PPF Group N.V. announces its 2007 financial results
- Total assets increased 19.3% from CZK 224 bil. in 2006 to CZK 268 bil. in 2007
- Total equity increased 12.1% from CZK 34 bil. in 2006 to CZK 38 bil. in 2007
- Net profit for the year 2007 was CZK 6.8 bil., compared to CZK 11 bil. in 2006.
The difference between net profit figures year-on-year was affected predominantly by one-off proceeds from the sale of significant assets in 2006 (eBanka, share in the Modra pyramida building society). Net profit in 2007 was then influenced by PPF Group’s continuing extensive expansion on new markets, mainly in China were consumer finance services had been launched under the Home Credit brand. The net profit figure can be also attributed partly to the decline of capital markets in the second half of the year 2007.
Financial statements for the year 2007 do not include the impact of the transaction with Generali Group, which has been closed in January 2008. This transaction resulted into creation of a new entity, Generali PPF Holding B.V., into which the both groups were contributed with their insurance assets in the CEE region. Subsequently, PPF Group sold a part of its stake in the holding so that the final shareholding of PPF Group in Generali PPF Holding represents 49%, while Generali’s stake represents 51%. The effect of the above mentioned transaction will be fully projected into 2008 results.