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8006004002000

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460.8

313.6

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Identification

Assessment

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Inherent risk (= gross)

Risk treatment/mitigation measures:

Residual risk (= net)Acceptable residual risk

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We refer to the information included at the end of this document.

We refer to the information included at the end of this document.

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Handels

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Balance sheet as of December 31, 2019 A s s e t s

EUR EUR EUR EUR

A. Fixed assets

I. Intangible assets

1. Internally generated intangible assets 4.210.624,54 1.491.439,92

2. Purchased trademarks and software 11.453.356,33 12.942.771,61

3. Advance payments and

Investments in development 2.383.836,40 18.047.817,27 715.548,05 15.149.759,58

II. Property, plant and equipment

1. Plant and machinery 315.875,73 221.554,76

2. Office and other operating

equipment 6.290.456,90 5.587.415,53


assets under construction 1.323.216,96 7.929.549,59 210.737,28 6.019.707,57

III. Financial assets

1. Shares in affiliated companies 1.479.002.121,16 1.686.319.991,85

2. Loans to affiliated

companies 766.856.064,01 500.379.379,32

3. Investments 225.674.437,76 205.937.859,83

4. Securities held as fixed assets. 464.275.334,11 7.309.142,96

5. Shares in other investments 43.661.696,00 2.979.469.653,04 276.663,44 2.400.223.037,40

3.005.447.019,90 2.421.392.504,55

B. Current assets

I. Inventories

1. Unfinished goods and unfinished service 955.500,00 1.892.106,23

2. Finished goods and merchandise 1.627.670,65 1.882.596,26

3. Advance payments 2.174.514,78 4.757.685,43 1.470.467,55 5.245.170,04

II. Receivables and other assets

1. Trade receivables 4.658.315,93 859.965,68

2. Receivables from

affiliated companies 102.202.971,07 77.029.358,85

3. Other assets 57.374.973,61 164.236.260,61 28.276.374,95 106.165.699,48

III. Cash on hands and bank balances 252.069.430,24 111.379.269,19

421.063.376,28 222.790.138,71

C. Deferred expenses 10.253.281,16 4.414.052,24

3.436.763.677,34 2.648.596.695,50

Delivery Hero SE, Berlin

31.12.2019 31.12.2018

Shareholder's e q u i t y a n d l i a b i l i t i e s

EUR EUR EUR EUR

A. Shareholder's Equity

I. Issued capital

1. Subscribed capital 188.775.039,00 185.930.494,00

2. Own shares (nominal value) -78.230,02 188.696.808,98 -78.230,02 185.852.263,98

II. Capital reserve 2.785.105.143,10 2.723.479.566,21

III. Loss carryforward -346.045.872,26 -339.030.839,23

IV. Net profit/loss for the year 446.490.782,70 -7.015.033,03

3.074.246.862,52 2.563.285.957,93

B. Provisions

1. Tax provisions 8.285.712,91 3.173.288,91

2. Other provisions 131.228.928,83 18.783.997,49

139.514.641,74 21.957.286,40

C. Liabilities

1. Liabilities to banks 208.000.000,00 0,00

1. Trade payables 437.682,47 466.391,74

2. Liabilities to affiliated companies 2.683.112,27 54.172.932,19

3. Other liabilities 10.862.123,71 7.574.675,83

– thereof for taxes EUR 1.646.674,80

(PY: EUR 1.143.492,44 ) –

– thereof for social security

EUR 268.136,95 (PY: EUR 172.108,27 ) –

221.982.918,45 62.213.999,76

D. Deferred income 1.019.254,63 1.139.451,41

3.436.763.677,34 2.648.596.695,50

31.12.201831.12.2019

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_VA;B>`

Notifying Entity Date Reached,

Exceeded, or

Fell Under

Notification

Threshold

Notification

Requirements under

WpHG § 333/WpHG

§ 38(1) No.

(1)4/WpHG § 38(1)

No. (2)5 or

Attributions Under

WpHG § 346

Interest in

%

Interest in

Voting Rights

Citi Group Inc,

Wilmington,

Delaware, United

States7

June 28, 2017 5%

Over

WpHG § 34 5.51%

9,475,000

Naspers Limited,

Cape Town, South

Africa8

June 28, 2017 10%

Over

WpHG § 34 10.65%

18,310,002

Citi Group Inc,

Wilmington,

June 29, 2017 3% WpHG § 34 0.00% 0

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $

formerly WpHG § 21 (until December 31, 2017)

% formerly WpHG § 25(1)(1) (until December 31, 2017)

& formerly WpHG § 25(1)(2) (until December 31, 2017)

' formerly WpHG § 22 (until December 31, 2017)

( cf. publication by Delivery Hero SE from July 4, 2017

) cf. publication by Delivery Hero SE from July 6, 2017

!)"

Delaware, United

States9

Under

Lukasz Gadowski10

June 28, 2017 5%

Over

WpHG §§ 34, 38(1) No.

(1)

6.47%

11,119,800

Goldman Sachs

Group, Inc.,

Wilmington,

Delaware, United

States11

June 28, 2017 5%

Over

WpHG § 34 5.51%

9,475,000

Jeff Horning12

June 28, 2017 5%

Over

WpHG § 34 7.51%

12,912,900

Christian Leone13

June 28, 2017 5%

Over

WpHG § 34 8.92%

15,340,500

Luxor Capital

Partners Offshore,

Ltd., George Town,

Cayman Islands14

June 28, 2017

5%

Over

WpHG § 34 7.15%

12,292,200

Rocket Internet SE,

Berlin, Germany15

June 28, 2017 30%

Over

WpHG §§ 34, 38(1) No.

(1)

31.76%

54,633,219

Rocket Internet SE,

Berlin, Germany16

July 4, 2017 30%

Under

WpHG §§ 34, 38(1) No.

(1)

28.64%

49,266,522

Goldman Sachs

Group, Inc,

Wilmington,

Delaware, United

States17

July 4, 2017 3%

Under

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

1.74%

2,993,889

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""*

cf. publication by Delivery Hero SE from July 6, 2017

!+ cf. publication by Delivery Hero SE from July 6, 2017

!! cf. publication by Delivery Hero SE from July 6, 2017

!# cf. publication by Delivery Hero SE from July 6, 2017 and correction by Delivery Hero SE from July 7, 2017

!$ cf. publication by Delivery Hero SE from July 6, 2017 and correction by Delivery Hero SE from July 7, 2017

!% cf. publication by Delivery Hero SE from July 6, 2017

!& cf. publication by Delivery Hero SE from July 7, 2017

!' cf. publication by Delivery Hero SE from July 11, 2017

!( cf. publication by Delivery Hero SE from July 12, 2017

!*"

Naspers Limited,

Cape Town, South

Africa18

September 28,

2017

20%

Over

WpHG §§ 34, 38(1) No.

(2)

23.65%

40,669,859

Rocket Internet SE,

Berlin, Germany19

December 6,

2017

25%

Under

WpHG §§ 34, 38(1) No.

(1)

24,35%

44,432,114

Lukasz Gadowski20

December 6,

2017

5%

Under

WpHG §§ 34, 38(1) No.

(1)

4.95% 9,035,003

Christian Leone21

January 5, 2018 5%

Under

WpHG § 34 4.76% 8,691,075

Luxor Capital

Partners Offshore,

Ltd., George Town,

Cayman Islands22

January 5, 2018 3%

Over

WpHG § 34 3.30% 6,020,786

Christian Leone23

March 2, 2018 5%

Over

WpHG § 34 5.003% 9,130,879

Naspers Limited,

Cape Town, South

Africa24

March 22, 2018 20%

Over

WpHG §§ 34, 38(1) No.

(2)

22.75% 41,849,859

Naspers Limited,

Cape Town, South

Africa25

March 26, 2018 20%

Over

WpHG §§ 34, 38(1) No.

(2)

22.75% 41,849,859

Naspers Limited,

Cape Town, South

Africa26

March 28, 2018 20%

Over

WpHG §§ 34, 38(1) No.

(2)

22.75% 41,849,859

Rocket Internet SE,

Berlin, Germany27

March 28, 2018 10% WpHG §§ 34, 38(1) No.

(1)

8.39% 15,439,412

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!)

cf. publication by Delivery Hero SE from October 2, 2017

!* cf. publication by Delivery Hero SE from December 13, 2017

#+ cf. publication by Delivery Hero SE from December 15, 2017"

#! cf. publication by Delivery Hero SE from January 15, 2018

## cf. publication by Delivery Hero SE from January 15, 2018

#$ cf. publication by Delivery Hero SE from March 12, 2018

#% cf. publication by Delivery Hero SE from March 27, 2018

#& cf. publication by Delivery Hero SE from March 29, 2018

#' cf. publication by Delivery Hero SE from March 29, 2018

#( cf. publication by Delivery Hero SE from April 5, 2018

#+"

Under

Lukasz Gadowski28

April 27, 2018 3%

Under

WpHG § 34 2.55% 4,684,634

Vanguard World

Funds,

Wilmington,

Delaware, United

States29

May 3, 2018 3%

Over

WpHG § 33 3.07% 5,651,813

BlackRock, Inc.,

Wilmington,

Delaware, United

States30

June 15, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.39% 6,251,043

BlackRock, Inc.,

Wilmington,

Delaware, United

States31

June 19, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.33% 6,139,565

BlackRock, Inc.,

Wilmington,

Delaware, United

States32

June 20, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.34%

6,157,882

Baillie Gifford &

Co., Edinburgh,

Scotland, United

Kingdom33

June 25, 2018 3%

Over

WpHG § 34 3.21% 5,915,414

BlackRock, Inc.,

Wilmington,

Delaware, United

States34

July 3, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.30% 6,080,206

BlackRock, Inc.,

Wilmington,

July 4, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.26% 6,015,245

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#)

cf. publication by Delivery Hero SE from May 7, 2018

#* cf. publication by Delivery Hero SE from May 11, 2018

$+ cf. publication by Delivery Hero SE from June 22, 2018

$! cf. publication by Delivery Hero SE from June 22, 2018

$# cf. publication by Delivery Hero SE from June 25, 2018

$$ cf. publication by Delivery Hero SE from June 29, 2018

$% cf. publication by Delivery Hero SE from July 10, 2018

#!"

Delaware, United

States35

BlackRock, Inc.,

Wilmington,

Delaware, United

States36

July 5, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.37% 6,208,458

BlackRock, Inc.,

Wilmington,

Delaware, United

States37

July 6, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.28% 6,051,749

BlackRock, Inc.,

Wilmington,

Delaware, United

States38

July 9, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.28% 6,043,515

BlackRock, Inc.,

Wilmington,

Delaware, United

States39

July 16, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.27% 6,032,134

BlackRock, Inc.,

Wilmington,

Delaware, United

States40

July 17, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.27% 6,034,233

Baillie Gifford &

Co., Edinburgh,

Scotland, United

Kingdom41

July 24, 2018 5%

Over

WpHG § 34 5.01% 9,236,540

BlackRock, Inc.,

Wilmington,

Delaware, United

States42

July 25, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.26% 6,014,762

BlackRock, Inc.,

Wilmington,

August 3, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.28% 6,053,350

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$&

cf. publication by Delivery Hero SE from July 10, 2018"

$' cf. publication by Delivery Hero SE from July 10, 2018

$( cf. publication by Delivery Hero SE from July 16, 2018

$) cf. publication by Delivery Hero SE from July 16, 2018

$* cf. publication by Delivery Hero SE from July 19, 2018

%+ cf. publication by Delivery Hero SE from July 24, 2018

%! cf. publication by Delivery Hero SE from July 30, 2018

%# cf. publication by Delivery Hero SE from August 2, 2018

##"

Delaware, United

States43

BlackRock, Inc.,

Wilmington,

Delaware, United

States44

August 15, 2018 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.20% 5,953,516

Ruane, Cunniff &

Goldfarb L.P.,

Wilmington,

Delaware, United

States45

September 14,

2018

3%

Over

WpHG § 34 3.01% 5,604,465

Caledonia (Private)

Investments Pty

Limited, Sydney,

Australia46

October 11, 2018 3%

Over

WpHG § 33 3.09% 5,752,875

Rocket Internet SE,

Berlin, Germany47

January 17, 2019 5%

Over

WpHG §§ 34, 38(1) No.

(1)

5.25% 9,755,504

Rocket Internet SE,

Berlin, Germany48

January 25, 2019 5%

Under

WpHG §§ 34, 38(1) No.

(1)

4.95% 9,205,215

Rocket Internet SE,

Berlin, Germany49

April 5, 2019 5%

Under

WpHG §§ 34, 38(1) No.

(1)

3.28% 6,148,215

Rocket Internet SE,

Berlin, Germany50

April 18, 2019 3%

Under

WpHG §§ 34, 38(1) No.

(1)

2.93% 5,498,504

BlackRock, Inc.,

Wilmington,

Delaware, United

States51

May 17, 2019 3%

Over

WpHG §§ 34, 38(1) No.

(1)

3.19% 5,984,661

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""%$

cf. publication by Delivery Hero SE from August 8, 2018

%% cf. publication by Delivery Hero SE from August 20, 2018 and correction by Delivery Hero SE from November 6, 2018

%& cf. publication by Delivery Hero SE from September 24, 2018

%' cf. publication by Delivery Hero SE from October 15, 2018

%( cf. publication by Delivery Hero SE from January 25, 2019

%) cf. publication by Delivery Hero SE from January 31, 2019

%* cf. publication by Delivery Hero SE from April 10, 2019"

&+ cf. publication by Delivery Hero SE from April 25, 2019

&! cf. publication by Delivery Hero SE from May 23, 2019

#$"

BlackRock, Inc.,

Wilmington,

Delaware, United

States52

May 20, 2019 3%

Over

WpHG §§ 34, 38(1) No.

(1)

3.17% 5,937,342

BlackRock, Inc.,

Wilmington,

Delaware, United

States53

May 22, 2019 3%

Over

WpHG §§ 34, 38(1) No.

(1)

3.24% 6,109,240

BlackRock, Inc.,

Wilmington,

Delaware, United

States54

May 27, 2019 3%

Over

WpHG §§ 34, 38(1) No.

(1)

3.15% 5,948,850

BlackRock, Inc.,

Wilmington,

Delaware, United

States55

May 28, 2019 3%

Over

WpHG §§ 34, 38(1) No.

(1)

3.45% 6,515,001

Baillie Gifford &

Co., Edinburgh,

Scotland, United

Kingdom56

August 20, 2019 5%

Over

WpHG § 34 6.88% 12,981,413

BlackRock, Inc.,

Wilmington,

Delaware, United

States57

September 6,

2019

3%

Over

WpHG §§ 34, 38(1) No.

(1)

3.54% 6,675,133

BlackRock, Inc.,

Wilmington,

Delaware, United

States58

September 10,

2019

3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.53% 6,671,303

Baillie Gifford &

Co., Edinburgh,

Scotland, United

Kingdom59

October 1, 2019 10%

Over

WpHG § 34 10.57% 19,952,248

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""&#

cf. publication by Delivery Hero SE from May 27, 2019

&$ cf. publication by Delivery Hero SE from May 28, 2019

&% cf. publication by Delivery Hero SE from June 3, 2019

&& cf. publication by Delivery Hero SE from June 3, 2019

&' cf. publication by Delivery Hero SE from August 26, 2019

&( cf. publication by Delivery Hero SE from September 12, 2019

&) cf. publication by Delivery Hero SE from September 16, 2019

&* cf. publication and correction by Delivery Hero SE from October 8, 2019

#%"

BlackRock, Inc.,

Wilmington,

Delaware, United

States60

November 6,

2019

3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.48% 6,574,448

Naspers Limited,

Cape Town, South

Africa61

March 20, 2019 20%

Over

WpHG § 34 22.32% 41,849,859

Naspers Limited,

Cape Town, South

Africa62

May 16, 2019 20%

Over

WpHG § 34 22.32% 41,849,859

Naspers Limited,

Cape Town, South

Africa63

September 14,

2019

20%

Over

WpHG § 34 22.17% 41,849,859

Gregory

Alexander64

November 6,

2019

5%

Over

WpHG § 34 5.38% 10,163,854

Ruane, Cunniff &

Goldfarb L.P.,

Wilmington,

Delaware, United

States65

November 6,

2019

3%

Under

WpHG § 34 0.02% 28,464

BlackRock, Inc.,

Wilmington,

Delaware, United

States66

November 13,

2019

3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.50% 6,607,334

The Capital Group

Companies, Inc.,

Los Angeles,

California, United

States67

January 10, 2020 3%

Over

WpHG § 34 3.13% 5,908,196

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""'+

cf. publication by Delivery Hero SE from November 12, 2019

'! cf. publication by Delivery Hero SE from November 12, 2019

'# cf. publication by Delivery Hero SE from November 12, 2019

'$ cf. publication by Delivery Hero SE from November 12, 2019

'% cf. publication by Delivery Hero SE from November 13, 2019

'& cf. publication by Delivery Hero SE from November 13, 2019

'' cf. publication by Delivery Hero SE from November 19, 2019"

'( cf. publication and correction by Delivery Hero SE from January 16, 2020

#&"

Naspers Limited,

Cape Town, South

Africa68

January 15, 2020

20%

Over

WpHG § 34 22.17% 41,849,859

The Capital Group

Companies, Inc.,

Los Angeles,

California, United

States69

January 16, 2020 5%

Over

WpHG § 34 5.82% 10,984,331

BlackRock, Inc.,

Wilmington,

Delaware, United

States70

January 16, 2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.64%

6,866,113&

BlackRock, Inc.,

Wilmington,

Delaware, United

States71

January 17, 2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.48% 6,847,893

BlackRock, Inc.,

Wilmington,

Delaware, United

States72

January 20, 2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.48% 6,848,127

BlackRock, Inc.,

Wilmington,

Delaware, United

States73

January 21, 2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.46% 6,821,120

Gregory

Alexander74

January 17, 2020 3%

Over

WpHG § 34 4.87% 9,600,000

BlackRock, Inc.,

Wilmington,

Delaware, United

States75

January 22, 2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3.46% 6,814,532

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""')

cf. publication by Delivery Hero SE from January 17, 2020

'* cf. publication by Delivery Hero SE from January 22, 2020

(+ cf. publication by Delivery Hero SE from January 23, 2020"

(! cf. publication by Delivery Hero SE from January 24, 2020"

(#"cf. publication by Delivery Hero SE from January 24, 2020"

($"cf. publication by Delivery Hero SE from January 24, 2020"

(%"cf. publication by Delivery Hero SE from January 27, 2020"

(&"cf. publication by Delivery Hero SE from January 27, 2020"

#'"

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika76

January 30, 2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,46% 6,808,447

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika77

February 04, 2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,44% 6,780,412

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika78

24.02.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,48% 6.856.219

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika79

25.02.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,46% 6.808.005

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika80

28.02.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,46% 6.821.710

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika81

05.03.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,45% 6.808.059

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika82

10.03.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,45% 6.820.611

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika83

12.03.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,43% 6.774.776

"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""('"vgl. Veröffentlichung durch die Delivery Hero SE vom 05.02.2020"

(("vgl. Veröffentlichung durch die Delivery Hero SE vom 10.02.2020"

()"vgl. Veröffentlichung durch die Delivery Hero SE vom 03.03.2020"

(*"vgl. Veröffentlichung durch die Delivery Hero SE vom 03.03.2020"

)+"vgl. Veröffentlichung durch die Delivery Hero SE vom 05.03.2020"

)!"vgl. Veröffentlichung durch die Delivery Hero SE vom 11.03.2020"

)#"vgl. Veröffentlichung durch die Delivery Hero SE vom 17.03.2020"

)$"vgl. Veröffentlichung durch die Delivery Hero SE vom 18.03.2020"

#("

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika84

20.03.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,46% 6.852.688

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika85

23.03.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,47% 6.872.103

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika86

26.03.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,59% 7.110.022

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika87

27.03.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,50% 6.929.682

BlackRock, Inc.,

Wilmington,

Delaware,

Vereinigte Staaten

von Amerika88

31.03.2020 3%

Over

WpHG §§ 34, 38(1) No.

(1), 38(1) No. (2)

3,65% 7.211.360

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Delivery Hero SE, Berlin

Annex IStatement of movements in fixed assets during the 2019 financial year (gross presentation)

Carried

forward

01.01.2019

Additions from

mergers 01.01.2019

Status after mergers

01.01.2019Additions Reclassifications Disposals 31.12.2019

EUR Mio. EUR Mio. EUR Mio. EUR Mio. EUR Mio. EUR Mio. EUR Mio.

I. Intangible assets

1. Internally generated intangible assets 2,0 0,0 0,0 3,6 0,5 -0,2 5,9

2. Purchased trademarks and software 17,9 0,0 0,0 2,1 -0,2 0,0 19,9


assets under development 0,7 0,0 0,0 2,0 -0,3 0,0 2,4

20,6 0,0 0,0 7,7 0,0 -0,2 28,2

II. Property, plant and equipment

1. Plant and machinery 0,3 0,0 0,0 0,2 0,0 0,0 0,4

2. Office and other operating

equipment 9,9 0,0 0,0 3,3 0,0 -0,1 13,1


construction in progress 0,2 0,0 0,0 1,1 0,0 0,0 1,3

10,4 0,0 0,0 4,5 0,0 -0,1 14,8

III. Financial assets

1. Shares in affiliated companies 1.795,2 800,4 2.595,6 253,7 0,0 -1.149,3 1.700,1

2. Loans to afilliated

companies 607,5 89,5 697,0 624,1 0,0 -367,0 954,0

3. Investments 205,9 0,0 0,0 24,2 0,0 -2,9 227,2

4. Securities classified as fixed assets 7,3 0,0 0,0 504,7 0,0 -47,7 464,3

5. Other Investments 5,6 0,0 0,0 43,4 0,0 0,0 49,0

2.621,6 889,9 3.292,6 1.450,0 0,0 -1.566,9 3.394,5

2.652,6 889,9 3.292,6 1.462,2 0,0 -1.567,2 3.437,5

Costs

Carried

forward

01.01.2019

Amotization, depreciation

and write-downs from

mergers 01.01.2019

Status after

mergers

01.01.2019

Amotization,

depreciation and write-

downs during the fiscal

year

Reclassifications Disposals 31.12.2019 31.12.2019 31.12.2018

EUR Mio. EUR Mio. EUR Mio. EUR Mio. EUR Mio. EUR Mio. EUR Mio. EUR Mio. EUR Mio.

0,5 0,0 0,0 1,3 0,0 -0,1 1,7 4,2 1,5

5,0 0,0 0,0 3,5 0,0 0,0 8,4 11,5 12,9

0,0 0,0 0,0 0,0 0,0 0,0 0,0 2,4 0,7

5,5 0,0 0,0 4,8 0,0 -0,1 10,1 18,0 15,1

0,0 0,0 0,0 0,1 0,0 0,0 0,1 0,3 0,2

4,3 0,0 0,0 2,5 0,0 -0,1 6,8 6,3 5,6

0,0 0,0 0,0 0,0 0,0 0,0 0,0 1,3 0,2

4,4 0,0 0,0 2,6 0,0 -0,1 6,9 7,9 6,0

108,9 106,9 215,8 67,7 0,0 -62,4 221,1 1.479,0 1.686,3

107,1 0,0 0,0 80,0 0,0 0,0 187,1 766,9 500,4

0,0 0,0 0,0 1,5 0,0 0,0 1,5 225,7 205,9

0,0 0,0 0,0 0,0 0,0 0,0 0,0 464,3 7,3

5,3 0,0 0,0 0,0 0,0 0,0 5,3 43,7 0,3

221,3 106,9 215,8 149,2 0,0 -62,4 415,0 2.979,5 2.400,2

231,2 106,9 215,8 156,5 0,0 -62,6 432,0 3.005,4 2.421,4

Accumulated amortization, depreciation and write-downs Net book value

Appendix II

List of Shareholdings persuant to Section 313 of the German Commercial Code (HGB)

Name and registered office of the affiliated company

Share of Capital 2019

(%)

Functional

Currency

Amount of

equity in EUR

million

Net income (loss)

for the year in EUR

million

Germany:

Brillant 1421. GmbH, Berlin 100,00 EUR 7,68 0,07

Delivery Hero (Hong Kong) UG (haftungsbeschränkt) & Co. KG (ehem. Jade 1343 GmbH & Co. 15. Verwaltungs KG), Berlin 100,00 EUR -6,78 -0,42

Delivery Hero (India) UG (haftungsbeschränkt) & Co. KG (ehem. Jade 1343 GmbH & Co. Siebte Verwaltungs KG), Berlin 100,00 EUR -9,68 -0,98

Delivery Hero (Pakistan) UG (haftungsbeschränkt) & Co. KG (ehem. Jade 1343 GmbH & Co. Neunte Verwaltungs KG), Berlin 100,00 EUR 2,68 0,08

Delivery Hero (Philippines) UG (haftungsbeschränkt) & Co. KG (ehem.Jade 1343 GmbH & Co. 13. Verwaltungs KG), Berlin 100,00 EUR 3,78 0,10

Delivery Hero Austria GmbH, Berlin 100,00 EUR 0,54 0,03

Delivery Hero Kitchens Holding GmbH, Berlin 100,00 EUR 0,03 0,00

Delivery Hero Local Verwaltungs GmbH, Berlin 100,00 EUR 0,02 0,00

Delivery Hero Stores Holding GmbH (ehem. Foodora Services Germany GmbH), Berlin 100,00 EUR 0,53 -0,02

DH Financial Services Holding GmbH (ehem. Delivery Hero Payments GmbH), Berlin 100,00 EUR 0,12 -0,02

Foodpanda GmbH, Berlin 100,00 EUR 132,67 -0,76

Foodpanda GP UG (haftungsbeschränkt), Berlin 100,00 EUR 0,02 0,00

Jade 1343 GmbH & Co. Vierte Verwaltungs KG, Berlin 100,00 EUR 2,22 0,08

Juwel 220. VV UG (haftungsbeschränkt), Berlin 100,00 EUR 0,56 0,00

RGP Trust GmbH, Berlin 100,00 EUR 0,00 0,00

Sweetheart Kitchen Operations GmbH, Berlin 60,00 EUR -4,99 -5,32

Valk Fleet Deutschland GmbH (ehem. Rushy Logistik), Berlin 100,00 EUR -0,78 -0,04

Valk Fleet Holding GmbH & Co. KG, Berlin 100,00 EUR -9,66 -0,36

Valk Fleet Verwaltungs GmbH, Berlin 100,00 EUR 0,02 0,00

International:

Appetito Veinticuatro Ltda., San Jose (CR) 100,00 CRC -0,16 0,01

Aravo S.A., Montevideo (UY) 100,00 UYU 17,08 -39,79

Baedaltong Co. LLC (ehem. Baedaltong Co. Ltd.), Seoul (KR) 100,00 KRW -14,76 1,09

Carriage Delivery Services LLC, Abu Dhabi (UAE) 100,00 AED -4,68 -0,80

Carriage Holding Company Ltd., Abu Dhabi (UAE) 100,00 AED 85,06 131,74

Carriage KSA LLC, (ehem. Establishment of Abdullah Al Mutawa), Kuwait (KW) 100,00 SAR -24,30 -15,43

Carriage Logistics SPC, Manama (BH) 100,00 BHD -9,44 -5,22

Carriage Trading & Services Co. WLL, Doha (QA) 100,00 QAR 9,95 6,28

ClickDelivery S.A.C, Lima (PE) 100,00 PEN -3,44 -1,69

ClickDelivery S.A.S., Bogota (CO) 100,00 COP 0,00 0,00

Cloud Treats Romania SA, Cluj-Napoca (ROU) 100,00 RON -1,14 -0,74

Damejidlo cz. s.r.o. (ehem. Pizzatime s.r.o.), Prag (CZ) 100,00 CZK -8,57 -2,08

Dámejídlo.cz. Logistiks s.r.o. (ehem. Valk Fleet s.r.o.), Prag (CZ) 100,00 CZK -1,99 -1,09

Dark Stores MENA Holding Ltd., Abu Dhabi (UAE) 100,00 AED 0,00 0,00

Delivery Hero (Cyprus) Ltd. (ehem. AA Foody Cyprus Ltd.), Nikosia (CYP) 100,00 EUR 0,99 0,34

Delivery Hero (Singapore) Pte. Ltd. (ehem. Foodpanda Singapore Pte. Ltd.), Singapur (SGP) 100,00 SGD -88,42 -55,02

Delivery Hero (WanTea Singapore) Pte Ltd., Singapur (SGP) 100,00 SGD -0,03 -0,03

Delivery Hero APAC PTE. Ltd., Singapur (SGP) 100,00 SGD -0,95 -0,95

Delivery Hero Bulgaria EOOD (ehem. Foodpanda Bulgaria EOOD), Sofia (BRG) 100,00 BGN -11,38 -6,56

Delivery Hero Cambodia Co. Ltd. , Phnom Penh (KHM) 100,00 USD 1,97 -0,11

Delivery Hero Carriage DB LLC (ehem. Carriage Food Delivery Services LLC), Dubai (UAE) 100,00 AED -7,73 -4,23

Delivery Hero Carriage Egypt LLC, Kairo (EGY) 100,00 EGP -2,22 -2,09

Delivery Hero Carriage Kuwait for Delivery of Consumables LLC (ehem. Carriage Logistics General Trading Company LLC), Kuwait (KW) 100,00 KWD16,49 -0,93

Delivery Hero Finland Oy (ehem. SLM Finland Oy), Helsinki (FI) 100,00 EUR -0,01 -0,01

Delivery Hero FZ-LLC, Dubai (UAE) 100,00 AED -3,38 0,00

Delivery Hero Hungary Kft (ehem. Viala Kf), Budapest (HU) 100,00 HUF 0,79 -2,00

Delivery Hero India Holding S.a.r.L. , Luxembourg (LU) 100,00 EUR -0,02 -0,02

Delivery Hero Korea LLC (ehem. RGP Korea Ltd.), Seoul (KR) 100,00 KRW 44,95 -43,91

Delivery Hero Lao Sole Co. Ltd. , Lao (LA) 100,00 LAK -0,41 -0,41

Delivery Hero Lebanon Sarl, Beirut (LBN) 100,00 LBP 0,00 0,00

Delivery Hero Myanmar Co. Ltd., Yangon (MMR) 100,00 MMK 1,39 -0,17

Delivery Hero Stores (Singapore) Pte. Ltd., Singapur (SGP) 100,00 SGD 0,08 -0,12

Delivery Hero Stores APAC Holding PTE. LTD., Sinagur (SGP) 100,00 SGD 0,52 0,00

Delivery Hero Stores DB LLC, Dubai (UAE) 100,00 AED 0,07 0,00

Delivery Hero Sweden AB (ehem. Online Pizza Norden AB), Stockholm (SE) 100,00 SEK 19,39 4,05

Delivery Hero Talabat DB LLC (ehem. Talabat Services Company L.L.C.), Dubai (UAE) 100,00 BHD 9,67 4,05

Delivery Hero Thailand Co. Ltd. (ehem. Foodpanda Co. Ltd.), Bangkok (THA) 100,00 THB -47,21 -36,73

DH SSC Malaysia Sdn. Bhd, Kuala Lumpur (MYS) 100,00 MYR 0,11 0,00

DH Stores (Taiwan) Co. Ltd., Daan Dist Taipei (TWN) 100,00 TWD 0,18 -0,11

DHE Logistics Malaysia Sdn. Bhd, Kuala Lumpur (MYS) 80,00 MYR -0,98 -0,98

DHH I SPC (DIFC) Ltd., Dubai (UAE) 100,00 AED -0,04 -0,03

DHH II SPC (DIFC) Ltd., Dubai (UAE) 100,00 AED 0,00 0,00

Donesi d.o.o., Banja Luka (BIH) 100,00 BAM -0,04 -0,03

Donesi d.o.o., Podgorica (MNE) 100,00 EUR 0,02 0,02

Eatoye (PVT) Limited, Karachi (PK) 100,00 PKR -1,24 -0,13

Ecommerce Business 10 S.à. r.l., Luxemburg (LU) 100,00 EUR -7,68 -1,99

Emerging Markets Online Food Delivery Holding S.à.r.l., Luxemburg (LU) 100,00 EUR 345,26 -0,33

Fly&Company LLC (ehem. Fly & Company Inc.), Seoul (KR) 100,00 KRW -13,35 -10,44

Food Basket Elektronik İletişim Gıda Ticaret Ltd. Şti, Nikosia (CYP) 100,00 TRY 0,42 0,38

Food Delivery Holding 12. S.à r.l., Luxemburg (LU) 100,00 EUR -6,37 -5,76

Food Delivery Holding 15. S.à.r.l., Luxemburg (LU) 100,00 EUR 0,02 29,64

Food Delivery Holding 20. S.à r.l., Luxemburg (LU) 100,00 EUR 0,00 -0,01



Food Panda Philippines Inc., Makati (PHL) 100,00 PHP -30,87 -19,82

Foodonclick.com / Jordan Private Shareholding Company, Amman (JR) 100,00 JOD -3,30 -2,66

Foodonclick-com FZ-LLC, Dubai (UAE) 100,00 AED 1,45 0,01

Foodora AB, Stockholm (SE) 100,00 SEK 1,16 -3,19

Foodora Finland Oy (ehem. R-SC Internet Services Finland OY) Helsinki, (FI) 100,00 EUR -5,29 -1,28

Foodora France SAS, Paris (FRA) 100,00 EUR -27,17 0,00

Foodora Inc. (Canada), Toronto (CAN) 100,00 CAD -25,26 -10,51

Foodora Norway AS, Oslo (NOR) 100,00 NOK -1,05 -5,50

Foodpanda (B) SDN BHD, Bandar Seri Begawan (BRN) 100,00 BND -0,64 0,01

Foodpanda Bangladesh Ltd., Dhaka (BGD) 100,00 BDT -8,29 -6,73

Foodpanda Malaysia Sdn. Bhd., Kuala Lumpur (MYS) 100,00 MYR -40,51 -30,73

Foodpanda RO SRL, Bucharest (RO) 100,00 RON -16,72 -10,52

Foodpanda Taiwan Co. Ltd., Daan Dist Taipei (TWN) 100,00 TWD -67,19 -50,40

Appendix II

List of Shareholdings persuant to Section 313 of the German Commercial Code (HGB)

Name and registered office of the affiliated company

Share of Capital 2019

(%)

Functional

Currency

Amount of

equity in EUR

million

Net income (loss)

for the year in EUR

million

Go Delivery SA, Attica (GR) 100,00 EUR 0,31 0,01

Hungerstation LLC, Dammam (KSA) 63,00 SAR -5,09 8,65

Hungerstation SPC Ltd., Dubai (UAE) 63,00 AED -0,37 -0,81

Hungry Delivery AB, Lund (SWE) 100,00 SEK 0,10 -0,24

Inversiones CMR S.A.S, Bogota (CO) 100,00 COP -21,57 -23,81

Inversiones Delivery Hero CMR S.A. (ehem. Hellofood Hallo Essen Hollesen S.A.), Quito (EC) 100,00 USD 0,29 -3,42

Lokanta Net Elektronik İletişim Gıda Ticaret A.Ş., Istanbul (TR) 100,00 TRY 0,01 0,00

Maidan Limited, Hong Kong (HK) 100,00 HKD -1,30 -0,04

Mjam GmbH, Wien (AT) 100,00 EUR 9,69 -0,86

Mobile Venture Latin America Inc., Panama (PA) 100,00 USD -5,59 -4,33

Motwer S.A., Montevideo (URY) 100,00 UYU 0,03 -0,15

Movil Media S.R.L.,Santo Domingo (DOM) 100,00 DOP -1,41 -1,25

OFD Online Food Delivery Services Ltd., Nicosia (CYP) 100,00 EUR 4,01 3,93

Online Delivery Promotion of Internet Services Société Anonyme, Attica (GR) 100,00 EUR 19,70 11,14

Otlob for Restaurants Reservations Services S.A.E, Kairo (EGY) 100,00 EGP -20,34 -10,19

OZON MEDIA d.o.o., Zagreb (HR) 100,00 HRK -1,13 -1,28

Pagos Ya S.A., Buenos Aires (AR) 100,00 ARS 0,64 -0,08

Pedidos Ya Paraguay S.A., Asunción (PY) 100,00 PYG -0,85 -0,68

PedidosYa S.A. (ehem. Kinboy S.A.), Montevideo (UY) 100,00 USD -78,96 -60,28

PedidosYa S.A., Buenos Aires (AR) 100,00 ARS 20,46 -17,29

PedidosYa Servicios S.A. , Santa Cruz de la Sierra (BOL) 100,00 BOB -4,73 -3,97

PedidosYa SPA, Santiago (CL) 100,00 CLP -44,66 -41,33

Plotun d.o.o., Belgrad (SRB) 100,00 RSD 0,78 0,07

Ranila Online Services Limited, New Delhi (IND) 100,00 INR 0,06 -0,07

Repartos Ya S.A, Buenos Aires (AR) 100,00 ARS 0,61 -1,35

Repartos Ya S.A, Montevideo, (UY) 100,00 UYU -1,32 -1,33

RestaurangOnline Sverige AB, Lund (SWE) 100,00 SEK 0,66 -1,39

Rocket Food Limited, Sheung Wan (HK) 100,00 HKD -56,32 -36,20

R-SC Internet Services Pakistan (PVT) Limited, Karachi (PK) 100,00 PKR -29,01 -20,95

Stores Services Kuwait S.P.C., Kuwait (KW) 100,00 KWD 1,90 -0,87

Sweetheart Kitchen Holding (DIFC), Dubai (UAE) 60,00 AED -0,62 -0,62

Sweetheart Kitchen Kuwait Company, Kuwait (KW) 60,00 KWD -0,22 -0,23

Sweetheart Kitchen LLC , Dubai (UAE) 60,00 AED 1,30 1,28

Sweetheart Kitchen Operations Singapore PTE Ltd., Singapur (SGP) 60,00 SGD 0,00 0,00

Sweetheart Kitchen Saudi Arabia Limited, Kuwait (KW) 100,00 SAR -0,10 -0,10

Talabat Electronic and Delivery Services LLC. (ehem. Talabat Electronic Services Company L.L.C.), Al Khuwair (OM) 100,00 OMR -7,28 -3,34

Talabat General Trading & Contracting Company W.L.L, Sharq (KW) 100,00 KWD 86,76 32,52

Talabat Logistics & Online Management LLC, Amman, (JR) 100,00 JOD 0,04 0,07

Talabat Ltd., Kuwait (KW) 100,00 KWD 1,45 0,00

Talabat Middle East Internet Services Company L.L.C, Dubai (UAE) 100,00 AED -3,04 -7,58

Talabat QFC LLC, Doha (QA) 100,00 QAR 6,93 6,98

Talabat Restaurants Company L.L.C. Riyadh (KSA) 100,00 SAR -8,51 0,42

Talabat Services Company L.L.C. Doha (QA) 100,00 QAR 1,82 -0,13

Volo Netherlands B.V., Amsterdam (NL) 100,00 EUR -2,45 -0,85

Yemek Sepeti (Dubai) B.V., Amsterdam (NL) 100,00 EUR 147,94 -138,96

Yemek Sepeti Elektronik İletişim Tanıtım Pazarlama Gıda Sanayi ve Ticaret A.Ş., Istanbul 100,00 TRY 32,66 22,13

Yogiyo Media Company Ltd., Seoul (KR) 100,00 KRW 0,00 0,00

non-consolidated companies (at equity):

Hungry Holding ApS, Lystrup (DK) 24,50 DKK 0,40 1,32

Rappi Inc., San Francisco (USA) 13,97 USD -413,07 453,55

GlovoApp23 S.L., Madrid (ES) 12,70 EUR -136,72 -177,87

BIO-LUTIONS International AG (DE) 20,16 EUR 8,63 1,61

Nosh - TZCJ Co. Ltd. (HK) 21,80 HKD -1,20 -0,06

Reproduction of the independent auditor's report

Based on the results of our audit, we have issued the following unqualified audit opinion:

Independent Auditor's Report

To Delivery Hero SE, Berlin

Report on the Audit of the Annual Financial Statements and of the Combined

Management Report

Opinion

We have audited the annual financial statements of Delivery Hero SE, Berlin, which comprise the balance sheet

as of December 31, 2019, and the income statement for the financial year from January 1 to

December 31, 2019, and notes to the financial statements, including the recognition and measurement

policies presented therein. In addition, we have audited the combined management report of Delivery

Hero SE, Berlin, for the financial year from January 1 to December 31, 2019. In accordance with German legal

requirements, we have not audited the content of the components of the combined management report

mentioned in the section "Other information" of our audit opinion.

In our opinion, on the basis of the knowledge obtained in the audit,

– the accompanying annual financial statements comply, in all material respects, with the requirements of

German commercial law applicable to corporations and give a true and fair view of the assets, liabilities and

financial position of the Company as of December 31, 2019, and of its financial performance for the

financial year from January 1 to December 31, 2019, in accordance with German legally required

accounting principles, and

– the accompanying combined management report as a whole provides an appropriate view of the

Company's position. In all material respects, this combined management report is consistent with the

annual financial statements, complies with German legal requirements and appropriately presents the

opportunities and risks of future development.

Our opinion on the combined management report do not cover the section “Other infor-mation”.

Pursuant to Section 322 (3) sentence 1 HGB [Handelsgesetzbuch: German Commercial Code], we declare that

our audit has not led to any reservations relating to the legal compliance of the annual financial statements

and of the combined management report.

Basis for the Opinion

We conducted our audit of the annual financial statements and of the combined management report in

accordance with Section 317 HGB and EU Audit Regulation No. 537/2014 (referred to subsequently as "EU

Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement

Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our

responsibilities under those requirements and principles are further described in the "Auditor's

Responsibilities for the Audit of the Annual Financial Statements and of the Combined Management Report"

section of our auditor's report. We are independent of the Company in accordance with the requirements of

European law and German commercial and professional law, and we have fulfilled our other German

professional responsibilities in accordance with these requirements. In addition, in accordance with

Article 10 (2)(f) of the EU Audit Regulation, we declare that we have not provided non-audit services

prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the evidence we have obtained is

sufficient and appropriate to provide a basis for our opinions on the annual financial statements and on the

combined management report.

Key Audit Matters in the Audit of the Annual Financial Statements

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit

of the annual financial statements for the financial year from January 1 to December 31, 2019. These matters

were addressed in the context of our audit of the annual financial statements as a whole, and in forming our

opinion thereon, we do not provide a separate opinion on these matters.

Impairment of shares in and loans made to affiliated companies

For information on the accounting policies applied, please see item II.2 in the notes to the financial

statements.

THE FINANCIAL STATEMENT RISK

In the annual financial statements of Delivery Hero SE as of December 31, 2019, financial assets included

shares in affiliated companies of EUR 1,479 million and loans to affiliated companies of EUR 767 million. This

amounts to 65 % of total assets and thus has a material influence on the Company's assets and liabilities.

Shares in and loans to affiliated companies are recognized at cost or nominal value or, if they are expected to

be permanently impaired, at their lower fair value. The Company calculates the fair value of the shares in

affiliated companies using the discounted cash flow method. The discounted cash flow method is also used for

loans in accordance with the remaining term. If the fair value is lower than the carrying amount, qualitative

and quantitative criteria are used to determine whether the impairment is considered to be permanent.

There is a risk for the financial statements that shares in and loans to affiliated companies are impaired.

Calculation of the fair value according to the discounted cash flow method is complex and, as regards the

assumptions made, based largely on estimates and assessments of the Company. This applies particularly to

estimates of future cash flows and long-term growth rates used for valuation, determination of the

capitalization rate and, where applicable, the assessment of whether impairment is permanent.

Based on the results of the impairment testing, the Company recognized impairment losses of

EUR 147.7 million on shares in and loans to affiliated companies in financial year 2019.

OUR AUDIT APPROACH

For the purposes of impairment testing of shares in and loans to affiliated companies, we calculated our own

estimates for the Company's individual investments with the involvement of our valuation experts and based

on general as well as sector-specific market expectations and compared these estimates with the Company's

measurements.

In the event of significant deviations between our estimates and the Company's measurements, we assessed

the appropriateness of the Company's key assumptions. For this purpose, we discussed with those responsible

for planning the expected business and earnings development and the assumed long-term growth rates as well

as the modeling of the estimated sustainable surplus cash flow. We also reconciled this information with the

budget prepared by the Management Board at the group level and approved by the Supervisory Board. We

also assessed the calculation method used by the Company.

We evaluated the accuracy of the previous forecasts by comparing the budgets of previous financial years with

actual results and by analyzing deviations.

We compared the assumptions and parameters underlying the discount rate, in particular the risk-free rate,

the market risk premium and the beta factor, with our own assumptions and publicly available data.

To ensure the computational accuracy of the valuation model used, we verified the Company's calculations on

the basis of selected risk-based elements.

OUR OBSERVATIONS

The approach used for impairment testing of shares in and loans to affiliated companies is appropriate and in

line with the accounting policies. The Company's assumptions and parameters are reasonable overall.

Other Information

Management is responsible for the other information. The other information comprises:

– the non-financial statement and the corporate governance statement,

– the corporate governance report and

– the remaining parts of the annual report, with the exception of the audited annual financial statements,

the combined management report information audited for content and our auditor's report.

Our opinion on the annual financial statements and on the combined management report do not cover the

other information, and consequently we do not express an opinion or any other form of assurance conclusion

thereon.

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider

whether the other information

– is materially inconsistent with the annual financial statements, with the management report information

audited for content or our knowledge obtained in the audit, or

– otherwise appears to be materially misstated.

Responsibilities of Management and the Supervisory Board for the Annual Financial Statements and the

Combined Management Report

Management is responsible for the preparation of annual financial statements that comply, in all material

respects, with the requirements of German commercial law applicable to business corporations, and that the

annual financial statements give a true and fair view of the assets, liabilities, financial position and financial

performance of the Company in compliance with German legally required accounting principles. In addition,

management is responsible for such internal control as they, in accordance with German legally required

accounting principles, have determined necessary to enable the preparation of annual financial statements

that are free from material misstatement, whether due to fraud or error.

In preparing the annual financial statements, management is responsible for assessing the Company's ability to

continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to

going concern. In addition, they are responsible for financial reporting based on the going concern basis of

accounting, provided no actual or legal circumstances conflict therewith.

Furthermore, management is responsible for the preparation of the combined management report that as a

whole provides an appropriate view of the Company's position and is, in all material respects, consistent with

the annual financial statements, complies with German legal requirements, and appropriately presents the

opportunities and risks of future development. In addition, management is responsible for such arrangements

and measures (systems) as they have considered necessary to enable the preparation of a combined

management report that is in accordance with the applicable German legal requirements, and to be able to

provide sufficient appropriate evidence for the assertions in the combined management report.

The Supervisory Board is responsible for overseeing the Company's financial reporting process for the

preparation of the annual financial statements and of the combined management report.

Auditor's Responsibilities for the Audit of the Annual Financial Statements and of the Combined

Management Report

Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole

are free from material misstatement, whether due to fraud or error, and whether the combined management

report as a whole provides an appropriate view of the Company's position and, in all material respects, is

consistent with the annual financial statements and the knowledge obtained in the audit, complies with the

German legal requirements and appropriately presents the opportunities and risks of future development, as

well as to issue an auditor's report that includes our opinion on the annual financial statements and on the

combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally

Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW)

will always detect a material misstatement. 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 annual financial statements and this combined management

report.

We exercise professional judgment and maintain professional skepticism throughout the audit. We also:

– Identify and assess the risks of material misstatement of the annual financial statements and of the

combined management report, 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 controls.

– Obtain an understanding of internal control relevant to the audit of the annual financial statements and of

arrangements and measures (systems) relevant to the audit of the combined management report 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 these systems.

– Evaluate the appropriateness of accounting policies used by management and the reasonableness of

estimates made by management and related disclosures.

– Conclude on the appropriateness of management's use of the going concern basis of accounting and, based

on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that

may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a

material uncertainty exists, we are required to draw attention in the auditor's report to the related

disclosures in the annual financial statements and in the combined management report or, if such

disclosures are inadequate, to modify our respective opinions. 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 Company to cease to be able to continue as a going concern.

– Evaluate the overall presentation, structure and content of the annual financial statements, including the

disclosures, and whether the annual financial statements present the underlying transactions and events in

a manner that the annual financial statements give a true and fair view of the assets, liabilities, financial

position and financial performance of the Company in compliance with German legally required accounting

principles.

– Evaluate the consistency of the combined management report with the annual financial statements, its

conformity with [German] law, and the view of the Company's position it provides.

– Perform audit procedures on the prospective information presented by management in the combined

management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the

significant assumptions used by management as a basis for the prospective information, and evaluate the

proper derivation of the prospective information from these assumptions. We do not express a separate

opinion on the prospective information and on the assumptions used as a basis. There is a substantial

unavoidable risk that future events will differ materially from the prospective information.

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.

We also provide those charged with governance with a statement that we have complied with the relevant

independence requirements, and communicate with them all relationships and other matters that may

reasonably be thought to bear on our independence, and where applicable, the related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were

of most significance in the audit of the annual financial statements of the current period and are therefore the

key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public

disclosure about the matter.

Other Legal and Regulatory Requirements

Further Information pursuant to Article 10 of the EU Audit Regulation

We were elected as group auditor at the annual general meeting on June 12, 2019. We were engaged by the

Supervisory Board on November 18, 2019. We have been the group auditor of Delivery Hero SE without

interruption since financial year 2017.

We declare that the opinions expressed in this auditor's report are consistent with the additional report to the

Audit Committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

German Public Auditor Responsible for the Engagement

The German Public Auditor responsible for the engagement is Björn Knorr.

Berlin, April 22, 2020

KPMG AG

Wirtschaftsprüfungsgesellschaft

[Original German version signed by:]

[signature] Knorr

Wirtschaftsprüfer

[German Public Auditor]

[signature] Heidgen

Wirtschaftsprüfer

[German Public Auditor]

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