LegalPCF Group
PCF Group Current Report No. 8/2024: Decision to Discontinue Project Dagger
5 Apr 20241 pages~2 min full read
PCF Group S.A. officially terminated Project Dagger on 5 April 2024 due to unsatisfactory commercial potential following multiple project redefinitions.
The cancellation results in a standalone net profit and non-current asset reduction of approximately 79.9 million zł for the 2023 fiscal year.
On a consolidated basis, the group expects a net profit and non-current asset decrease of approximately 68.3 million zł.
The financial impact consists of one-off, non-cash write-offs of all project expenditures incurred as of 31 December 2023.
The write-offs do not affect EBITDA at either the standalone or consolidated reporting levels.
The provided financial figures are provisional estimates subject to audit verification and will be finalized in the 2023 financial statements.
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.
