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J&T generates profit despite the crisis.

12. August 2009

BRATISLAVA –  J&T Group gained profit of EUR 106.03 million (SKK 3.19 bln.) in 2008. It is an increase by 90% year-on-year and the best result since 2005. With equity amounting to EUR 537.7 million (SKK 16.2 bln.), J&T is one of the strongest groups owned by domestic capital in the Central Europe. Return on equity (ROE) as an indicator of increase in value of owners' property reached 17.93%. In 2008, based on decision of shareholders, J&T paid out dividend amounting to EUR 86.38 million (SKK 2.6 bln.). This results from audited consolidated results compiled according to the International Financial Reporting Standards (“IFRS”).

“The past year has not been easy at all. The global crisis fully affected markets where we operate. We consider the ability of the Group to grow also in the time of fall of global players as a proof of its internal strength and solidity of pillars on which we are building for the past 15 years” commented Jozef Tkáč, President of J&T Group.
The success of the Group in the past year lay mainly in development of banking and industrial activities. Increase in consolidated profit of energy companies to EUR 113.89 million (SKK 3.43 bln.) confirmed position of J&T as one of the leading players in power engineering in the Czech Republic. J&T Banka, a.s. reported record pre-tax profit of EUR 11.31 million (SKK 340.67 million) in 2008, while the volume of liquid resources exceeded EUR 302.07 million (SKK 9.1 bln.).
The generation of profit was supported also by detachment of non-financial companies into separate holdings, the origin of which was initiated by the Group in the last quarter 2008. Due to their final detachment during the year 2009, the share of consolidated equity in total consolidated assets of the Group will exceed 20% and the Group's liquidity will be further strengthened significantly. Free resources and high capital will be used by J&T for profitable acquisition opportunities, possible for financing thereof.

“Detachment of non-financial assets was a long-term plan and single companies were prepared and sufficiently strong for such a step also in the time of crisis. The aim was to transparently report figures of the J&T Group so that they will have real information value and will be comparable with other banking institutions. At the same time, by this step, we made property relations more transparent. The Group cancelled positions of partners and former partners instead became owners or co-owners of created companies. These companies still cooperate very closely with each other and J&T, as a regulated banking and financial institution, will participate in their financing. So we will still build on cooperation with leaders in the relevant areas, we will use their knowledge of market and participate in their results,” explained Patrik Tkáč, one of J&T founders.
J&T is currently one of the most important and fastest growing groups in the territory of former Czechoslovakia. Main areas of the Group's business include private and investment banking. Currently, the Group has active presence mainly in markets of the Slovak Republic, Czech Republic, Switzerland and Russia. For more information visit
http://www.jtfg.com/.

J&T in figures:

In EUR thousands

2 008

2007

2006

2005

2004

Equity1

537,7024

488,650

419,793

323,344

179,861

Net profit2

106,027

50,129

74,414

114,013

19,710

Assets

3,457,409

3,336,046

2,570,720

2,025,909

1,071,903

Exchange rate EUR / SKK3

30.126

33.603

34.573

37.848

38.796

1 – Equity falling on persons with share in equity of the parent company
2 – Net profit for the accounting period falling on persons with share in equity of the parent company
3 – Historical data in SKK were translated by applying NBS exchange rate valid as at the last date of the relevant accounting period
4 – Amount of equity as at 31.12.2008 is calculated after payout of dividend amounting to EUR 86.38 million (SKK 2.6 bln.).

author: Maroš Sýkora - Hovorca, vedúci PR oddelenia