LegalPCF Group
Current Report No. 31/2024: Suspension of Project Victoria
10 Dec 20242 pages~2 min full read
PCF Group S.A. suspended all work on its self-published title, Project Victoria, effective 10 December 2024, due to a lack of capital to cover production and publishing costs.
See it on page 1The project's planned early-access launch, originally scheduled for 2026, has been cancelled with no definitive timeline for a potential resumption.
See it on page 1The suspension has triggered immediate workforce reductions, including permanent layoffs for some staff and temporary layoffs for others.
See it on page 1The board is currently seeking alternative financing to determine if the project will be resumed or formally abandoned.
See it on page 2PCF Group S.A. will perform an impairment test on all capitalized expenditures for Project Victoria as of 31 December 2024, in accordance with International Accounting Standard 36.
See it on page 2The financial impact of the impairment test will be integrated into the company's 2024 consolidated financial statements and disclosed publicly.
See it on page 2The 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.
