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Annual Report2020
OrderYOYO ApS – Masnedøgade 26, 2100, Copenhagen – Business Reg. No. 36704608 - OrderYOYO
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Own your businessGoogle is your new street address, and your website is your new storefront
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Management commentaryVision & Mission 5Welcome to OrderYOYO 7Business summary 9
Governance Company information 13Statement by management on the annual report 14Independent auditor’s report 15
Financial StatementsConsolidated income statement 20Consolidated balance sheet 21Consolidated statement of changes in equity 23Notes to consolidated financial statements 24Parent income statement 28Parent balance sheet 29Parent statement of changes in equity 31Notes to parent financial statements 32Accounting policies 36
Annual Report 2020 – OrderYOYO
Content
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VisionBe the preferred digital business partner for local takeaway restaurants
MissionInspire and empower local takeaway restaurants to engage with end-users
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“We want to be known for truly understanding the needs of our Restaurant Partners and for continuously delivering on our promise of growing their direct online business”
Søren Gammelgaard, CEO
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Welcome to OrderYOYO
Annual Report 2020 – OrderYOYO
OrderYOYO at a glance
OrderYOYO is a leading European white-label SaaS provider enabling smallindependent takeaway restaurants to build their own-branded onlinepresence. OrderYOYO helps local independent takeaway restaurants movefrom online delivery portals and drive end-user volumes through uniquelytailored order and marketing software solutions in the individual takeawayrestaurant’s own brand and name. OrderYOYO offers a usage-based SaaSwhite-label online ordering and marketing software solution as an integratedend-to-end solution that includes a branded website and mobile app, orderand menu management systems, business intelligence and user dataanalytics, Google optimization, social media promotion tools, email marketingand B2B customer support.
OrderYOYO currently supports over 4,000 restaurant partners in Denmark,England, Scotland, Northern Ireland, Wales and Ireland, helping them engagewith millions of end-users, and fulfill more than 500,000 orders a month.OrderYOYO has been on a significant growth trajectory over the past yearsand has an ambitious strategic plan to accelerate the growth even further.
The online takeaway market
The market for online takeaway food has increased significantly in recentyears, with the COVID-19 pandemic accelerating the growth evenfurther. Historically, the takeaway market has been dominated by directanalog ordering through phone-calls and walk-ins. Today, online orderinghas become the preferred ordering-channel among end-users.
Empower takeaway restaurants
OrderYOYO has introduced an offering enabling and supporting theindependent takeaway restaurants to build their own-branded onlinepresence through uniquely tailored ordering and marketing softwaresolutions.The SaaS solution provided by OrderYOYO ensures that restaurant-ownerscan control their own digital brand identity, end-user data, and customizemarketing efforts.
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Up to 90% of orders are recurring orders from loyal
consumersPe
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Business Summary
Annual Report 2020 – OrderYOYO
Strong revenue growth of 130%Revenue measured as Annual Recurring Revenue (ARR) showed a stronggrowth in 2020 to DKK 104m compared to DKK 45m in 2019 - equivalent to agrowth of 130%.
Through focus on helping existing Restaurant Partners to grow their onlinebusiness even further, ARR uplift from existing Restaurant Partners hasincreased 103% during 2020. New Restaurant Partners have added 44% in ARRgrowth from 2019.
100%
103%
44%
-16%
187%
230%
ARR development (2019 to 2020)
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Annual Report 2020 – OrderYOYO
Development in activities and financesIn 2020, OrderYOYO had consolidated positive EBITDA (before non-recurringitems) of DKK 12.7m compared to DKK -21.5m in 2019. Reaching a positiveEBITDA in 2020 is a strong proof of concept of the OrderYOYO business model,and the need for the solution by restaurant partners across all markets.The fiscal loss for the year of DKK 1.1m, is as expected in a year where thebusiness has grown significantly. Organisational transformation decisions andactions have been taken in 2020 impacting the fiscal result through non-recurring costs.The balance of the parent company totals DKK 56.9m with an equity of DKK17.4m.
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, whichwould influence the evaluation of this annual report.
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“As a restaurant owner, it takes both time and resources that I don’t have to create and maintain a dedicated website and app, which also has an ordering system/ordering module. With OrderYOYO you get the whole package: website, app, design, marketing and support. The product works as it shall. Simple and functional.“
Sercan Yücel, owner of Burger Palace (DK)
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Entity details
Annual Report 2020 – OrderYOYO
EntityOrderYOYO ApSMasnedøgade 262100 København Ø
Business Registration No.: 36704608Registered office: CopenhagenFinancial year: 01.01.2020 – 31.12.2020
Board of DirectorsJesper Johansen, ChairmanUlla Brockenhuus-SchackTheis Regner Riber SøndergaardJacob Christian Bratting PedersenPreben Damgaard Nielsen
Executive BoardSøren Gammelgaard, CEO
AuditorsDeloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade 62300 Copenhagen S
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Statement by Management on the annual report
Annual Report 2020 – OrderYOYO
The Board of Directors and the Executive Board have today considered and approved the annual report of OrderYOYO ApS for the financial year 01.01.2020 - 31.12.2020 The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2020 and of the results of their operations for the financial year 01.01.2020 -31.12.2020. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting.
Copenhagen, 16.04.2021Executive Board
Søren GammelgaardCEO
Board of Directors
Jesper JohansenChairman
Theis Regner Riber Søndergaard
Preben Damgaard Nielsen
Ulla Brockenhuus-Schack
Jacob Christian Bratting Pedersen
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Independent auditor’s report
Annual Report 2020 – OrderYOYO
To the shareholders of OrderYOYO ApS
Opinion
We have audited the consolidated financial statements and the parent financial statements of OrderYOYO ApS for the financial year 01.01.2020 - 31.12.2020, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2020 and of the results of their operations for the financial year 01.01.2020 -31.12.2020 in accordance with the Danish Financial Statements Act.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Management's responsibilities for the consolidated financial statements and the parent financial statements
Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.
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Annual Report 2020 – OrderYOYO
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Entity’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
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Annual Report 2020 – OrderYOYO
• our auditor’s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and events in a manner that gives a true and fair view.
• Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Statement on the management commentary
Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.
Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.
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Annual Report 2020 – OrderYOYO
Copenhagen, 16.04.2021
DeloitteStatsautoriseret RevisionspartnerselskabCVR No. 33963556
Bjørn Winkler Jakobsen State Authorised Public Accountant Identification No (MNE) mne32127
Mads Juul Hansen State Authorised Public AccountantIdentification No (MNE) mne44386
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Consolidated income statement for 2020
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Consolidated balance sheet at 31.12.2020
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Annual Report 2020 – OrderYOYO
Equity and liabilities
Notes 2020
DKK'000 2019
DKK'000
Contributed capital 244 222Reserve for development costs 8,056 0Retained earnings (11,768) (12,914)Equity (3,468) (12,692) Other payables
24,195 18,446
Non-current liabilities other than provisions 9 24,195 18,446 Current portion of non-current liabilities other than provisions
9
2,208 2,175Trade payables 6,334 2,455Other payables 10 16,478 7,948Current liabilities other than provisions 25,020 12,578 Liabilities other than provisions
49,215
31,024
Equity and liabilities
45,747
18,332
Contingent assets
11
Contingent liabilities 12 Assets charged and collateral 13 Group relations 14 Subsidiaries 15
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Annual Report 2020 – OrderYOYO
The company has over the years introduced incentive plans aimed at key employees. Share options are vesting over time to ensure the retention of such key employees. The total number of shares for which key employees may become eligible is 25,253. The options are exercisable at an average exercise price of DKK 106.
Consolidated statement of changes in equity for 2020
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Annual Report 2020 – OrderYOYO
Notes to consolidated financial statements
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Annual Report 2020 – OrderYOYO 25
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8 Financial assets Deposits
DKK'000Cost beginning of year 372Exchange rate adjustments 50Cost end of year 422Carrying amount end of year 422 9 Non-current liabilities other than provisions
Due within 12
months 2020
DKK'000
Due within 12
months 2019
DKK'000
Due after more than 12
months2020
DKK'000
Other payables 2,208 2,175 24,195 2,208 2,175 24,195 10 Other payables
2020 DKK'000
2019DKK'000
VAT and duties 5,102 1,356Wages and salaries, personal income taxes, social security costs, etc. payable 4,422 1,707Accrued interest 574 459Other costs payable 6,380 4,426 16,478 7,948
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Annual Report 2020 – OrderYOYO
Parent income statement for 2020
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Annual Report 2020 – OrderYOYO
Parent balance sheet at 31.12.2020
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Annual Report 2020 – OrderYOYO
Parent statement of changes in equity for 2020
31
The company has over the years introduced incentive plans aimed at key employees. Share options are vesting over time to ensure the retention of such key employees. The total number of shares for which key employees may become eligible is 25,253. The options are exercisable at an average exercise price of DKK 106.
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Annual Report 2020 – OrderYOYO
Notes to parent financial statements
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Annual Report 2020 – OrderYOYO
Accounting policies
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Søren GammelgaardAdm. direktørSerienummer: PID:9208-2002-2-327101492946IP: 87.116.xxx.xxx2021-04-16 08:12:52Z
Theis Regner Riber SøndergaardBestyrelsesmedlemSerienummer: PID:9208-2002-2-433786080592IP: 2.104.xxx.xxx2021-04-16 08:14:06Z
Jacob Christian Bratting PedersenBestyrelsesmedlemSerienummer: PID:9208-2002-2-550564492336IP: 77.241.xxx.xxx2021-04-16 08:20:12Z
Ulla Brockenhuus-SchackBestyrelsesmedlemSerienummer: PID:9208-2002-2-223335598423IP: 80.208.xxx.xxx2021-04-16 08:26:12Z
Jesper JohansenBestyrelsesformandSerienummer: PID:9208-2002-2-927692702552IP: 83.94.xxx.xxx2021-04-16 08:27:35Z
Bjørn Winkler JakobsenRevisorSerienummer: PID:9208-2002-2-411751558266IP: 80.197.xxx.xxx2021-04-16 09:40:54Z
Preben Damgaard NielsenBestyrelsesmedlemSerienummer: PID:9208-2002-2-221550334096IP: 80.62.xxx.xxx2021-04-16 11:44:41Z
Mads Juul HansenRevisorSerienummer: PID:9208-2002-2-205417496342IP: 80.167.xxx.xxx2021-04-16 12:27:59Z
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