Investment
Documents
Prezentacja Wyników Finansowych Q1 2022
The presentation reports the financial performance of PCF Group S.A. for Q1 2022, comparing it with the same period in 2021 and providing a full‑year outlook for 2022. Revenue rose by 63.1 % to PLN 30.9 million, driven primarily by the People Can Fly and Can Fly subsidiaries; EBITDA increased 77.2 % to PLN 9.3 million, while net profit surged 78.8 % to PLN 13.9 million. The group’s enterprise value reached PLN 56.2 million, a 2.9 % rise from the previous year, and shareholders’ equity grew by 6.3 % to PLN 276.0 million. Total assets increased 8.8 % to PLN 344.7 million, with current cash balances slightly down by 1.0 % to PLN 135.8 million.
Operating highlights show that revenue from game production on contract and development outsourcing grew 69.9 % year‑over‑year, while related costs remained stable, improving gross margins. EBITDA trends across the fiscal year demonstrate a steady upward trajectory from FY 2020 through FY 2022, with adjusted EBITDA for Q1 2022 at PLN 16.8 million.
The analysis is based on audited financial statements and internal management data, with figures rounded to the nearest PLN. The presentation covers Poland only, covering Q1 2022 and full‑year 2022 projections. No external survey or market research methodology is disclosed; the data derive from the company’s own reporting systems.
- PCF Group S.A. reported a 78.8% surge in net profit to PLN 13.9 million for Q1 2022 compared to the same period in 2021.
- Total revenue for Q1 2022 reached PLN 30.9 million, representing a 63.1% year-over-year increase driven by the People Can Fly and Can Fly subsidiaries.
- EBITDA grew by 77.2% to PLN 9.3 million, with an adjusted EBITDA of PLN 16.8 million for the quarter.
- Revenue from game production on contract and development outsourcing rose by 69.9% year-over-year while maintaining stable costs, leading to improved gross margins.
- Shareholders' equity increased by 6.3% to PLN 276.0 million, and total assets grew by 8.8% to PLN 344.7 million.
Review Report of the Interim Condensed Financial Statement: H1 2022
The review confirms that PCF Group Spółka Akcyjna’s condensed interim financial statements for the period ending 30 June 2022 comply with International Financial Reporting Standard 34 and European Commission regulations. The statements include a balance sheet, income statement, statement of comprehensive income, changes in equity, cash‑flow statement for 1 January–30 June 2022, and selected explanatory notes. The audit firm performed a review engagement under Polish National Standard 2410, equivalent to International Review Standard 240, focusing on inquiries of financial and accounting personnel and analytical procedures. The scope is narrower than a full audit, so the review does not provide assurance that all material matters would be identified; consequently no audit opinion is issued. The engagement was conducted by Grant Thornton Frąckowiak Spółka z ograniczoną odpowiedzialnością sp. k., a member of Grant Thornton International Ltd, with the key auditor Jan Letkiewicz delivering the conclusion on 29 September 2022. The report indicates no findings that would lead to a statement that the interim financials were not prepared in accordance with IFRS 34. The review covers only the Polish entity PCF Group, focusing on its Warsaw‑based operations for the first half of 2022.
- Grant Thornton Frąckowiak confirmed that PCF Group S.A.’s interim financial statements for H1 2022 comply with International Financial Reporting Standard 34.
- The review engagement, concluded on 29 September 2022 by key auditor Jan Letkiewicz, identified no material issues regarding the preparation of the financial statements.
- The scope of the engagement was limited to a review under Polish National Standard 2410 and International Review Standard 240, meaning no formal audit opinion was issued.
- The financial documentation reviewed covers the period from 1 January 2022 to 30 June 2022, including the balance sheet, income statement, and cash-flow statement.
- The review was restricted specifically to the Warsaw-based operations of the Polish entity PCF Group S.A.
Raport z Przeglądu Skróconego Śródrocznego Skonsolidowanego Sprawozdania Finansowego: 2022
The report presents the findings of a review conducted by Grant Thornton Frąckowiak on the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna for the period from 1 January to 30 June 2022. The review was performed in accordance with the Polish Standard for Review of Interim Financial Information 2410, equivalent to International Standard on Review Engagements (ISRE) 2410, and was based on the company’s internal controls and accounting records. The scope of the review involved inquiry procedures directed at finance and accounting personnel, analytical procedures, and other review activities. Because the engagement is a review rather than an audit, it does not provide assurance that all material matters have been identified; therefore, no audit opinion is expressed.
The review concluded that nothing was found to indicate that the condensed interim consolidated financial statements were not prepared in all material respects in accordance with International Financial Reporting Standard 34, as adopted by European Union regulation. The financial statements cover the entire PCF Group, with its dominant entity headquartered in Warsaw, and include balance sheet, income statement, comprehensive income, changes in equity, and cash‑flow statements for the first half of 2022. The report is dated 29 September 2022 and signed by Jan Letkiewicz, a senior auditor of the firm.
- Grant Thornton Frąckowiak performed a review of PCF Group S.A.’s condensed interim consolidated financial statements for the period of 1 January to 30 June 2022.
- The review concluded that the financial statements were prepared in accordance with International Financial Reporting Standard 34 as adopted by the European Union.
- The engagement was conducted under the Polish Standard for Review of Interim Financial Information 2410, which is equivalent to the International Standard on Review Engagements (ISRE) 2410.
- The scope of the review included the balance sheet, income statement, comprehensive income, changes in equity, and cash-flow statements for the PCF Group.
- The review process involved analytical procedures and inquiries of finance and accounting personnel, though it did not constitute a full audit and therefore provides no audit opinion.
Skonsolidowane sprawozdanie z wyniku i pozostałych całkowitych dochodów: I półrocze 2022
SKONSOLIDOWANE SPRAWOZDANIE Z WYNIKU I POZOSTALYCH CATKOWITYCH DOCHODÓW od 01.01 do od 01.04 do od 01.01 do od 01.04 do 30.06.2022 r. 30.06.2022 r. 30.06.2021 r. 30.06.2021 r.
- Net profit for the first half of 2022 increased to 25,480 (all figures likely in thousands of PLN, based on context) from 21,720 in the first half of 2021, while total comprehensive income rose to 30,996 from 22,072 in the same period.
- Cash flow from operating activities significantly increased to 53,539 in H1 2022, compared to 17,325 in H1 2021, driven by higher profit before tax (27,775 vs 22,912) and changes in liabilities.
- Expenditure on intangible assets grew substantially to 49,448 in H1 2022 from 7,622 in H1 2021, indicating increased investment in development.
- Operating costs (Koszty według rodzaju) rose to 69,404 in H1 2022 from 59,199 in H1 2021, primarily due to increased operational scale, necessitating expansion of development and back-office structures.
- The company's management does not foresee direct threats from the war in Ukraine to the Group's existence or financial performance, as they do not employ a significant number of Ukrainian or Russian foreign nationals and primarily receive revenue in USD or EUR.
Semi-Annual Report of the Management Board of PCF Group S.A. 2022
AL. SOLIDARNOSCI 171 TEL +48 22 887 34 30 SPÓLKA 2 0 AKCYJNA 2 PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOCI za okres 1.01.2022 – 30.06.2022 r. (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze półroczne sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. za okres 1.01.2022 –30.06.2022 r. zostało sporządzone na podstawie § 68ust. 1 pkt 3 oraz § 69 ust.
- PCF Group's total assets increased by 18% (55.5 million PLN) to 372.2 million PLN as of June 30, 2022, compared to 316.7 million PLN on December 31, 2021.
- The Group ceased generating revenue from Project Dagger production in H1 2022 due to the publisher (Take-Two Interactive Software, Inc.) not entering a new executive agreement; PCF Group is now continuing Project Dagger as a self-published title, classifying its costs as development expenses.
- PCF Group launched the Outriders: Worldslayer DLC on June 28, 2022, under a production-publishing agreement with Square Enix Limited.
- The company increased the share capital of People Can Fly Chicago, LLC by 500,000 USD on June 16, 2022, funded by People Can Fly U.S., LLC, to finance the former's working capital.
- PCF Group is developing a new self-published game, Project Bifrost, using its own intellectual property and funds.
Skonsolidowany raport kwartalny: Q1 2024
WARSZAWA | 27 MAJA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) PEOPLE (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 31.03.2024 r. 31.12.2023 r. 31.03.2024 r. 31.12.2023 r.
- PCF Group S.A. is primarily engaged in the production and publishing of video games, with 100% ownership of its subsidiary, People Can Fly UK Limited.
- The company is actively seeking external publishers for Project Red (currently in pre-production) and collaborating with Microsoft Corporation on Project Maverick.
- PCF Group S.A. resolved the production and publishing agreement for Bulletstorm VR with Incuvo S.A. on January 19, 2024, due to unsatisfactory launch performance, taking over future development and commercialization.
- The management is confident in having sufficient financial resources for at least the next twelve months, based on seeking additional revenue streams like external publishing collaborations (development fees) or capital raises.
- The shareholding structure includes Sebastian Wojciechowski (41.71%), Krafton Inc. (10.00%), Bartosz Kmita (7.18%), Nationale-Nederlanden Otwarty Fundusz Emerytalny (6.59%), Krzysztof Dolaś (5.05%), and Bartosz Biełuszko (5.02%).
Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej: 1.01.2023 - 30.06.2023
AL. SOLIDARNOCI 171, Tel +48 22 887 34 30 PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOSCI GRUPY KAPITALOWEJ PCF GROUP S.A. ORAZ SPÓEKI PCF GROUP S.A. ZA 0KRES 1.01.2023 - 30.06.2023 za okres 1.01.2023 – 30.06.2023 r. (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze półroczne sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. za okres 1.01.2023 –30.06.2023 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust.
- PCF Group S.A. generated positive operating cash flow of 48.5 million PLN in the first half of 2023, an 82% increase compared to the same period in 2022.
- The company's cash and cash equivalents increased by 62% to 150.255 million PLN by June 30, 2023, largely due to a 50% increase in equity (135.2 million PLN) from the issuance of Series E and F shares.
- PCF Group S.A. aims to achieve at least 3.0 billion PLN in total revenue between 2023 and 2027.
- A new subsidiary, People Can Fly Ireland Limited, was registered on February 2, 2023, to provide publishing services within the Group.
- PCF Group S.A. settled with OÜ Blite Fund on August 21, 2023, agreeing to pay 2.05 million PLN as an additional payment for the acquisition of Incuvo S.A. shares.
Consolidated Semi-Annual Report: H1 2023
ZA 0KRES 1.01.2023 - 30.06.2023 Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.06.2023 r. 31.12.2022 r. 30.06.2023 r. 31.12.2022 r. Sprawozdanie z sytuacji finansowej Aktywa 481 857 350 804 108 275 74 800 Zobowiązania długoterminowe 33 612 43 418 7 552 9 258 Zobowiązania krótkoterminowe 54 053 ...
- PCF Group S.A. secured a development and publishing agreement with Microsoft Corporation on June 13, 2023, for an AAA game codenamed "Project Maverick," with a budget of $30-50 million, to be fully financed by Microsoft under a work-for-hire model.
- The company is continuing development on "Project Gemini" in collaboration with Square Enix Limited (in production phase) and "Project Dagger" (in pre-production phase), with plans to self-publish "Project Dagger" but open to work-for-hire partnerships.
- PCF Group S.A. issued new shares (Series E and F) increasing its total shares from 29,950,226 at the end of 2022 to 33,429,367 by June 30, 2023.
- Sebastian Wojciechowski's ownership stake in PCF Group S.A. decreased from 49.98% (14,969,480 shares) at the end of 2022 to 44.78% (14,969,480 shares) by June 30, 2023, due to the new share issuances.
- The Group is developing "Project Bifrost" and "Project Victoria" as self-published games using new intellectual property, with Krafton, Inc. holding a right of first negotiation and refusal for "Project Bifrost" if PCF Group considers an alternative publishing model.
Review Report of the Condensed Interim Consolidated Financial Statement: 2023
The review confirms that the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna, covering the period from 1 January to 30 June 2023 and prepared in accordance with International Financial Reporting Standard 34, are presented fairly in all material respects. The statements include the balance sheet as of 30 June 2023, income statement, statement of comprehensive income, changes in equity and cash‑flow statement for the six‑month period, along with selected explanatory notes. The audit engagement was performed by Grant Thornton Polska Prosta spółka akcyjna, a member of the Grant Thornton International network, under the Polish National Standard for Review 2410 (equivalent to ISA 240). The review involved inquiry procedures directed at finance and accounting personnel, analytical testing, and other review procedures. Because the scope of a review is limited compared to an audit, no assurance is provided that all material misstatements have been identified; consequently, the engagement does not express an audit opinion. The review was concluded on 21 September 2023, with the auditor’s report signed by Jan Letkiewicz, a qualified auditor (registration number 9530). The document applies exclusively to the Polish jurisdiction and pertains solely to the PCF Group’s consolidated interim financial reporting for the first half of 2023.
- Grant Thornton Polska confirmed that PCF Group S.A.’s condensed interim consolidated financial statements for the first half of 2023 are presented fairly in all material respects.
- The review covered the period from 1 January to 30 June 2023 and was prepared in accordance with International Financial Reporting Standard 34.
- The financial documentation reviewed includes the balance sheet as of 30 June 2023, the income statement, the statement of comprehensive income, changes in equity, and the cash-flow statement.
- The engagement was conducted under the Polish National Standard for Review 2410, which is equivalent to ISA 240.
- Jan Letkiewicz, a qualified auditor (registration number 9530), signed the review report on 21 September 2023.
Report on the Review of the Condensed Interim Financial Statement: 2023
The report presents the conclusion of a review conducted by Grant Thornton Polska on PCF Group Spółka Akcyjna’s condensed interim financial statements for the period ending 30 June 2023. The review covered the balance sheet, income statement, statement of comprehensive income, changes in equity and cash‑flow statement for the first half of 2023, along with selected explanatory notes. The statements were prepared in accordance with International Financial Reporting Standard 34 and the European Commission’s regulatory framework for interim reporting.
The engagement followed the National Standard of Review 2410, equivalent to International Standards on Review Engagements. The review involved inquiry procedures directed at the company’s finance and accounting personnel, analytical testing, and other review procedures. Because a review provides only limited assurance, the auditors do not express an opinion on the financial statements but state that no material issues were identified that would lead them to believe the statements are not prepared in all material respects according to IFRS 34.
The scope of the review is limited to the interim period and does not extend to a full audit. No specific data points or financial metrics are disclosed in the summary, as the report focuses on the assurance level rather than detailed performance figures. The conclusion is dated 21 September 2023 and signed by the lead auditor, Jan Letkiewicz.
- Grant Thornton Polska completed a review of PCF Group S.A.’s condensed interim financial statements for the six-month period ending 30 June 2023.
- The auditors concluded that no material issues were identified that would suggest the financial statements fail to comply with International Financial Reporting Standard 34.
- The review engagement was conducted in accordance with the National Standard of Review 2410, which aligns with International Standards on Review Engagements.
- The scope of the engagement was limited to interim financial reporting procedures, including analytical testing and inquiries of finance personnel, rather than a full audit.
- The final review conclusion was formally issued and signed by lead auditor Jan Letkiewicz on 21 September 2023.
Consolidated Quarterly Report: Q3 2023
(dane w tys. zł, chyba że zaznaczone inaczej) (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.09.2023 r. 31.12.2022 r. 30.09.2023 r. 31.12.2022 r.
- PCF Group S.A. reported a net loss of 13,448 thousand PLN for the period of January 1 to September 30, 2023, a significant decrease from the 42,133 thousand PLN net profit in the same period of 2022.
- Total comprehensive income for PCF Group S.A. also saw a substantial decline, moving from a profit of 51,312 thousand PLN (January 1 - September 30, 2022) to a loss of 11,797 thousand PLN (January 1 - September 30, 2023).
- The company's primary business is the production and publishing of video games, with a strategic goal to achieve at least 3.0 billion PLN in total revenue between 2023 and 2027.
- PCF Group S.A. raised 134,390,087.40 PLN through a public offering of Series F shares, with Square Enix Limited subscribing to 3,342,937 shares, representing 10.00% of the company's share capital.
- Funds from the Series F share offering will be used to increase production teams for games like Project Dagger, Project Bifrost, and Project Victoria.
Skonsolidowany Raport Półroczny: H1 2024
WARSZAWA | 30 WRZENIA 2024 ROKU PEOPLE ZA 0KRES 01.01.2024 - 30.06.2024 Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.06.2024 r. 31.12.2023 r. 30.06.2024 r. 31.12.2023 r.
- PCF Group S.A. reported a net loss of (33,289) for H1 2024, significantly worse than the (13,070) loss in H1 2023. The basic loss per share increased from (0.43) PLN in H1 2023 to (0.93) PLN in H1 2024.
- The company is actively seeking approximately 350 million PLN in new financing for 2025-2026 to maintain its self-publishing operations and continue its strategy of developing and publishing its own games.
- PCF Group S.A. is preparing detailed five-year financial forecasts (2025-2029) based on economic conditions and a pipeline of new games, including scenarios for various risks and mitigation actions.
- The management board has suspended analytical work on a motivational program tied to achieving 1.5 billion PLN in cumulative EBITDA from 2023-2027, pending the outcome of strategic options review and securing new financing.
- The company's strategy, updated on January 31, 2023, indicates that the management board does not anticipate recommending dividend payouts until the company generates revenue, profits, and positive cash flows from its own publishing activities, expected no earlier than for the 2025 financial year.