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Wyniki Finansowe 1H23: PCF Group S.A.
The presentation reports PCF Group S.A.’s financial performance for the first half of 2023, covering operations across its global studio network and publishing activities.
- PCF Group S.A. achieved PLN 90.6 million in revenue for 1H 2023, up from PLN 68.7 million in 1H 2022, driven by a new contract with Take Two Interactive and the launch of 'Green Hell' VR.
- Operating income (EBIT) turned positive at PLN 29.0 million in 1H 2023, compared to a loss of PLN 13.1 million in the same period of the previous year.
- A secondary public offering (SPO) raised PLN 235.3 million at PLN 40.20 per share, significantly boosting cash reserves and total assets to PLN 481.9 million as of June 30, 2023.
Management Board Report on the Activities of PCF Group Capital Group and PCF Group S.A.: 2020
The 2020 Management Board Report for PCF Group S.A. and its subsidiaries details a pivotal year of financial expansion, organizational restructuring, and public market entry.
- PCF Group's total sales revenue in 2020 reached 103.8 million PLN, a 24% increase from 2019. The "games production for hire" segment accounted for 96% of this revenue (100.0 million PLN), while "copyrights to produced games" (royalties) made up 4% (3.8 million PLN).
- The Triple-A shooter RPG game "Outriders," a key product in the "games production for hire" segment, launched on April 1, 2021, and received a Metascore of 76/100 based on 21 critic reviews for PC. On its launch weekend, it peaked at over 125,000 concurrent players on Steam.
- PCF Group is developing "Project Dagger," a game planned for release by the end of 2024, with a publisher budget of 40-60 million EUR for its production. People Can Fly U.S., LLC acquired the intellectual property rights for Project Dagger on July 20, 2020, for a one-time payment of 500,000 USD.
Annual Consolidated Financial Statement: 2020
PCF Group S.A. demonstrated substantial financial growth and operational maturation during the 2020 fiscal year.
- The company's net cash flow from operating activities significantly increased from 1,898 thousand PLN in 2019 to 15,762 thousand PLN in 2020.
- Profit before tax saw a substantial rise from 4,852 thousand PLN in 2019 to 26,658 thousand PLN in 2020.
- Net profit from continuing operations increased from 4,828 thousand PLN in 2019 to 24,579 thousand PLN in 2020, leading to an increase in basic and diluted earnings per share from 0.18 PLN to 0.89 PLN.
Independent Auditor's Report: Annual Financial Statement 2020
The audit opinion confirms that PCF Group’s 2020 financial statements present a true and fair view of the company’s assets, liabilities, equity, income, expenses, and cash flows as of 31 December 2020.
- PCF Group received an unqualified audit opinion for its 2020 financial statements, confirming they present a true and fair view in compliance with IFRS and EU regulations.
- The audit confirmed that PCF Group’s financial records are accurate and free from material misstatements resulting from error or fraud as of 31 December 2020.
- Auditors focused specifically on the valuation of contract-based receivables and obligations, which involved complex, frequently modified agreements requiring significant management judgment.
Raport z przeglądu skróconego śródrocznego sprawozdania finansowego: H1 2021
The report presents the conclusion of an independent review conducted by Grant Thornton Frąckowiak on PCF Group S.A.’s condensed half-year financial statements for the period from 1 January to 30 June 2021.
- Grant Thornton Frąckowiak issued a clean review conclusion for PCF Group S.A.’s condensed half-year financial statements for the period ending 30 June 2021.
- The review confirmed that the financial statements were prepared in all material respects in accordance with International Accounting Standard 34 (IAS 34) for interim financial reporting.
- The engagement was conducted under the Polish National Standard for Review of Interim Financial Information 2410, which is equivalent to the International Standard on Review Engagements.
Annual Consolidated Financial Statement: 2021
PCF Group S.A. demonstrated robust financial expansion during the 2021 fiscal year, characterized by a significant increase in net profit to 61.3 million PLN from 24.6 million PLN in the previous year.
- Net cash flow from operating activities significantly increased to 59,254 thousand PLN in 2021, up from 15,762 thousand PLN in 2020.
- The company's profit before tax more than doubled, reaching 64,441 thousand PLN in 2021 compared to 26,658 thousand PLN in 2020.
- Net profit from continuing operations also saw substantial growth, increasing to 61,326 thousand PLN in 2021 from 24,579 thousand PLN in 2020.
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.
- 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.
Skonsolidowany Raport Półroczny: H1 2024
The PCF Group S.A. consolidated report for the first half of 2024 outlines a period of financial transition characterized by revenue growth alongside significant operational losses.
- 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.
Roczne Skonsolidowane Sprawozdanie Finansowe: 2024
The 2024 consolidated financial report for the PCF Group details a period of significant financial restructuring and strategic realignment.
- PCF Group experienced a significant net loss in 2024, reaching -175,306 PLN (-40,729 EUR), a substantial increase from the -75,575 PLN (-16,689 EUR) loss in 2023.
- Operating loss also worsened considerably, from -86,452 PLN (-19,091 EUR) in 2023 to -197,518 PLN (-45,890 EUR) in 2024.
- Despite the losses, sales revenue increased from 150,124 PLN (33,152 EUR) in 2023 to 190,401 PLN (44,236 EUR) in 2024.
Annual Financial Report: PCF Group 2024
The 2024 financial performance of PCF Group reflects a period of profound strategic contraction and fiscal distress.
- PCF Group experienced a significant net loss of EUR 53,106 in 2024, worsening from a loss of EUR 14,277 in 2023.
- The company's operating loss also substantially increased to EUR 55,351 in 2024 from EUR 18,395 in 2023.
- Despite the losses, sales revenue grew from EUR 26,585 in 2023 to EUR 38,673 in 2024.
Sprawozdanie Niezależnego Biegłego Rewidenta z Badania Rocznego Skonsolidowanego Sprawozdania Finansowego: 2024
The consolidated financial statements of the PCF Group for the 2024 fiscal year present a true and fair view of the company’s financial position and operational results.
- Grant Thornton Polska P.S.A. conducted an audit of the annual consolidated financial statements for PCF Group Spółka Akcyjna for the fiscal year ending December 31, 2024.
- The audit was performed in accordance with Polish auditing standards, including the Act on Statutory Auditors, National Auditing Standards (KSB), and EU Regulation 537/2014.
- Key audit matters included assets and liabilities from customer contracts/sales revenue, which amounted to PLN 9,580 thousand and PLN 5,808 thousand respectively, with sales revenue for 2024 totaling PLN 190,401 thousand.
Information on the State of Application of Good Practices 2021
PCF Group S.A. maintains a selective approach to the Good Practices 2021 corporate governance standards, prioritizing operational flexibility over the formalization of certain administrative and social oversight structures.
- PCF Group SA has changed its application of principles 1.6 and 2.4 of the Good Practices 2021 and updated explanations for principles 4.7, 4.8, and 4.9.1.
- The company does not apply the principle of publishing financial results as quickly as possible after the reporting period, stating that 2021 report publication was set for the shortest possible terms.
- PCF Group SA does not apply a diversity policy for its management board and supervisory board, citing dynamic growth and the need to acquire talent with specific competencies, rather than focusing on age, gender, or other diversity criteria.