Legal

Current Report No. 31/2024: Suspension of Project Victoria

10 December 20242 pages462 words

Summary

The board of PCF Group S.A., headquartered in Warsaw, resolved on 10 December 2024 to suspend all further work on Project Victoria, a self‑published video‑game title financed from the group’s own resources. The suspension stems from the group’s inability to secure the capital required to cover ongoing production and publishing costs, prompting an immediate halt to the planned early‑access launch originally scheduled for 2026. As a direct consequence, a portion of the dedicated development team will be placed under temporary layoff, maintaining employment contracts without work or pay for a legally defined period, while the remaining staff face permanent reductions in employment. The production and publishing timetable for the title is also frozen, and no definitive duration for the suspension has been set. The board will continue to explore alternative financing avenues that could potentially fund the project’s completion; depending on the outcome, it may either resume development or formally abandon the initiative. In line with International Accounting Standard 36, the board will conduct an impairment test of the capitalised expenditures on Project Victoria using financial data as of 31 December 2024, integrating the results into the 2024 consolidated financial statements. Findings from this test will be disclosed publicly in accordance with applicable regulations. The scope of the decision encompasses the Polish jurisdiction, the broader European video‑game market, and the fiscal year ending 2024.

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Current Report No. 31/2024: Suspension of Project Victoria

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