FinancialPCF Group
Roczne Jednostkowe Sprawozdanie Finansowe 2021
1 Apr 202274 pages~165 min full read
PCF Group S.A. achieved a 29% increase in sales revenue to 107.8 million PLN and a net profit of 41.8 million PLN in 2021.
See it on page 2The company’s total assets nearly tripled to 256.9 million PLN, supported by 121 million PLN in share premiums from Series B and D issuances.
See it on page 66Work-for-hire projects, primarily driven by a partnership with Square Enix, accounted for over 80% of total revenue.
See it on page 14The company ended 2021 without receiving royalties from the April release of Outriders, as the publisher was still recouping production and promotion costs.
See it on page 33Strategic expansion included the acquisition of Game On Creative Inc., a majority stake in Incuvo S.A., and the opening of a new development hub in Chicago.
See it on page 40The company maintains a strong financial position with a current liquidity ratio of 9.17, a debt-to-EBITDA ratio of 0.29, and cash reserves of 90.7 million PLN.
See it on page 64Management identified currency risk as a primary exposure due to revenues being denominated in USD and EUR while operational costs are incurred in PLN.
See it on page 60PCF Group S.A. experienced a year of transformative growth and strategic expansion in 2021, characterized by a 29% increase in sales revenue to 107.8 million PLN and a significant rise in net profit to 41.8 million PLN. The company’s total assets nearly tripled to 256.9 million PLN, driven by successful Series B and D share issuances that generated over 121 million PLN in share premium. This capital influx bolstered cash reserves to 90.7 million PLN, providing the liquidity necessary to fund aggressive international expansion and a shift toward a self-publishing business model.
The company’s operational footprint expanded through the acquisition of Canadian studio Game On Creative Inc. and a majority stake in Incuvo S.A., alongside the establishment of a new development hub in Chicago. While the work-for-hire model remained the primary revenue driver—accounting for over 80% of income through a major partnership with Square Enix—the company began diversifying its streams through the "PCF Framework" and self-published projects. Notably, despite the high-profile release of Outriders in April 2021, the company had not yet reached the royalty threshold by year-end as the publisher continued to recoup production and promotion costs.
Financial reporting, conducted under IFRS, reflects a conservative and stable fiscal position. The company maintains a high current liquidity ratio of 9.17 and a low debt-to-EBITDA ratio of 0.29. Management identified currency risk as a primary exposure, given that revenues are largely denominated in USD and EUR while costs are incurred in PLN. Despite global volatility, including the COVID-19 pandemic and the conflict in Ukraine, the Board maintained a positive outlook on the company’s continuity, citing minimal direct exposure to affected regions and a robust capital structure.
