Rocket Internet reports H1 loss of 12 million euros

Rocket Internet SE has announced a consolidated loss of 12 million euros (14.2 million dollars) for the first six months in 2020. The company said in a statement that it generated 45 million euros (53.3 million dollars) of consolidated revenue and earnings per share of negative 0.07 euro in H1 2020. The company added that loss of associates and joint ventures increased from negative 48 million euros in Q1 to negative 84 million euros (99.5 million dollars) in H1 2020. The company said that main driver for the overall improvement in consolidated loss versus the first quarter was the financial result of 80 million euros in H1 2020.

Commenting on the first half trading, Oliver Samwer, founder and CEO of Rocket Internet said: “In the first half of 2020, we have seen very high volatility, both in private and public markets. Overall, the private participations continue to be heavily negatively impacted by Covid-19, while many public stocks have had positive performances in Q2 2020.”

Highlights of core companies under Rocket Internet

Rocket Internet’s selected companies developed well operationally in H1 2020, despite the impacts of Covid-19. Global Fashion Group grew group revenue to 608 million euros (720.6 million dollars) in H1 2020, a 0.7 percent growth in euro terms when compared against H1 2019 and 10 percent growth on a constant currency basis. Net merchandise value (NMV) transacted over its platform accounted for 31 percent in Q2 2020, while active customers increased by 21.6 percent to 15 million. The gross margin amounted to 41.8 percent, up 2.1 percentage points and the adjusted EBITDA margin was negative 2.2 percent, a year-over-year improvement of 2.6 percentage points.

Home24 grew revenue to 222 million euros (263 million dollars), a 31 percent increase year-over-year on a constant currency basis. Revenue in Europe increased by 31 percent to 177 million euros and Brazil saw very strong revenue growth of 30 percent on a constant currency basis, but when factoring in the weakening of the Brazilian Real, this amounted to 5 percent growth in euro terms or 45 million euros in the first half of 2020. The adjusted EBITDA margin improved to 3 percent compared to negative 13 percent in H1 2019.



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