PPF Group N.V. announces its IFRS audited consolidated financial results for the year ended 31 December 2010
PPF Group N.V. (“Group” or “PPF Group”) announces its IFRS audited consolidated financial results for the year ended 31 December 2010
Net profit for 2010 amounted to EUR 336 million
Key Highlights of 2010
- PPF Group achieved a net profit attributed to shareholders of EUR 336 million
- PPF Group’s equity increased by EUR 500 million, also thanks to the strengthening of national currencies, in particular the rouble, against the euro
- PPF has confirmed its position as one of the largest investment groups in Central and Eastern Europe and is now better diversified and stronger than ever before
- PPF Group is successfully implementing its investment strategy aimed at large projects (at least EUR 100 million), both on its own and in co-operation with strategic partners
“We devoted great attention to restructuring and diversifying our assets, and also to preparing and launching a number of new investments, mainly in Central Europe and Asia. In 2010, we did not carry out any major divestments, but we completed a number of steps towards optimising our ownership of assets, and completed the turnaround process for Eldorado to become a transparent and profitable company.
This effort is illustrated also by the fact that even in a year when the Group did not make any exit, its profit increased, being created thanks to revenues from continuing operations. This shows our ability to generate stable revenues even in periods when we are building or restructuring our various projects.”
Jiří Šmejc, PPF Group Shareholder
- Net profit from continuing operations increased by 22% and amounted to a record EUR 337 million.
- Total assets grew by 15%: from EUR 10.802 billion on 31 December 2009 to EUR 12.383 billion on 31 December 2010.
- Total equity increased by 13%: to EUR 4.454 billion as at 31 December 2010, compared with EUR 3.955 billion at end-2009.
- PPF Group’s net profit for 2010 from continuing operations was, for another consecutive year, the highest achieved in the last few years. The growth in net profit is mainly attributable to Home Credit Group’s improved profitability and the continued restructuring of the Russian retail chain, Eldorado.