Semi-Annual Report of the Management Board of PCF Group S.A. 2022

1. 01
   PCF Group's total assets increased by 18% (55.5 million PLN) to 372.2 million PLN as of June 30, 2022, compared to 316.7 million PLN on December 31, 2021.See it on page 4
2. 02
   The Group ceased generating revenue from Project Dagger production in H1 2022 due to the publisher (Take-Two Interactive Software, Inc.) not entering a new executive agreement; PCF Group is now continuing Project Dagger as a self-published title, classifying its costs as development expenses.See it on page 12
3. 03
   PCF Group launched the Outriders: Worldslayer DLC on June 28, 2022, under a production-publishing agreement with Square Enix Limited.See it on page 9
4. 04
   The company increased the share capital of People Can Fly Chicago, LLC by 500,000 USD on June 16, 2022, funded by People Can Fly U.S., LLC, to finance the former's working capital.See it on page 14
5. 05
   PCF Group is developing a new self-published game, Project Bifrost, using its own intellectual property and funds.See it on page 12
6. 06
   The Group is exposed to currency risk as costs are incurred in PLN, USD, CAD, and EUR, while most revenues are in EUR and USD, though some agreements (like for Outriders and Project Gemini) include provisions against EUR/PLN exchange rate changes.See it on page 23
7. 07
   PCF Group's effective tax rate for H1 2022 was 8.3%, compared to 5.2% in H1 2021, due to income from other sources taxed at 19% and income from qualified intellectual property (IP Box) taxed at 5%.See it on page 26

Annual Report 2017: 11 bit studios

11 bit studios