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PPF Group Annual Report 2012

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PPF Group Annual Report 2012 PPF Group Annual Report 2012 Annual Report 2012 Contents 6 Foreword 10 PPF Group Profile 12 Important Events at PPF Group 18 PPF Group Operations 22 Description of the Company 25 Governing Bodies 42 Descriptions of Selected PPF Group Companies 43 — Home Credit B.V. 48 — Air Bank a.s. 49 — PPF banka a.s. 51 — PPF Partners 52 — Generali PPF Holding B.V. 54 — Energy and Industrial Holding 55 — PPF Real Estate Holding B.V. 58 — Polymetal 59 — Eldorado 61 — SOTIO 62 — RAV Holding 66 — Nomos‑Bank 67 — SAZKA, sázková kancelář, a.s. 68 History of PPF Group 72 Social Responsibility 76 Financial Section 158 Contacts “Measured in figures, the value of our assets grew to EUR 21.5 billion while net profit rose 237% to EUR 727 million. As well as plenty of hard work we have also managed to ‘recharge our batteries’ for further projects – as pictures in this Annual Report show.” Foreword Dear friends, This year, we have gone for a slightly different design concept for Insurance Company (Česká pojišťovna) and resulted in PPF the Annual Report compared to previous years: you’ll see that entering the new millenium as a part of the insurance elite in the this time PPF team members have been photographed during CEE region. their leisure time. However, this certainly does not mean that In the Czech Republic, and the rest of Central Europe, 2012 was we have just been relaxing over the last year. In fact, quite the marked chiefly by the development of energy assets. Alongside opposite, since 2012 was a year of significant change for PPF our partners in Energy and Industrial Holding (EPH) we came the like, of which we have not seen for a while. It was a year of to an agreement about the division of the industrial and energy big deals. We sold our stakes in Nomos-Bank and Sazka and segments, whereby PPF kept its direct stake only in the energy we also reached an agreement about our gradual withdrawal sector. At the beginning of the year 2013 EPH successfully from Generali PPF Holding. We strengthened our investments completed the process of the acquisition of a 49% stake in energy, as well as entered a new sector: biotech. Last but (including managerial control) in the Slovak Gas Company (SPP), not least, Jiří Šmejc’s position as a shareholder changed when which is the largest energy asset in Slovakia and includes the gas he became PPF’s business partner. This move subsequently distribution system Eustream as a subsidiary. EPH thus entered triggered some personnel changes in order to drive new energy the pan-European energy market, with ambitions to join the truly into investment, managerial and financial processes. Indeed, this international players. year has certainly been one of change for PPF. In the Czech market, last year was marked mainly by the sale of Nevertheless, we remained very consistent from the geographical our stake in the largest domestic lottery company, Sazka. We point of view of our business. Last year the development of our managed to re-structure Sazka within a short timeframe, and activities continued predominantly in Central and Eastern Europe, the realisation of our ambitions for the company came only one as well as in Asia. The number one market for PPF is still Russia year from the takeover as part of the bankruptcy process. Finally, where Home Credit in particular is doing well. We are ranked third PPF also entered the completely new sector of biotechnology. in the Russian market for providing retail loans, while in terms of At Sotio, a research and development company, we develop volume of deposits we are in the Top-10 banks. The development modern medical therapies based on dendritic cells. At present of Eldorado, the second largest electronics and domestic the hope is that we are able to succeed in this demanding area appliance retail network in Russia, has also continued. Our stake over the next couple of years. in Polymetal, which is the first Russian company to be listed in the FTSE Index, brings us stable returns. As in previous years, we did not neglect our support of the fine arts through the PPF Art company and our assistance Another important milestone of the last year was our decision of the Czech educational system through The Kellner Family to sell our stake in Nomos-Bank. The opportunity to sell came Foundation. We are constantly pleased by the Open Gate School, at exactly the moment when new investment opportunities had which has become a benchmark for high quality education. emerged in Russia, mainly in the real estate area. As well as the Open Gate graduates go on to study at prestigious European and traditional segments of shopping malls and logistics parks, in U.S. universities. which we have been active for a long time, last year we commenced construction of multifunctional office centres. Moscow-based In summary: as in previous years 2012 was a year of growth for Comcity is our key project: it is to be the future headquarters for PPF. Measured in exact figures, the value of our assets grew to one of Russia’s largest telecom companies, Rostelecom. EUR 21.5 billion while net profit rose 237% to EUR 727 million. We were successful in achieving this despite the fact that the Last year we also started the world-wide consolidation of the Western world and Europe in particular remains in trouble under European and Asian Home Credit companies under one “roof” the weight of continuing economic recession. As well as plenty of with Home Credit B.V. under a new management team headed hard work we have also managed from time to time to “recharge by Jiří Šmejc. In Asia we continued to focus mainly on the our batteries” for further projects – as pictures in this Annual fast-growing Chinese market, which we consider to hold the Report show. most potential, but also provide the biggest challenge. We also maintained our development of Home Credit in Vietnam, as well This year I would like again to say thank you to all my as entering the markets of India, Indonesia and Philippines. collaborators, to the tens of thousands of our employees world-wide and naturally to all our business partners, as well as In practice, our gradual withdrawal from the insurance our customers. joint-venture with Generali took place in 2012, however, this transaction was officially settled at the beginning of 2013. Negotiations on selling our stake in Generali PPF Holding took quite a long time. This agreement has brought to a close one of the most important phases of PPF‘s history, which began in the mid-90s with the initial acquisition of a stake in the Czech Petr Kellner PPF Group 7 Petr Kellner Founder and Majority Shareholder, PPF Group N.V. PPF Group Profile 10 PPF Group PPF Group invests into multiple market sectors such as banking, PPF Group’s corporate ownership and management financial services, insurance, real estate, energy, metal mining, structure is situated in the Netherlands: PPF Group N.V. agriculture, retail and biotechnology. PPF Group’s reach spans with its registered office in Amsterdam is the key from Central and Eastern Europe to Russia and across Asia. holding company of PPF Group that makes the strategic PPF Group owns assets amounting to EUR 21.5 billion (as at decisions governing the entire Group’s activity. 31 December 2012). The more than 20-year-long history of PPF Group is a tale of discipline, courage, and professionalism of a team led by the Czech founder and majority shareholder of PPF Group N.V., Petr Kellner. PPF Group, Selected Highlights EUR millions, based on IFRS 2012 2011 2010 Assets 21,538 14,357 12,383 Equity 5,327 4,268 4,424 Revenue 5,033 3,659 3,377 Profit after tax 727 216 336 PPF Group 11 Important Events at PPF Group 12 PPF Group 2012 January October Home Credit entered the Indian market launching Jiří Šmejc was appointed Chairman of the Board and CEO pilot operations in the New Delhi region. of Home Credit B.V., assuming leadership of the company, following an agreement with Petr Kellner, founder and majority March shareholder of PPF Group N.V. PPF Group came to an agreement with KKCG Group, its partner in PPF Real Estate commenced construction work on its real estate a leading Czech lottery company SAZKA, sázková kancelář, a.s. development project in Prague 7 district. A complex of modern to sell its 50% in this joint venture to KKCG. The transaction was office buildings will be built on an attractive site, providing then settled in December, 2012. a large leasable area for both office and retail purposes. April November In the real estate sector, PPF Group focused on its own EPH successfully finalised a syndicated credit facility development projects, predominantly in Russia but also in the transaction with a consortium of major Czech and Czech Republic. Construction works commenced on a major international banks worth EUR 1 billion in order to project, which is a large office park in the outskirts of Moscow boost its acquisition and investment activity in Central named Comcity. As of 2014, a large Russian telecoms company, Europe, the region of EPH’s main strategic focus. Rostelecom, is to have its headquarters there. May December The sale of Jiří Šmejc’s 5.0% in PPF Group N.V. was announced. SOTIO, a biotech company, became part of PPF Group’s portfolio. This change in the ownership structure of PPF Group, which The administrative process of the transfer of the equity interest is based on the market valuation of PPF Group N.V.
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