PCF Group S.A. officially terminated development of Project Red on 10 September 2024 due to a lack of external publishing partners and insufficient internal capital.
02
The company will reallocate the development team previously assigned to Project Red to a new project, Project Echo, which is backed by an external publisher.
03
The cancellation resulted in a 100 percent impairment of capital invested in Project Red as of 30 June 2024.
04
The write-down reduces the company's standalone non-current assets and net profit for the first half of 2024 by 8,846 thousand złoty.
05
On a consolidated basis, the impairment reduces the Group’s half-year net profit and non-current assets by 7,719 thousand złoty.
06
The impairment is a one-off, non-cash accounting entry that does not impact EBITDA at either the standalone or consolidated level.
Insights
01
PCF Group S.A. officially terminated development of Project Red on 10 September 2024 due to a lack of external publishing partners and insufficient internal capital.
02
The company will reallocate the development team previously assigned to Project Red to a new project, Project Echo, which is backed by an external publisher.
03
The cancellation resulted in a 100 percent impairment of capital invested in Project Red as of 30 June 2024.
04
The write-down reduces the company's standalone non-current assets and net profit for the first half of 2024 by 8,846 thousand złoty.
05
On a consolidated basis, the impairment reduces the Group’s half-year net profit and non-current assets by 7,719 thousand złoty.
06
The impairment is a one-off, non-cash accounting entry that does not impact EBITDA at either the standalone or consolidated level.