Annual Consolidated Financial Report for the Fiscal Year Ended 31 December 2020

PCF Group S.A. achieved significant 2020 growth, with net profit increasing fivefold to 24.6 million PLN and sales revenues reaching 103.8 million PLN.

The company maintains a high revenue concentration, with over 80% of income derived from a single major client, primarily through work-for-hire services for publishers like Square Enix and Take-Two Interactive.

Following a December 2020 Warsaw Stock Exchange debut, the Group holds 41.3 million PLN in cash and total assets of 95.7 million PLN.

The Group utilized the IP Box tax relief to secure a 5% preferential corporate tax rate on qualified intellectual property, resulting in an 8% effective tax rate for the year.

Operational expansion included a corporate restructuring, the acquisition of a Chicago-based studio, and a workforce increase to 281 personnel by year-end.

Financial stability was supported by 3.9 million PLN in forgivable government pandemic relief loans from Poland and the United States.

The Board established a new dividend policy targeting the distribution of 10-20% of future net profits to shareholders.