PPF 2022: Profit Despite Exit from Russia
"The first-half earnings reflect the significant negative effect of losses associated with our exit from Russia. The full-year profit is the result of our rebound in the second half of the year, which testifies to the great performances of our managers and employees who all deserve recognition and who all have my gratitude. I believe that only time will tell how significant both facts will be for the future of the Group," said PPF Group CEO Jiří Šmejc.
In the last 18 months, the Group has focused on seeking strategic acquisitions and building partnerships mainly in Europe. PPF acquired stakes in German television broadcaster ProSiebenSat. 1 Media and in InPost, an e-commerce-based European operator of pick-up and drop-off boxes.
PPF’s Central European Media Enterprises took over Croatia’s leading television broadcaster RTL Hrvatska, expanding its geographic footprint to six markets.
Through the sale of a 30% stake in CETIN Group, PPF partnered with the Singapore sovereign wealth fund GIC.
In parallel with its investment strategy, PPF undertook selected disposals, including the agreement to sell Home Credit's Indonesian and Philippines operations to a consortium comprising the affiliates of Japan’s Mitsubishi UFJ Financial Group (“MUFG”).
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Key financial indicators in millions of EUR |
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31 December 2022 |
31 December 2021 |
y-o-y change |
|
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Total operating income* |
5,181 |
5,268 |
(1.7%) |
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Profit |
140 |
274 |
(48.9%) |
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31 December 2022 |
31 December 2021 |
y-o-y change |
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Total assets |
39,883 |
42,186 |
(5.5%) |
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Equity |
9,147 |
9,128 |
0.2% |
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Figures in brackets indicate a loss or decrease. *Including discontinued operations |
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