Roczne Skonsolidowane Sprawozdanie Finansowe za 2021 Rok

Summary

PCF Group experienced a period of transformative financial and operational growth in 2021, driven by strategic acquisitions, a successful public offering, and the release of the major title *Outriders*. Sales revenue rose 74% year-over-year to 180.3 million PLN, while net profit more than doubled to 61.3 million PLN. This performance was underpinned by a robust equity position of 259.5 million PLN and a significant increase in cash reserves, which reached 137.1 million PLN by year-end. The Group’s total assets nearly tripled to 316.7 million PLN, reflecting substantial investments in intangible assets and development work. The Group’s strategic expansion included the acquisition of Game On Creative, the Phosphor Games development team, and a majority stake in Incuvo S.A., adding 54.6 million PLN in goodwill and enhancing capabilities in motion capture and virtual reality. Geographically, the Group expanded its footprint with new offices in Montreal, New York, and Chicago, while nearly doubling its workforce to 495 employees. While the "work-for-hire" model remained the primary revenue driver—accounting for over 90% of sales through partnerships with major publishers—the Group formally introduced a self-publishing segment to diversify its long-term revenue streams. Financial stability was maintained through conservative accounting practices under IFRS standards, including the application of "IP Box" tax relief, which reduced the effective tax rate to 4.8%. Although *Outriders* had not yet reached the recoupment threshold for royalties by the end of 2021, the Group’s liquidity remained strong with an EBITDA of 73.2 million PLN. Management concluded that the Group is well-positioned for continued operations, noting that external factors such as the COVID-19 pandemic and regional geopolitical instability presented no immediate threat to its financial health or asset values.

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