PCF Group S.A. is recording a full 100% write-down of the Bifrost project, reducing individual fixed assets by 213.493 million PLN and consolidated fixed assets by 154.964 million PLN.
The company is writing down its equity stake in Incuvo S.A. by 73%, resulting in an 18.893 million PLN reduction in individual profit and fixed-asset value.
A complete write-down of goodwill allocated to Incuvo S.A. will decrease consolidated profit and fixed-asset totals by 18.061 million PLN.
All disclosed impairments are non-cash in nature and will have no impact on the company's EBITDA at either the individual or consolidated level.
The Bifrost write-down is driven by uncertainty regarding future development and release financing, while the Incuvo impairments reflect a significant decline in fair market value.
While the Bifrost and Incuvo equity impairments are potentially reversible, the goodwill write-down is considered irreversible.
These figures are provisional and subject to audit verification before the finalization of the 2024 financial statements.
The report announces that PCF Group S.A., headquartered in Warsaw, has decided to record asset‑impairment write‑downs as of 31 December 2024, following the completion of analyses required for the preparation of its individual and consolidated financial statements for 2024 under Article 17(1) of the MAR Regulation. The primary purpose is to reflect the reduced recoverable value of specific investments and to align the balance sheets with current fair‑value assessments.
Three distinct impairments are disclosed. A full 100 % write‑down of the costs incurred on the Bifrost project reduces the individual fixed‑asset balance by 213.493 million PLN and the consolidated fixed‑asset balance by 154.964 million PLN, simultaneously lowering the respective 2024 profit figures. A 73 % reduction of the equity stake in Incuvo S.A. cuts the individual profit and fixed‑asset value by 18.893 million PLN. Finally, a complete write‑down of goodwill allocated to Incuvo as a cash‑flow‑generating centre diminishes the consolidated profit and fixed‑asset total by 18.061 million PLN.
All impairments are non‑cash in nature and do not affect EBITDA at either the individual or consolidated level. The Bifrost write‑down stems from doubts about securing financing for further development and release, while the Incuvo equity write‑down reflects a substantial decline in the fair value of the share package. The goodwill write‑down is deemed irreversible due to the same fair‑value deterioration. The board reserves the right to reverse the Bifrost and equity impairments, wholly or partially, should circumstances improve.
The figures remain provisional, subject to audit verification, and will be finalized in the 2024 financial statements unless earlier legal disclosure is required. The scope covers PCF Group’s operations in Poland, addressing both standalone and group‑wide financial positions for the fiscal year 2024.
