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Poland

Half-Year Report of 11 Bit Studios S.A. for the First Half of 2021

11 bit studios S.A. reported a solid financial performance for the first half of 2021, characterized by a transition from immediate product launches to a period of intensive internal development. While revenue fell 28.7% year-on-year to PLN 35.8 million and net profit decreased 46.8% to PLN 13.3 million, these declines are attributed to a high comparative base in 2020 following major content releases and significant subscription contracts. Despite the lower year-on-year figures, the period represents the third-best first half in the company’s history, supported by the enduring commercial success of the Frostpunk and This War of Mine franchises. The company’s balance sheet remains exceptionally strong, with total assets growing to PLN 201.2 million and record-high cash resources and financial assets reaching PLN 114.6 million. This liquidity is being strategically deployed to fund an ambitious expansion of the studio’s production capabilities. 11 bit studios is currently managing three internal development teams working on major projects, including Frostpunk 2, Dolly, and Project 8, with a combined budget of approximately PLN 110 million. Simultaneously, the publishing division continues to scale, contributing 27% of H1 revenue and planning a PLN 50 million investment in third-party titles through 2023. Operational costs saw a notable shift during this period, with a 54% increase in salaries driven by a workforce expansion to 181 personnel and the implementation of a new 2021–2025 incentive scheme. This scheme sets aggressive five-year targets, including PLN 656 million in total revenue, signaling a long-term growth strategy. By leveraging IP Box tax relief and maintaining low-risk relationships with global distributors like Valve and Nintendo, the studio is well-positioned to transition from an indie developer into a larger-scale producer capable of annual proprietary releases.

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11 bit studiosAug 2021

Legal

PlayWay S.A. Good Practices of GPW-Listed Companies 2021 Compliance Statement

PlayWay S.A. maintains a selective approach to the Best Practice for GPW Listed Companies 2021, reporting non-compliance with twenty-one specific principles as of July 2021. The company attributes these deviations primarily to its decentralized business model, which encompasses a capital group of approximately 120 entities. Significant gaps exist in the formalization of environmental, social, and governance strategies, as well as the absence of a documented diversity policy. Currently, the management and supervisory boards do not meet the recommended 30% minority representation threshold, though the company asserts that appointments remain based on qualifications and professional experience. Operational oversight and risk management are handled directly by the Management Board rather than through segregated organizational units or dedicated internal auditors. This centralized structure extends to shareholder engagement, where the company opts against electronic participation or live streaming of General Meetings due to perceived technical costs and limited shareholder demand. Despite these omissions, transparency is maintained through monthly operational summaries, detailed resolution justifications, and a commitment to updating corporate web portals to meet evolving transparency requirements. The company demonstrates full alignment with remuneration standards, emphasizing pay equity and gender equality across its leadership roles. While no formal stock option or incentive programs are currently in place, there is a commitment to link future variable compensation to long-term financial performance and sustainable development goals. Supervisory Board compensation remains fixed and independent of short-term results, ensuring objective oversight. Ultimately, the company balances its rapid growth and complex organizational structure by prioritizing essential transparency and independence standards while deferring more formalized reporting and specialized oversight roles until they are deemed necessary for its scale.

investment market-analysis poland

PlayWayJul 2021

Legal

Raport Bieżący Nr 34/2021

The management of PCF Group S.A., a Warsaw-based game development studio, announced a significant change in its ownership structure following the registration of a share capital increase. This regulatory disclosure details a shift in the voting power and capital participation of the company’s primary shareholder, Sebastian Wojciechowski. The notification was triggered by the formal registration of new shares, which effectively diluted existing holdings and resulted in the majority shareholder’s stake falling below the 50% threshold of the total vote at the general meeting. The change in shareholding status occurred on July 6, 2021, following the legal finalization of the capital increase previously reported by the company. Prior to this adjustment, Sebastian Wojciechowski maintained a controlling interest in the company. The reduction in his percentage of share capital and total voting rights marks a transition in the corporate governance landscape of the studio, moving the primary stakeholder from a position of absolute majority to a significant but sub-50% holding. This disclosure complies with Polish public offering regulations regarding the acquisition or disposal of significant blocks of shares in public companies. The scope of the notification is limited to the internal equity structure of PCF Group S.A. and does not reflect a sale of shares, but rather a mathematical dilution caused by the issuance of new equity. This event underscores a period of corporate expansion for the developer, as the capital increase serves as a mechanism for broader financial restructuring or funding for ongoing operations within the competitive international gaming market.

investment mergers-acquisitions game-publishing+2

PCF GroupJul 2021

Legal

Raport Bieżący Nr 33/2021

This regulatory notification details a significant shift in the shareholding structure of PCF Group S.A., a prominent Polish game development studio. The primary purpose of the disclosure is to announce that Sebastian Wojciechowski, a key stakeholder and executive, has seen his total share of voting rights and share capital fall below the 50% threshold. This change was formally triggered on July 6, 2021, following the registration of a share capital increase, which effectively diluted existing holdings. The transaction occurred within the legal framework of the Polish Act on Public Offering, specifically adhering to transparency requirements regarding major holdings in public companies. Prior to the capital increase, the shareholder maintained a majority position; however, the issuance of new shares resulted in a reduction of his proportional influence over the general meeting of shareholders. This event marks a transition for the company from a majority-controlled entity to one with a more distributed ownership structure, although the specific percentage remains a significant minority or plurality stake. The scope of this notification is limited to the corporate governance and equity structure of PCF Group S.A. as of early July 2021. The data is based on formal notifications received by the company's management board and reflects the legal registration of new capital. This shift is a standard outcome of corporate financing activities where new shares are introduced to the market, impacting the voting power of founding or primary shareholders while providing the company with additional capital for operational or strategic expansion.

mergers-acquisitions europe game-development+1

PCF GroupJul 2021

Legal

Notification on the Change of Share in the Share Capital and in the Total Number of Votes in PCF Group S.A.

This regulatory notification details a change in the share capital and voting rights of PCF Group S.A., a Warsaw-based public company, following a share capital increase registered on July 1, 2021. The primary purpose of the document is to fulfill statutory disclosure obligations under the Polish Public Offering Act regarding significant changes in shareholdings. The notification is issued on behalf of the Eligible Shareholders’ Undertaking, a group consisting of Sebastian Wojciechowski, Bartosz Kmita, Bartosz Biełuszko, and Krzysztof Dolaś. The change was triggered by the registration of 387,714 new series D ordinary bearer shares, which increased the company’s total share capital from PLN 591,250.24 to PLN 599,004.52. While the absolute number of shares held by the major shareholders remained constant, the issuance of new shares resulted in a proportional dilution of their percentage holdings and voting power. Specifically, the direct stake held by Sebastian Wojciechowski decreased from 50.31% to 49.66%. On a collective basis, the parties to the Eligible Shareholders’ Undertaking saw their combined direct shareholding drop from 71.25% to 70.33%. When accounting for a legal presumption of concerted action involving an additional 28 shares held by an ascendant of Sebastian Wojciechowski, the total direct and indirect voting power of the group similarly adjusted from 71.25% to 70.33%. The notification confirms that no subsidiaries of the parties hold additional shares and that no other agreements exist regarding the transfer of voting rights or financial instruments related to the company's stock.

investment mergers-acquisitions europe+1

PCF GroupJul 2021

Legal

Raport bieżący nr 32/2021

PCF Group S.A., the parent company of game development studio People Can Fly, announced the formal registration of several amendments to its Articles of Association by the District Court for the Capital City of Warsaw on July 1, 2021. These changes, originally adopted during the Extraordinary General Meeting on May 24, 2021, primarily focus on restructuring the company’s share capital and granting the Management Board expanded financial authorities to support future growth and capitalization efforts. A central component of these amendments is the increase of the company’s share capital from 591,250.24 PLN to 599,004.52 PLN. This was achieved through the issuance of 387,714 Series D ordinary bearer shares, each with a nominal value of 0.02 PLN. Following this registration, the total number of votes resulting from all issued shares stands at 29,950,226. The total share capital now comprises 27,500,000 Series A shares, 2,062,512 Series B shares, and the newly issued 387,714 Series D shares. Furthermore, the amendments introduce a new provision authorizing the Management Board to increase the share capital within a designated authorized capital limit. This authorization allows for an additional increase of up to 29,562.50 PLN through the issuance of up to 1,478,125 new ordinary bearer shares over a three-year period. Notably, the Board is empowered to exclude existing shareholders' pre-emptive rights, in whole or in part, subject to approval from the Supervisory Board. This mechanism provides the company with significant flexibility to raise funds through private, closed, or open subscriptions, and facilitates the potential dematerialization and listing of new shares on the Warsaw Stock Exchange.

mergers-acquisitions game-publishing europe+1

PCF GroupJul 2021

Legal

Raport Bieżący Nr 30/2021

The Ordinary General Meeting of PCF Group S.A., a Warsaw-based game development studio, finalized the distribution of its net profit for the 2020 fiscal year through a formal resolution passed on June 22, 2021. The decision allocates a total of 5,616,877.28 PLN from the company's after-tax earnings to be distributed among shareholders as a dividend. This financial maneuver reflects the company's performance during a period marked by the release of major titles and its status as a publicly traded entity on the Polish market. The dividend payout is calculated at 0.19 PLN per share, applicable to a total of 29,562,512 eligible shares. To facilitate this distribution, the General Meeting established a specific timeline for shareholders. The dividend record date, which determines eligibility for the payout, was set for June 30, 2021. Following this, the actual disbursement of funds to shareholders was scheduled to occur on July 8, 2021. This resolution underscores the company's commitment to shareholder returns following the 2020 financial year. By formalizing these dates and amounts, the leadership provides transparency regarding the allocation of net financial results. The announcement complies with standard regulatory requirements for issuers of securities regarding the communication of current and periodic information within the Polish financial sector.

investment market-analysis europe+1

PCF GroupJun 2021

Legal

Raport Bieżący Nr 31/2021

The management board of PCF Group S.A., a prominent Polish game development studio, issued a formal correction regarding the classification of its shareholder meeting held on June 22, 2021. The primary purpose of this communication is to rectify a clerical error in a previous filing, clarifying that the assembly was an Ordinary General Meeting rather than an Extraordinary General Meeting. This adjustment ensures regulatory compliance and accuracy in the public record concerning the company’s corporate governance and shareholder structure. The disclosure identifies four major shareholders who held at least 5% of the voting rights during the proceedings. Sebastian Wojciechowski remains the dominant stakeholder, controlling 14,872,022 votes, which represents 50.31% of the total voting power and 66.14% of the votes present at the meeting. Other significant participants include Bartosz Kmita, who held 11.47% of the meeting's votes, as well as Bartosz Biełuszko and Krzysztof Dolaś, who each accounted for 8.03% of the votes exercised during the session. This filing provides a snapshot of the ownership concentration within PCF Group S.A. at a specific point in mid-2021. By detailing the exact number of votes and their corresponding percentages relative to both the total share capital and the attendance at the meeting, the data highlights the centralized control maintained by the company’s leadership. The correction was issued in accordance with Polish public offering laws, specifically addressing the transparency requirements for publicly traded companies on the Warsaw Stock Exchange.

investment game-publishing europe+1

PCF GroupJun 2021

Legal

Uchwały Rady Nadzorczej PCF Group S.A. Dotyczące Spraw Wprowadzonych do Porządku Obrad Zwyczajnego Walnego Zgromadzenia w Dniu 22 Czerwca 2021 Roku

These resolutions, adopted by the Supervisory Board of PCF Group S.A. on May 26, 2021, serve to formally evaluate and approve the company’s financial and operational performance for the 2020 fiscal year. The primary purpose of these documents is to provide the necessary oversight and recommendations to the Ordinary General Meeting scheduled for June 22, 2021. The scope of the resolutions covers the individual performance of PCF Group S.A. as well as the consolidated performance of its entire capital group within the Polish gaming industry. Key financial data points highlighted in the resolutions include a reported net profit of 29.1 million PLN for the individual company and a consolidated net profit of 24.6 million PLN for the group. Total assets were valued at 91.2 million PLN on an individual basis and 95.7 million PLN on a consolidated basis as of December 31, 2020. Based on these results, the Supervisory Board approved a profit distribution plan that allocates approximately 5.6 million PLN for shareholder dividends, amounting to 0.19 PLN per share, while directing the remaining 23.5 million PLN to the company’s reserve capital. The methodology for these approvals involved a formal review of the Management Board's reports and financial statements to ensure compliance with accounting ledgers and factual accuracy. Beyond financial metrics, the Board issued positive opinions on granting discharge to the President of the Management Board, Sebastian Wojciechowski, and adopted reports concerning the Audit Committee's activities and executive compensation for 2019 and 2020. These actions align with the Commercial Companies Code and the Best Practices of GPW Listed Companies 2016, ensuring corporate governance standards are met ahead of the annual general meeting.

investment mergers-acquisitions poland

PCF GroupJun 2021

Legal

Current Report No. 28/2021

The Ordinary General Meeting of PCF Group S.A., held on June 22, 2021, served as a formal governance session to finalize the company’s financial and operational standing for the 2020 fiscal year. Based in Warsaw, the company adhered to Polish regulatory requirements for public issuers by disclosing these resolutions to ensure transparency regarding its corporate actions. The primary focus of the assembly was the formal approval of the management board’s reports on activities and the validation of the financial statements for both the individual entity and the capital group. Key outcomes of the meeting included the granting of discharge to members of the management and supervisory boards, confirming their fulfillment of duties during the preceding year. Financial data reviewed during the session underscored the company’s transition and performance within the global video game development sector during a period of significant growth. The shareholders also addressed the allocation of net profit, opting to strengthen the company’s internal capital reserves rather than issuing immediate dividends, thereby prioritizing long-term development and project scaling. The scope of these resolutions covers the entirety of PCF Group’s international operations and its various development studios during the 2020 calendar year. By formalizing these administrative and financial benchmarks, the company established a stable regulatory foundation for its upcoming production cycle. The proceedings reflect a standard exercise of shareholder oversight, ensuring that the leadership’s strategic direction aligns with the legal and fiscal obligations required of a listed entity on the Warsaw Stock Exchange.

investment mergers-acquisitions europe+1

PCF GroupJun 2021

Legal

Current Report No. 29/2021: Shareholders with at least 5% of Votes

The ownership structure of PCF Group S.A., the parent company of the Polish game development studio People Can Fly, was formally disclosed following the Ordinary General Meeting held on June 22, 2021. This disclosure identifies the primary stakeholders who exercised significant voting power during the proceedings, specifically those holding at least 5% of the total votes present at the meeting. The data reflects the concentration of control within the Warsaw-based company immediately following its initial public offering period, highlighting the dominance of internal leadership and founding members in the corporate decision-making process. Sebastian Wojciechowski maintains a clear majority position within the organization, holding 14,872,022 votes. This stake represents 50.31% of the total voting rights in the company and accounted for a commanding 66.14% of the votes cast during this specific General Meeting. His position as the primary shareholder ensures centralized strategic direction for the studio, which is known for high-profile action titles and international collaborations. The remaining significant voting blocks are held by three key individuals. Bartosz Kmita holds 2,579,910 votes, representing 8.73% of total voting rights and 11.47% of the votes at the meeting. Both Bartosz Biełuszko and Krzysztof Dolaś hold identical stakes of 1,805,936 votes each. Their respective holdings account for 6.11% of the total voting rights and 8.03% of the votes present at the assembly. Collectively, these four shareholders represent the vast majority of the voting power exercised during the session, illustrating a tightly held governance structure typical of major Polish game development firms during this growth phase.

investment europe poland

PCF GroupJun 2021

Legal

Wykaz Akcjonariuszy Posiadających Powyżej 5% Głosów na Zwyczajnym Walnym Zgromadzeniu: 2021

The governance structure of PlayWay S.A. following its Ordinary General Meeting on June 15, 2021, reveals a highly concentrated ownership base dominated by two primary entities. This regulatory disclosure, mandated by Polish market transparency laws, identifies the shareholders who exercised at least 5% of the voting rights during the proceedings. The data reflects the company’s capital distribution at a specific point in time, providing insight into the internal influence and voting power held by its most significant investors within the Polish game development and publishing sector. The findings indicate that the voting power at the meeting was split almost equally between two major stakeholders. Krzysztof Kostowski held 2,700,000 votes, representing 48.59% of the votes present at the meeting and 40.91% of the total voting rights in the company. Simultaneously, ACRX Investments Limited, based in Nicosia, Cyprus, held an identical stake of 2,700,000 votes, also accounting for 48.59% of the meeting’s votes and 40.91% of the total shares. Together, these two parties controlled over 97% of the votes cast during the session, illustrating a significant consolidation of decision-making authority. This disclosure serves as a formal record of the company's compliance with the Act on Public Offering and the conditions for introducing financial instruments to organized trading. By detailing the specific shareholding percentages and geographic origins of major investors, the information establishes the baseline for the company’s corporate governance and strategic direction as of mid-2021. The reporting confirms that the executive leadership, specifically President Krzysztof Kostowski, maintains a dual role as both a primary shareholder and a key representative of the firm’s management board.

investment market-analysis poland

PlayWayJun 2021

Legal

Uchwały Podjęte na Zwyczajnym Walnym Zgromadzeniu PlayWay S.A. w Dniu 15 Czerwca 2021 r.

The Ordinary General Meeting of PlayWay S.A., held on June 15, 2021, resulted in the successful adoption of all proposed resolutions regarding the company’s corporate governance and operational oversight. As a major Polish game developer and publisher listed on the Warsaw Stock Exchange, the company utilized this meeting to formalize its annual administrative requirements and confirm shareholder alignment with management’s strategic direction. The proceedings were conducted in accordance with Polish financial supervision regulations, specifically addressing the reporting obligations for issuers of securities. A primary outcome of the meeting was the unanimous or majority approval of all submitted resolutions, with no formal objections recorded in the minutes. Due to the implementation of a computerized voting system, the assembly elected to bypass certain traditional procedural steps, such as the appointment of a dedicated Scrutiny Committee and the associated vote to waive secrecy for that committee’s selection. This shift toward digital processing reflects an emphasis on administrative efficiency during the voting process. The scope of the meeting covered the fiscal activities and governance of PlayWay S.A. for the preceding period, involving participation from shareholders representing a significant portion of the share capital. Data provided for each resolution included the number of valid votes cast, the percentage of share capital represented, and the specific breakdown of votes in favor, against, and abstaining. The meeting was presided over by the President of the Management Board, Krzysztof Kostowski, ensuring that all legal and regulatory disclosures were met for the benefit of the Polish Financial Supervision Authority and the broader investment community.

investment market-analysis poland

PlayWayJun 2021

Legal

Raport Bieżący Nr 16/2021: Uchwała Zwz w Sprawie Wypłaty Dywidendy

PlayWay S.A. formalizes the distribution of its net profit for the 2020 financial year through a resolution passed during the Ordinary General Meeting held on June 15, 2021. The primary objective of this action is to allocate a significant portion of the company's earnings to its shareholders, reflecting the financial performance of the Warsaw-based game developer and publisher during the preceding fiscal period. The total amount designated for the dividend payment is 84,084,000.00 PLN. This distribution applies to all 6,600,000 shares issued by the company, resulting in a dividend of 12.74 PLN per share. The resolution establishes a clear timeline for the disbursement process, setting the dividend record date for June 23, 2021, and the final payment date for June 30, 2021. This financial disclosure complies with Polish regulatory requirements for public companies listed on the Warsaw Stock Exchange, specifically following the guidelines set by the Minister of Finance regarding current and periodic information. The announcement, signed by the President of the Management Board, Krzysztof Kostowski, serves as a critical update for investors regarding the company's capital management strategy and its commitment to returning value to shareholders following the 2020 operating year.

investment market-analysis poland

PlayWayJun 2021

Legal

Raport Bieżący Nr 15/2021: Zmiana Terminu Skonsolidowanego Raportu za I Półrocze 2021

PlayWay S.A. issued a formal regulatory notification on June 7, 2021, regarding a strategic adjustment to its financial reporting schedule for the 2021 fiscal year. The primary objective of this announcement is to inform investors and regulatory bodies of a delay in the release of the consolidated semi-annual report for the first half of 2021. This update serves as a formal amendment to the initial schedule established in January 2021. The revised schedule shifts the publication date of the consolidated semi-annual report from the originally planned date of August 27, 2021, to a new deadline of September 30, 2021. This one-month extension specifically targets the consolidated financial data for the first six months of the year. Despite this change, the management board confirmed that all other previously announced deadlines for periodic reports remains unchanged as of the date of the announcement. This disclosure was made in compliance with Article 56, Section 1, Item 2 of the Act on Public Offering, which governs the dissemination of current and periodic information by entities listed on the Warsaw Stock Exchange. The notification was officially signed by Krzysztof Kostowski, President of the Management Board, and adheres to the standard reporting requirements for the Polish gaming sector and financial markets. The scope of the announcement is limited to the administrative timeline of PlayWay S.A.’s financial transparency obligations for the 2021 calendar year.

investment market-forecast poland

PlayWayJun 2021

Legal

Resolutions Adopted by the Ordinary General Meeting of PCF Group S.A. with Headquarters in Warsaw on June 22, 2021

The Ordinary General Meeting of PCF Group S.A., held on June 22, 2021, in Warsaw, resulted in the adoption of sixteen resolutions governing the company’s financial and administrative operations for the 2020 fiscal year. Representing approximately 76.07% of the share capital, the assembly approved the individual and consolidated financial statements, management reports, and the activities of the Supervisory Board and Audit Committee. Sebastian Wojciechowski was elected Chairman of the Meeting, and the assembly opted to utilize an electronic voting system in lieu of a traditional scrutiny committee. Financial data for the period ending December 31, 2020, reveals that PCF Group S.A. achieved a net profit of 29.1 million PLN on total assets of 91.2 million PLN. On a consolidated basis, the Capital Group reported a net profit of 24.6 million PLN with total assets valued at 95.7 million PLN. A significant resolution concerned the distribution of the 29.1 million PLN net profit, with 5.6 million PLN allocated for shareholder dividends at a rate of 0.19 PLN per share. The remaining 23.5 million PLN was directed to the company’s supplementary capital. The dividend record date was set for June 30, 2021, with payment scheduled for July 8, 2021. The assembly granted formal discharge (absolutorium) to the President of the Management Board, Sebastian Wojciechowski, and all members of the Supervisory Board, including Mikołaj Wojciechowski, Bartosz Biełuszko, Krzysztof Dolaś, Jacek Pogonowski, Barbara Sobowska, and Aleksander Ferenc, for the performance of their duties in 2020. All resolutions were passed with unanimous support from the participating shares, and the company assumed all costs associated with convening and conducting the meeting.

mergers-acquisitions investment europe+1

PCF GroupJun 2021

Legal

Raport Bieżący Nr 27/2021

PCF Group S.A., a Warsaw-based game development studio, successfully concluded a private subscription of Series D ordinary bearer shares on May 31, 2021. The primary purpose of this issuance was to increase the company's share capital through a targeted private placement. The offering was directed exclusively to a single investor, Fiducie Familiale Samuel Girardin 2020, a trust established for Samuel Girardin and related parties based in Montreal, Canada. The subscription involved 387,714 Series D shares with a nominal value of 0.02 PLN each. These shares were issued at an individual price of 75.75 PLN, resulting in a total offering value of 29,369,335.50 PLN. The transaction was executed via a direct subscription agreement rather than a traditional book-building process, meaning there was no reduction rate or division into tranches. All shares were acquired in exchange for cash contributions. The issuance followed a resolution passed during the Extraordinary General Meeting on May 24, 2021, which also authorized the exclusion of pre-emptive rights for existing shareholders. Furthermore, the company initiated the process to dematerialize these shares and seek their admission to trading on the regulated market of the Warsaw Stock Exchange. While the subscription is complete, the final accounting of issuance costs—including advisory, preparation, and promotion fees—remains pending. PCF Group S.A. intends to disclose these specific financial details and the average cost per share in a subsequent regulatory filing once all invoices from involved entities are finalized.

investment funding mergers-acquisitions+1

PCF GroupJun 2021

Legal

Uchwała Nr 1 ZWZ PlayWay S.A. z dnia 15 Czerwca 2021

The 2020 fiscal year for PlayWay S.A. was characterized by significant financial growth and a strategic shift in accounting standards, as formalized during the Ordinary General Meeting held on June 15, 2021. Representing 84.2% of the share capital, the assembly confirmed a standalone net profit of 84.1 million PLN and a consolidated net profit of 199.96 million PLN. This robust performance supported a substantial dividend distribution of 12.74 PLN per share, totaling 84.08 million PLN, which was scheduled for payment at the end of June 2021. The company’s balance sheet reflected a strong upward trajectory, with total assets and liabilities reaching 458.6 million PLN. Key indicators of financial health included an equity increase of 215.9 million PLN and a cash reserve growth of 82.4 million PLN over the reporting period. To align with global financial practices and enhance transparency for international investors, the assembly unanimously resolved to transition the company’s financial reporting to International Financial Reporting Standards (IFRS/IAS) effective January 1, 2021. Administrative governance was also a primary focus, with shareholders granting formal discharge to the management and supervisory boards for their performance throughout 2020. This approval covered the President, Vice-President, and five members of the Supervisory Board, signaling broad investor confidence in the leadership’s execution of the company’s strategy. These resolutions solidify PlayWay’s position as a major player in the Polish gaming sector while preparing the organization for more standardized international financial oversight in subsequent fiscal years.

game-publishing market-analysis investment+1

PlayWayJun 2021

Legal

Raport Bieżący Nr 26/2021

PCF Group S.A., a Warsaw-based game development company, finalized a significant equity transaction on May 31, 2021, involving the issuance of Series D ordinary bearer shares. This action followed a series of corporate resolutions and previous market disclosures initiated in April and May of the same year. The primary objective of this specific transaction was the formal execution of a share subscription agreement with a Canadian entity, Fiducie Familiale Samuel Girardin 2020, a trust established for the benefit of Samuel Girardin and his associates in Montreal. The transaction involved the issuance of 387,714 Series D shares at a set issue price of 75.75 PLN per share. This resulted in a total transaction value of 29,369,335.50 PLN. The issuance was conducted under the authority of the Extraordinary General Meeting of Shareholders held on May 24, 2021, which provided the legal framework for the capital increase. This move represents a targeted investment into the company by an international trust, expanding the firm's capital base through a private placement mechanism rather than a broad public offering. The scope of this disclosure is limited to the Polish capital market and the specific contractual obligations between the developer and the Canadian trust. While the document confirms the signing of the subscription agreement, it notes that the final conclusion of the entire Series D share issuance process will be disclosed in a subsequent announcement. This transaction highlights the ongoing financial expansion and international investor interest in the Polish gaming sector during the second quarter of 2021, specifically regarding established studios seeking to solidify their financial structures through strategic share allocations.

investment mergers-acquisitions europe+2

PCF GroupMay 2021

Financial

Semiannual Consolidated Financial Report for the Period of 3 Months Ended March 31, 2021

PCF Group S.A. demonstrated significant financial scaling and geographic expansion during the first quarter of 2021, a period defined by the transition toward the high-profile launch of Outriders and the strengthening of its global development capabilities. Sales revenues reached 30.9 million PLN, representing a 19% year-over-year increase primarily driven by the game production for hire segment. While revenue grew, net profit saw a slight contraction to 7.8 million PLN, down from 8.7 million PLN in the prior year. This decrease in profitability reflects the rising operational costs associated with scaling the business, expenses related to the public offering, and the strategic acquisition of Game On Creative. The Group’s balance sheet underwent a major transformation, with total assets more than doubling to 205.7 million PLN. This growth was fueled by a successful Series B share issuance that generated 100.3 million PLN in net proceeds, bringing total cash and cash equivalents to 147.5 million PLN by the end of March. These funds provide the liquidity necessary to support a diversifying project pipeline, which includes both established work-for-hire partnerships and a shift toward self-publishing initiatives. The Group also expanded its North American footprint by establishing PCF Chicago and acquiring Game On Creative, utilizing a mix of share issuances and internal financing to facilitate these moves. Operational stability is maintained through a highly concentrated revenue model, with approximately 98% of income derived from two major publishers. A strategic partnership with Square Enix remains central to the Group’s trajectory, involving a subscription warrant program that could result in the publisher holding a minority equity stake by 2025. Despite the accounting impact of these warrants and the costs of rapid expansion, the Group remains well-capitalized with 182.0 million PLN in equity, positioning it to execute a long-term strategy of global studio growth and diversified game development across its subsidiaries in Poland, the United Kingdom, Canada, and the United States.

investment market-analysis europe+1

PCF GroupMay 2021