PPF Group publishes its results for 1H 2014
In the first half of this year the PPF Group’s assets continued to grow, primarily thanks to its acquisition of O2, the largest Czech telecommunications operator. Net profit declined slightly, mainly due to the economic slowdown in Russia.
Key financial ratios:
- The PPF Group’s equity attributable to shareholders increased by EUR 386 million from 31 December 2013 and amounted to EUR 5.448 billion as at 30 June 2014.
- The PPF Group’s assets increased 16% compared with the end of 2013 (by a total of EUR 3.284 billion) and stood at a record EUR 24.187 billion as at 30 June 2014.
- Net profit attributable to the PPF Group’s shareholders for 1H 2014 amounted to EUR 346 million, i.e. down by 9% compared with the same period of last year.
KPMG has audited the consolidated financial statements under IFRS.
“While Russia is slowing down, which has had an impact on our results, our investment activities are increasing. We have achieved dynamic growth chiefly in Asia but also in the Czech Republic and in Western Europe. Diversification continues to be our long-term strategy,” Kateřina Jirásková, the PPF Group’s Chief Financial Officer, commented on the 1H results, adding in respect of the first half of this year: “The most important economic events for PPF during the six month period took place in the Czech Republic, where we bought a majority stake in O2 and sold our stake in the EPH energy group.”