Financial Results of the CD PROJEKT Group: H1 2014

Key insights

7 takeaways

01
CD PROJEKT Group reported H1 2014 revenue of 74.59 million PLN, an increase from 63.06 million PLN in H1 2013.See it on page 3
02
Net profit fell to 4.62 million PLN from 7.71 million PLN in the prior year, primarily due to a significant rise in development spending for The Witcher 3: Wild Hunt.See it on page 6
03
Expenditures on future releases nearly doubled to 27.38 million PLN in H1 2014, up from 15.26 million PLN during the same period in 2013.See it on page 4
04
The company strengthened its liquidity, ending H1 2014 with 51.18 million PLN in cash and investment fund shares, compared to 39.68 million PLN at the start of the year.See it on page 11
05
GOG.com supported the group's cash position by expanding its digital distribution services to include Linux support and local currency payment options.See it on page 13
06
The group announced The Witcher Battle Arena, a free-to-play mobile MOBA, as part of a strategy to diversify revenue streams beyond core PC and console titles.See it on page 21
07
CD PROJEKT secured international distribution agreements for The Witcher 3: Wild Hunt covering 109 countries.See it on page 15

Summary

The CD PROJEKT Group’s financial results for the first half of 2014 reflect a period of transition and significant investment in future product releases. During this six-month window, the group reported sales revenues of 74.59 million PLN, up from 63.06 million PLN in the same period of 2013. Despite this growth in revenue, net profit declined to 4.62 million PLN from 7.71 million PLN in the prior year, largely driven by increased expenditures on the development of upcoming titles, most notably The Witcher 3: Wild Hunt.

The company’s financial strategy during this period focused heavily on scaling its development capabilities and expanding its global distribution footprint. Total expenditures associated with future releases rose to 27.38 million PLN, compared to 15.26 million PLN in the first half of 2013. Concurrently, the group strengthened its cash position, ending the period with 51.18 million PLN in cash and investment fund shares, up from 39.68 million PLN at the start of the year. This liquidity was supported by successful operations within the GOG.com digital distribution platform, which expanded its services to include Linux support and local currency payment options.

Strategic initiatives in 2014 included the announcement of The Witcher Battle Arena, a free-to-play mobile MOBA designed to capture a share of the rapidly growing mobile gaming market. By targeting a broader demographic with a "fair play" monetization model, the company aimed to diversify its revenue streams beyond its core PC and console titles. The group also finalized extensive distribution agreements for The Witcher 3: Wild Hunt, securing coverage across 109 countries. These efforts underscore a broader corporate objective to leverage existing intellectual property across multiple platforms and international markets while maintaining a lean, scalable approach to new project development.