitable
territory
Investment
territory
Italy
Canada
No.1
Brazil1
Mexico
in 12 of 13
markets
ANZ
Norway
No. 2
Spain
Benelux
UK
Switzer
land
1. On 100% basis. 30% JV.
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Improving the
consumer
experience
Bringing
greater choice
Driving
channel shift
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Adrian Blair
COO
Fernando Fanton
CPTO
Barnaby Dawe
CMO
Lisa Hillier
CPO
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1
Introduction: David Buttress, CEO
2
Operations: Adrian Blair, COO
3
Technology: Fernando Fanton, CPTO
4
Marketing : Barnaby Dawe, CMO
5
Wrap-up and Q&A
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•
•
•
•
International Opportunities
Operational Priorities 2016
Enhancing Business Intelligence
Update on acquired businesses
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Orders per month
1
12
23
34
45
56
67
78
89
Months since launch
AU
FR
BR
UK
Spain
Italy
France shown since acquisition
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Orders per month
1
12
23
34
45
IE
DK
Months since launch
56
67
78
89
CH
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Jérôme Gavin
Director, Developing Markets
Alistair Venn
Australia
Kristof Sals
Benelux
Brian Hickey
Director, Established Markets
Carsten Boldt
Denmark/Norway
Gilles Raison
France
Graham Corfield
UK
Amanda Roche
Kelly, Ireland
Adam Wright
BI
Daniele Contini
Italy
Edmund Read
Ops
Jesús Rebollo
Spain
Dominic Millioud
Switzerland
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2015: +13k
new TRs
(excl M&A)
Third party
delivery
Opportunity to
expand chain
relationships
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3
2.8
Indexed growth
2.6
2.4
2.2
2
IN
1.8
1.6
1.4
1.2
1
Healthy
Just Eat Overall
Greek
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15 most popular dishes
15 least popular dishes
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Service
• 90% customer
satisfaction
• 50% operating
efficiency
improvement
• Deploying globally
Experience
Leverage data so…
• Consumers reach
the best TRs
• TRs know how and
where to improve
• We can manage
TR performance
Global standards
• Value
• Safety
• Integrity
• Experience
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People
Team of 40 with backgrounds in data science, market research,
data warehousing and reporting.
Team is embedded in the organisation across functions.
Tools
Best in class visualisation, reporting and statistical modelling
tools around a central data warehouse.
Methods
Apply consistent methodologies across thirteen markets. For
example lead scoring, supply/demand alignment and
optimisation of customer experience
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• Number of operating improvements made in past 12 months
• New senior leadership team
• Rebrand launched early May 2016
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Italy
Spain
Three months in:
Completed 4 April:
• Acquired people
changes complete
• 60-90 day people
consultation ongoing
• PizzaBo focus in Q4
as student oriented
• Learnings from Italy
carried across
Core and acquired businesses performing strongly
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Orders
m
45.5
FY 2014
67.3
FY 2015
+48%
•
•
•
Revenue
£m
114.1
169.6
FY 2014
FY 2015
+49%
EBITDA1
£m
45.9
77.6
FY 2014
FY 2015
EBITDA margin
%
40.2
45.8
FY 2014
+69%
FY 2015
+550
bps
Engine of Group growth, yet still 60% of orders are made by telephone
Significant marketing investment, 17% of revenue (2014: 18%)
Underlying EBITDA margin up 550 bps
1. Also excludes intra-group franchise fees and includes an allocation of Group costs, all of which net out at a consolidated level
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Commission rate
change
Successfully
implemented
into existing
estate
TR activation
TR services
Sales team
restructured into
territory
managers
New team
created to
leverage scale
to drive added
value for our
restaurant
partners
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Over 100
cuisine
categories
TRs in the UK:
Indian >7,500
Pizza >5,900
Chinese >4,200
Our UK estate
is >95%
independent
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Top-5 cities vs Rest of the UK
UK-Excl top-5
Orders, m
50
Top 5 cities
40
30
20
10
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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London vs Next 4 Cities
London
Orders, m
10
Next 4 cities
8
6
4
2
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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1
Introduction: David Buttress, CEO
2
Operations: Adrian Blair, COO
3
Technology: Fernando Fanton, CPTO
4
Marketing: Barnaby Dawe, CMO
5
Wrap-up and Q&A
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•
•
•
•
Technology vision
Restaurant performance and customer service
Order transparency
Product research
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•
•
•
•
•
More frequent: every meal, many occasions
More diverse: breadth that offers something for everyone
More personal: experiences that build relationships
More proactive: smart data to drive smart innovation
More coherent: strong identification with vision and mission
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Product
Where we win
advocacy
Service
Food
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•
•
Strengthen our partnership with restaurants by
giving them access to performance data and
actions on how to improve
Help create a virtuous marketplace cycle
List actions restaurant owners can take
Benchmark against other restaurants
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Evolving our customer service product offering to drive a better consumer experience
Easily searchable
Personalised help
Context aware
Self service
Proactive
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Once placed, the customer
receives confirmation of the
delivery address and estimated
delivery time.
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Notification of a new order
arrives and the restaurant
confirms the order.
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Restaurants can see where the
orders are on a map, and
crucially when a driver can
collect them.
Improved efficiency for the
kitchen and delivery driver.
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An order docket is printed
and passed to the kitchen for
preparation.
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An order accepted notification
is pushed to the customer or
viewed via the order progress
bar.
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Arriving at the restaurant for a
new order, the driver collects
the orders assigned.
A notification is sent to the
customer informing them that
their food is out for delivery.
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The customer will receive a
notification that the order is on
its way.
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The app displays the location
of the driver and estimated
time of arrival.
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The restaurant can see the
driver's location and progress
to the customer.
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Watch or app will give live
updates on the order progress
– 2 minute heads-up.
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Now that you’ve finished your
meal, rate your experience
with JUST EAT.
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•
Working on multiple new home
platforms (some of which are under
NDA with major tech companies)
•
Being close to the customer and
available wherever they are
•
Winning key moments when
customers would like to order food
e.g. when watching a film, parties,
playing video games
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• Contextually aware
• Fits into and enhances already fun
experiences e.g. parties, watching sport
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1
Introduction: David Buttress, CEO
2
Operations: Adrian Blair, COO
3
Technology: Fernando Fanton, CPTO
4
Marketing: Barnaby Dawe, CMO
5
Wrap-up and Q&A
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•
•
•
•
•
•
•
Brand development
Global performance strategy
Local marketing execution
Australia brand relaunch
UK marketing update
Italy/Spain marketing update
Looking ahead
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From
To
100% greater
awareness in UK
than our nearest
competitor
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More frequent: every meal, many occasions
More diversity: breadth that offers something for everyone
More personal: experiences that build relationships
More proactive: smart data to drive smart innovation
More coherent: strong identification with vision and mission
The new normal: this is how it’s done.
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The right food for every mood.
Quality for everyone.
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From
To
One brand, one platform,
one app experience
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TV
Transport
OOH
Search
Display
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35% increase in CRM conversion
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TV
Transport
OOH
Search
Display
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● Using scale to deliver true value
● Hero our partners
● Personalise all communication
and deliver meaningful data to
help drive growth
● Be the voice of the sector
● Drive our reputation through all
comms platforms
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25% increase in app usage
App users spend A$8 more than other channels
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•
•
•
•
•
Plane banners
TV
Digital
o Youtube (pre-roll)
o Masterchef & Ten Play (pre-roll)
o Standard Display
o Snakk – targeting TV schedule
o Facebook & Instagram
o Spotify
Outdoor
o Street furniture
o Street chalkings
o Street team activations
Radio
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è
’
c
a
i
l
Sv eg
.
T
A
E
JU ST
o?
t
t
u
r
b
è
I l t emp or i il bello
Scop a casa.
di st ar e
700k app
downloads
in first 6
weeks
Ordina online pranzo
e cena a domicilio.
Ordina online pranzo
e cena a domicilio.
Scarica l’App.
Scarica l’App.
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JE and LNR neck and neck start of 2015
JE more than 2x size end of 2015,
up to 1m active customers
Acquisition of LNR in Q1 2016
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Building a robust, future-facing, industry-leading brand that customers, partners and
colleagues are proud to be a part of and shareholders and stakeholders respect
Astrid Fockens
International
Marketing
Director
Dani Tallon
International
Marketing
Director
Rachael Pollard
Global
Performance
Ben Carter
UK
Marketing
Director
Kim Russell
Australia
Marketing
Director
Jo de Koning
Corporate
Communications
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Highly
functioning
global
marketing
team
Global best
practice
shared to
promote
agility
Robust
global brand
with strong
purpose and
PR presence
Unified
approach
between
Tech and
Marketing
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1
Introduction: David Buttress, CEO
2
Technology: Fernando Fanton, CPTO
3
Marketing: Barnaby Dawe, CMO
4
Operations: Adrian Blair, COO
5
Wrap-up and Q&A
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105
Executing on
strategy, including
M&A
Investment driving
long-term growth
Scale & leadership
driving margins in all
segments
Value
Creation
Excellent
performance
Ongoing monetisation
International markets
becoming meaningful
contributors
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Fernando joined JUST EAT in March 2016 as Chief Product and
Technology Officer. After graduating with a computer science
degree, Fernando joined Microsoft as a graduate in its Redmond
headquarters where he stayed for six years. He left Microsoft to
undertake an MBA at Wharton Business School and joined Goldman
Sachs as an intern while studying. From Wharton, he spent almost
three years as a consultant at McKinsey & Co. In 2012 Fernando
joined Elsevier in New York as Head of Technology Strategy, and
during 2013 set up Mendeley.com in London where he was a SVP
Global Product and Technology.
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Barnaby was appointed Chief Marketing Officer in early 2015, and
leads on JUST EAT’s global marketing strategy. Prior to joining the
executive team at JUST EAT, Barnaby spent over 15 years leading
the marketing strategies for some of the UK’s most iconic brands,
including Sky, Channel 4, Heart FM, The Sun and The Times
newspapers. His most recent appointment was as Chief Marketing
Officer at HarperCollins Publishers, and has been consulting a range
of retail and e-commerce brands to drive growth through
marketing, brand and digital strategies. Barnaby holds a Bachelor of
Arts in French and Russian from Bristol University.
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Adrian joined JUST EAT in 2011 as Chief Operating Officer. He leads all
country teams globally across sales, marketing, operations and customer
care, running the Group’s operations in the UK, Australia/New Zealand,
Benelux, Brazil, Canada, Denmark, France, Ireland, Italy, Mexico,
Norway, Spain, and Switzerland. Adrian joined JUST EAT from Spotify,
where as Director of European Business Development he led a
partnerships team across seven countries. From 2004 Adrian spent six
years at Google in a variety of senior management roles in California and
London. Prior to his time at Google, he taught undergraduate Economics
at Harvard University and was part of the executive team at Ask Jeeves.
Mr. Blair holds a MBA from Harvard Business School and a BA in
Philosophy, Politics and Economics from Oxford University.
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Lisa has over 20 years’ experience in human resource management
and leadership. Before joining JUST EAT, Lisa was Group HR
Director at Betfair, the world’s largest internet betting exchange,
where she oversaw all aspects of human resource management
globally. Prior to Betfair, Lisa spent over four years as Head of
Human Resources at Ofcom and prior to that eleven years at Aviva
plc.​
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