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PPF Group's History



  • PPF Group became the sole shareholder in Česká telekomunikační infrastruktura a.s. (CETIN). In accordance with legislation, minority shareholders’ ownership rights attached to all company shares passed to the main shareholder. In return for their CETIN shares, the majority shareholder provided minority shareholders with consideration that, combined with their O2 shares, reflected a significant rise in the value of the telecom assets since 2014, when the PPF Group had entered the company. 

  • PPF Group sold a number of real estate projects in Prague, among them the “Line”, “Trojmezí”, and “Prague Eye Towers” projects.

  • The number of employees of PPF Group companies surpassed 100,000.


  • PPF became the first in Europe to make a voluntary separation in the telecommunications sector by splitting O2 Czech Republic into two companies: Česká telekomunikační infrastruktura (CETIN), the owner and manager of the Czech Republic’s largest fixed and mobile network, and the purely retail mobile operator, O2. This demerger and the restructuring of the telecommunications companies pushed up the value of both of them. 

  • Home Credit entered into an agreement with the US telecoms operator, Sprint, and started offering consumer finance services to the operator’s customers in the US.

  • The Czech National Bank named PPF Group a systemically-important financial institution.


  • PPF purchased O2 Czech Republic, the largest Czech telecommunications operator, and the number-three on the Slovak mobile market, O2 Slovakia.

  • PPF was granted a nationwide licence to provide consumer finance services in China.

  • The Russian economy experienced a sharp decline, causing Home Credit losses that ran of millions of euros.

  • PPF sold off its stake in EPH.

  • SOTIO launched a phase III international clinical trial treating patients with prostate cancer.


  • In a two-part transaction, PPF sold its 49% stake in Generali PPF Holding (GPH) to the Generali Group and kept selected GPH insurance assets in Russia.

  • PPF bought the Bestsport Arena company, becoming the owner of Prague’s O2 arena, which is one of the most modern multipurpose halls in Europe.

  • The number of employees at PPF Group companies stood at more than 85,000.


  • Jiří Šmejc sold his 5% share in PPF Group to other shareholders and became a minority shareholder in Home Credit and Air Bank.

  • PPF sold its stake in the Russian bank Nomos.

  • PPF sold its 50% stake in Sazka to KKCG partners.

  • Home Credit entered the Indian market and started rolling out branches in Indonesia and the Philippines.

  • SOTIO, a biotechnology company developing new therapies for oncology diseases, became a part of PPF Group. 


  • PPF acquired a majority stake in the Rav Agro agricultural holding in Russia.

  • PPF and the KKCG Group bought the collapsing Czech lottery company Sazka.

  • Establishment of Air Bank, a new retail bank specialising in online services.

  • PPF Group became the sole owner of Eldorado, the Russian retail chain.


  • PPF Group became the first foreign entity to be licensed by the Chinese regulator to provide consumer finance services in China.

  • Jean-Pascal Duvieusart became a minority shareholder in PPF Group.

  • Number of employees: 53,154.

PPF was founded in the Czech Republic in 1991 as an investment fund and participated in the privatisation of the country´s economy following the major social change that took place after 1989. The Group's first major investment was its acquisition of Ceska pojistovna, the largest insurer in the Czech Republic. Ceska pojistovna‘s successful transformation from a state-owned, ineffecient company into a functioning private business laid the foundation for its subsequent successes.

PPF then founded Home Credit, the consumer finance provider. It also acquired and built PPF banka and eBanka in the latter half of the 1990s. PPF also started its expansion into Slovakia. PPF's investment activity in the Czech Republic increased significantly in 2004 as the Group successfully concluded the restructuring of the largest domestic private TV channel (TV NOVA) and then sold it to US-based CME.

2002 saw PPF continue its pursuit of growth by entering the Russian market, making its first investments there in insurance and consumer finance. Despite initial difficulties, the Group persevered with its investment strategy and the Russian market has remained the focal point of its business interests ever since. In time, PPF successfully launched Home Credit there, and invested not only into the banking and insurance sectors, but into silver and gold mining (Polymetal) as well.

In 2007, PPF signed an agreement with Italian-based insurance company Generali to form Generali PPF Holding, a joint venture active in Central and Eastern Europe and CIS countries. This significant step made PPF a truly global business. In keeping with this global approach, the company also entered Asian markets, primarily China and Vietnam, followed by Belarus, Kazakhstan, India, Indonesia and Philippines, predominantly through the development of the consumer finance segment.

In more recent years, PPF has focused on strengthening and developing its existing investments, whilst continuing to seek new investment and business opportunities. The Group has added new sectors to its portfolio by acquiring Russia's largest consumer electronics retailer, Eldorado. Most recently, in 2014, PPF acquired a majority stake in O2 Czech Republic, the country´s largest telecommunications operator, which also owns one of the major mobile operators in Slovakia. The Group´s investments in real estate are also successfully underway, focusing not only on emerging markets like Russia but also building a presence in developed Western European countries, the Netherlands and Germany in particular.

As well as individual portfolio projects, from which PPF has exited with significant return on investment (such as TV NOVA, the main Czech lottery company Sazka, Central European energy holding EPH, Nomos-bank the Russian retail bank) the Group take a longterm approach to developing key sectors of interest, particularly banking and non-banking financial services, real estate, retail, insurance (currently in Russia), metal mining – together with partners in Polymetal – and most recently telecommunications and biotechnology.

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