Rocket Internet SE: Special Items Weigh on Results for the First Half of 2016
- Consolidated loss of EUR 617 million in the first half of 2016
- First half 2016 results negatively impacted by special items, in particular at GFG
Berlin, Germany, September 1, 2016 - Special items, in particular due to impairments at Global Fashion Group S.A. ('GFG'), weighed on the results of Rocket Internet SE ('Rocket Internet' or the 'Company') in the first half of 2016. As a result of the last funding round for GFG, which was announced in April 2016 and which closed in July 2016, GFG wrote-off goodwill and intangible assets. GFG contributed negative EUR 383 million to the Rocket Internet's first half year results. The result was further impacted by special items such as impairments, fair value adjustments and - to a lesser extent - positive special items. Overall, the consolidated loss for the first half of 2016 was EUR 617 million.
As a result of deconsolidation effects, group revenues in the first half of 2016 decreased to EUR 29 million compared to EUR 71 million in first half of 2015.
'Despite these special items, we remain committed to our goals', says Oliver Samwer, CEO Rocket Internet. 'We still expect at least three of our selected portfolio companies to turn profitable by the end of 2017, and that the aggregate EBITDA losses of the selected portfolio companies will have peaked in 2015. '
Rocket Internet will report detailed results for the first half of 2016 on September 22, 2016.
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About Rocket Internet
Rocket Internet builds and invests in Internet companies that take proven online business models to new, fast-growing markets. Rocket Internet focuses on five industry sectors of online and mobile retail services that make up a significant share of consumer spending: Food & Groceries, Fashion, General Merchandise, Home & Living and Travel. Its network of companies operates a variety of business models in over 110 countries on six continents with more than 36,000 employees at the end of 2015. Rocket Internet SE is listed on the Frankfurt Stock Exchange (ISIN DE000A12UKK6, RKET). For further information please visit www.rocket-internet.com.
This document contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Rocket Internet SE ('Rocket Internet') and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations and competition from other companies, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, and other factors. Rocket Internet does not assume any obligations to update any forward-looking statements.
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