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About Us

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 telecommunications, media, financial services, e-commerce, 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

43 484

EUR Million

as of December 31, 2023

2023 Net Profit

1 449

EUR Million

PPF Group

Total Employees

55 000

In 25 countries, on 3 continents (as of December 31, 2023)

Worldwide Charitable Donations in 2023

860

CZK Million

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

Employees in the Czech Republic

18 000

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 opportunities and strive to develop companies, business, and services not only in fast developing and high-potential fields, but also in areas that others overlook or perceive as too risky. Our priority is to deliver long-term, sustainable growth in the value of the companies in which we invest. We do not shy away from entering new markets or new, often synergy-rich industries. We are expanding primarily into markets and industries that have a large potential retail customer base and markets with rapidly developing infrastructure. We are building PPF Group as a portfolio of companies where sectoral and geographical diversification offers stability and opportunities for vertical integration. We leverage Group-wide industry know-how and transferable expertise and capitalise on the benefits inherent in the scale of our projects. 

PPF Group prioritises opportunities with a high capital input. One of our core strengths is that we have our own permanent capital, giving us the freedom to invest over longer periods. We venture into investments as the majority owner or work with investment partners who share a similar business philosophy. The Group targets companies that have growth potential or need restructuring. We provide them with strong financial backing, introduce rigorous financial and corporate discipline, and apply forward-looking business models and quality management. We augment our portfolio by investing in other companies that we, as an active shareholder, can help to grow over the long term. These companies’ services and operations complement our business strategy and growth, deliver synergies, and open up new opportunities in the industries in which PPF Group operates.

The high returns on our investments are underpinned by the expertise of our people and the experience we have gained in building and restructuring many companies across Europe, Asia, and other markets. The teams behind PPF’s success share a common vision and high levels of commitment, loyalty, and professionalism.  

In all our work, we strive to foster and build the values which underscore our approach to business. PPF Group believes in courage, creativity, and long-term thinking. We achieve on a scale that generates genuine impact and change. Embracing risks and forging new paths may also lead to mistakes inherent in entrepreneurship and provides lessons from which we learn and fuel our growth. We are convinced that running a fair and successful business plays an important role in the prosperity of society as a whole. We recognise and actively support the need for sustainable approaches and the social responsibility of our companies towards customers, partners, employees, and other stakeholders. Likewise, we acknowledge and are mindful of our responsibility for the environmental impact of our business. We respect the cultural and political sensitivities of the markets where we operate and cultivate relationships with the public sector and communities in all countries where we do business.

PPF is deeply rooted in the Czech Republic and was originally founded and developed as a Czech company. Over the years, it has become a global investment group that maintains a strong market presence in Central and Eastern Europe and does business across several continents. Proud of our roots, wherever we do business in the world, we promote social, educational, and cultural relations between local communities and the Czech Republic. PPF Group delights in bringing home inspiration and opportunities from abroad, while also helping great Czech ideas to flourish around the world.

In building modern, secure, and open data infrastructure, offering advanced digital services, e-commerce, modern media and engaging content, developing innovative technologies and mobility products, and investing in biotech research and development, we are helping to shape a strong, competitive, futureoriented society in the Czech Republic. In order for PPF Group companies to be stable and thrive, the domestic environment in the Czech Republic must also be stable, and its people need to be ambitious, skilled, and qualified.

We are strictly apolitical. The Group’s internal rules prescribe and require that all our employees act professionally, lawfully, and ethically in their duties, actions and outward conduct. Equally, we are committed to treating our customers and employees with fairness and transparency.

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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

2021

Petr Kellner

2021

On 28 March 2021, Petr Kellner, PPF Group’s founder and majority shareholder, died in tragic circumstances when the helicopter he was in crashed in the Alaskan mountains in the US. Long-time shareholder Ladislav Bartoníček was entrusted with management of the entire Group’s operations. 

VÍCE INFORMACÍ

PPF Real Estate has entered the U. S. market

2021

PPF entered the US real estate market in April 2021 when it purchased Mansell Overlook, an office complex in the Atlanta metropolitan area. In November PPF Real Estate continued in the expansion on the US market with the acquisition of Orlando’s SouthPark Center, an office building twice the size of Mansell Overlook.

VÍCE INFORMACÍ

National Vaccination Centre

2021

PPF Group placed O2 Universum at the Czech government’s disposal free of charge to host the National Vaccination Centre. This turned the Prague’s multi-purpuse venue in Czech Republic’s the largest vaccination site. Over the four months of its operations 570,000 people were inoculated there. The centre was operated by Prague’s Military University Hospital, assisted by the personel of the Czech Armed Forces. 

VÍCE INFORMACÍ

PPF enters the yacht charter market

2021

PPF teamed up with Groupe Beneteau, the prominent French boat builder, to enter the yacht chartering market. Together, the two partners gained controlling stakes in Dream Yacht Charter and Navigare Yachting with bases in more than 50 anchorages around the world.

VÍCE INFORMACÍ

Sale of 30% stake in Cetin Group to Singapore-based global fund GIC

2021

PPF struck a deal with GIC that would see the Singapore-based global investment fund take up a minority shareholding in CETIN Group, the international telecommunications infrastructure group. GIC, one of the world’s largest and most renowned infrastructure funds, bought a 30% stake in CETIN Group.

VÍCE INFORMACÍ

Mall

PPF Group sold its stake in Mall Group

2021

PPF Group, EC Investments, and Rockaway Capital reached a joint agreement to sell all shares in Mall Group, the e-shop operator, to the Polish e-commerce platform Allegro. The deal covered Mall Group’s assets in the Czech Republic, Slovakia, Hungary, Slovenia, Croatia and Poland.

VÍCE INFORMACÍ

PPF Real Estate entered the Polish market

2021

PPF entered the Polish market when holding company PPF Real Estate acquired the New City office centre, a premium property in Warsaw. 

VÍCE INFORMACÍ

Combination of MONETA Money Bank with Air Bank

2021

At its general meeting, MONETA Money Bank shareholders endorsed the combination of MONETA with Air Bank and its affiliates. PPF passed another milestone on its way to building a strong domestic digital bank capable of competing with foreign rivals that currently control the Czech retail market and delivering long-term value to shareholders.

VÍCE INFORMACÍ

PPF Financial Holdings relocates its headquarters to the Czech Republic

2021

Effective from 1 June 2021, PPF Financial Holdings B.V., serving as the umbrella for PPF Group’s investments in the financial sector, relocated its headquarters from the Netherlands to the Czech Republic. The move saw PPF Financial Holdings a.s. incorporated as a company in the Czech Republic.

VÍCE INFORMACÍ

Telenor Montenegro sold

2021

PPF Telecom Group reached an agreement with Hungary’s 4iG Nyrt on the sale of a 100% stake in Telenor Montenegro.

VÍCE INFORMACÍ

PPF Real Estate expands into the US

2021

PPF Real Estate continued its expansion on the US market by acquiring the South Park office centre in Orlando, Florida. This was the biggest deal of 2021 in this segment and region.

VÍCE INFORMACÍ

SOTIO begins working with US-based MSD

2021

Biotechnology company SOTIO signed an agreement to collaborate on a clinical trial with global pharmaceutical corporation MSD (trade name of Merck & Co., Inc.).

VÍCE INFORMACÍ

2022

RTL Hrvatska joins CME

2022

Through its subsidiary CME Media Enterprises, PPF Group signed an agreement with RTL Group Central & Eastern Europe to acquire 100% of RTL Hrvatska, a commercial broadcaster in Croatia.

VÍCE INFORMACÍ

Textbooks for Ukraine

2022

PPF condemned Russia’s aggression towards Ukraine. PPF Foundation and The Kellner Family Foundation (KFF) together donated CZK 100 million to fund schooling and integration for Ukrainian refugee children in the Czech Republic. The charities also funded the “Textbooks for Ukraine” project to provide 340,000 teaching material aids (textbooks, dictionaries and teaching guides) for teaching Czech language to tens of thousands of refugees displaced by the conflict.

VÍCE INFORMACÍ

Yettel brand replaces Telenor

2022

On 1 March 2022, PPF Telecom Group’s mobile operator Telenor in Hungary, Bulgaria and Serbia was rebranded as Yettel.

VÍCE INFORMACÍ

ITIS Holding established

2022

PPF Group announced its intention to consolidate four technology companies in the Czech Republic and Slovakia to form a single, strong brand. Electronic toll system operators CzechToll and SkyToll, tech company TollNet, and transport payment solutions provider PaySystem are set to be wholly owned under the newly formed ITIS Holding.

VÍCE INFORMACÍ

PPF Real Estate enters the residential housing market in the Czech Republic

2022

PPF Real Estate entered the Czech residential development market by partnering with Karlín Group on a joint project in Prague.

VÍCE INFORMACÍ

RAV Agro sold

2022

PPF Group signed an agreement to sell its agricultural holding company RAV Agro, completing its exit from agricultural business in Russia which it had entered in 2011.

VÍCE INFORMACÍ

Jiří Šmejc appointed PPF Group’s new CEO

2022

On 15 June 2022, Jiří Šmejc took over as PPF Group CEO, picking up the baton from Ladislav Bartoníček, who had been at the helm since 29 March 2021.

VÍCE INFORMACÍ

PPF exits the Russian banking market

2022

PPF and Home Credit completed the sale of their 100% stake in Russia’s Home Credit & Finance Bank (HCFB).  The outcome of the transaction is the divestment of PPF and Home Credit Group from the Russian banking market

VÍCE INFORMACÍ

2023

Partnership with Emirates Telecommunication Group Company

2023

PPF Group and Emirates Telecommunication Group Company (e&) sign an
agreement laying the foundations for a partnership between them that will seek to build a major telecommunications business in Central and Eastern Europe.

VÍCE INFORMACÍ

The Kellner family holds 100% of PPF Group shares

2023

The Kellner family acquire PPF Group shares previously held by Ladislav Bartoníček and Jean-Pascal Duvieusart to become the 100% owners of PPF Group.

VÍCE INFORMACÍ

Our Roots

We are connected with the Czech Republic. No matter where we do business in the world, we profile ourselves as a company 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 18,000 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 4.6 billion to not-for-profit projects in the Czech Republic. PPF Foundation is dedicated to domestic topics and Czech society.

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 2023, PPF Group’s Czech companies paid a total of CZK 8.5 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 one of the largest income taxpayer, including names such as O2 CZ, CETIN, Škoda Transportation, and PPF Banka.