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Annual Report and Accounts 2012

14.59 Moscow Stockholm CEO’s Review 1 CFO’s Review 4 Five Year Summary 6 Modern Responsibility 10 Directors’ Report 16 The MTG Share 46 Corporate Governance Report 50 Board of Directors 60 Executive Management 63 Consolidated Financial Statements 67 Parent Company Financial Statements ...

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Modern Times Group

Report

Financial Report for First Two Quarters: Fiscal 2026

Bushiroad Inc. reports consolidated financial results for the first two quarters of fiscal 2026 (July 1–December 31, 2025). Net sales rose 8.2 % to ¥27,839 million, while operating profit increased 68.5 % to ¥2,908 million and ordinary profit grew 81.8 % to ¥3,488 million; profit attributable to owners of the parent company surged 107.4 % to ¥2,577 million. Earnings per diluted share reached ¥19.00, a significant jump from ¥9.01 in the same period of fiscal 2025, reflecting both higher profitability and a 2‑for‑1 share split executed on October 1, 2025. Total assets expanded to ¥50,742 million and net assets climbed to ¥28,150 million, raising the equity‑to‑asset ratio from 47.7 % to 52.2 %. The company’s dividend policy for fiscal 2025 included a ¥4.50 million payout, while no dividends were declared in the first half of fiscal 2026; a forecast for the full year projects no dividend distribution. For the full fiscal year 2026, Bushiroad forecasts net sales of ¥56,000 million (a slight decline of 0.3 % from the prior year), operating profit of ¥4,500 million (down 7.6 %), ordinary profit of ¥4,600 million (down 5.1 %), and profit attributable to the parent of ¥2,700 million (down 21.0 %). Earnings per share are projected at ¥19.63, adjusted for the share split. These figures cover Bushiroad’s domestic Japanese operations under Japanese GAAP, with the fiscal year running from July 1 to June 30. The report relies on consolidated financial statements and includes a forward‑looking forecast based on current management expectations.

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Bushiroad

Report

Current Report No. 20/2024: Decision to Discontinue Work on Project Red

PCF Group S.A. has officially terminated development of Project Red, a title previously intended for either external publishing or self-publishing. This strategic decision stems from the company’s inability to secure an external publishing partner and a lack of sufficient capital to sustain self-publishing efforts. Furthermore, the company has prioritized the allocation of its development resources toward a newly acquired project, designated as Project Echo, which necessitates the transfer of the team previously assigned to Project Red. The cancellation of Project Red carries significant financial implications for the company’s 2024 fiscal reporting. As of June 30, 2024, the company will record a 100% impairment charge on all capitalized expenditures related to the project. This accounting action will result in an estimated reduction of 8.85 million PLN in the company’s standalone financial results and fixed assets, while the consolidated financial results and fixed assets for the group will decrease by approximately 7.72 million PLN. These adjustments are classified as one-time, non-cash events and will not impact the company’s EBITDA. While these figures represent the current assessment of the financial impact, they remain subject to final auditor review and may be adjusted in the upcoming semi-annual financial statements. This shift in development focus reflects a broader realignment of the company’s portfolio, prioritizing projects with secured external funding over those requiring internal capital investment.

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PCF Group

Report

Q1 2022-2023 Sales Results: Confirmation of FY 2022-23 Targets

Nacon reported a 25.8 % increase in first‑quarter sales for the fiscal year 2022‑23, reaching €42.4 million compared with €33.7 million in the same period of 2021‑22. Video game sales surged by 126.2 %, totaling €27.6 million, driven largely by the launch of high‑profile titles such as *Vampire: The Masquerade® – Swansong*, *Pro Cycling Manager 2022* and *Tour De France 2022*. New‑catalogue activity rose to €14.9 million from €3.1 million, while back‑catalogue sales climbed 38.7 % to €12.7 million, aided by the consolidation of Daedalic Entertainment and expanded platform deals. Accessories sales fell 31.8 % to €14.0 million, impacted by a high base effect, console shortages and inventory readjustments. Despite this decline, Nacon gained U.S. market share in the gaming headset segment with its RIG 800 Pro and 300 Pro ranges. The company confirmed its full‑year targets of sales exceeding €250 million and operating income above €50 million for FY 2022‑23. Upcoming releases in Q2, including *Steelrising*, *Session Skate Sim* and *Train Life*, are expected to sustain momentum, with *The Lord of the Rings: Gollum* slated for the second half of the fiscal year. Nacon operates under the Bigben Group umbrella, leveraging a network of 23 subsidiaries and a global distribution presence across 100 countries.

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Nacon

Report

Raport Bieżący Nr 19/2024: Zawarcie Umowy Produkcyjno-Wydawniczej z Krafton Inc.

PCF Group S.A. has entered into a formal production and publishing agreement with the South Korean firm Krafton Inc. as of September 10, 2024. This partnership centers on the development of a new gameplay mode, currently identified by the codename Project Echo, intended for an existing video game title owned by Krafton. The collaboration is structured as a work-for-hire arrangement, wherein the developer provides services and production expertise in exchange for agreed-upon compensation from the publisher. The agreement functions as a master services framework, establishing the foundational legal and operational terms for the partnership. Specific project parameters, including detailed service descriptions, production timelines, and precise financial remuneration, will be defined through subsequent individual statements of work. The terms governing this engagement align with standard industry practices for international production and publishing contracts, ensuring a conventional approach to project management and intellectual property rights. This strategic move directly supports the long-term objectives outlined in the company’s updated corporate strategy from January 2023. By securing this contract, the developer continues to execute its stated goal of pursuing high-value collaborations with reputable global partners within the work-for-hire business model. This development reinforces the company’s commitment to diversifying its project portfolio while leveraging its technical capabilities to support established titles in the global gaming market.

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PCF Group

Report

2025 Q1 Earnings Release

The release presents a quarterly financial snapshot for the first quarter of 2025, highlighting a sharp contraction in revenue and profitability across all segments. Total sales fell 31.1 % year‑over‑year to 122.9 billion KRW, driven by the absence of new mobile titles and a natural decline in long‑term service games. Mobile game revenue declined 41 % YoY to 96.1 billion KRW, while PC game sales rose 72 % YoY to 26.8 billion KRW, reflecting sustained traffic for “BattleGround” and deferred revenue from “POE.” Operating expenses contracted 17.5 % YoY to 135.3 billion KRW, largely due to reduced marketing spend and lower platform fees; however, operating profit turned negative for the first time in Q1 2025, reaching –124 billion KRW and an operating margin of –10.1 %. Net loss widened to –334 billion KRW, with shareholders’ equity declining as cumulative losses accumulated. Cash and cash equivalents dropped to 551 million KRW, while total assets remained around 3.16 trillion KRW, indicating liquidity pressure. The document covers the Korean market exclusively, covering Q1 2025 and referencing prior quarters for trend analysis. Data derive from consolidated financial statements prepared under Korean International Financial Reporting Standards, with a disclaimer that audit review is pending. The report lists planned new releases for 2025‑26, including action shooters and RPGs across mobile, PC, and console platforms. Overall, the company faces a challenging revenue environment, with significant operating losses and declining cash reserves, prompting a reassessment of its product pipeline and cost structure.

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Kakao Games

Report

Partial Correction to FY2024 First Quarter Consolidated Financial Results: Japan

CyberAgent, Inc. issued a partial correction to its FY2024 first‑quarter consolidated financial results under Japanese GAAP, released on January 31 2024. The correction addresses several numerical inaccuracies disclosed in a separate notice dated May 15 2025, but the company states that no substantive changes to financial statements or forecasts have been made. The corrected figures show a 15.1 % year‑on‑year increase in net sales to ¥192,655 million and an operating income of ¥5,864 million, reversing the prior‑year operating loss of ¥1,738 million. Ordinary income rose to ¥6,058 million from a loss of ¥1,421 million, and net income attributable to owners of the parent improved to a loss of ¥892 million versus a prior‑year loss of ¥5,391 million. Total assets declined to ¥464,799 million from ¥475,222 million, while equity fell to ¥218,032 million from ¥228,450 million, primarily due to dividend payments and retained‑earnings adjustments. Segment analysis highlights that the Media Business, driven by ABEMA, grew net sales 27.7 % to ¥42,784 million but still recorded an operating loss of ¥991 million. The Internet Advertisement Business posted a 9.9 % sales increase to ¥104,900 million with operating income of ¥5,246 million. Game Business sales rose 10.1 % to ¥45,043 million but saw a 32.9 % decline in operating income. Investment Development and Other Businesses reported modest sales increases but maintained small operating profits. The company’s FY2024 full‑year forecast remains unchanged: net sales of ¥750,000 million and net income of ¥30,000 million. No revisions to dividend forecasts were made. The correction does not affect audit status or forward‑looking statements, and the company confirms that its going‑concern assumption remains valid.

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CyberAgent

Report

Financial Highlights: 3rd Quarter of the Fiscal Year Ending March 2013

Financial highlights for the third quarter of fiscal year 2012 demonstrate robust growth across Tecmo Koei Holdings’ core segments. Net sales rose to ¥35,525 million from ¥32,081 million in the prior year, a 6.5% increase that exceeded the forecasted 9.8%. Gross profit climbed to ¥13,489 million, up 11.8% year‑on‑year, while operating income surged to ¥5,758 million, a 38.3% rise driven largely by the Game Software segment, which contributed ¥4,797 million in operating profit—an 83.6% jump from the previous year’s ¥2,336 million. Online & Mobile sales increased modestly to ¥5,635 million, though operating income in that segment fell 44.2% to ¥1,034 million due to higher marketing costs. Media & Rights experienced a 98% increase in operating income, moving from a loss of ¥109 million to a profit of ¥157 million. Pachislot & Pachinko and Amusement Facilities also posted gains, with operating incomes of ¥551 million (84.0% increase) and ¥128 million (15.6% increase), respectively. Net income for the quarter reached ¥4,640 million, a 291.7% increase over the prior year’s ¥666 million, reflecting higher operating margins and favorable tax treatment. The company’s balance sheet strengthened, with total assets rising to ¥59,921 million and shareholders’ equity increasing to ¥79,070 million. Current assets grew from ¥25,836 million to ¥22,033 million, while current liabilities fell from ¥9,220 million to ¥5,691 million, improving liquidity. Investment securities expanded significantly, contributing to the asset growth. The report covers Japan‑based operations for FY2012, with data presented in millions of yen. Key metrics are derived from consolidated financial statements and segment reporting, offering a comprehensive view of performance trends across gaming software, online/mobile, media rights, and amusement sectors.

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Koei Tecmo

Report

FY2024 First Quarter Consolidated Financial Results: Japan

CyberAgent, Inc. reported FY2024 first‑quarter results (October 1–December 31 2023) under Japanese GAAP, showing a 15.2 % year‑on‑year increase in net sales to ¥193,075 million and a turnaround from an operating loss of ¥1,255 million in FY2023 to an operating income of ¥6,284 million. Ordinary income rose from a loss of ¥939 million to a profit of ¥6,478 million, while net income attributable to owners of parent improved from a loss of ¥5,002 million to ¥472 million. Net income attributable to non‑controlling interests also declined from ¥1,272 million to ¥278 million. The company’s equity ratio fell slightly from 30.2 % to 28.8 %, reflecting a ¥9,997 million drop in shareholders’ equity mainly due to retained‑earnings erosion from dividend payouts. Segment analysis highlights that the Media Business, driven by ABEMA, generated ¥42,784 million in sales (27.8 % YoY) and narrowed its operating loss to ¥991 million from a prior‑year loss of ¥9,356 million. The Internet Advertisement Business posted ¥105,320 million in sales (10.1 % YoY) with operating income of ¥5,667 million. Game Business sales increased 10.1 % to ¥45,043 million but operating income fell 32.9 % to ¥3,495 million. Investment Development and Other Businesses recorded modest sales growth of 344 % and 31 %, respectively, with small operating profits. Total assets declined by ¥9,144 million to ¥468,681 million, while total liabilities rose by ¥852 million to ¥246,767 million. Cash and deposits decreased due to tax and dividend payments, whereas accounts payable increased with higher sales. The company maintained its FY2024 full‑year forecast unchanged: net income of ¥750 million (≈¥15.80 per share) and operating income of ¥30,000 million (≈¥20.4 per share). No accounting policy changes or significant subsidiary adjustments were reported, and the company confirmed its going‑concern assumption.

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CyberAgent

Report

Current Report No. 9/2024: Change of Date for the Submission of Annual Reports for 2023

PCF Group S.A. has officially rescheduled the publication date for its 2023 consolidated and standalone annual financial reports. Originally slated for release on April 25, 2024, the disclosure is now set for April 29, 2024. This adjustment follows the company’s initial announcement regarding reporting timelines issued earlier in January 2024. The decision to delay the filing by four days is executed in accordance with the regulatory requirements set forth by the Polish Minister of Finance concerning the periodic information provided by securities issuers. This procedural update ensures compliance with legal obligations governing the transparency and timing of financial disclosures for publicly traded entities operating within the Polish capital market. By finalizing these reports by the end of April, the company maintains its commitment to providing stakeholders with audited financial data for the 2023 fiscal year. This shift represents a minor administrative adjustment to the corporate calendar, ensuring that all necessary documentation is prepared and verified before public dissemination to investors and market regulators.

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PCF Group

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Current Report No. 7/2024: Settlement of Bulletstorm VR Production Costs and Termination of Production-Publishing Agreement

PCF Group S.A. has finalized the financial settlement and contractual dissolution regarding the production of Bulletstorm VR. Following the game’s release on January 18, 2024, the publisher and its subsidiary, Incuvo S.A., reached an agreement to settle all remaining production milestones. As part of this financial reconciliation, PCF Group charged Incuvo 871,157.59 PLN to cover development and quality assurance costs incurred during the project’s lifecycle. The decision to terminate the production-publishing agreement, effective January 19, 2024, stems directly from the unsatisfactory commercial performance of the title upon its launch. Under the terms of this dissolution, Incuvo forfeits all rights to future royalty payments derived from the game’s sales. This restructuring effectively ends the original collaborative framework between the two entities regarding this specific intellectual property. Moving forward, PCF Group assumes full responsibility for the final product and its ongoing commercialization. While the company retains the option to utilize Incuvo’s resources for potential future development tasks, the publisher now maintains complete control over the title’s lifecycle. This shift in management strategy reflects a broader effort to mitigate the impact of the game’s poor market reception and consolidate oversight of the product’s future development and sales trajectory.

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PCF Group

Report

Lista Proponowanych Zmian w Statucie Spółki: PCF Group S.A.

The proposed amendments aim to modernize and streamline the governance framework of PCF Group S.A., a Warsaw‑based company. Key changes focus on board composition, appointment procedures, and shareholder rights. The revised § 13 eliminates the former special voting rights of a single shareholder (SW) and replaces them with a uniform board appointment system governed solely by the supervisory board, which may designate at least one president or vice‑president. Board decisions now rely on simple majority voting, with the president’s vote decisive in ties, and representation rules are clarified for single‑member versus multi‑member boards. Compensation provisions remain but now allow separate remuneration contracts for advisory or game‑development services. Section 14 expands the board’s regulatory scope, adding a requirement for supervisory board approval of commitments exceeding 10 % of the company’s equity capital and for full intellectual‑property transfer of games. § 16 consolidates supervisory board appointments, removing the former group‑shareholder voting rights and establishing that all members are appointed by general meetings. The amendment to § 18 simplifies the audit committee’s composition, retaining independence criteria but dropping the explicit requirement for a shareholder‑appointed member. Finally, § 21 refines the process for filling vacancies in the supervisory board through co‑optation and clarifies the timing of approvals. Collectively, these changes reduce special shareholder influence, clarify decision‑making thresholds, and align governance practices with contemporary corporate standards. The amendments apply to the company’s Polish jurisdiction and affect all corporate governance segments, including board structure, supervisory oversight, and shareholder participation.

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PCF Group

Report

Annual Report 2013

Consolidated Financial Statements Parent Company Financial Statements Record sales in a year of transformation Thank you for taking the time to read this report today. I hope that we have had the opportunity to meet face to face since I took over as CEO of this amazing company in September 2012 and, if not, I hope that we will do soon. I have been with MTG for over 19 years now and it has been an incredible journey.

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Modern Times Group

Report

Raport Bieżący Nr 5/2024: Podsumowanie Kosztów Subskrypcji Akcji Serii F

PCF Group S.A. has finalized the accounting of costs associated with the issuance of 3,343,037 series F ordinary bearer shares. The primary purpose of this disclosure is to provide transparency regarding the financial expenditures incurred during the subscription process, ensuring compliance with regulatory requirements for issuers of securities on the Warsaw Stock Exchange. The total cost of the series F share issuance amounted to 2,323,824.52 PLN. These expenses are categorized into two main areas: the preparation and execution of the offer, which totaled 2,243,744.52 PLN, and promotional activities, which accounted for 80,080.00 PLN. Within the preparation category, transaction advisory services represented the largest expenditure at 1,747,018.88 PLN, followed by legal costs of 467,464.81 PLN and registration and admission fees of 29,260.83 PLN. The company did not utilize sub-underwriters, and the offer was conducted without the requirement of a prospectus. On a per-unit basis, the average cost of the subscription amounted to approximately 0.70 PLN per share. In terms of accounting treatment, the total issuance costs were recognized by reducing the reserve capital created from the surplus of the issue price over the nominal value of the shares. This summary covers the financial activities related to the series F issuance as of February 2024, reflecting the final reconciliation of all associated transaction costs.

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PCF Group

Report

Visibility Should Mean "Risk On"

Jan van Eck | Chief Executive Officer VanEck’s Macro Investing Philosophy Access • Government Spending (Fiscal) Opportunities • Monetary Policy – Affects Inflation and Interest Rates • What’s Different From Other Macro Approaches? − Historical perspective: Change can be rapid and dramatic, broad range of outcome scenarios − Longer-term – Focus on big trends, higher conviction if multi-decade extremes − Global context – not U.S.

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VanEck

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FY2023 Third Quarter Consolidated Financial Results: Japan

CyberAgent, Inc. reported FY2023 third‑quarter consolidated results under Japanese GAAP for the period ending June 30 2023. Net sales rose marginally by 0.1 % to ¥534,973 million, yet operating income fell sharply by 66.1 % to ¥18,966 million, and ordinary income dropped 65.4 % to ¥19,460 million. Net income attributable to the parent contracted 82.6 % to ¥3,602 million from ¥20,701 million in the same quarter of FY2022. Basic earnings per share declined from ¥40.94 to ¥7.11, with diluted EPS falling from ¥38.76 to ¥6.34. Total assets increased by ¥80,952 million to ¥464,650 million, driven mainly by convertible bond issuance and long‑term bank loans. Equity rose modestly to ¥229,301 million, while liabilities grew by ¥74,566 million. The equity ratio declined from 37.6 % to 30.7 %. Dividend policy remained unchanged, with no interim dividend announced for FY2023 and a forecast of ¥15 million per share for the year. Segment analysis shows media (ABEMA, WINTICKET, Ameba) generated ¥100,336 million in sales but recorded an operating loss of ¥11,461 million. Internet advertising achieved a record ¥301,323 million in sales but saw operating income shrink 28.8 %. Game development revenue fell 21.2 % to ¥136,808 million with a 58.2 % decline in operating income. Investment development and other businesses posted modest sales increases but limited profitability. The company revised its FY2023 earnings forecast, reflecting expectations of continued investment in media and advertising while acknowledging the impact of macro‑economic headwinds on operating performance.

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CyberAgent

Report

Podsumowanie kosztów subskrypcji akcji serii D: Raport bieżący nr 3/2024

PCF Group S.A. provides a final accounting of the costs associated with the private subscription of 387,714 series D ordinary bearer shares. This disclosure serves to finalize the financial reporting requirements following the issuance process initiated in June 2021, ensuring transparency regarding the capital expenditure incurred during the offering. The total costs attributed to the issuance of the series D shares amounted to 393,476.46 PLN. These expenses were exclusively related to the preparation and execution of the offering, with no costs incurred for sub-underwriting, prospectus preparation, or promotional activities, as the transaction was conducted as a private placement. The breakdown of these costs includes 308,553.00 PLN for legal services, 73,423.46 PLN for transactional advisory services, and 11,500.00 PLN for registration and admission to trading on the Warsaw Stock Exchange. Based on the total issuance volume, the average cost per unit of the series D shares is approximately 1.01 PLN. In accordance with standard accounting practices, the company recognized these issuance costs by reducing the reserve capital created from the share premium, which represents the surplus of the issue price over the nominal value of the shares. This summary confirms the final financial impact of the series D subscription on the company’s capital structure.

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PCF Group

Report

Internal Division of Tasks and Responsibilities

The internal task and responsibility diagram for PCF Group S.A. outlines the governance structure under a single‑person board headed by the President of the Board. The purpose is to clarify how executive duties are distributed within the company’s management framework, in compliance with Polish corporate governance guidelines and the 2016 Good Practices for Companies listed on the Warsaw Stock Exchange. The document specifies that the board, represented by the President, manages all non‑reserved corporate activities, including legal, financial, and operational matters. It further details the President’s core responsibilities: overseeing day‑to‑day operations, financial management and compliance, legal and accounting oversight, strategic planning including M&A transactions, production supervision across the Group, development team management, contract acquisition and negotiation—particularly for video game publishing agreements—and liaison with licensors. The President also holds authority to establish an internal audit function, appoint auditors, and report audit findings. Governance is governed by the Board’s regulations adopted by the supervisory board, with additional constraints from statutory law, the company’s articles of association, and resolutions by the supervisory board and general meeting. The scope covers all business areas of PCF Group, with a focus on production, development, and licensing within the video‑game sector. The methodology is purely structural, presenting a hierarchical responsibility map rather than empirical data or statistical analysis.

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PCF Group

Report

Partial Correction to FY2023 Second Quarter Consolidated Financial Results: Japan

CyberAgent, Inc. issued a partial correction to its FY2023 second‑quarter consolidated financial results under Japanese GAAP, published on May 15 2025. The correction addresses numerical inaccuracies in the original April 26, 2023 release; corrected figures are presented in full within the revised statement. Net sales for the cumulative second quarter rose modestly to ¥362,872 million (0.3% YoY), while operating income fell sharply to ¥16,473 million (‑63.4% YoY). Ordinary income attributable to the parent declined 87.8% to ¥2,039 million, and net income attributable to owners of the parent dropped 87.8% to ¥2,039 million from ¥16,651 million the previous year. Basic earnings per share fell to ¥4.03 from ¥32.93, and diluted EPS to ¥3.65 from ¥31.19. Total assets increased by ¥44,350 million to ¥426,283 million, driven mainly by convertible bond issuance; total liabilities rose by ¥44,531 million to ¥205,219 million. Equity fell slightly to ¥221,064 million (equity ratio 32.3%). Cash and cash equivalents grew by ¥17,246 million to ¥185,281 million. Operating cash flow improved to ¥14,080 million, while investing activities used ¥12,012 million and financing activities supplied ¥15,410 million. Segment analysis shows media business sales up 27.9% but operating loss widened to ¥10,605 million; internet advertising sales grew 5.9% with operating income down 25.9%; game business sales fell 19.1% and operating loss deepened to ¥20,414 million. The company’s FY2023 full‑year forecast remains unchanged at net income ¥720,000 million and operating income ¥40,000 million. The correction does not alter the company’s forward‑looking statements or dividend policy.

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CyberAgent

Report

FY2023 First Quarter Consolidated Financial Results: Japan

CyberAgent’s FY2023 first‑quarter results show a 2.1 % decline in consolidated net sales to ¥167,577 million, driven by a 34.0 % rise in media‑business sales but offset by operating losses across all segments. Operating income swung from ¥19,804 million in the same period of FY2022 to a loss of ¥1,255 million, with ordinary income turning negative at ¥939 million and net loss attributable to the parent reaching ¥5,002 million. The group’s earnings per share turned negative; basic EPS was –¥9.88, and diluted EPS is not presented due to dilutive shares. Total assets increased by ¥39.3 billion to ¥423,028 million, largely due to the issuance of convertible bonds, while total liabilities rose by ¥50.5 billion to ¥211,331 million, pushing the equity ratio down to 31.2 %. Shareholders’ equity fell by ¥11.2 billion, mainly from retained‑earnings erosion following dividend payments. Segment performance varied: media sales grew but operating loss widened to ¥9,356 million; internet advertising maintained an 8.9 % sales increase yet saw a 13 % drop in operating income; game and investment‑development segments posted significant sales declines and losses. The forecast for FY2023 remains unchanged, projecting net income of ¥720 million against a 1.3 % sales increase and an operating loss of ¥40 billion. The report covers Japan‑based operations for the fiscal year ending September 2023, using Japanese GAAP. No audit was performed on the consolidated results.

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CyberAgent