PPF Group achieves record profit in 2008: the value of PPF Group’s assets exceed EUR 10.5 billion
06/09/2009
PPF Group N.V. today announces its audited consolidated financial results for the full year 2008 (as at December 31, 2008). Despite the challenging economic conditions, the Group continued to pursue its strategy of balanced growth in selected markets, while simultaneously reacting robustly and flexibly to the signs of financial crisis. Alongside its long-term activities in financial services, PPF Group has started to develop further strategic initiatives within its corporate structure, such as real estate and private equity.
Financial statements for the HY 2008 include the impact of the transaction with Generali Group, which concluded in January 2008. This transaction resulted in the creation of a new entity, Generali PPF Holding B.V., in which PPF Group controls a 49% stake, while Generali’s holds 51%. Therefore PPF Group‘s consolidated financial statements do not currently reflect the financial results of the insurance company holding.
- Total assets grew 6.5% year-on-year, from EUR 10.077 billion in 2007 to EUR 10.730 billion in 2008
- Total equity grew 160% year-on-year, from EUR 1.426 billion in 2007 to EUR 3.703 billion in 2008
- Net profit for the year 2008 has reached EUR 2.489 billion, compared to EUR 244 million in 2007
Financial statements for the HY 2008 include the impact of the transaction with Generali Group, which concluded in January 2008. This transaction resulted in the creation of a new entity, Generali PPF Holding B.V., in which PPF Group controls a 49% stake, while Generali’s holds 51%. Therefore PPF Group‘s consolidated financial statements do not currently reflect the financial results of the insurance company holding.