PCF Group

Game Co.591 documents

Documents

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%).

PCF Group

Report52 pages

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.

PCF Group

Report90 pages

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.

PCF Group

Report2 pages

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.

PCF Group

Report2 pages

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.

PCF Group

Report59 pages

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.

PCF Group

Report92 pages

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.

PCF Group

Report2 pages

Raport z przeglądu skróconego śródrocznego sprawozdania finansowego: H1 2024

The review confirms that PCF Group’s condensed half‑year financial statements for the period ending 30 June 2024 were prepared in accordance with International Financial Reporting Standard 34 and the European Commission’s regulatory framework. The audit opinion is limited to a review, not an examination, and therefore does not provide assurance that all material matters would have been identified. No findings were noted that would lead the reviewers to believe the statements are not prepared in accordance with applicable standards.

Key disclosures highlight significant uncertainties surrounding the company’s ability to continue as a going concern. Management has outlined actions to secure additional financing aimed at sustaining its strategy of developing and publishing proprietary games. While management remains optimistic, the review notes that success is not guaranteed.

The company reported intangible assets related to in‑process development work amounting to PLN 239,487 thousand as of 30 June 2024. These assets meet the criteria for capitalization under IAS 38, provided that sufficient financial resources are available to complete development. Management has produced a five‑year cash‑flow forecast that incorporates assumptions about future game development, potential new projects, and the likelihood of securing further funding. The review cautions that this forecast depends on uncertain future events.

The scope of the review covered all financial statements, including balance sheet, income statement, comprehensive income, equity changes, and cash‑flow statement for the first half of 2024. The methodology followed the Polish Standard 2410, equivalent to International Standard on Review Engagements 2410, involving analytical procedures and inquiries of finance and accounting personnel. The review was conducted by Grant Thornton Polska Prosta Spółka Akcyjna, with the key auditor Jan Letkiewicz leading the engagement.

PCF Group faces significant uncertainty regarding its ability to continue as a going concern, necessitating the acquisition of additional financing to sustain its proprietary game development strategy.
As of 30 June 2024, the company holds PLN 239,487 thousand in intangible assets related to in-process development work.
The capitalization of development assets is contingent upon the company securing sufficient financial resources to complete its projects, as required by IAS 38.
Management has developed a five-year cash-flow forecast based on assumptions regarding future game development and funding, though auditors caution that these projections rely on uncertain future events.
The condensed H1 2024 financial statements were prepared in accordance with IAS 34 and received a clean review opinion from Grant Thornton Polska, led by auditor Jan Letkiewicz.

PCF Group

Report96 pages

Roczne Skonsolidowane Sprawozdanie Finansowe: 2024

ZA ROK 0BROTOWY ZAKONCZONY 31 GRUDNIA 2024 ROKU Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 31.12.2024 r. 31.12.2023 r. 31.12.2024 r. 31.12.2023 r. Sprawozdanie z sytuacji finansowej Aktywa 373 353 513 461 87 375 118 091 Zobowiązania długoterminowe 20 862 32 321 ...

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.
The company's equity decreased significantly from 427,880 PLN (98,408 EUR) in 2023 to 250,769 PLN (58,687 EUR) in 2024.
PCF Group invested heavily in intangible assets, with expenditures of -123,694 PLN in 2024, including two Unreal Engine licenses valued at 11,330 thousand PLN for game production (Victoria and Bifrost projects).

PCF Group

Report51 pages

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.).

PCF Group

Report2 pages

Review Report of the Condensed Interim Consolidated Financial Statement: 2024

The review confirms that the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna, prepared for the period ending 30 June 2024 and presented in accordance with International Financial Reporting Standard 34, appear to have been prepared without material misstatement. The audit was performed under Polish National Standard 2410, equivalent to the International Standard on Review Engagements, and involved inquiry procedures, analytical reviews, and other review activities directed at financial and accounting personnel. The scope of the engagement is limited to a reasonable assurance that no material issues have been identified, and therefore an audit opinion was not expressed.

Key disclosures highlighted in the management’s notes include significant uncertainty regarding the Group’s ability to continue as a going concern. Management has undertaken actions to secure additional financing to support its strategy of developing and publishing proprietary games, though the outcome remains uncertain. The review notes that no modifications were made to the auditor’s conclusions regarding this matter.

Another focus of the notes is the Group’s intangible assets related to work in progress on new games, valued at PLN 165,284 thousand as of 30 June 2024. Management asserts that these assets meet IAS 38 criteria for capitalization, contingent on the availability of sufficient financial resources. A five‑year cash‑flow forecast underpins this valuation, but the auditor cautions that its feasibility depends on future events that are not guaranteed.

The review covers the Polish market, specifically PCF Group’s operations in Warsaw and its consolidated entities. No audit procedures beyond the review scope were performed, and no assurance is provided that all material matters have been disclosed.

PCF Group faces significant uncertainty regarding its ability to continue as a going concern, with management currently seeking additional financing to sustain its proprietary game development strategy.
As of 30 June 2024, the Group holds PLN 165,284 thousand in intangible assets related to work-in-progress game projects.
The valuation of the Group's intangible assets is supported by a five-year cash-flow forecast, though the auditor warns that the feasibility of these projections depends on uncertain future events.
Management asserts that its capitalized work-in-progress assets meet IAS 38 criteria, provided the company maintains sufficient financial resources to complete development.
The interim financial statements for the period ending 30 June 2024 were reviewed under Polish National Standard 2410 and appear to be free of material misstatement.

PCF Group

Report53 pages

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.

PCF Group