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Legal
Current Report No. 24: Analysis of the Situation on One of the Game Projects
The Management Board of 11 bit studios S.A. has initiated a comprehensive strategic analysis regarding the status of a specific internal game development project. This evaluation focuses on the viability and future of the title, signaling a potential shift in the company’s production pipeline. The primary objective of this review is to determine whether the project remains a sustainable asset or if the company must proceed with a significant financial impairment. Financial data as of September 30, 2024, indicates that the book value of the unfinished development work for this project totals approximately PLN 48.43 million. Should the ongoing analysis conclude that the project is no longer viable or requires a total cessation of development, the company anticipates a write-off of these capitalized costs. Such an action would directly impact the firm's balance sheet and reported net income for the relevant fiscal period, though the final valuation of any potential write-off remains subject to a formal asset review. This disclosure, issued in compliance with market abuse regulations regarding inside information, reflects the current operational landscape for the Warsaw-based developer and publisher as of late 2024. While the specific title under review was not named, the scale of the investment suggests a project of significant scope within the company’s portfolio. Management intends to provide further updates once a definitive decision is reached regarding the project’s continuation or termination.
11 bit studiosDec 2024
Legal
List of Proposed Changes to the Statute of PCF Group S.A.: Warsaw
The amendment seeks to revise the statutory definition of PCF Group S.A.’s corporate purpose by expanding and re‑ordering the catalogue of activities authorized under Polish PKD classification. The core change introduces a new activity code, 70.22.Z, which covers “other consulting in the field of business operations and management,” and consequently shifts the numbering of all subsequent entries upward by one position. As a result, the list now comprises thirty‑six distinct codes instead of the original thirty‑five. The revised catalogue retains the company’s existing involvement in printing services (18.13.Z), media reproduction (18.20.Z), consumer electronics manufacturing (26.40.Z), specialized machinery (28.99.Z), and the production and retail of games and toys (32.40.Z, 47.65.Z, 47.91.Z). It also continues to encompass a broad spectrum of publishing activities (58.xx.Z), film and television production, post‑production and distribution (59.xx.Z), audio‑visual broadcasting (60.xx.Z), software development and IT consulting (62.xx.Z, 63.xx.Z), data processing and web hosting, as well as artistic, educational, photographic, and recreational services (70.22.Z, 74.20.Z, 85.52.Z, 90.xx.Z, 93.29.Z). The inclusion of the new consulting code formally acknowledges the firm’s growing advisory operations alongside its established media and technology businesses. Geographically, the amendment applies to the company’s headquarters in Warsaw and governs its activities throughout Poland, reflecting the full range of sectors in which the group operates. No empirical methodology is required, as the proposal is a legal restructuring rather than a statistical study. The overarching intent is to align the statutory framework with PCF Group’s diversified portfolio, ensuring regulatory compliance while supporting strategic expansion into business‑consulting services.
PCF GroupSept 2024
Legal
PCF Group Current Report No. 8/2024: Decision to Discontinue Project Dagger
The decision to cease further work on Project Dagger was formally adopted on 5 April 2024 by the board of PCF Group S.A., headquartered in Warsaw, under the authority of Article 17 (1) of the MAR Regulation. The termination follows a renewed assessment of the group’s development portfolio, which concluded that the commercial potential of the project remained unsatisfactory after a redefinition of its game‑development direction, as previously reported in the series of interim reports dated October 2022, January 2023, November 2023 and December 2023. Financially, the cessation triggers full write‑offs of the expenditures incurred on the project as of 31 December 2023. The anticipated impact includes a reduction of the company’s standalone net profit for 2023 and a decrease in the value of non‑current assets on the standalone balance sheet by approximately 79.9 million zł. On a consolidated basis, the group’s net profit and non‑current assets are expected to fall by about 68.3 million zł. These adjustments are one‑off, non‑cash entries and do not affect EBITDA at either the standalone or consolidated level. The figures presented are provisional estimates subject to audit verification and may be revised. Final amounts will be disclosed in the 2023 financial statements of PCF Group S.A., unless earlier reporting is required by law. The scope of the analysis is limited to the internal financial ramifications for PCF Group S.A. and its consolidated entities for the fiscal year ending 31 December 2023.
PCF GroupApr 2024
Legal
Raport bieżący nr 7/2024: Rozliczenie kosztów produkcji gry „Bulletstorm VR”
The settlement report records the final accounting and contractual resolution between PCF Group S.A., headquartered in Warsaw, and its subsidiary Incuvo S.A. of Katowice concerning the development of the virtual‑reality title “Bulletstorm VR.” It confirms that, as of 15 March 2024, the parties concluded the remaining production milestones that spanned the period leading up to the game’s launch on 18 January 2024, and that PCF, acting as publisher, invoiced Incuvo for development and quality‑assurance services in the amount of 871 157,59 złoty. The agreement also stipulates a mutual termination of the production‑publishing contract effective 19 January 2024, driven by an unsatisfactory market reception of the title. Under the termination terms, Incuvo forfeits any entitlement to royalties from subsequent sales, while PCF assumes full responsibility for completing the final product and overseeing its commercial distribution. The report notes that PCF may still draw on Incuvo’s resources for any remaining development work, though no further financial compensation is prescribed. Reference is made to three earlier interim reports—numbers 46/2021, 42/2023 and 56/2023—that documented the project’s progress and financial status. The current settlement therefore closes the fiscal cycle for the “Bulletstorm VR” project, consolidating all outstanding developer costs into a single charge and establishing PCF’s exclusive control over the game’s post‑release lifecycle. The scope is limited to the Polish corporate entities involved, covering activities from the initial milestones through the January 2024 launch and subsequent termination.
PCF GroupMar 2024