Financial Statement of CD PROJEKT S.A. for the Fiscal Year 2015

Key insights

6 takeaways

01
CD PROJEKT S.A. achieved a significant financial turnaround in 2015, moving from a 12.4 million PLN net loss in 2014 to a 336.2 million PLN net profit.See it on page 45
02
Annual sales revenue surged to 715.9 million PLN, supported by total assets valued at 618.6 million PLN.See it on page 31
03
The company eliminated all outstanding bank credit and loan obligations by the end of 2015, maintaining a liquidity position of 366.2 million PLN in cash and cash equivalents.See it on page 53
04
Operational growth was marked by an increase in headcount from 94 to 131 employees and the successful completion of the 2012–2015 employee incentive program.See it on page 68
05
Corporate structure was streamlined through the merger with Brand Projekt sp. z o.o. and the continued oversight of subsidiaries GOG Poland and GOG Ltd.See it on page 8
06
Year-end impairment testing confirmed no loss in value for intangible assets, including the CD PROJEKT brand and company goodwill.See it on page 23

Summary

The 2015 fiscal year marked a period of profound financial transformation for CD PROJEKT S.A., characterized by a shift from a net loss of 12.4 million PLN in 2014 to a robust net profit of 336.2 million PLN. This performance was underpinned by a dramatic surge in sales revenues, which climbed to 715.9 million PLN. By the close of the year, the company had successfully eliminated all outstanding bank credit and loan obligations, resulting in a strong liquidity position with 366.2 million PLN in cash and cash equivalents.

The company’s financial health was supported by stable asset valuations, with total assets reaching 618.6 million PLN. Intangible assets, including the CD PROJEKT brand and company goodwill, were subjected to rigorous impairment testing at year-end, confirming no loss in value. Corporate operations were further streamlined through the merger with Brand Projekt sp. z o.o. and the continued oversight of subsidiaries such as GOG Poland and GOG Ltd. These financial statements were prepared in accordance with EU-endorsed International Financial Reporting Standards, ensuring transparency in revenue recognition, taxation, and the valuation of financial instruments.

Beyond core financial metrics, the company demonstrated significant operational growth, expanding its workforce from 94 to 131 employees. The successful execution of the 2012–2015 employee incentive program, which saw consolidated net earnings far exceed established performance thresholds, reflects the firm's focus on long-term value creation. While the company navigated various legal proceedings and maintained certain conditional liabilities related to distribution and co-financing agreements, the overall fiscal outlook remained stable. The Management Board formally approved these results on March 10, 2016, confirming the company’s status as a going concern with a solid foundation for future development.