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Uchwała Numer 5/2022 Zarządu PCF Group S.A. w Sprawie Podziału Zysku Spółki za Rok Obrotowy 2021

The Management Board of PCF Group S.A., operating under the People Can Fly brand, formalizes a proposal for the distribution of net profit generated during the 2021 fiscal year. Based on the standalone financial statements for the period ending December 31, 2021, the company achieved a total net profit of 41,751,983.35 PLN. This resolution outlines a strategic allocation of these funds, balancing direct shareholder returns with the reinforcement of the company’s internal capital reserves. The proposal allocates 8,086,561.02 PLN for dividend payments to shareholders, which translates to a distribution of 0.27 PLN per share. The remaining balance of 33,665,422.33 PLN is designated for transfer to the company’s supplementary capital. This distribution strategy indicates a preference for retaining approximately eighty percent of the annual earnings to support future operations and financial stability, while still providing a liquidity event for investors. Specific timelines for the execution of the dividend payment are established within the resolution, setting the dividend record date for July 8, 2022, and the subsequent payout date for August 3, 2022. The implementation of this profit distribution is subject to the evaluation of the Supervisory Board and final approval by the Ordinary General Meeting of Shareholders. This administrative action follows the legal requirements of the Polish Commercial Companies Code and the specific statutes of the Warsaw-based game development firm.

investment game-publishing europe+1

PCF GroupJun 2022

Supervisory Board Report on 2021 Financial Audit Results

The Supervisory Board of PCF Group S.A. issued a formal evaluation of the company’s financial performance and management activities for the fiscal year ending December 31, 2021. The primary purpose of the report is to validate the accuracy of the financial statements and provide recommendations to the General Meeting regarding the approval of these results and the distribution of profits. The scope covers both the individual standing of PCF Group S.A. and the consolidated performance of its entire Capital Group. Key financial data for the 2021 period shows that PCF Group S.A. achieved a standalone net profit of 41.75 million PLN, with total assets valued at 256.88 million PLN and a net cash flow increase of 57.80 million PLN. On a consolidated basis, the Capital Group reported a significantly higher net profit of 61.33 million PLN and total assets of 316.69 million PLN. The Supervisory Board confirmed that these figures were prepared in accordance with International Financial Reporting Standards as adopted by the European Union and accurately reflect the company's financial reality. Regarding profit allocation, the Board endorsed the Management Board’s proposal to distribute the 41.75 million PLN standalone net profit by issuing a dividend of 0.27 PLN per share, totaling approximately 8.09 million PLN. The remaining 33.67 million PLN is slated for transfer to the company’s supplementary capital. The Board concluded that the management reports provide a transparent view of the Group’s development, achievements, and risk factors, meeting all legal requirements for public securities issuers. The evaluation was based on a review of internal accounting books, management reports, and the findings of an independent auditor's report.

investment europe poland

PCF GroupJun 2022

investment market-analysis mergers-acquisitions+2

Półroczne Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group S.A. i spółki za okres 1.01.2022 – 30.06.2022

PCF Group S.A. experienced a period of strategic transition and financial growth during the first half of 2022, characterized by a shift toward a dual-track business model of work-for-hire and self-publishing. Operating primarily out of Poland with an expanding international presence in North America and Europe, the group reported a 17% year-over-year increase in consolidated revenue to 90.6 million PLN. While the work-for-hire segment remained the dominant revenue driver—accounting for over 75% of income through partnerships with major publishers like Square Enix—the period was marked by the pivotal decision to transition Project Dagger to a self-publishing model following the termination of a development agreement with Take-Two Interactive. Financial performance remained robust, with net profit rising to 25.5 million PLN, supported by favorable exchange rate fluctuations and the utilization of "IP Box" tax relief. However, operating profit faced pressure from a 64% surge in administrative expenses as the group scaled its global back-office infrastructure. The group’s balance sheet reflected intensive investment in future growth, evidenced by a 161% increase in intangible assets stemming from self-funded R&D and the development of the proprietary PCF Framework. Despite these investments leading to negative investment cash flows, the group maintained high liquidity with 92.7 million PLN in cash reserves. Operational risks center on high revenue concentration and the inherent volatility of the AAA gaming market. The group remains heavily dependent on a limited number of publishing partners, and the lack of royalties from Outriders during this period underscores the challenge of recouping high production costs. Furthermore, the group faces significant wage pressures and competition for specialized talent. Governance is characterized by a high concentration of power, with the CEO and a small group of founding shareholders controlling over 70% of voting rights. While the conflict in Ukraine and currency volatility present ongoing macroeconomic uncertainties, management maintains that the group’s financial position is secure as it advances its multi-project pipeline toward 2024.

PCF GroupJun 2022

Sprawozdanie o Wynagrodzeniach Członków Zarządu i Rady Nadzorczej PCF Group S.A. za Rok 2021

The 2021 fiscal year marked a significant period of financial expansion and structural formalization for PCF Group S.A. following its transition to a public entity on the Warsaw Stock Exchange. Executive compensation during this period was characterized by a multifaceted structure designed to align leadership incentives with long-term corporate strategy. The Chief Executive Officer received a total remuneration of approximately 1.56 million PLN, representing an 18% increase over the previous year. This compensation was primarily derived from production consultancy services and roles within international subsidiaries rather than a traditional base salary, which remained modest at 4,000 PLN gross per month. Supervisory Board members received fixed monthly fees supplemented by additional compensation for specialized committee roles and technical production services. The company’s financial performance provided a robust backdrop for these compensation levels, as Group net profit surged by 149.5% to reach 61.3 million PLN. This growth was mirrored in the broader workforce, where average employee salaries rose by nearly 17% to 115,781 PLN. Despite the significant increase in profitability and executive pay, the company maintained a conservative approach to variable incentives, opting not to grant or offer any financial instruments or stock-based compensation to board members during the 2021 period. Furthermore, no clawback provisions were exercised, and the company reported total adherence to its established Remuneration Policy without any deviations. Transparency and shareholder alignment remained central to the governance framework, with the company reporting no objections or questions from shareholders regarding prior remuneration discussions. Beyond direct financial compensation, executive benefits were limited to non-public medical packages. By linking management remuneration to the company’s evolving status as a global game developer and its strong fiscal health, the compensation structure aimed to ensure stability and continued growth within the competitive international gaming market.

salary employment europe+2

PCF GroupJun 2022

Raport Bieżący Nr 11/2022

The Management Board of PCF Group S.A., the Warsaw-based parent company of the People Can Fly development studio, has formally recommended a specific distribution of the net profit generated during the 2021 financial year. Following a resolution passed on June 1, 2022, the board proposed that a portion of the annual earnings be allocated to shareholders as a dividend, while the majority of the funds remain within the company to bolster its internal reserves. This recommendation aligns with the company’s established dividend policy and has received a positive opinion from the Supervisory Board. The total net profit for the 2021 fiscal year amounted to 41,751,983.35 PLN. Under the proposed distribution plan, 8,086,561.02 PLN is earmarked for dividend payments, which equates to 0.27 PLN per share. This payout represents approximately 19.37% of the total net profit for the period. The remaining balance of 33,665,422.33 PLN is slated for transfer to the company’s supplementary capital. This strategy reflects a balanced approach between rewarding shareholders and maintaining significant liquidity for ongoing operations and future growth initiatives within the competitive game development sector. The proposal includes a specific timeline for the execution of these payments, designating July 8, 2022, as the dividend record date and August 3, 2022, as the official payout date. These recommendations are subject to final approval by the Ordinary General Meeting of Shareholders. The disclosure follows standard regulatory requirements for publicly traded companies in the European Union regarding market abuse and transparency. This financial decision marks a significant milestone for the group following its 2021 performance, demonstrating its capacity for profitability and capital return in the global gaming market.

investment europe poland

PCF GroupJun 2022

Sprawozdanie Rady Nadzorczej i Komitetu Audytu z Działalności w 2021 Roku

This report details the activities and assessments of the Supervisory Board and Audit Committee of PCF Group S.A. (People Can Fly) for the 2021 fiscal year. The primary purpose of the document is to provide oversight of the company’s operations, financial reporting, and corporate governance in compliance with the Best Practice for GPW Listed Companies 2021. The scope covers the consolidated operations of the Warsaw-based game development group throughout 2021, including its transition following its 2020 initial public offering. The Supervisory Board held four meetings in 2021 with an average attendance of 80% to 100%, passing 18 resolutions. Key actions included approving the acquisition of Game On Creative Inc., selecting an auditor, and evaluating the 2020 financial statements. The Audit Committee met six times, focusing on monitoring financial reporting processes, auditor independence, and internal control systems. While the Board positively assessed the company’s internal control model as adequate and effective, it noted that this evaluation was not based on formalized reports, as the company lacked dedicated Risk and Compliance Directors during the period. A significant finding is the absence of a formalized internal audit department in 2021. The Audit Committee recommended that the Management Board establish a separate internal audit unit by 2023, explicitly advising against outsourcing this function to ensure better integration with operational and procurement processes. Regarding corporate governance, the Board concluded that the company fulfilled its information obligations and adhered to stock exchange regulations. Finally, the report confirms that PCF Group did not engage in any sponsoring or charitable activities during 2021, reporting zero expenditures in these categories.

investment europe quality-assurance+1

PCF GroupJun 2022

mergers-acquisitions investment europe+1

Resolutions of the Supervisory Board of PCF Group S.A. Regarding the Annual General Meeting 2022

These resolutions, adopted by the Supervisory Board of PCF Group S.A. on June 1, 2022, serve to formally evaluate and endorse the company's financial performance and strategic initiatives for the 2021 fiscal year. The primary purpose of these actions is to provide necessary oversight and recommendations to the Annual General Meeting scheduled for June 28, 2022. The scope of the documentation covers the individual performance of PCF Group S.A. and the consolidated results of its capital group for the period ending December 31, 2021. Key financial findings include a positive assessment of the consolidated net profit, which reached 61.3 million PLN, and a consolidated total asset value of 316.7 million PLN. On an individual basis, the parent company reported a net profit of 41.8 million PLN. Based on these results, the Supervisory Board approved a management proposal to distribute 8.1 million PLN as dividends, equating to 0.27 PLN per share, while allocating the remaining 33.7 million PLN to supplementary capital. Beyond financial auditing, the Board issued favorable opinions on several corporate governance and strategic expansion projects. These include the implementation of a Long-Term Incentive Program for key personnel, the authorization for a share buyback program, and a conditional share capital increase through the issuance of Series E shares and Series C subscription warrants. The Board also formally recommended granting discharge to the President of the Management Board, Sebastian Wojciechowski, for his duties during the 2021 financial year, ensuring compliance with the Best Practices of GPW Listed Companies 2021.

PCF GroupJun 2022

mergers-acquisitions investment market-analysis+2

Regulamin Udziału Akcjonariuszy w Walnym Zgromadzeniu PCF Group S.A. Przy Wykorzystaniu Środków Komunikacji Elektronicznej

The regulations adopted by the Supervisory Board of PCF Group S.A. on June 1, 2022, establish the formal framework for shareholder participation in General Meetings via electronic communication. This governance framework, based on the Polish Commercial Companies Code, enables remote bilateral real-time communication, text-based interaction, and electronic voting. The scope of these rules applies to all shareholders and proxies of the Warsaw-based gaming company, covering procedural requirements for identity verification, technical standards, and data protection protocols. To participate remotely, shareholders must notify the company at least five business days before the meeting, providing scanned identification documents and a formal declaration. The verification process involves cross-referencing applicant data with the list of authorized shareholders provided by the National Depository for Securities (KDPW). Once verified, participants receive encrypted login credentials and detailed instructions at least two days before the event. The company provides a technical support hotline and a testing window one day prior to the meeting to ensure platform compatibility. The regulations emphasize that remote participants hold the same rights as those physically present, including the right to propose resolutions, join discussions, and formalize objections. However, the legal burden of technical risks—such as internet connectivity issues or hardware incompatibility—rests with the shareholder. The company maintains the right to call technical breaks if disruptions occur on its end. Personal data processing is conducted in compliance with GDPR, specifically for the purposes of maintaining legally required attendance lists and meeting minutes.

PCF GroupJun 2022

Raport Bieżący Nr 10/2022

This corporate notification from PCF Group S.A., a Warsaw-based game development studio known as People Can Fly, details a strategic restructuring of its governing bodies conducted on May 31, 2022. The primary purpose of the action was to address legal ambiguities regarding the expiration of mandates for the Supervisory Board and the President of the Management Board. To avoid potential controversy over whether terms would naturally expire in 2022 or 2023, all current officials resigned effective as of the 2021 Annual General Meeting to facilitate an immediate transition into a second joint term. The restructuring involved the resignation of five Supervisory Board members: Mikołaj Wojciechowski, Barbara Sobowska, Dagmara Zawadzka, Kuba Dudek, and Jacek Pogonowski. Following these resignations, a group of authorized shareholders—including Sebastian Wojciechowski, Bartosz Kmita, Bartosz Biełuszko, and Krzysztof Dolaś—exercised their personal rights under the company’s articles of association to appoint the new board. Mikołaj Wojciechowski was reappointed as Chairman, with Barbara Sobowska and Kuba Dudek also returning as members for the second term. Simultaneously, Sebastian Wojciechowski resigned from his position as President of the Management Board and immediately reappointed himself to the same role for a new term, utilizing his personal shareholder rights. The professional profiles provided for the appointees highlight a leadership team with extensive backgrounds in law, venture capital, digital media, and finance. The appointees confirmed they hold no conflicting business interests and are not listed in the Register of Insolvent Debtors. This administrative maneuver ensures legal continuity and clarity for the company’s leadership as it moves past the 2021 fiscal year reporting period.

employment game-development europe+1

PCF GroupMay 2022

market-analysis market-forecast france+1

2021‑22 Annual Sales in Line with Expectations

Nacon’s audited consolidated results for the 2021-22 fiscal year, ending March 31, 2022, characterize the period as a transition year defined by strategic investments and a shifting product mix. Annual sales reached 155.9 million euros, a 12.3% decrease from the previous year. This decline was primarily driven by the Games business segment, which saw a 21.1% drop in revenue to 54.4 million euros following the decision to postpone several major titles. The Accessories segment remained more resilient, contributing 96.6 million euros despite global console shortages. Profitability metrics reflected these transitional pressures, with current operating income falling 41.6% to 19.0 million euros and net profit landing at 10.0 million euros. The gross margin rate decreased slightly to 49.9%, influenced by a higher proportion of accessory sales. However, the company successfully mitigated rising shipping and raw material costs through price increases. To fund its aggressive expansion, Nacon invested over 100 million euros in game development and studio acquisitions over a two-year period, increasing its pipeline from 33 to 46 games in development. Looking ahead to the 2022-23 fiscal year, the company anticipates a significant growth acceleration fueled by a robust publishing schedule, including titles such as The Lord of the Rings Gollum and Steelrising. Management projects annual sales to exceed 250 million euros with a current operating margin surpassing 50 million euros. While some delays persist, such as the postponement of Test Drive Unlimited Solar Crown to optimize quality, the company maintains a strong balance sheet with 228.4 million euros in equity and plans to continue its external growth strategy through further studio acquisitions.

NaconMay 2022

Current Report No. 9/2022: Change of Publication Date for the Q1 2022 Quarterly Report

The management board of PCF Group S.A., operating under the People Can Fly brand, has formally adjusted the release schedule for its consolidated financial results covering the first quarter of 2022. This administrative update serves to notify investors and regulatory bodies of a three-day delay in the dissemination of the quarterly report. While the initial schedule established in January 2022 slated the publication for May 27, 2022, the revised timeline confirms that the financial data will now be made public on May 30, 2022. This disclosure is issued in compliance with Polish financial regulations regarding periodic information provided by issuers of securities. The scope of the announcement is specific to the PCF Group Capital Group, a major international game development studio headquartered in Poland. The update focuses exclusively on the reporting timeline for the three-month period ending March 31, 2022, and does not provide preliminary financial figures or qualitative commentary regarding the company's operational performance during that timeframe. The methodology for this change follows standard corporate governance protocols for companies listed on the Warsaw Stock Exchange. By referencing previous regulatory filings, the board ensures transparency in its communication with the capital markets. This brief adjustment reflects the procedural requirements of managing a publicly traded entity within the global video game industry, ensuring that all consolidated financial statements are finalized and reviewed before their official release to the public.

investment europe poland

PCF GroupMay 2022

Quarterly Report of 11 Bit Studios S.A. for the First Quarter of 2022

During the first quarter of 2022, 11 bit studios S.A. demonstrated a period of strategic expansion and financial resilience, reporting a 19.6% year-on-year revenue increase to PLN 17.75 million. Net profit rose to PLN 3.77 million, a 6% improvement over the previous year, despite significant one-time impacts including a PLN 3.68 million donation to the Ukrainian Red Cross and costs associated with a new employee incentive scheme. This growth was underpinned by the sustained commercial performance of proprietary titles such as Frostpunk and This War of Mine, alongside publishing successes like Moonlighter and Children of Morta. The company’s financial position remains exceptionally liquid, with total financial assets reaching PLN 117.3 million, including PLN 50.4 million in cash and cash equivalents. This capital strength has facilitated a transition toward a more aggressive growth model. Key investments during the quarter included the acquisition of a 40% stake in the development studio Fool’s Theory and the continued capitalization of production costs for major upcoming titles, including Frostpunk 2, Project 8, and Dolly. Total intangible assets grew to PLN 67.3 million as the studio scales toward a three-team internal production structure with a combined budget of approximately PLN 110 million. Beyond internal development, there is a clear strategic pivot toward expanding the publishing division. The company has allocated PLN 30 million to its current external portfolio and earmarked an additional PLN 50 million for new projects through 2023, aiming for a consistent output of three to four third-party releases annually. With a workforce of 222 personnel and a long-term incentive scheme targeting PLN 656 million in revenue through 2025, the studio is positioned to leverage its robust balance sheet for both organic development and further corporate acquisitions within the global gaming market.

investment europe market-analysis+2

11 bit studiosMay 2022

Mid-Year Consolidated Financial Report Q1 2022

PCF Group demonstrated robust financial growth during the first quarter of 2022, characterized by a 63% year-over-year increase in sales revenues to PLN 50.4 million and a 78% rise in net profit to PLN 13.9 million. This performance was largely driven by the Work-for-Hire segment, which remains the primary engine for liquidity and profitability, contributing PLN 12.88 million to the bottom line. Despite the commercial success of Outriders, the Group had not yet received royalties for the title by March 31, 2022, as net proceeds had not yet recouped the publisher’s initial production and distribution costs. The Group’s balance sheet remains strong, with total assets reaching PLN 344.7 million and a robust cash position of PLN 135.8 million. While operating costs rose to PLN 50.5 million due to the expansion of development structures and the integration of new subsidiaries such as Incuvo S.A. and Game On Creative, the Group maintained a high equity level of PLN 276 million. Strategic investments are increasingly directed toward the Self-publishing segment, which held nearly PLN 29 million in assets at the end of the period, reflecting a long-term shift toward independent intellectual property ownership. Operational activities during this period focused on a diverse pipeline of projects, including Project Gemini, Project Dagger, and the Outriders Worldslayer expansion, alongside conceptual work on Project Victoria and Project Red. The Group continues to enhance its technical capabilities through the internal PCF Framework for Unreal Engine, emphasizing multiplayer and online service competencies. Despite broader geopolitical instability following the outbreak of war in Ukraine, operations and asset values remained unaffected, allowing the Group to continue its expansion through both organic growth and potential studio acquisitions.

PCF GroupMay 2022

Ocena Rocznych Sprawozdań Finansowych i Roczne Sprawozdanie Zarządu: 2021

The Supervisory Board of PCF Group S.A. issued a formal evaluation of the company’s individual and consolidated financial statements for the fiscal year ending December 31, 2021. The primary purpose of this assessment is to verify the accuracy, legality, and reliability of the financial data and the Management Board’s report on activities. This evaluation serves as a critical governance step for the Warsaw-based game development group, ensuring compliance with Polish financial regulations and International Financial Reporting Standards (IFRS) as adopted by the European Union. The findings confirm that the financial statements provide a fair and clear view of the Group’s assets, financial position, and cash flows. The Supervisory Board’s positive opinion is supported by an independent auditor’s review and a subsequent video conference with the key auditor to discuss the results. The audit concluded that the financial records were maintained correctly in all material respects and that the reports were prepared in accordance with the Accounting Act and the Regulation of the Minister of Finance regarding current and periodic information for securities issuers. Beyond the quantitative financial data, the Supervisory Board evaluated the Management Board’s report on the activities of the PCF Group and the company’s statement on corporate governance for 2021. The assessment concludes that these narrative reports are consistent with the financial statements and free from material misstatements. The documentation accurately reflects the development, achievements, and financial results of the Group, while the corporate governance statement was found to include all legally required components. This formal approval validates the transparency of the Group’s operations during the 2021 period.

PCF GroupApr 2022

Raport Roczny PCF Group S.A. za 2021 r.

The 2021 annual financial results for PCF Group S.A. reflect a period of significant operational development and corporate governance adherence for the Polish game development studio. The primary objective of the disclosure is to provide a transparent overview of the company’s financial health, asset situation, and management performance for the fiscal year ending December 31, 2021. This reporting period is characterized by the group’s transition into a publicly traded entity following its earlier market debut, focusing on the execution of its multi-project strategy and the expansion of its global development capabilities. Financial data presented in the report was prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The findings confirm that the company maintained a stable financial position while navigating the risks inherent in the AAA game development sector. Key components of the reporting include the individual financial statements of the parent company and the consolidated performance of the capital group, which encompasses various international subsidiaries. The management emphasizes that the results provide a fair and clear view of the group’s achievements and development trajectory during the year. A significant portion of the documentation focuses on compliance and the integrity of the auditing process. The board confirms that the selection of the auditing firm and the conduct of the financial review met all legal requirements for impartiality and independence. Furthermore, the group adheres to strict policies regarding the rotation of auditors and the limitation of non-audit services to ensure professional ethics. This focus on corporate governance serves to mitigate risk and provide assurance to shareholders regarding the reliability of the reported financial outcomes and the group’s long-term strategic stability.

market-analysis investment europe+1

PCF GroupApr 2022

investment mergers-acquisitions europe+1

Statement on the Application of Corporate Governance Principles in PCF Group S.A. 2021

PCF Group S.A. navigated its first full year as a listed entity in 2021 by balancing the "Best Practice for GPW Listed Companies 2021" with the operational demands of a rapidly expanding AAA video game developer. While the organization committed to these governance standards, it formally opted out of twenty specific principles, primarily regarding ESG integration, formalized diversity policies, and internal audit structures. Management justifies these deviations by prioritizing professional qualifications over demographic quotas and citing the specialized nature of the gaming industry, though it maintains high workplace standards through LEED-certified facilities and informal risk management systems. The governance framework is characterized by significant concentrated control held by a "Group of Authorized Shareholders" led by Sebastian Wojciechowski. This group retains 70.65% of voting rights and possesses personal rights to appoint a majority of the Supervisory Board, provided they maintain a 40% ownership threshold. Furthermore, Wojciechowski holds the personal right to appoint the President of the Management Board, a body he led as a single-person entity throughout 2021. While no formal restrictions on voting rights exist, a substantial portion of Series A shares remains subject to four-year lock-up agreements following the 2020 initial public offering. Financial oversight and transparency are managed through a five-member Supervisory Board and an Audit Committee featuring independent experts in finance and gaming. Although the company lacked a dedicated internal audit department in 2021, the Management Board maintained financial reporting risk systems that received no negative feedback from external auditor Grant Thornton. The organization is currently transitioning toward higher transparency standards, with plans to implement real-time streaming of general meetings and more formalized internal reporting to align with evolving regulatory expectations for public companies in Poland.

PCF GroupApr 2022

market-analysis investment mergers-acquisitions+2

Informacja o Stanie Stosowania Dobrych Praktyk 2021

PCF Group S.A. demonstrates a governance strategy that balances standard public company transparency with the specific operational realities of a high-end AAA game development studio. While the firm adheres to the majority of the 2021 Best Practices for GPW Listed Companies, it intentionally diverges from several key recommendations regarding environmental, social, and governance (ESG) integration and board composition. Specifically, the company rejects formalized gender diversity quotas, such as the recommended thirty percent threshold for management and supervisory boards, opting instead for a merit-based recruitment model. Furthermore, it does not currently publish detailed ESG performance metrics, citing the relatively low environmental impact inherent to the digital entertainment industry. Operational governance reveals a reliance on lean internal structures, which results in certain compliance gaps. The company lacks dedicated departments for internal audit and risk management, preventing the Supervisory Board from providing formalized assessments of internal controls. While the firm maintains robust investor communication and independent oversight, it does not yet offer electronic participation in general meetings or provide preliminary financial estimates. These omissions are attributed to perceived technical and legal risks, though there is a stated intent to evaluate electronic meeting capabilities in the future. Recent adjustments indicate a move toward closer alignment with regulatory expectations. The company committed to implementing live broadcasts of general meetings and has updated its internal regulations to require supervisory review of all management board resolutions. Future incentive programs are expected to incorporate both financial and non-financial objectives, ensuring that executive compensation remains tied to long-term sustainability. Overall, the governance profile reflects a transition period for the developer as it matures within the public market while maintaining its focus on technical excellence and meritocracy over rigid administrative frameworks.

PCF GroupApr 2022

PCF Group Spółka Akcyjna – Informacja o stanie stosowania Dobrych Praktyk 2021

PCF Group SA maintains a selective approach to the 2021 corporate governance standards for companies listed on the Warsaw Stock Exchange, balancing regulatory expectations with the specific operational needs of a global AAA game developer. The governance framework emphasizes transparent investor communication, independent oversight, and shareholder accessibility. Notable implementations include the appointment of an internal auditor to oversee risk and compliance systems, the facilitation of electronic participation in general meetings, and the provision of real-time bilingual broadcasts for shareholders. While the company encourages dividend payments, such distributions remain contingent upon financial stability and the strategic necessity of reinvesting capital into development projects. Strategic deviations from established best practices are primarily driven by the company’s assessment of its industry-specific impact and organizational size. Management has opted not to integrate formal ESG targets into its business strategy, asserting that game development carries a low environmental footprint. Furthermore, the company rejects formalized diversity quotas for its Board and Management, prioritizing specialized professional qualifications and technical expertise over demographic metrics. This philosophy extends to the decision not to publish a gender pay gap index, which the company argues would provide a misleading representation of its specialized employment structure. Operational oversight remains centralized, with the company foregoing separate departments for risk management and compliance in favor of integrated internal controls. While the company lacks a formalized long-term incentive program, it maintains a commitment to aligning future compensation structures with sustainable value growth. These governance choices reflect a prioritization of professional meritocracy and operational flexibility over the adoption of standardized administrative frameworks, ensuring that corporate policies remain aligned with the specific demands of the high-budget software development sector.

PCF GroupApr 2022

Skonsolidowany Raport Roczny PCF Group S.A. za 2021 r.

The 2021 fiscal year for PCF Group S.A. represents a period of formal financial consolidation and strategic reporting following its operations as a major international game developer. The primary focus of the annual disclosure is to provide a transparent overview of the Group’s financial health, asset situation, and operational results for the period ending December 31, 2021. This reporting period is characterized by the application of International Financial Reporting Standards as adopted by the European Union, ensuring that the data reflects a reliable and clear image of the company’s economic standing and development trajectory. Key findings indicate a commitment to rigorous corporate governance and audit independence. The Group emphasizes that its financial statements and the accompanying management reports accurately depict the achievements and risks inherent in its business model. This includes a comprehensive assessment of the development progress within its portfolio and the identification of fundamental threats and risks that could impact future performance. The scope of the report covers the entirety of the PCF Group Capital Group, including the parent company and its subsidiaries, providing a holistic view of its global footprint in the PCF (People Can Fly) ecosystem. Methodologically, the financial data is verified by an independent auditing firm, adhering to strict professional ethics and mandatory rotation regulations. The management board confirms that the selection of auditors and the provision of non-audit services follow established internal policies designed to maintain impartiality. By integrating detailed financial data with strategic management commentary, the Group aims to provide stakeholders with a definitive account of its operational stability and its capacity for growth within the competitive global gaming industry.