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Rocket Internet Annual Report 2019

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Rocket Internet Annual Report 2019 Rocket We enable entrepreneurship. Rocket Internet incubates and invests in internet and technology companies globally. We provide deep operational support to entrepreneurs and help them build market-leading companies. Annual Report 2019 Key Figures Rocket Internet Group (according to IFRS) Financials (in EUR million) 2019 2018 Change Revenue 67.3 44.5 51% EBITDA 181.6 203.3 -11% Cash and cash equivalents 1,665.1 1,720.0 -3% Profit for the period 280.3 196.0 43% Earnings per share (in EUR) 1.90 1.28 48% 3 Table of Content 04 Letter to our Shareholders 06 Report of the Supervisory Board 11 Consolidated Financial Statements 102 Combined Management Report 4 Oliver Samwer Chief Executive Officer Dear Shareholders and Friends of Rocket Internet, 2019 has been a successful year for Rocket Internet. We continued to pursue our core strategy to identify promising business models and teams in the global technology sector, build, launch and support operationally new internet-enabled companies and groW our netWork of companies. We are proud to say that We have incubated over 20 neW internet-based business models during the past tWo years and Will continue to support these companies operationally and help them scale their businesses. FolloWing the successful IPOs of our Food & Groceries sector companies Delivery Hero and HelloFresh in 2017 as Well our Home & Living sector companies home24 and WestWing in 2018, in 2019 We Witnessed the stock market debut of tWo more of our selected companies in Frankfurt and NeW York. Jumia, the leading pan-African e-commerce platform, had its first day of trading on NYSE on April 12, 2019. The company listed via American Depository Shares. The net proceeds from the offering as Well as the concurrent investment by Mastercard added c. USD 280 million to the company's cash balance. Active across 11 countries in Africa that together count more than 600 million people, Jumia provides a broad and attractive value proposition for brands and consumers, ranging from an e-commerce marketplace to logistics and payment services. In July 2019, Global Fashion Group, active in the fashion & lifestyle sector, listed on the Frankfurt Stock Exchange, raising net proceeds of EUR 186 million. Through its regional brands, The Iconic in Australia, Zalora in South-East Asia, Lamoda in CIS and Dafiti in Latin America, Global Fashion Group provides over 1 billion consumers online and mobile access to global brands as Well as regional fashion. In 2019, Rocket Internet’s consolidated revenue increased by EUR 23 million to EUR 67 million and the consolidated profit improved by EUR 84 million to EUR 280 million in 2019. Earnings per share in 2019 Were positive at EUR 1.90 (EUR 1.28 in 2018). Rocket Internet continues to be Well capitalized With a strong adjusted net cash position of EUR 2.1 billion as of end of March 2020. 5 In December 2019, Rocket Internet announced and executed a share buyback program for c. 10% of the issued share capital (c. 15.1 million shares) at a price per share of EUR 21.50, equating to a total volume of EUR 324 million. For the Rocket Internet share, 2019 Was a volatile year. The share had a strong first half of the year, reaching an intra-year closing high of EUR 26.00 on June 20, 2019. HoWever, the second half of the year Was negatively impacted by an overall deteriorating market sentiment toWards the internet sector. The Rocket Internet share closed the year 2019 at EUR 22.10, up 9.2% for the year. As of the third Week of March 2020, the Rocket Internet share price has temporarily dropped beloW EUR 17.00 per share amidst the Corona / Covid-19 developments. At the time of Writing, this is a developing situation With yet unknoWn duration and very significant negative macro-economic impact that Will certainly also negatively impact Rocket Internet’s netWork of companies. We expect to see loWer top line groWth and likely year-on-year reductions as Well as a higher percentage of companies failing than in prior years. At the same time, We have capital available to support fundamentally strong companies and outstanding teams. The past has shoWn, some highly successful companies have been started in recessions, so We Will also be looking for opportunities during these uncertain times. At Rocket We Will continue to incubate, build, develop operationally and strategically invest in internet and technology companies globally and help them scale internationally. This requires a team of talented and driven individuals Who contribute their vision and creativity daily. I Would thus like to thank all employees for their commitment and contributions, Which is the cornerstone of our success. In particular, I Would like to thank my long-term partner Alexander Kudlich for his outstanding contributions to Rocket Internet’s company building activities. Berlin, April 2020 Oliver Samwer Chief Executive Officer, Rocket Internet SE 6 Report of the Supervisory Board of Rocket Internet SE for the Financial Year 2019 Dear Shareholders, In the financial year 2019, the Supervisory Board of Rocket Internet SE (“Rocket Internet” or “Company”) fulfilled all duties in accordance With statutory laW, the articles of association and the rules of procedure in their entirety. It has regularly advised the Management Board on the basis of comprehensive reports of the Management Board, Which Were given in Written as Well as in verbal form, on the strategic direction of the Company and continuously oversaW its management. The Supervisory Board Was involved in all fundamental decisions of the Company. The Management Board regularly, promptly and comprehensively reported to the Supervisory Board, both during the scheduled meetings and at other times as the situation required. As part of this process, the Management Board informed the Supervisory Board about all relevant matters regarding operative planning and the risks and reWards related thereWith. This included matters on the development and pursuit of the business, questions on planned and current investments, the state of the group including its risk position, as Well as risk management and compliance. Furthermore, the Management Board aligned the Company’s strategic focus With the Supervisory Board. In 2019, the Management Board reported extensively to the Supervisory Board on the Company in the meetings of the Supervisory Board, including the development of revenue and profitability of the Company, the selected associated companies, as Well as the state of the Company and its business policy. The content of the reports Was discussed intensely With the Supervisory Board. In this context, inter alia, deviations from the actual course of the business to the plan Were discussed. The reports of the Management Board met the legal requirements, good corporate governance standards and the requirements of the Supervisory Board With regard to their content and scope. The Supervisory Board has dealt in depth, critically analyzed and evaluated the Management Board’s reports and further information provided by the Management Board. Furthermore, the Supervisory Board received regular reports from the Management Board regarding the internal control system implemented by the Management Board, the group Wide risk management and the internal audit system, and dealt With their effectiveness. To the extent an approval of the Supervisory Board Was required for decisions or measures of the Management Board in accordance With statutory laW, the articles of association or the rules of procedure, the members of the Supervisory Board approved the proposal after revieW and discussion. Upon the ending of the ordinary annual general meeting on June 6, 2019, the period of office ended for all four Supervisory Board members, Prof. Dr. Marcus Englert, Mr. Norbert Lang, Mr. Pierre Louette and Prof. Dr. Joachim Schindler. In the ordinary annual general meeting on June 6, 2019 Prof. Dr. Marcus Englert, Mr. Norbert Lang, Mr. Pierre Louette and Prof. Dr. Joachim Schindler Were reelected to the Supervisory Board. In the folloWing meeting of the Supervisory Board, Prof. Dr. Marcus Englert Was elected chairman of the Supervisory Board and Prof. Dr. Joachim Schindler his representative. 7 Key Activities In addition to the Management Board reporting, in particular With regard to the economic state and the development of the Company and the group and on material business events as Well as the statutory regular reporting on intended business policy and fundamental questions With regard to the Company’s operative planning and profitability, in particular, the folloWing topics Were in depth dealt With by the Supervisory Board: - The annual financial statements and group financial statements for the financial year 2018 and their revieW by the Supervisory Board - The half-yearly financial report and the quarterly statements for the first and third quarter 2019 - Development of the business during the course of the year - Rocket Internet’s revenue and earnings budget (stand-alone basis) for the year 2020 - Strategic positioning and structuring of the group and business organization - The development and strategy of Rocket Internet’s material investments - The audit planning and quarterly reports of the internal audit department - The invitation to and the agenda of the ordinary annual general meeting 2018, including the proposals for resolutions - The buyback of the Company’s shares and the redemption of the Company’s shares - The amount of cash and cash equivalents of the Company, and the cash management strategy - IPO of Global Fashion Group - Sale of shares in WestWing and HelloFresh - Purchase and sale of shares in United Internet AG - Succession planning - The Corporate Governance Report including Declaration of conformity to the German Corporate Governance Code (“GCGC”) - The election of the neW members to the Supervisory Board: Prof. Dr. Marcus Englert, Mr. Norbert Lang, Mr. Pierre Louette and Prof. Dr. Joachim Schindler Meetings and Attendance The Supervisory Board’s meetings take place regularly and independently of the Executive Board.
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