Annual Just Eat Takeaway.com N.V. N.V. Just Eat Takeaway.com Annual Report 2020 Report 2020 Just Eat Takeaway.com N.V. Oosterdoksstraat 80 1011 DK Amsterdam The Netherlands Colophon Just Eat Takeaway.com N.V. Oosterdoksstraat 80 1011 DK Amsterdam The Netherlands Realisation: Just Eat Takeaway.com N.V. Domani B.V., The Hague, the Netherlands Sturnis 365 S.r.l., Milan, Italy About this report This annual report is available as a PDF, on our website www.justeattakeaway.com and as a limited print version. Forward-looking statements This annual report may contain forward-looking statements. These statements are only predictions and are not guarantees. Actual events or the results of our operations could differ materially from those expressed or implied in the forward-looking statements. Forward looking statements are typically identifi ed by the use of terms such as “may”, “will”, “should”, “expect”, “could”, “intend”, “plan”, “anticipate”, “estimate”, “believe”, “continue”, “predict”, “potential” or the negative of such terms and other comparable terminology. The forward-looking statements contained herein speak only as of the date they are made. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on them. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also the section ‘Risk Management’ of this annual report. You will be solely responsible for your own assessment of the market and the market position of Just Eat Takeaway.com and you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of Just Eat Takeaway.com’s business. This document does not constitute or form part of, and should not be constructed as, an offer or invitation to subscribe for or purchase any Just Eat Takeaway.com securities. Third-party market data Statements regarding market share, including the group’s competitive position, contained in this annual report are based on outside sources such as specialised research institutes, industry and dealer panels in combination with management estimates. Just Eat Takeaway.com Annual Report 2020 Table of contents 01 The Company 03 Financial Statements 4 Highlights 2020 157 Consolidated statement of profit or loss and 5 At a glance 2020 other comprehensive loss 7 Message from the CEO 158 Consolidated statement of financial position 10 Company profile 160 Consolidated statement of changes in equity 10 Who we are 162 Consolidated statement of cash flows 12 Our business model 164 Notes to the Consolidated financial statements 15 History 243 Company statement of profit or loss 16 Our markets 244 Company statement of financial position 30 Report of the Management Board 245 Notes to the Company financial statements 1 02 Governance 04 Other Information 74 Management Board and Supervisory Board Composition 253 Independent auditor’s report 80 Report of the Supervisory Board 264 Three-year key figures 90 Report of the Remuneration & Nomination Committee 268 Just Eat Takeaway.com address 93 Remuneration in 2020 269 Glossary 107 Governance and compliance 126 Report of the Audit Committee 131 Risk management 146 Compliance on Privacy 148 Information for shareholders 2 The Company 01 3 Just Eat Takeaway.com Annual Report 2020 Highlights 2020 Highlights 2020 Processed 588 million Orders on a combined basis from 60 million Active Consumers Integration on track with Just Eat, implementing a combined operating model and organisational structure 4 Wide range of measures to support restaurants, couriers, healthcare workers and charitable initiatives Launched Scoober with employed couriers in UK and France Generated more than 90% of GMV in markets with #1 positions Just Eat Takeaway.com Annual Report 2020 At a glance At a glance 2020 Restaurants Average Order Value 244k € €22.00 5 Active Consumers Gross Merchandise Value 60m €12.9bn Orders Active in 588m 23 countries Delivery share 26% “ The coronavirus resulted in unprecedented times for our restaurants, consumers as well as for our employees and couriers. We supported our restaurants with various relief measures and launched campaigns to 6 support healthcare workers with free or discounted food across our markets” – Jitse Groen, CEO Just Eat Takeaway.com Annual Report 2020 Message from the CEO Message from Dear reader, It is safe to say that everybody on this planet will remember the year 2020. As the world shut down to contain Covid-19, Just Eat the CEO Takeaway.com became an “essential service” – the only source of income for many of our restaurant partners and a crucial part of our consumers’ day-to-day lives. I am proud of the support we have given to restaurant partners and health care workers during the pandemic, and humbled by the continued commitment of our staff and couriers to keep our service running throughout the year. After the completion of the transaction between Just Eat and Takeaway.com, two great companies, the hard work started on combining 7 the two businesses. We naturally did not anticipate having to complete this integration without physically being able to visit our office locations, and certainly we could not have expected that most of our offices would actually close down completely during the course of the year. I was however very satisfied to see that even several lockdowns couldn’t stop the impressive Just Eat Takeaway.com team, and I can confidently say that we have the best people from both legacy companies in place to build the future of the new business. We announced the transaction with Grubhub in June, which will allow the company to further strengthen its North American business with excellent positions in the major metropolitan areas of the United States. We are confident that we can contribute to the growth of Grubhub, and that our increased size will offer major advantages for SkipTheDishes in Canada, for instance in our marketing exposure. Just Eat Takeaway.com Annual Report 2020 Message from the CEO Sadly, our first-ever major sponsorship event the UEFA Euro 2020™ football All in all, 2020 was another chapter in an already phenomenal story. tournament was postponed to 2021. The year, however, was very exciting The company is now one of the largest food delivery platforms on earth, from a growth perspective, as most of our countries started to grow much and we intend to run the company keeping our core values at heart: Lead, faster as people were increasingly bound to their homes. It is almost as if Deliver, Care. I am fortunate to be able to lead this fantastic company as its the business has skipped a year in its development. CEO and I am eagerly looking forward to 2021. In the second half year, we drastically increased our investments, predominantly in the legacy Just Eat countries, causing further growth Jitse Groen acceleration. We were also able to drive our Delivery business to rival our CEO and founder competitors in countries in which we previously were mostly a marketplace Just Eat Takeaway.com business. This has allowed us to gain market share in most of our countries. The company was able to increase its order growth rate in the last three quarters of 2020, and is expecting further order growth acceleration in 8 2021. More importantly, we expect to reap the benefits from this investment programme in the years to come, as we exited the year being a far larger business than when the year begun, and I was still leading the more modest Takeaway.com. 9 Just Eat Takeaway.com Annual Report 2020 Company profile Company profile Just Eat Takeaway.com is a leading global Who we are online food delivery company, connecting Just Eat Takeaway.com is a leading global online food delivery marketplace, tens of millions of consumers with their connecting tens of millions of consumers with nearly 250,000 local local restaurants, and benefitting from an restaurants through our websites and apps. It was created by the all-share combination of Just Eat plc and Takeaway.com N.V. in 2020 and is one of the 10 attractive business model with powerful world’s largest online food delivery companies, with leading positions in network effects. attractive markets and a founder-led management team. As per 31 December 2020, Just Eat Takeaway.com operated in 23 markets: the United Kingdom, Germany, Canada, the Netherlands, Australia, Austria, On 31 January 2020, the all-share Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, combination between Just Eat plc and New Zealand, Norway, Poland, Portugal, Romania, Spain, and Switzerland, as well as through partnerships in Colombia and Brazil. Takeaway.com N.V. became effective and Just Eat Takeaway.com was created. Just Eat Takeaway.com began operating in 2000 in the Netherlands when founder and CEO, Jitse Groen, launched the online food delivery marketplace under the brand www.thuisbezorgd.nl and expanded rapidly both in the Netherlands and internationally, building European and then global scale through a blend of strong organic and acquisitive growth. Just Eat Takeaway.com Annual Report 2020 Company profile Our proposition benefits both restaurants and consumers. We offer The shares of Just Eat Takeaway.com are listed and traded on Euronext consumers the convenience of a large selection of local takeaway Amsterdam (AMS: TKWY) and, since 3 February 2020, its CREST depository restaurants at their fingertips through our websites and apps, with our user- interests (CDIs) are listed and traded on the London Stock (LSE: JET). friendly interfaces and multiple payment solutions enabling a food order to Just Eat Takeaway.com is included in the AEX-index on Euronext Amsterdam be completed in seconds.