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Funding

Terminy Przekazywania Raportów Okresowych w 2024 Roku

The management board of 11 bit studios S.A. has established the official schedule for the publication of its periodic financial results throughout the 2024 calendar year. This disclosure, mandated by Polish capital market regulations for publicly traded entities, ensures transparency for investors regarding the timing of the company’s financial performance updates. The schedule covers the full fiscal year of 2024 and includes the finalization of data from the preceding 2023 fiscal period. The reporting cycle begins with the release of the annual report for the 2023 fiscal year on April 18, 2024. Subsequent quarterly and semi-annual performance updates are scheduled for mid-to-late month slots throughout the year. Specifically, the first quarter results for 2024 are slated for release on May 23, followed by the first-half semi-annual report on August 22. The reporting cycle concludes with the third quarter results, which are scheduled for publication on November 14, 2024. In accordance with specific regulatory exemptions allowed under the Minister of Finance’s decree on current and periodic information, the company has elected to omit the publication of individual quarterly reports for the fourth quarter of 2023 and the second quarter of 2024. This approach is standard for issuers who consolidate these periods into their broader annual and semi-annual filings. The announcement was formally authorized by the company’s President and a Board Member, ensuring compliance with the legal requirements for issuers of securities on the Polish market.

investment funding europe

11 Bit StudiosJan 2024

Report

FY2024 Report: Australian Game Development Survey

The Australian game development industry demonstrated resilience and stability during the 2024 financial year despite significant global economic headwinds. Total income generated by local studios reached $339.1 million, representing a minor 1.9% decrease from the previous year. Employment remained steady with 2,465 full-time equivalent workers, a marginal 0.3% increase. The sector is heavily export-oriented, with 93% of all revenue generated from outside Australia. Furthermore, 85% of studios focus on developing their own original intellectual property rather than work-for-hire projects. The industry landscape is characterized by a mix of emerging and established entities. While 56% of studios were formed within the last five years, a quarter of the sector consists of mature studios operating for a decade or more. Small businesses dominate the ecosystem, with 47% of studios employing five or fewer staff members. Geographically, Victoria serves as the primary hub, hosting 52% of head offices and 36% of the national workforce, followed by Queensland and New South Wales. Government support remains a critical pillar for the industry. The Digital Games Tax Offset, which passed in mid-2023, is already being utilized by 25% of respondents to fund new projects or expand existing ones. Despite this support, developers identified securing international and local publishing deals and attracting early-stage development funding as their primary challenges. The findings are based on a voluntary survey of 137 Australian game development studios conducted by Bond University on behalf of the Interactive Games & Entertainment Association. The data covers the period from July 1, 2023, to June 30, 2024. Looking ahead, the sector maintains a cautiously optimistic outlook, with 81% of studios predicting stable or increased revenue and 61% planning to hire new staff in the coming year.

market-analysis employment funding+1

Interactive Games and Entertainment AssociationJan 2024

Report

The Alumni Effect: A Deep Dive into Studios Founded by Ex-Rioters

The emergence of startups founded by former Riot Games employees represents a significant sub-sector of the venture capital landscape in gaming. Since 2020, investors have funneled nearly $500 million into 27 startups led by these alumni across 38 funding rounds. These founders command a substantial premium in the market, with an average round size of $11 million, which is 53% higher than the $7 million average seen across the broader gaming startup ecosystem. The investment data reveals a high level of confidence from specialized venture capital firms, with Andreessen Horowitz (a16z Games) and Bitkraft Ventures leading the activity. These firms have participated in deals valued at $339.3 million and $236.3 million respectively. Furthermore, ex-Riot teams demonstrate superior fundraising momentum compared to the general market. A significantly higher percentage of these studios successfully secure follow-on financing within two to three years of their initial rounds, whereas the broader gaming market sees a much sharper decline in subsequent funding success over the same period. While capital infusion is high, the majority of these ventures are currently in the pre-release phase. Out of 27 identified startups, only six have released products to date. The most well-funded projects include Theorycraft’s Supervoke, Believer’s unannounced AAA title, and Singularity 6’s Palia. The scope of these projects primarily focuses on high-ambition genres such as multiplayer RPGs, extraction MOBAs, and backend infrastructure. This trend underscores a strategic focus on complex, scalable platforms that mirror the live-service expertise associated with the founders' professional origins.

investment funding market-analysis+1

InvestGameJan 2024

Presentation

Wyniki Finansowe 9M23

PCF Group S.A. experienced significant organizational growth and structural expansion during the first nine months of 2023. The workforce reached a total of 722 employees by September 30, 2023, continuing a steady upward trajectory from 612 in 2022 and 495 in 2021. This growth is distributed across a global network of studios, with a primary concentration in Europe, where the headcount rose to 473, and a substantial presence in North America, accounting for 249 staff members. The internal composition of the team remains heavily weighted toward production, consisting primarily of developers and quality assurance professionals, supported by back-office staff and specialized units such as GameOn and Incuvo. The geographic footprint of the group spans multiple key hubs, including Warsaw, Rzeszów, Katowice, Kraków, and Łódź in Poland, alongside international locations in Newcastle, Dublin, Montreal, and New York. This infrastructure supports a diversified operational model that includes both core development studios and a dedicated publishing division. The expansion reflects a strategic commitment to scaling production capabilities across various territories to support ongoing development projects. Financial positioning for the period is characterized by a balance sheet that emphasizes long-term value creation through development work in progress and intangible assets. Key financial components include significant investments in development projects, tangible fixed assets, and right-of-use assets, balanced against equity and liquid holdings in cash and bonds. While specific revenue figures for the nine-month period are integrated into broader reporting, the data highlights a period of intensive investment in human capital and project pipelines intended to drive future growth within the competitive global gaming market.

investment funding game-publishing+1

PCF GroupNov 2023

Legal

PCF Group Current Report No. 52/2023: Credit Facility Agreements Signed

PCF Group S.A., the parent company of game developer People Can Fly, finalized two significant credit agreements with Bank Polska Kasa Opieki S.A. on October 12, 2023. These agreements provide the company with a revolving credit facility of up to 30 million PLN and a second revolving credit facility of up to approximately 4.43 million EUR. The primary purpose of this financing is to fund costs associated with work-for-hire game production, a key segment of the company’s business model. Both credit lines carry a three-year term for utilization and repayment from the date of signing. The financial terms include interest rates based on a variable WIBOR rate plus a fixed margin, with commissions set at standard market rates. To secure these loans, PCF Group has established a comprehensive security package. This includes financial and registered pledges on all shares held by the company in Incuvo S.A., as well as pledges on the company’s bank accounts. Furthermore, the debt is backed by guarantees from Bank Gospodarstwa Krajowego covering up to 80% of the credit amounts, which are themselves secured by blank promissory notes. The agreements impose standard restrictive covenants on PCF Group, such as limitations on changing the core business scope and restrictions on incurring additional financial indebtedness. The bank retains the right to terminate the agreements or halt funding in the event of a breach of contract. This strategic financing move, which followed negotiations initiated in May 2023, provides the Warsaw-based developer with the liquidity necessary to execute its external development projects while maintaining its operational stability within the competitive global gaming industry.

investment funding europe+2

PCF GroupOct 2023

Presentation

Financial Results 1H23

This financial analysis details the performance of PCF Group (People Can Fly) for the first half of 2023, a period characterized by strategic expansion and significant capital raising despite a year-over-year decline in profitability. The group reported revenues of 68.7 million PLN for 1H23, down from 90.6 million PLN in 1H22. This decrease, alongside a drop in adjusted EBITDA from 29.7 million PLN to 4.0 million PLN and a net loss of 13.1 million PLN, is attributed to a high comparative base in 2022 following the termination of the Take-Two Interactive contract and the release of Green Hell VR. Current results were also impacted by increased operational scale, with the workforce growing 16% to 674 employees. The group’s portfolio remains robust, featuring eight projects across various stages of development. Key highlights include two work-for-hire projects for Microsoft (Maverick and Gemini) and three self-published titles (Dagger, Bifrost, and Victoria) slated for 2025-2026. Project Maverick is expected to contribute significantly to financial results starting in the third quarter of 2023. Additionally, the group is expanding into the VR market with Bulletstorm VR, scheduled for release in December 2023. A pivotal development in 1H23 was the successful completion of a secondary public offering (SPO), raising 235.3 million PLN to fund the group’s updated strategy. This process brought Krafton Inc. on as a strategic investor with a 10% stake following a 144.5 million PLN investment. The agreement grants Krafton specific rights, including right of first refusal for publishing certain upcoming titles. Geographically, the group maintains a strong international presence with studios across Europe and North America, positioning itself for long-term growth through a mix of work-for-hire and self-publishing models.

investment market-analysis europe+2

PCF GroupSept 2023

Legal

PCF Group Current Report No. 50/2023: KDPW Registration of Series G Shares

PCF Group S.A., the Warsaw-based parent company of the People Can Fly development studio, has finalized the formal registration process for a significant issuance of new equity. On September 11, 2023, the National Depository for Securities (KDPW) issued a formal communique confirming the registration of 2,510,904 Series G ordinary bearer shares. These shares carry a nominal value of 0.02 PLN each and are assigned the ISIN code PLPCFGR00010. The registration of these securities is scheduled to take effect on September 12, 2023. This administrative milestone follows previous corporate disclosures issued earlier in the same month, marking the transition of these shares into the regulated depository system. The action represents a specific expansion of the company’s share capital within the Polish capital market, adhering to the regulatory requirements set forth by the Minister of Finance regarding current and periodic information for securities issuers. This corporate action is localized to the Polish financial infrastructure and reflects the company's ongoing capital management strategy. By integrating these Series G shares into the KDPW, the company ensures the technical readiness of the securities for trading or further corporate actions. The notification serves as a mandatory regulatory filing to inform investors and stakeholders of the exact volume and timing of the new share registration, maintaining transparency in the company's equity structure.

investment funding mergers-acquisitions+2

PCF GroupSept 2023

Legal

PCF Group Current Report No. 44/2023: Completion of Series G Share Subscription

This regulatory report, issued on August 28, 2023, details the successful completion of a Series G share subscription by PCF Group S.A. (People Can Fly), a prominent Warsaw-based game development studio. The primary purpose of the disclosure is to provide final results for a private subscription conducted under Polish commercial law, which aimed to raise capital through the issuance of new bearer shares to qualified investors. The offering involved the issuance of 2,510,904 Series G ordinary shares with a nominal value of 0.02 PLN each. The book-building process took place between August 9 and August 10, 2023, and the subscription process concluded on August 18, 2023. All offered shares were successfully subscribed to by a group of 40 investors at an issue price of 40.20 PLN per share. Consequently, the total gross value of the offering reached 100,938,340.80 PLN. All contributions were made in cash, and the issuance did not require a formal allotment process as all shares were covered by signed subscription agreements. The scope of the offering was restricted to qualified institutional buyers and professional investors, specifically excluding public retail offerings in jurisdictions such as the United States, Australia, Canada, Japan, and South Africa. While the report confirms the successful capital raise, it notes that the final costs associated with the issuance—including advisory and brokerage fees—had not been fully settled at the time of publication. The company committed to releasing a subsequent report to detail these expenses and their impact on financial statements once all invoices are processed. The document maintains a strictly neutral, technical tone, adhering to European Union Market Abuse Regulations and Polish capital market transparency requirements.

investment funding europe+1

PCF GroupAug 2023

Financial

Gaming Report: VC Trends and Emerging Opportunities Q2 2023

The gaming venture capital ecosystem experienced a period of significant transition in Q2 2023, characterized by a sharp decline in deal volume alongside a modest recovery in deal value. Total investment reached $1.1 billion across 110 deals, representing a 12.1% increase in value from the previous quarter but a substantial 57.5% year-over-year decrease in deal count. This data suggests a market shift toward larger, more concentrated investments in established players, even as early-stage and angel rounds continued to dominate the deal count at 71.8% of total activity. The scope of this analysis covers global gaming trends through the first half of 2023, with specific geographic focus on North America, which led with $1.3 billion in investment, followed by Asia and Europe. Industry segments analyzed include development, operations, access, content, and experience. Development and content emerged as the primary drivers of capital, nearly tied at approximately $488 million and $483 million in deal value, respectively. Notable transactions included CoreWeave’s $421.0 million Series B and Metagame’s $100.0 million early-stage round. Emerging opportunities are currently concentrated in user-generated content, cloud gaming, and novel monetization strategies. For example, Triumph Labs is highlighted for its plug-and-play SDK that enables real-money tournaments, addressing the technical and legal complexities of esports integration. While late-stage deals outperformed other categories in value for the first time since early 2022, the high volume of seed and angel activity indicates sustained investor optimism regarding long-term industry growth. The findings utilize proprietary PitchBook data and the Exit Predictor tool to estimate the likelihood of future IPOs or acquisitions for top-tier venture-backed companies like Epic Games and Niantic.

investment funding mergers-acquisitions+1

PitchBookAug 2023

Legal

Subscription Rules for the Issuance and Offer of Common Shares Series G

PCF Group S.A. is executing a private subscription of up to 2,510,904 Series G common shares, representing approximately 7% of the company’s share capital, for listing on the Warsaw Stock Exchange. The issuance is strategically designed to raise capital while offering priority rights to existing shareholders holding at least 0.25% of voting rights, thereby allowing them to maintain their current equity stakes. To comply with European Union prospectus exemptions, the offer targets qualified investors and those capable of a minimum investment of EUR 100,000. Notably, the offering excludes investors from Russia and Belarus in accordance with EU sanctions and prohibits distribution in several international jurisdictions, including the United States, Canada, and Japan. The capital increase involves a significant strategic component through an agreement with KRAFTON Inc., which is allocated 251,091 shares at a fixed price of 40.20 PLN. This transaction is intended to bring KRAFTON’s total ownership in the company to 10%. For other participants, the share price and final allocation are determined through an accelerated book-building process conducted in August 2023. This structured approach ensures a rapid infusion of capital while strengthening the partnership between the Polish developer and its major international strategic investor. The subscription process concludes with a strict timeline for payment and registration, requiring all funds to be settled by August 18, 2023. Following the successful collection of funds, the company will proceed with the dematerialization of securities and the registration of Rights to Shares on the Warsaw Stock Exchange. In the event that the capital increase is not registered by the court, the framework provides for a full refund of the emission price to investors. This issuance serves as a critical financial maneuver to bolster the company’s balance sheet and support its ongoing development projects within the global gaming market.

investment funding europe+1

PCF GroupAug 2023

Legal

PCF Group Current Report No. 38/2023: Share Placement and Book-Building Process

PCF Group S.A., the parent company of game development studio People Can Fly, announced on August 9, 2023, the commencement of a private subscription offering and bookbuilding process for up to 2,510,904 new Series G common bearer shares. This capital increase is conducted through a conditional share placement agreement with Trigon Dom Maklerski, WOOD & Company Financial Services, and Trigon Investment Banking. The primary objective is to secure funding through qualified institutional buyers and professional investors while bypassing the requirement for a formal prospectus under European Union regulatory exemptions for issuances representing less than 20% of existing shares over a 12-month period. The offering is geographically restricted, specifically excluding the United States, Australia, Canada, Japan, and South Africa, and is conducted as offshore transactions under Regulation S of the U.S. Securities Act. Participation is limited to qualified investors or those committing at least 100,000 EUR. Existing shareholders holding at least 0.25% of total voting rights as of August 7, 2023, are granted a preference in the allocation process, provided they can document their holdings through their respective investment firms. The agreement includes a lock-up provision where the company commits to a standstill period regarding further share issuances for 180 days following the first listing of the new shares or 210 days from the agreement date, whichever occurs first. Additionally, key shareholder and CEO Sebastian Wojciechowski remains bound by existing lock-up arrangements. PCF Group intends to apply for the admission of these new shares and related rights to trading on the Warsaw Stock Exchange (GPW) following the successful completion of the bookbuilding process and subsequent share registration.

investment funding ipo+2

PCF GroupAug 2023

Legal

PCF Group Resolutions Adopted at Extraordinary General Meeting: 7 August 2023

PCF Group S.A., the Warsaw-based parent company of game developer People Can Fly, held an Extraordinary General Meeting on August 7, 2023, to authorize a significant capital increase through the issuance of Series G ordinary shares. The primary thesis of the meeting was to secure additional funding necessary to execute the company’s updated 2023 growth strategy, which focuses on self-publishing, Game-as-a-Service (GaaS) models, and expanding production teams for specific projects including Project Dagger, Bifrost, and Victoria. The meeting resulted in the approval of a share issuance of at least one but no more than 2,510,904 new Series G shares with a nominal value of 0.02 PLN each. This issuance aims to raise at least 100.9 million PLN, effectively seeking to bridge the funding gap left by a previous Series F offering in June 2023, which raised 134.4 million PLN against a higher target. To facilitate a rapid capital raise, the assembly voted to deprive existing shareholders of their pre-emptive rights, opting instead for a private subscription via a book-building process targeted at qualified and institutional investors. The scope of this corporate action is centered on the Polish capital market, with the new shares intended for listing on the Warsaw Stock Exchange. The methodology for the issuance involves a private placement exempt from a full prospectus requirement, utilizing a book-building mechanism to maximize proceeds based on market demand. While pre-emptive rights were waived, the resolution includes a preference right for existing shareholders holding at least 0.25% of the company’s votes to maintain their proportional ownership. The resolutions were passed with high levels of shareholder participation, representing approximately 86.28% of the share capital. The critical Resolution 4, which authorized the capital increase and the exclusion of pre-emptive rights, received 28,838,521 votes in favor, with zero against and 3,507 abstentions. The Board of Directors is now authorized to finalize the issue price and execute the capital increase within six months of the meeting date.

investment funding europe+1

PCF GroupAug 2023

Legal

PCF Group Draft Resolutions for Extraordinary General Meeting: 7 August 2023

PCF Group S.A. is pursuing a strategic capital increase through the issuance of up to 2,510,904 new Series G ordinary shares to support its expanded development pipeline and self-publishing transition. This initiative aims to raise a minimum of 100.9 million PLN, addressing a funding gap left by a previous Series F offering that did not meet its total capital targets. The primary objective of this capital injection is to provide the necessary resources to scale production teams for key upcoming titles, specifically Project Dagger, Bifrost, and Victoria, while facilitating the company’s broader shift toward a Game-as-a-Service model. The proposed issuance includes a total exclusion of pre-emptive rights for existing shareholders to expedite the private subscription process and maximize proceeds through a competitive book-building exercise. To mitigate the impact on major stakeholders, the framework grants priority rights to eligible investors holding at least 0.25% of the company’s votes, allowing them to maintain their relative ownership percentages. This structure is designed to balance the urgent need for liquidity with the interests of significant long-term shareholders. Following the successful placement of these shares, the company will proceed with their dematerialization and application for listing on the Warsaw Stock Exchange. This move aligns with the updated corporate strategy established in early 2023, which emphasizes a diversified financing approach. By combining this equity issuance with non-dilutive financing sources, the group intends to secure the capital required for its ambitious growth trajectory and self-publishing autonomy without causing excessive dilution to the existing shareholder base.

investment funding mergers-acquisitions+2

PCF GroupJul 2023

Legal

PCF Group Current Report No. 27/2023: Resolutions of Ordinary General Meeting

The Ordinary General Meeting of PCF Group S.A., held on June 27, 2023, resulted in the formal adoption of several key resolutions governing the company’s financial and operational oversight. The primary purpose of the assembly was to review and approve the management board’s activity reports and the financial statements for the 2022 fiscal year. These proceedings cover the consolidated performance of the People Can Fly group, a major international game developer headquartered in Warsaw, reflecting its status as a publicly traded entity on the Warsaw Stock Exchange. A central outcome of the meeting was the decision regarding the allocation of the company’s net profit for 2022. Shareholders approved the distribution of earnings, ensuring the stabilization of the firm's capital base. Furthermore, the assembly granted a vote of approval to the members of the Management Board and the Supervisory Board, formally validating their performance and discharge of duties during the preceding financial year. This process is a standard regulatory requirement under Polish financial law, specifically adhering to the Minister of Finance’s regulations on current and periodic information for securities issuers. The scope of these resolutions encompasses the entirety of PCF Group’s global operations during the 2022 period, including its various development studios and intellectual property holdings. By formalizing these administrative and financial results, the company maintains its transparency requirements for investors and regulatory bodies. The documentation confirms that all resolutions were passed in accordance with legal protocols, providing a clear mandate for the leadership team to continue executing the group’s long-term development strategy within the competitive AAA game development segment.

investment mergers-acquisitions funding+2

PCF GroupJun 2023

Legal

PCF Group Current Report No. 25/2023: Completion of Series F Share Subscription

PCF Group S.A., the parent company of the game development studio People Can Fly, announced the successful completion of its Series F share subscription on June 20, 2023. This private subscription involved the issuance of 3,343,037 ordinary bearer shares with a nominal value of 0.02 PLN each. The primary objective of the issuance was to raise capital through a private placement directed at select institutional investors. The book-building process for the offering took place between May 29 and June 1, 2023, with the share subscription agreements finalized by June 6, 2023. All shares were acquired by two investors at an issue price of 40.20 PLN per share. The total gross value of the offering reached 134,390,087.40 PLN. All contributions for the Series F shares were made in cash and were fully paid by June 9, 2023. Because the offering was conducted via private subscription and all shares were successfully subscribed to through individual agreements, no formal allotment process or reduction rate was applicable. The scope of this financial activity was primarily centered in Poland, though the legal framework adhered to both local commercial codes and European Union market abuse regulations. While the total value of the subscription is confirmed, the specific costs associated with the issuance—such as brokerage and advisory fees—were not finalized at the time of reporting. The company committed to disclosing these final costs and their impact on financial statements in a subsequent report once all invoices are processed. This capital increase represents a significant liquidity event for the Warsaw-based developer as it continues its operations in the global gaming industry.

investment funding market-analysis+2

PCF GroupJun 2023

Legal

Raport bieżący nr 18/2023

PCF Group S.A., the Warsaw-based parent company of game developer People Can Fly, has formally entered negotiations with Bank Polska Kasa Opieki S.A. to secure a significant credit facility. This strategic financial move follows the receipt of financing terms approved by the bank's credit committee on May 30, 2023. The proposed agreement outlines a revolving credit facility and an overdraft line totaling a maximum of 50 million PLN. The primary objective of this capital injection is to fund production costs associated with the company’s work-for-hire game development projects. The proposed terms specify a three-year availability period for the credit line, with the final repayment deadline set for three years after the execution of the agreement. To secure the facility, the company expects to establish standard collateral customary for transactions of this nature within the financial sector. While the commencement of negotiations marks a definitive step toward strengthening the company's liquidity and production capacity, the finalization of the credit agreement remains subject to successful legal and financial discussions. The management board emphasizes that the receipt of these terms does not guarantee the ultimate execution of the binding documentation. This development reflects the company's ongoing efforts to stabilize its financial framework for long-term project delivery within the competitive global gaming market.

investment funding europe+1

PCF GroupMay 2023

Legal

Raport Bieżący Nr 17/2023

PCF Group S.A., the parent company of game development studio People Can Fly, announced the commencement of a bookbuilding process for a private subscription of up to 5,853,941 new Series F ordinary bearer shares. This capital increase is conducted under a prospectus exemption for offerings representing less than 20% of the company’s existing shares already admitted to trading on the Warsaw Stock Exchange (GPW) over a 12-month period. The primary objective is to secure funding in alignment with the company’s updated strategic goals. The offering is targeted exclusively at qualified institutional investors and large-scale investors committing at least EUR 100,000. Existing shareholders holding at least 0.25% of total voting rights as of February 28, 2023, are granted preference in the allocation process, provided they verify their holdings. Geographically, the offering is restricted to Poland and international markets under Regulation S of the U.S. Securities Act, explicitly excluding the United States, Australia, Canada, Japan, and South Africa. In conjunction with the share issuance, the company entered into an agreement with Trigon Dom Maklerski S.A. to manage the offering. Furthermore, a lock-up agreement was established with Sebastian Wojciechowski, the company’s CEO and key shareholder. Under this agreement, Wojciechowski has committed to a long-term restriction on selling his existing shares until December 31, 2027, with standard exceptions for strategic transactions or tender offers. This lock-up is intended to ensure leadership stability and alignment with the long-term interests of the company during its strategic expansion.

investment funding europe+2

PCF GroupMay 2023

Legal

Raport Bieżący Nr 16/2023: Signing of a Credit Agreement by People Can Fly Canada Inc.

People Can Fly Canada Inc., a Montreal-based subsidiary of the Polish game development firm PCF Group S.A., entered into a strategic credit agreement with the Bank of Montreal on May 24, 2023. This financing arrangement establishes two distinct demand revolving credit facilities totaling 9.2 million Canadian dollars. The primary objective of this capital infusion is to bolster the subsidiary’s operational liquidity and bridge the financing of Canadian tax incentives, which are critical components of the region's game development ecosystem. The financial package is divided into a 1.2 million CAD facility dedicated to general working capital and corporate requirements, and a larger 8 million CAD facility specifically earmarked for financing tax credits. These credits are subject to annual renewal and carry interest rates based on the Canadian Prime Rate plus a standard market margin. To secure the financing, PCF Group S.A. provided an unsecured guarantee of 9.2 million CAD, while the Canadian subsidiary granted the bank a first-ranking security interest and a mortgage of 11.04 million CAD over its entire movable property and assets. The agreement imposes standard restrictive covenants and reporting obligations on the borrower, including limitations on changing the core business scope or incurring additional financial debt without lender approval. This transaction reflects a common industry practice where international studios leverage regional tax incentives through specialized banking products to maintain steady cash flow during lengthy development cycles. The scope of this disclosure is limited to the legal and financial obligations arising from the Canadian operations of the PCF Group as of the second quarter of 2023.

investment funding north-america+2

PCF GroupMay 2023

Report

スペイン、カナリア諸島の州政府機関から「ビデオゲーム業界視察ミッション」のご案内

The invitation seeks to generate business opportunities for Japanese video‑game, animation and related audiovisual firms by showcasing the Canary Islands as a strategic production hub. It positions the archipelago as an emerging, tax‑friendly environment, highlighting preferential rates for game development, film and animation, as well as a reduced corporate tax rate, alongside high‑quality infrastructure, skilled talent pools, and strong public support. The core thesis is that direct exposure to local studios, financing mechanisms and regulatory incentives will encourage Japanese companies to establish subsidiaries, pursue co‑production agreements, or outsource projects to Canary Island partners. The mission is scheduled for 9 – 15 October, with participants traveling from Japan to Tenerife on 9 October and returning after the final day on 15 October. The itinerary includes briefings on the regional industry and tax regime, visits to multiple development studios such as Drakhar, Foxter, The Game Kitchen, Promineo and No Brake Games, a tour of a super‑computer facility, and attendance at the Canarias Game Show on Gran Canaria, featuring B2B matchmaking, conference sessions and networking dinners. All travel costs—including economy‑class round‑trip airfare, hotel accommodation, meals and intra‑island transport—are covered by the organizers, with additional support offered for group participation. Target participants are Japanese firms contemplating legal entity formation in the Canary Islands, joint‑development projects, or outsourcing production to local studios. The program is coordinated by the Spanish Embassy’s Economic and Commercial Section in Tokyo and the Canary Islands government agency Proexca, which also serves on the regional game office. While the embassy assists with logistics, detailed tax‑incentive information is to be obtained from the Canary Islands authorities and specialist advisors. The initiative aims to deepen Japan‑Spain investment ties within the audiovisual sector by converting the exploratory visit into concrete commercial collaborations.

game-development investment funding+3

CESA – Computer Entertainment Supplier's AssociationMay 2023

Legal

Raport bieżący nr 13/2023

PCF Group S.A. has entered into a strategic financial arrangement through its subsidiary, People Can Fly Canada Inc., by signing a letter of intent with the Bank of Montreal. This agreement, finalized on May 1, 2023, outlines the terms for two distinct demand revolving credit facilities intended to support the studio's North American operations. The primary objective of this financing is to provide liquidity for general corporate purposes and to bridge the gap for anticipated Canadian tax credits, which are a common component of game development financing in the region. The proposed credit facilities total 9.2 million Canadian dollars. Specifically, 1.2 million CAD is earmarked for working capital and general corporate needs, while the remaining 8 million CAD is dedicated to financing tax incentives. As part of the arrangement, the Warsaw-based parent company, PCF Group S.A., will act as a guarantor for the full amount of the debt. The subsidiary is also expected to provide customary security interests typical for this type of corporate lending transaction. This financial move reflects the group's efforts to optimize its capital structure and leverage regional fiscal benefits within the Canadian gaming industry. While the letter of intent establishes a framework for the loans, the finalization of the credit documentation is scheduled for approximately May 30, 2023. The management notes that the commencement of negotiations does not guarantee the final execution of the agreements, though it signals a clear intent to secure specialized funding for its Montreal-based operations.

investment funding north-america+1

PCF GroupMay 2023