14.04.2016
Rocket Internet SE DE000A12UKK6
DGAP-News: Rocket Internet Portfolio Companies Show Continued Growth and Improvement in Profitability in 2015
DGAP-News: Rocket Internet SE / Key word(s): Final Results
Rocket Internet Portfolio Companies Show Continued Growth and Improvement in
Profitability in 2015
14.04.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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Rocket Internet Portfolio Companies Show Continued Growth and Improvement
in Profitability in 2015
- Continued strong average revenue growth across companies in focus
sectors of 69.4% in 2015
- Six percentage points average improvement in adj. EBITDA margin across
companies in focus sectors
- Gross cash position of EUR 1.8 billion
- Rocket Internet SE 2015 full year results in line with expectations
- Rocket Internet sold a 9.1% stake in Lazada to Alibaba for USD 137
million, valuing the company at USD 1.5 billion (c. 15x multiple for
Rocket Internet)
Berlin, Germany, April 14, 2016 - The major portfolio companies of Rocket
Internet SE's company network have again grown significantly in 2015 across
the key sectors Food & Groceries, Fashion, General Merchandise and Home &
Living. These companies experienced strong average revenue growth of 69.4%
year over year and also an average improvement in adjusted EBITDA margin of
six percentage points.
Particularly noteworthy in 2015 was personalized fresh food at home
provider HelloFresh's 338.0% growth in net revenue. Similarly, Africa's
leading general merchandise platform Jumia grew gross merchandise volume
("GMV") by 205.6% and net revenue by 117.8%, continuing to increase its
share of marketplace transactions on its platform. Demonstrating great
progress on the path to profitability are our Middle Eastern Fashion
company Namshi and Home & Living company Westwing, with adjusted EBITDA
margins of negative 2.1% and negative 6.4% respectively in Q4 2015.
Our companies continue to be attractive investments for third party
capital, as demonstrated by the recent investments of Axa, Goldman Sachs
and Orange into Africa Internet Group at the beginning of 2016. The total
funding round including existing shareholders amounted to over EUR 300
million at a EUR 1.0 billion post-money valuation, representing a c. 50%
valuation increase compared to the previous funding round. On April 12,
2016, Rocket Internet sold a 9.1% stake in its South-East Asian general
merchandise marketplace Lazada to Alibaba for USD 137 million. In addition,
Alibaba is investing USD 500 million into Lazada, at a valuation of USD 1.5
billion, making Alibaba the controlling shareholder. Rocket Internet's
remaining fully diluted stake after the transaction and taking into account
Alibaba's investment of new funds is 8.8%. The valuation represents an
approximately 15x multiple of Rocket Internet's total invested capital of
c. EUR 18 million.
Rocket Internet is optimistic about 2016. "We have already seen some good
progress this year. For Rocket Internet, 2015 was the year in which the
losses of our strategic (major) portfolio companies should have peaked, as
we already announced in September 2015", said Rocket Internet CEO Oliver
Samwer when presenting the 2015 results. Rocket Internet's goal is to make
its companies profitable in the long-run. "To achieve this, growth is more
important than profitability in the early years of a company. That is why
Rocket Internet invested strongly in the growth of its companies in 2015".
Oliver Samwer said Rocket Internet was sticking to its target that three of
its major companies should be profitable by the end of 2017.
For the first time, Rocket Internet SE reported full year IFRS 2015
consolidated results. Rocket Internet does not fully consolidate many of
its key companies but accounts for them under the equity method.
Consolidated revenues remained stable at EUR 128.3 million in 2015 compared
to 128.2 million in 2014, including fees from consulting services as well
as revenues of fully consolidated subsidiaries. A much smaller result from
deconsolidation of subsidiaries and a share of loss of associates and joint
ventures were the primary contributors to a net loss in 2015 of EUR 197.8
million compared to a net income of EUR 428.8 million in 2014. The company
continues to have a strong consolidated cash balance of EUR 1.8 billion at
the end of 2015.
Companies, in which Rocket Internet SE is or will be invested, will
generally, and subject to conditions, have access to co-investment capital
by the Rocket Internet Capital Partners fund, which has aggregate
commitments of USD 742 million.
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Media Contact
T: +49 30 300 13 18 68
E: [email protected]
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.
Disclaimer
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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14.04.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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