200 subsidiaries – one set of consolidated financial statements
Rocket Internet SE
- Introducing a professional software tool for preparing consolidated financial statements
- Making use of consolidation wizards
- Integrating numerous companies doing business in foreign currencies
We used LucaNet to prepare Rocket Internet's first ever consolidated financial statements – and we’re really very happy with the results. I was already familiar with the software from the company I had previously worked for. So I immediately knew what the capabilities of the tool were.
About the company
- Berlin - Germany
- 30.000 (worldwide)
For its first set of consolidated financial statements, Rocket Internet consolidated around 200 companies. What would have been impossible with Excel worked reliably with LucaNet.
“To become the world’s largest Internet platform outside of the United States and China” - that’s the mission of Rocket Internet. And the company is currently on the right track. Rocket Internet identifies and builds on tried-and-tested business models and transfers them to new, as-yet untapped markets. Well-known examples of their success include brands such as Delivery Hero, Westwing, Home24, and HelloFresh.
Now a listed company, Rocket was founded in Berlin in 2007 by brothers Marc, Oliver, and Alexander Samwer. Today, it employs over 30,000 staff at its affiliated companies, who work in more than 110 countries.
Establishing a group accounting process
When enterprises grow strongly, this has a particularly heavy impact on the finance department. That was also the case at Rocket Internet. Financial processes needed to be restructured and developed further; a completely new group accounting department was established, and financial software had to be found that would guide the group through the consolidation process in a way that was reliable and straightforward.
Bringing hundreds of companies under one roof
Why did Rocket choose LucaNet? Imke Ramb, Head of Group Accounting International, explains her decision: "We have hundreds of companies spread across several sub-groups to consolidate. You can't do this in Excel without getting any errors. As I was already familiar with LucaNet from my previous employer, I knew that I could absolutely rely on this tool. "LucaNet makes it possible for you to prepare consolidated financial statements reliably in accordance with different accounting standards. Whatever you choose, your consolidated profit and loss statement, consolidated balance sheet, consolidated cash flow statement, and disclosures are presented transparently. A particularly important aspect for us is the reliable presentation of an unlimited number of companies, as there are often changes to our portfolio of investments.”
Rocket Internet saves on time and costs
Many investments, subgroups, consolidating in accordance with the HGB (German Commercial Code) and IFRS – the first set of consolidated financial statements was hardly a walk in the park. But in the end it was successful and a solid foundation for the future partnership between LucaNet and Rocket Internet. Paul Stander, Head of Group Accounting – National, explains: "As Rocket Internet has a highly complex, constantly evolving group structure, we need software that can give us very flexible support for our consolidated accounting requirements. With its many different functions, LucaNet is the ideal solution for us. This is especially true when it comes to consolidation within a group with numerous companies in other countries. The implementation went without a hitch, giving us a significant advantage in terms of time and costs. The staff at LucaNet are also genuine specialists in their fields, meaning we also benefit from their expert advice.”