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Facts and Strategies

PPF Group is an international investment group founded in the Czech Republic in 1991. It has grown to manage operations in 25 countries across Europe, North America, and Asia with financial services, telecommunications, media, real estate, mechanical engineering, and biotechnology as its core lines of business. Our priority is to create value by developing innovations, implementing new technologies, and improving the quality of management.

PPF’s thirty-year history, its present-day standing, and its vision tell the story of the drive, work ethic, and professionalism of the many people who work to fulfill the vision and courage of Petr Kellner, PPF’s founder.

Total Assets

40

EUR Billion

as of December 31, 2020

Equity by Segment

1 As of 31 December 2020
2 Home Credit, Air bank, Zonky, PPF banka, ClearBank, Mobi Banka

2014 – 2019 Net Profit

3.68

EUR Billion

cumulatively for the PPF Group

Total Employees

94 000

In 25 countries, on 3 continents (as of December 31, 2020)

Taxes, Social and Health Contributions in the Czech Republic in 2020

6.9

CZK Billion

Worldwide Charitable Donations in 2020

835

CZK Million

Dedicated to non-profit and CSR projects, support for education, culture and sports, healthcare and local communities

Employees in the Czech Republic

14 000

Our Vision

PPF Group’s values and business strategies have remained constant in the areas that matter since its inception. We believe that growth and success are nurtured by developing long-term investment projects in both traditional and new sectors and by building modern infrastructure within a digital world. Our solid foundations were built by welding Czech talent and capabilities with global opportunities.

Investments into innovation and advanced technologies combined with efficient management and operations enable PFF Group companies to offer highly competitive services that are constantly honed and updated to deliver value to our customers while also often inspiring others and facilitating a maturing of the market as a whole.

We are also keenly aware of the broader social responsibility we shoulder. We go out of our way in our business to support talent and unlock opportunities for those who have the courage to follow their own path, change the world for the better, and inspire others to do the same.

Our Strategy

We seek out possibilities and opportunities to develop companies, commerce, and services not only in fast-developing and high-potential fields, but also in areas that may be overlooked or perceived as too risky. Our priority is to create value at the companies in which we invest. We remain undaunted by the prospect of entering new markets and new – often synergetic – fields. When considering new business, we primarily target markets with high retail potential and those with rapidly developing infrastructure, and we focus on transactions where our contribution exceeds €100 million. We prefer to act as the majority owner, but we are also keen to work with partners espousing a business philosophy that dovetails with our own. We have built and will continue to shape PPF Group as a portfolio of companies where sectoral and geographical diversification offers stability and opportunities for vertical integration.

We scout companies that need to restructure as we can provide them with strong financial backing, implement strict financial and corporate discipline, introduce promising business models, and improve the quality of management. The rate of returns on our investments relies on the professionalism and knowledge of our people and on the experience and expertise we have gained in the formation and restructuring of numerous companies in Central and Eastern Europe, Russia, and Asia. Our teams, which through their efforts feed PPF’s success, share a common vision, as well as a high level of commitment, loyalty, and professionalism.

No matter where we are, we strive to nurture and grow the values that underpin our approach to business. Our watchwords are readiness, responsibility, and creativity. We bring with us a spirit of enterprise, a global perspective, and the ability to spot and embrace new business opportunities. We are sensitive to and actively promote the need for sustainability and corporate social responsibility, and we respect the cultural and political differences of the markets where we operate. We foster relationships with the public sector and help build communities in all the countries where we do business.

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1991

The Founding of PPF

1991

In September 1991, Petr Kellner and his partners set up a company named Správa Prvního privatizačního fondu with an initial registered capital of 100,000 Czechoslovak crowns to prepare for the forthcoming voucher privatization. The first four PPF privatization funds were registered at the end of the year.

VÍCE INFORMACÍ

1992

First Wave of Voucher Privatization

1992

PPF investment funds netted more than 3% of all investments in the first wave of voucher privatization as more than 186,000 people opted to invest with the company. The funds themselves later held shares in 202 businesses with an aggregate nominal value of CZK 4.9 billion.

VÍCE INFORMACÍ

1993

A Bold Foray into Russia

1993

At the beginning of the year, PPF-R (Russia) was established to capitalize on the experience acquired by PPF in the Czech voucher privatization program to participate in the Russian Federation’s privatization process.

VÍCE INFORMACÍ

1994

Second Wave of Voucher Privatization

1994

PPF set up two mutual funds for the second wave of voucher privatization, which brought in a further 140,000 shareholders and stakes in 45 companies worth a nominal value of CZK 2.4 billion.

VÍCE INFORMACÍ

1995

Investment into Česká pojišťovna

1995

PPF began the process of acquiring Česká pojišťovna, the largest insurer in the Czech Republic, by purchasing a 20% stake.

VÍCE INFORMACÍ

1996

PPF Embarks on the Modernization of Česká pojišťovna

1996

A shareholder agreement made PPF responsible for the management of Česká pojišťovna and for spearheading its root-and-branch restructuring and modernization. Ladislav Bartoníček was appointed as the company’s CEO.

VÍCE INFORMACÍ

1997

Establishment of Home Credit

1997

As part of the restructuring of Česká pojišťovna’s investment portfolio, Home Credit, a small Moravia-based leasing company, was transformed into a consumer finance platform.

VÍCE INFORMACÍ

Česká pojišťovna Swiftly Reacts to Massive Floods

1997

Česká pojišťovna successfully handled claims stemming from the disastrous flooding in Moravia and played a major role in mitigating the damage incurred.

VÍCE INFORMACÍ

1998

The Russian “Default”

1998

The ruble’s tailspin and a harsh economic crisis in Russia pushed PPF into the red. The group temporarily pulled out of the Russian market, selling off its remaining assets.

VÍCE INFORMACÍ

1999

Shift to Financial Services

1999

PPF sold its stakes in several industrial enterprises and started to implement a fundamental shift in its business strategy towards retail financial services.

PPF acquired eBanka, the first purely electronic bank in the Czech Republic, from the Expandia group.

VÍCE INFORMACÍ

Jára Cimrman Theatre in Prague

1999

PPF started sponsoring the beloved Jára Cimrman Theatre in Prague.

VÍCE INFORMACÍ

2000

Summer Shakespeare Festival

2000

PPF became the main sponsor of the Czech Republic’s Summer Shakespeare Festival for the first time.

VÍCE INFORMACÍ

Acquiring a Majority in Česká pojišťovna

2000

PPF exercised an option to purchase further shares and gain a majority in Česká pojišťovna.

VÍCE INFORMACÍ

2001

Foundation of PPF banka

2001

PPF purchased a majority of shares in První městská banka, now PPF banka, from the City of Prague.

VÍCE INFORMACÍ

The Josef Sudek Studio

2001

PPF set about rebuilding and renovating photographer Josef Sudek’s legendary studio in Prague following a devastating fire.

VÍCE INFORMACÍ

PPF Takes Control of a 90% Stake in Česká pojišťovna

2001

The Czech Government decided to sell its 30% stake in Česká pojišťovna to PPF Group, which brought its stake in the company to over 90% as it progressed towards 100% ownership of the insurance company.

VÍCE INFORMACÍ

2002

TV NOVA Acquisition and a Return to Russia

2002

PPF took control of TV Nova, the first private television station in the Czech Republic.

PPF also returned to Russia where it started offering consumer financing (through Home Credit) and insurance services.

VÍCE INFORMACÍ

Establishment of a Foundation

2002

The Educa Foundation, the first family foundation set up by Renáta and Petr Kellner, was formed and plans were laid to build the Open Gate boarding school in Babice, near Prague.

VÍCE INFORMACÍ

2003

PPF Asset Management

2003

PPF Asset Management was formed, gradually establishing itself as the investment hub for all companies within PPF Group.

VÍCE INFORMACÍ

2004

Entering the Chinese Market

2004

PPF Group opened a branch office in Beijing.

VÍCE INFORMACÍ

Sale of TV Nova

2004

PPF sold TV NOVA to Central European Media Enterprises Ltd. (CME), a multinational media corporation.

VÍCE INFORMACÍ

2005

Jiří Šmejc Joins PPF

2005

Jiří Šmejc became a 5% shareholder in PPF.

VÍCE INFORMACÍ

Open Gate

2005

Open Gate opens its doors for its first school year with the support of the Kellner Family Foundation.

VÍCE INFORMACÍ

2006

Home Credit Expands Eastwards

2006

Home Credit launched consumer finance services in Kazakhstan, Ukraine, and Belarus. PPF Group also started offering insurance on these markets.

VÍCE INFORMACÍ

2007

Ladislav Bartoníček Becomes a PPF Group N.V. Shareholder

2007

Ladislav Bartoníček became a minority shareholder in PPF Group N.V.

VÍCE INFORMACÍ

Home Credit Launches in China

2007

Home Credit launched operations in China.

PPF acquired a stake in Nomos, one of Russia’s leading private banks.

VÍCE INFORMACÍ

2008

Generali PPF Holding

2008

PPF and Italy’s Assicurazioni Generali set up Generali PPF Holding, which went on to become one of the largest insurance groups in CEE and CNS countries.

VÍCE INFORMACÍ

PPF Investment into Polymetal

2008

PPF became a significant shareholder in Polymetal, one of the leading Russian silver and gold mining companies.

VÍCE INFORMACÍ

2009

Investment into Russia’s Eldorado

2009

PPF bought a stake in Eldorado, one of Russia’s largest domestic appliance and electronics retail chains.

VÍCE INFORMACÍ

Establishment of EPH

2009

PPF, along with J&T and Daniel Křetínský, formed Energetický a průmyslový holding.

VÍCE INFORMACÍ

Establishment of the Kellner Family Foundation

2009

The Kellner Family Foundation was established to support education in the Czech Republic.

VÍCE INFORMACÍ

2010

A Chinese Consumer Finance License

2010

PPF Group became the first foreign company licensed by the Chinese regulator to provide standalone consumer finance services.

VÍCE INFORMACÍ

Merging Foundations

2010

The family foundations were merged, with The Kellner Family Foundation taking over and further developing all projects.

VÍCE INFORMACÍ

Jean-Pascal Duvieusart Becomes a Shareholder in PPF Group N.V.

2010

Jean-Pascal Duvieusart became a minority shareholder in PPF Group N.V.

VÍCE INFORMACÍ

2011

Air Bank Emerges as a Game Changer on the Czech Market

2011

Air Bank, a new retail bank specializing in online services, was established.

VÍCE INFORMACÍ

Sazka Acquisition

2011

PPF acquired a stake in lottery company Sazka in insolvency proceedings. The shares were sold at a profit in 2012.

VÍCE INFORMACÍ

2012

SOTIO

Biotechnology Company SOTIO Joins PPF

2012

SOTIO, a biotechnology company developing new treatments for cancer and autoimmune diseases, became a part of PPF Group.

VÍCE INFORMACÍ

Jiří Šmejc Becomes a Shareholder in Home Credit and Air Bank

2012

Jiří Šmejc sold his 5% stake in PPF Group to other shareholders and became a minority shareholder in Home Credit and Air Bank.

VÍCE INFORMACÍ

2013

Generali PPF Holding Exit

2013

In a two-part transaction, PPF sold its 49% stake in Generali PPF Holding to the Generali Group and kept selected insurance assets in Russia.

VÍCE INFORMACÍ

O2 Arena

2013

PPF bought Bestsport Arena and in doing so became the owner of Prague’s O2 Arena, one of the most modern multipurpose arenas in Europe.

VÍCE INFORMACÍ

2014

O2 Acquisition

2014

PPF purchased O2 Czech Republic, the largest Czech telecommunications operator, and O2 Slovakia, the number-three on the Slovak mobile market.

VÍCE INFORMACÍ

Consumer Financing in China

2014

PPF was granted a nationwide license to provide consumer finance services in China.

VÍCE INFORMACÍ

2015

Establishment of CETIN, Separation of Infrastructure from O2

2015

PPF voluntarily separated its telecommunications activities. O2 Czech Republic was split into Česká telekomunikační infrastruktura (CETIN), which owns the fixed and mobile networks, and O2, a purely retail operator. This split and restructuring increased the value of both companies.

VÍCE INFORMACÍ

2016

Eldorado Exit

2016

PPF Group and EMMA Capital sold their stakes in Eldorado, Russia’s second-largest electronics and home appliance retailer.

VÍCE INFORMACÍ

PPF Group’s 25th Anniversary

2016

PPF Group celebrated its 25th anniversary.

VÍCE INFORMACÍ

2017

PPF Group Enters the E-Commerce Industry with Mall Group

2017

PPF Group bought a stake in Mall Group, Central Europe’s largest e-commerce platform.

VÍCE INFORMACÍ

2018

Expansion in Telco Business

2018

PPF Group acquired Telenor’s telecommunications assets in Hungary, Serbia, Montenegro, and Bulgaria.

VÍCE INFORMACÍ

A Return to Industry

2018

PPF Group acquired Škoda Transportation, the largest transport engineering manufacturer in Central and Eastern Europe.

VÍCE INFORMACÍ

2019

Highway Tolls in the Czech Republic

2019

The Czech Ministry of Transport awarded a 2018 order to operate a new toll system in the Czech Republic to a consortium comprised of PPF Group’s CzechToll and its partner SkyToll, with the contract taking effect the following year.

VÍCE INFORMACÍ

CME Acquisition

2019

PPF signed an agreement to take over all assets, television stations, and other media resources under Central European Media Enterprises Ltd. in Bulgaria, the Czech Republic, Romania, Slovakia, and Slovenia.

VÍCE INFORMACÍ

PPF Foundation

2019

PPF Foundation was established as a platform for the group to support non-profit projects.

VÍCE INFORMACÍ

2020

Coronavirus Aid

2020

In the fight against the coronavirus epidemic, PPF Group donated protective equipment, test kits, and other medical supplies to the Czech Republic worth CZK 105 million. 

Beyond the Czech Republic, medical supplies were donated to a further eight countries: India, Indonesia, Kazakhstan, Vietnam, the US, the Philippines, Montenegro, and Bulgaria. In total, PPF Group donated more than CZK 200 million in much-needed supplies. 

VÍCE INFORMACÍ

PPF Telecom Group

2020

PPF separated telecommunications infrastructure from the retail side of its three Telenor-branded mobile operators in Bulgaria, Hungary, and Serbia to form CETIN Group, the infrastructure backbone of PPF Telecom Group.

VÍCE INFORMACÍ

CME Incorporated into PPF

2020

PPF completed the acquisition of Central European Media Enterprises Ltd. (“CME”) and held full control over CME’s operations in the Czech Republic, Slovakia, Romania, Slovenia, and Bulgaria.

Regulatory approval from the European Commission, national regulators in certain countries, and CME shareholders was required to complete this transaction.

VÍCE INFORMACÍ

TEMSA

2020

Building on its transport engineering investments, PPF Group forged a partnership with Sabancı Holding, a financial and industrial conglomerate in Turkey, and together they acquired Temsa, a leading Turkish bus manufacturer, in a 50:50 split.

VÍCE INFORMACÍ

PPF Sells its Stake in NBE-Therapeutics to Boehringer Ingelheim

2020

The sale of NBE-Therapeutics to Boehringer Ingelheim marked the first major biotech exit for PPF.

VÍCE INFORMACÍ

Our Roots, Our Home

We are deeply rooted in the Czech Republic, the place we call home. No matter where we do business around the world, we present ourselves as a Czech enterprise with a Czech pedigree. We actively promote social, educational, and cultural relations between the Czech Republic and the countries where we operate. Just as we try to bring home the inspiration and opportunities we have acquired abroad, we want to help good Czech ideas grow around the world.

We Support Competitiveness

We help to forge a competitive, robust Czechia by building modern, secure, and open data infrastructure, developing innovative programs at traditional engineering companies, offering advanced digital services, and investing in biotechnology development and research. PPF’s companies can only thrive if the domestic environment is stable and our people are ambitious, proficient, and skilled.

Employment and Global Opportunities

We employ over 14,000 people in the Czech Republic, many of whom work in highly specialized professions. A fair share of the Group’s companies are active outside the Czech capital, creating skilled jobs in traditional and new fields in and around Plzeň, Ostrava, and Brno. PPF a.s., the main consultancy overseeing the entire group’s management, is headquartered in Prague, along with other key PPF Group companies. We give many Czechs the opportunity to show their worth on an international stage, working for our companies literally all over the world, and for the most part in management positions. We post more Czechs abroad in management positions than any other company.

Our CSR Programs in the Czech Republic

We share our knowledge and opportunities, opening them up to society in the Czech Republic and beyond. Since establishing PPF, we have donated CZK 2.56 billion to not-for-profit projects in the Czech Republic. PPF Foundation is dedicated to domestic topics and Czech society, while The Kellner Family Foundation has focused its philanthropic activities on education. Many other PPF Group companies also have a long-standing tradition of contributing to the development of education, culture, and the creative milieu in the Czech Republic.

Social responsibility

We Are Among the Largest Taxpayers in the Czech Republic

PPF is one of the Czech Republic’s largest taxpayers. In 2019, PPF Group’s Czech companies paid a total of CZK 6.9 billion in income tax and health and social insurance fees to public institutions. Taken as a whole, PPF Group companies in the Czech Republic are currently the country’s seventh largest income taxpayer, including names such as O2 CZ, CETIN, Škoda Transportation, and PPF Banka. Petr Kellner, PPF Group’s founder and majority shareholder, is also a Czech tax resident.