Market Analysis
Documents
Annual Consolidated Financial Statement: 2021
AL. SOLIDARNOSCI 171 TEL +48 22 887 34 30 Grupa Kapitałowa PCF Group Spółka Akcyjna – wybrane dane w przeliczeniu na EUR PLN EUR od 01.01 do od 01.01 do od 01.01 do od 01.01 do 31.12.2021 r. 31.12.2020 r. 31.12.2021 r. 31.12.2020 r.
- 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.
- Cash and cash equivalents surged to 137,102 thousand PLN by the end of 2021, a significant rise from 41,302 thousand PLN at the end of 2020.
- Employee benefits expenses increased substantially to 55,884 thousand PLN in 2021, up from 20,311 thousand PLN in 2020.
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.
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.
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.
Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej PCF Group S.A.: 1 stycznia 2024 – 30 czerwca 2024
WARSZAWA | 30 WRZENIA 2024 ROKU PEOPLE PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOSCI GRUPY KAPITALOWEJ PCF GROUP S.A. ORAZ SPÓEKI PCF GROUP S.A. ZA 0KRES 01.01.2024 - 30.06.2024 za okres 01.01.2024 – 30.06.2024 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 01.01.2024 – 30.06.2024 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust.
- PCF Group S.A. reported a 29% increase in sales revenue, reaching PLN 70.1 million in H1 2024, up from PLN 54.3 million in H1 2023, driven by the release of Bulletstorm VR and revenue from Project Maverick, despite a decrease in revenue from Project Gemini.
- The cost of services sold increased by 134% to PLN 84.4 million in H1 2024 (from PLN 36.0 million in H1 2023), primarily due to increased costs associated with Project Maverick and Bulletstorm VR production.
- PCF Group S.A. terminated two revolving credit agreements with Bank Pekao S.A. totaling PLN 30 million and EUR 4.426 million, effective September 2024, without having utilized any of the credit.
- The company signed a short-term executive agreement on January 30, 2024, with Square Enix Limited to continue development on Project Gemini, following the expiration of the previous agreement, to finalize strategic discussions.
- PCF Group S.A. faces significant revenue concentration risk, with ongoing production and publishing agreements for Project Gemini (Square Enix Limited), Project Maverick (Microsoft Corporation), and Project Echo (Krafton Inc.).
Skonsolidowany raport kwartalny: Q3 2024
WARSZAWA | 26 LISTOPADA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) PEOPLE ZAKOCZONY 30 WRZENIA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.09.2024 r. 31.12.2023 r. 30.09.2024 r. 31.12.2023 r.
- PCF Group S.A. reported a net loss attributable to shareholders of (33,151) thousand PLN for the nine months ended September 30, 2024, compared to a loss of (15,352) thousand PLN in the same period of 2023.
- Basic and diluted earnings per share (EPS) from continuing operations were (0.93) PLN and (0.91) PLN respectively for the nine months ended September 30, 2024, worsening from (0.43) PLN and (0.42) PLN in the prior year.
- Total revenue from sales for the nine months ended September 30, 2024, reached 131,886 thousand PLN, with 54,890 thousand PLN from Europe and 76,996 thousand PLN from other countries.
- The Group decided to discontinue work on 'Project Dagger' on April 5, 2024, resulting in a 100% write-off of incurred development costs totaling 68,331 thousand PLN in 2023.
- PCF Group S.A. launched 'Bulletstorm VR' on PICO platforms on September 19, 2024, and released a significant update (Update 1.4) for the game on other VR platforms.
Consolidated Quarterly Report: Q1 2025
WARSZAWA | 29 MAJA 2025 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 31.03.2025 r. 31.12.2024 r. 31.03.2025 r. 31.12.2024 r.
- The company experienced a net loss of 3,855 thousand PLN in Q1 2025, a significant increase from the 864 thousand PLN net loss in Q1 2024.
- Revenue from sales decreased substantially from 56,881 thousand PLN in Q1 2024 to 9,492 thousand PLN in Q1 2025.
- The company is gradually withdrawing from VR game publishing, with the last project, Bison, scheduled for release in Q4 2025.
- Work on Project Victoria, a self-published game, has resumed with an accelerated early access release planned for 2025, supported by an experienced development team primarily in Canada.
- The company began a new collaboration with Sony Interactive Entertainment LLC on March 13, 2025, to produce a prototype for a new video game, Project Delta, with revenue recognition starting in Q1 2025.