In the second half of last year, the PPF Group achieved a net profit of 93 million euros. According to the consolidated and audited results, it managed to reduce the full-year net loss to 291 million euros, which in the first half of 2020 reached 384 million euros (9.8 billion crowns).
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“The negative economic environment caused by the pandemic has been concentrated in the consumer lending sector. Within the PPF Group’s financial division, on the other hand, significant resilience to external shocks and at the same time the ability to grow further were reflected in corporate and retail banking, ”commented Kateřina Jirásková, PPF’s Chief Financial Officer.
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According to Jirásková, PPF’s strategy of balanced geographical and professional diversification passed a tough test last year. “It has proven that it can dampen the effects of pandemic events on the group’s consolidated results. Already in the second half of last year, we were able to return to profitability, and thus create a healthy basis for further development and strengthening of our companies during the boom, “added Jirásková.
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The operations of the installment company Home Credit contributed the most to the loss of the PPF Group, especially in China, where the consequences of the pandemic were fully felt. Many clients stopped repaying loans and the lending activity of new business slowed down significantly.
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PPF fell into loss last year for the first time in its thirty-year history. The group’s total net profit between 2011 and 2020 was 5.5 billion euros, while the value of PPF’s assets increased almost threefold to 39.7 billion euros over the same period.
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Main financial indicators of PPF Group
– The Group’s assets as at the last day of 2020 reached EUR 39.7 billion, which represents a year-on-year decrease of 18% (EUR 48.6 billion as at 31 December 2019).
– Shareholders’ equity as at 31 December 2020 amounted to EUR 7.9 billion (EUR 8.8 billion as at 31 December 2019).
– The net loss for 2020 amounted to EUR 291 million, compared to a net profit of EUR 1,005 million for 2019.
– In the second half of 2020, the group achieved a net profit of € 93 million, while in the first half of 2020 it reported a net loss of € 384 million.
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PPF Group is active in 25 countries. It invests in a number of industries, from financial services to telecommunications, media, biotechnology, real estate to engineering. It builds its growth on the development of traditional and new industries, building modern infrastructure, the digital economy and connecting Czech talent and capabilities with global opportunities.
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PPF operates in Europe, Asia and North America. The group owns assets of 39.7 billion euros and employed 94,000 people worldwide at the end of 2020.
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