Consolidated Financial Statement of the CD PROJEKT Group for 2023

Key insights

6 takeaways

01
CD PROJEKT Group reported 1.23 billion PLN in total sales revenue for 2023, with net profit increasing to 481.1 million PLN from 346.5 million PLN in 2022.See it on page 3
02
The company maintains a conservative capital strategy characterized by zero external interest-bearing debt and a strong portfolio of financial assets, including Treasury bonds and bank deposits.See it on page 94
03
North America remains the primary market for the Group, accounting for approximately 71% of total export sales.See it on page 47
04
Earnings per share reached 4.80 PLN in 2023, supported by the systematic amortization of titles including Cyberpunk 2077 and its Phantom Liberty expansion.See it on page 27
05
The Group streamlined its corporate structure through the merger of smaller subsidiaries and implemented new 2023–2027 incentive plans for key personnel.See it on page 103
06
Total assets reached 2.61 billion PLN in 2023, with the company maintaining an average workforce of 633 full-time equivalents.See it on page 105

Summary

The CD PROJEKT Group demonstrated robust financial growth and operational stability throughout the 2023 fiscal year. Driven by strong performance in digital game sales and internal production, the Group reported total sales revenue of 1.23 billion PLN, a significant increase from the previous year. Net profit rose to 481.1 million PLN, up from 346.5 million PLN in 2022, resulting in earnings per share of 4.80 PLN. This financial success was underpinned by a conservative capital strategy, characterized by the absence of external interest-bearing debt and the maintenance of a substantial portfolio of financial assets, including Treasury bonds and bank deposits.

The Group’s operations, spanning the CD PROJEKT RED development studio and the GOG.COM digital distribution platform, remain heavily export-oriented, with North America serving as the primary market, accounting for approximately 71% of total export sales. To ensure long-term sustainability, the company implemented new 2023–2027 incentive plans for key personnel, replacing previous programs, and streamlined its corporate structure through the merger of smaller subsidiaries. Furthermore, the Group continues to prioritize research and development, leveraging tax reliefs and maintaining a growing workforce that reached an average of 633 full-time equivalents in 2023.

Financial reporting for the period adheres to International Financial Reporting Standards as adopted by the European Union. Accounting policies remained consistent, with systematic amortization of game titles—such as Cyberpunk 2077 and its Phantom Liberty expansion—aligned with expected economic benefits. Annual impairment tests confirmed the continued value of the CD PROJEKT brand, The Witcher trademark, and existing goodwill. With total assets reaching 2.61 billion PLN and a strong net cash position from operating activities, the Management Board maintains a positive outlook, confirming the going concern status of the Group for the foreseeable future.