PPF Group N.V.: Net profit for the six month period ended 30 June 2009 reaches EUR 137 million
“PPF Group started 2009 prepared to face head-on, the challenges of the global economic downturn. A robust financial platform enabled the Group to invest in distressed assets. Geographically, we stayed focused on our core markets of the Czech Republic/Slovakia, Russia/CIS and Southeast Asia and executed several significant transactions in these regions. After a period of restructuring these transactions are expected to deliver a steady future return. Since 2009, PPF Group has started to diversify its core activities extending its current financial services exposure via private equity investments and real estate business. As we have acquired new assets during this period and did not execute any significant exits from the portfolio, , I consider a net profit of EUR 137 million to be a very good achievement.”
Jiri Smejc, PPF Group shareholder
- Net profit for the six month period ended 30 June 2009 reached EUR 137 million. In the same period in 2008, net profit amounted to EUR 2,732 million, which was positively influenced by a one-off transaction with Generali Group. This transaction resulted in the establishment of a new entity, Generali PPF Holding B.V.; PPF Group consolidates 49% of financial results of the Holding.
- Total assets decreased marginally by 5.6% from EUR 10,730 million for YE 2008 to EUR 10,129 million as of 30 June 2009.
- Total equity increased by 1.4% to EUR 3,773 million as of 30 June 2009, compared to EUR 3,722 million as of 31 December 2008.
- The consolidated ratio of equity to total assets grew to 37.2% as of 30 June 2009, compared to 34.7% as of 31 December 2008.
During the reporting period, PPF Group initiated several investment transactions, which are expected to be finalized in the second half of the year. Thus, their full impact will be presented within the full year 2009 financial results. These transactions include:
- The establishment of PPF ECM Holding comprising of 42 different real estate projects; the transaction is expected to be finalized by December 2009;
- The acquisition of the controlling stake (50% plus one share) in Eldorado, Russia’s largest electronics and domestic appliances retailer (finalized in October 2009);
- The creation of EP Holding by PPF, J&T structures and Mr. Daniel Kretinsky in October 2009, an entity which will focus on investment into Czech and Slovakian energy and industrial sectors.
PPF Group‘s consolidated financial statements for the six month period ended 30 June 2009 are readily available at www.ppfgroup.nl.