Report

Quarterly Report for 11 bit studios S.A.: Nine Months Ended September 30th 2021

Summary

QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR NINE MONTHS ENDED Dear Shareholders and Investors, It is our pleasure to present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2021. The results for that period, which proved much better than we assumed in our budget both in terms of revenue and profits, clearly demonstrate that the consistent implementation of the Company's growth strategy is bringing tangible financial results.

From the report

WARSAW, November 18th 2021 QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE NINE MONTHS ENDED SEPTEMBER 30TH ENDED SEPTEMBER 30TH 2021 2021 1 nake QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR NINE MONTHS ENDED

LETTER FROM THE MANAGEMENT BOARD Warsaw, November 18th 2021 Dear Shareholders and Investors, It is our pleasure to present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2021. The results for that period, which proved much better than we assumed in our budget both in terms of revenue and profits, clearly demonstrate that the consistent implementation of the Company's growth strategy is bringing tangible financial results. In the nine months ended September 30th 2021, 11 bit studios S.A. reported revenue of nearly PLN 49.2m, operating profit of PLN 18.4m, and net profit of almost PLN 17.4m. In the third quarter alone, sales reached PLN 13.4m, operating profit was in excess of PLN 3.9m, and net profit came in at close to PLN 4.1m, supported by a positive balance of finance income and finance costs. To note, the profit figure would have been higher but for the non-cash provisions recognised in connection with our 2021−2025 Incentive Scheme. In the reporting period, their amount was nearly PLN 2.92m. From January to September, the Company generated an operating cash flow of more than PLN 33m, and the value of its financial assets as at the end of September 2021 (cash and cash equivalents, financial instruments, trade and tax receivables) was as high as PLN 121.5m. At the same time, the Company's total liabilities as at the end of September amounted to PLN 19.2m, 11.3% less than at the beginning of the year. The robust financial performance reported by 11 bit studios S.A.

quivalents, financial instruments, trade and tax receivables) was as high as PLN 121.5m. At the same time, the Company's total liabilities as at the end of September amounted to PLN 19.2m, 11.3% less than at the beginning of the year. The robust financial performance reported by 11 bit studios S.A. for the nine months to September 30th 2021 was driven by successful monetisation of the entire portfolio, including both proprietary games and the products marketed by 11 bit publishing. Revenue from Moonlighter, Children of Morta and other third-party developed games accounted for approximately 25% of the Company’s total revenue in the period. Worthy of a particular mention are sales of Frostpunk – both the basic version and paid DLCs included in the Season Pass. By the end of September 2021, almost one in four Frostpunk owners decided to purchase a paid DLC, which is a rate far in excess of the market averages. Another testament to the strength of the Frostpunk brand is the great interest of gamers in the new addition to this title’s universe, i.e. Frostpunk 2. Its trailer, which premiered on August 12th this year, already has well over five million views on Youtube and other platforms, and the number of players who have put Frostpunk 2 on their wishlist on Steam far exceeds the wishlist for Frostpunk immediately before the game’s market release in April 2018. Frostpunk 2 is currently the 14th most anticipated game (based on interest measured by numbers on wishlists) on Steam. Ahead of us are further quarters of hard work on three proprietary games, i.e. Frostpunk 2, Dolly and Project 8. Their total production budget is approximately PLN 110m.

pril 2018. Frostpunk 2 is currently the 14th most anticipated game (based on interest measured by numbers on wishlists) on Steam. Ahead of us are further quarters of hard work on three proprietary games, i.e. Frostpunk 2, Dolly and Project 8. Their total production budget is approximately PLN 110m. Another PLN 30m will be spent on three games of 11 bit publishing, i.e. Vitriol, Botin and Ava. We have also earmarked PLN 50m for new titles to be released by the publishing division. We intend to spend this amount QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR NINE MONTHS ENDED 2

by the end of 2023. Our efforts to acquire new titles for the publishing portfolio have recently picked up pace and are bringing results, on which we will report shortly. Likewise, the recruitment of new employees for the internal development teams as well as other organisational units has accelerated in the last months As a result, the Company is already prepared to efficiently run a far greater number of business projects in parallel. Their time horizon extends well beyond the next few quarters. An example here is the intense work on creating a corporate group. We hope that we will be able to unveil more details in the near future, and that the results of our initiatives and further announcements will be well received by the Shareholders and Investors. Thank you once again for the trust you place in us. We invite you to read our report. flild Dobi Przemysław Marszał Grzegorz Miechowski Michał Drozdowski President of Member of Member of the Management Board the Management Board the Management Board 3 QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR NINE MONTHS ENDED

TABLE OF CONTENTS LETTER FROM THE MANAGEMENT BOARD 2 TABLE OF CONTENTS 4 FINANCIAL HIGHLIGHTS 6 Statement of financial position 6 Statement of profit or loss 6 Statement of cash flows 7 FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. FOR NINE MONTHS ENDED SEPTEMBER 30TH 2021 8 1. OVERVIEW 9 1.1. Company overview 9 1.2. Covered periods .9 1.3. Composition of the Company’s governing bodies as at September 30th 2021 10 1.4. Auditor 10 1.5. Shareholding structure as at the issue date of this quarterly report 11 1.6. Company shares held by members of its management and supervisory staff 12 1.7. Commentary on estimates of financial results 13 1.8. Headcount 13 1.9. Functional and presentation currency 13 2. FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. 14 2.1. Interim statement of comprehensive income (PLN) 14 2.2. Interim statement of financial position (PLN) 15 2.3. Interim statement of changes in equity (PLN) 17 2.4. Interim statement of cash flows (PLN) 19 3. NOTES TO THE FINANCIAL STATEMENTS 20 3.1. Application of IFRSs 20 3.2. Material achievements or failures of the Company in the reporting period 23 3.3. Revenue (PLN) ..25 3.4. Other income and expenses (PLN) 26 3.5. Depreciation and amortisation (PLN) 27 3.6. Services (PLN) 28 3.7. Salaries, wages and employee benefits (PLN) 28 3.8. Finance income (PLN) 29 3.9. Finance costs (PLN) 29 3.10. Income tax on continuing operations (PLN) 30 3.11. Earnings per share (PLN) 32 3.12. Property, plant and equipment (PLN) 33

Pages: 51
Words: 17,488
Format: PDF
Type: Report

Topics

View this document on Game Industry Library.

Related Documents

Report

Wyniki Finansowe 1H25: Warszawa

The presentation outlines PCF Group S.A.’s financial performance for the first half of 2025, focusing on revenue trends, profit calculations, and portfolio developments across its global operations. Revenues have shown a gradual decline from 2021 to 2024, with cumulative figures falling from PLN 190.4 m in 2021 to PLN 171.5 m by the end of 2024, and quarterly revenue in Q1‑2025 recorded at PLN 58.5 m. EBITDA has been negatively impacted by lower sales on the Gemini project and a delayed Bulletstorm VR launch, resulting in an adjusted EBITDA loss of PLN 11.3 m for 2024 and a projected loss of PLN 33.3 m in 2025 after accounting for new projects such as Echo and Delta, as well as write‑downs related to the PCF Chicago subsidiary. The group’s workforce is distributed across two continents, with 534 employees in Warsaw and additional teams in Montreal, Newcastle, Dublin, Katowice, and Rzeszów. Back‑office development is handled by Incuvo Studio Europe and North America, while publishing responsibilities are shared with the QA Gameon division. Portfolio highlights include the upcoming co‑op release of Green Hell on Meta Quest platforms and a VR shoot‑to‑survive title slated for Q4 2025. The presentation emphasizes that these releases are the last VR titles to be published by PCF Group, signalling a strategic shift. Overall, the data suggest a contraction in revenue and profitability driven by project delays and market adjustments, with future performance hinging on the successful launch of new VR titles and cost management initiatives.

market-analysis investment pc+2

PCF Group

Report

Prezentacja wyników finansowych: 9 miesięcy 2022

The presentation outlines PCF Group S.A.’s financial performance for the first nine months of 2022, emphasizing revenue growth, profitability metrics, and balance‑sheet strength. Total group revenues reached PLN 131.8 million, up from PLN 130.9 million in the same period of 2021, while EBITDA climbed to PLN 40.3 million from PLN 26.1 million in 2021, reflecting a significant improvement in operating efficiency. Adjusted EBITDA, accounting for non‑recurring items such as warranty provisions and restructuring costs, stood at PLN 41.3 million, underscoring robust underlying earnings. Net income for the nine‑month period was PLN 42.1 million, a notable increase from PLN 30.8 million in 2021, driven by higher gross margins and disciplined cost management. The group’s balance sheet remained solid, with total assets of PLN 60.3 million and equity of PLN 54.6 million, while working‑capital items such as receivables and payables were well balanced. Cash reserves of PLN 137.1 million provided liquidity for ongoing development and expansion initiatives. Geographically, PCF Group operates across multiple regions, with a workforce of 614 employees as of September 30, 2022, spread across North America and Europe. The company’s portfolio includes seven titles in development or publishing stages, with several high‑profile IPs such as “Gemini Dagger” and “Bifrost Victoria” slated for release in 2024. The presentation also highlights strategic partnerships, including a collaboration with Take‑Two Interactive Software and ongoing development outsourcing that generated PLN 44.1 million in revenue during the period. Overall, the data indicate a healthy growth trajectory for PCF Group S.A., driven by expanding IP pipelines, efficient cost structures, and a strong balance sheet that supports continued investment in game development and market expansion.

market-analysis investment europe+2

PCF Group

Report

Half-Year Report of 11 Bit Studios S.A.: First Half of 2021

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THEFIRST HALF OF 2021 Dear Shareholders and Investors, Please be invited to read 11 bit studios S.A.’s report for the first half of 2021. We, as the Management Board, are clearly satisfied with the Company’s financial performance, which was far better than assumed in the budget for the period. In the first six months of this year, our Company posted revenue of nearly PLN 35.78m.

investment market-analysis europe+2

11 bit studios

Report

Wyniki Finansowe: Q3 2025

The presentation outlines PCF Group S.A.’s financial performance and strategic outlook for the third quarter of 2025, covering operations in Poland, Europe, North America and the UK. Revenue for the quarter reached PLN 190.4 million, a slight decline from the previous year’s PLN 180.3 million, driven by lower sales of the AAA title “Lost Rift” and a modest increase in self‑publishing income. Net profit fell to PLN –95.7 million, reflecting significant one‑off costs and amortisation of goodwill and IP assets, particularly from the “Lost Rift” CGU. EBITDA after adjustments was PLN –1.7 million, a deterioration from the prior year’s positive figure, largely due to write‑downs of development assets and licensing expenses. The group’s balance sheet shows a reduction in total assets from PLN 1,144 million to PLN 1,050 million, with a corresponding decline in equity and an increase in short‑term liabilities. Cash flow remains a priority, with management emphasizing the need to focus on WFH projects that can self‑finance and reduce dependency on external funding. Strategically, PCF is pursuing new AAA collaborations (e.g., Krafton), expanding its VR portfolio with titles such as “Green Hell” and “Pirates VR,” and securing publishing agreements for the “People Can Fly” IP on Meta Quest platforms. The company plans to streamline costs, maintain client relationships, and accelerate new project pipelines while monitoring cash generation closely.

investment market-analysis europe+2

PCF Group