Rocket Internet reports €617m loss for H1 2016

Rocket Internet reports €617m loss for H1 2016

Rocket Internet, the Germany-based investor which specialises in internet start ups, has reported a consolidated loss of €617m in the first half (H1) of 2016. In a statement issued yesterday (1 September), company said that “special items, in particular due to impairments at Global Fashion Group S.A. (“GFG”), weighed on the results”.

Rocket Internet added: “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.”

Oliver Samwer, CEO Rocket Internet, remained upbeat: “Despite these special items, we remain committed to our goals.

“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’s extensive portfolio includes not only investment in online retailers like Lazada, but also on-demand delivery companies, such as the food specialist Foodpanda and Delivery Hero.

 

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