ReportPCF Group
Raport z przeglądu skróconego śródrocznego sprawozdania finansowego: H1 2024
2 pages~4 min full read
PCF Group faces significant uncertainty regarding its ability to continue as a going concern, necessitating the acquisition of additional financing to sustain its proprietary game development strategy.
See it on page 2As of 30 June 2024, the company holds PLN 239,487 thousand in intangible assets related to in-process development work.
See it on page 2The capitalization of development assets is contingent upon the company securing sufficient financial resources to complete its projects, as required by IAS 38.
See it on page 2Management has developed a five-year cash-flow forecast based on assumptions regarding future game development and funding, though auditors caution that these projections rely on uncertain future events.
See it on page 2The condensed H1 2024 financial statements were prepared in accordance with IAS 34 and received a clean review opinion from Grant Thornton Polska, led by auditor Jan Letkiewicz.
See it on page 1The review conducted under Polish Standard 2410 involved analytical procedures and inquiries but does not provide the same level of assurance as a full financial audit.
See it on page 1The review confirms that PCF Group’s condensed half‑year financial statements for the period ending 30 June 2024 were prepared in accordance with International Financial Reporting Standard 34 and the European Commission’s regulatory framework. The audit opinion is limited to a review, not an examination, and therefore does not provide assurance that all material matters would have been identified. No findings were noted that would lead the reviewers to believe the statements are not prepared in accordance with applicable standards.
Key disclosures highlight significant uncertainties surrounding the company’s ability to continue as a going concern. Management has outlined actions to secure additional financing aimed at sustaining its strategy of developing and publishing proprietary games. While management remains optimistic, the review notes that success is not guaranteed.
The company reported intangible assets related to in‑process development work amounting to PLN 239,487 thousand as of 30 June 2024. These assets meet the criteria for capitalization under IAS 38, provided that sufficient financial resources are available to complete development. Management has produced a five‑year cash‑flow forecast that incorporates assumptions about future game development, potential new projects, and the likelihood of securing further funding. The review cautions that this forecast depends on uncertain future events.
The scope of the review covered all financial statements, including balance sheet, income statement, comprehensive income, equity changes, and cash‑flow statement for the first half of 2024. The methodology followed the Polish Standard 2410, equivalent to International Standard on Review Engagements 2410, involving analytical procedures and inquiries of finance and accounting personnel. The review was conducted by Grant Thornton Polska Prosta Spółka Akcyjna, with the key auditor Jan Letkiewicz leading the engagement.
