PCF Group

Game Co.

234 documents

Documents

Current Report No. 52/2023: Credit Agreement of PCF Group S.A.

The report details the conclusion of two renewable credit agreements between PCF Group S.A. and Bank Polska Kasa Opieki S.A., finalized on 12 October 2023. The first agreement provides a maximum loan of PLN 30,000,000 for financing on‑demand game production costs; the second offers a maximum loan of €4,426,444 for similar purposes. Both lines have a three‑year utilization period and repayment horizon, with interest calculated annually as the sum of a fixed margin and the variable WIBOR rate. Fees for loan availability and guarantees from Bank Gospodarstwa Krajowego are set at market‑typical terms. Security for the bank’s claims comprises equal‑priority collateral, including financial pledges on all shares held by PCF Group in Incuvo S.A., pledges on the company’s bank accounts, a 150 % payment‑obligation declaration under civil procedure law, and up to 80 % guarantees from Bank Gospodarstwa Krajowego secured by blank promissory notes and related declarations. The agreements also contain standard suspension conditions for disbursement, routine information obligations post‑activation, and covenants restricting changes to the core business or additional borrowing. Breach of these covenants grants the bank rights to terminate the agreement or suspend further financing. The scope is limited to PCF Group S.A., a Warsaw‑based entity, with the agreements covering Polish and Euro denominated credit lines for game production financing. The methodology is a contractual disclosure under Article 17(1) of the MAR regulation, with no survey or external data sources referenced.

investment funding europe

PCF Group

Report

Śródroczne skonsolidowane sprawozdanie finansowe: Q1 2022

(dane w tys. zł, chyba że zaznaczone inaczej) AL. SOLIDARNOCI 171 TEL +48 22 887 34 30 (dane w tys. zł, chyba że zaznaczone inaczej) 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 31.03.2022 r. 31.03.2021 r. 31.03.2022 r. 31.03.2021 r.

investment europe game-development+1

PCF Group

Report

Current Report No. 22/2023: Production and Publishing Agreement with Microsoft Corporation

The report announces that on 13 June 2023 PCF Group S.A. entered into a Development and Publishing Agreement with Microsoft Corporation to produce and deliver an AAA‑grade title, code‑named Project Maveric k. The agreement designates Microsoft as the publisher and outlines a production schedule in a Product Appendix that details key milestones. PCF Group will develop the game under a work‑for‑hire model, with intellectual property rights retained by Microsoft. Funding is fully provided by the publisher and will be released as each milestone is achieved, with a total budget ranging from $30 million to $50 million. The contract follows standard industry terms for this type of partnership and does not contain any atypical provisions. The agreement aligns with PCF Group’s strategic update issued on 31 January 2023, which stated the company would pursue attractive work‑for‑hire collaborations with reputable partners. The project is geographically focused on the United States, given Microsoft’s headquarters in Redmond, Washington, and targets the global AAA gaming market. No survey or external data sources are cited; the report is a straightforward disclosure of contractual arrangements and financial commitments.

game-development game-publishing mergers-acquisitions+1

PCF Group

Report

Management Board Report on the Activities of PCF Group Capital Group and PCF Group S.A.: 2020

SPRAWOZDANIE ZARZADU Z DZIALALNOSCI GRUPY KAPITALOWEJ PCF GROUP SPÓLKA AKCYJNA ORAZ SPOLKI PCF GROUP SPOEKA AKCYJNA (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze Sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. w 2020 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust. 1 pkt 4, 6, 7 Rozporządzenia Ministra Finansów z dnia 29.03.2018 r.

investment europe pc+1

PCF Group

Report

Annual Consolidated Financial Statement: 2020

ZAKONCZONY 31 GRUDNIA 2020 ROKU SKONSOLIDOWANE SPRAWOZDANIE Z SYTUACJI FINANSOWEJ .......................................................... 3 SKONSOLIDOWANE SPRAWOZDANIE Z WYNIKU ...................................................................................... SKONSOLIDOWANE SPRAWOZDANIE Z WYNIKU I POZOSTAŁYCH CAŁKOWITYCH DOCHODÓW ...... 6 SKONSOLIDOWANE ZESTAWIENIE ZMIAN W KAPITALE WŁASNYM .......................................................

investment europe

PCF Group

Report

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.

investment europe

PCF Group

Report

Prezentacja Wyników Finansowych Q2 2022

The presentation reports PCF Group S.A.’s financial performance for the first half of 2022, comparing it to the same period in 2021 and to full‑year 2021 figures. Total revenue rose from PLN 90.6 million in HY 2021 to PLN 77.3 million in HY 2022, a 17.2 % decline, driven by lower game‑development and outsourcing income. EBITDA remained relatively flat, moving from PLN 28.8 million to PLN 29.0 million (+0.7 %), while net profit increased by 17.5 % to PLN 21.7 million from PLN 25.5 million in HY 2021. The company’s equity grew to PLN 259.5 million, up 9.1 % from PLN 283.1 million in FY 2021, and the asset‑to‑liability ratio improved by 17.5 %. Operating cash flow was slightly negative, with PLN 134.6 million in liquid assets versus PLN 137.1 million in assets, a 1.8 % decline. Strategically, PCF Group is positioning itself as a leading independent studio portfolio. The group plans to launch an annual flagship title from 2024 onward, pursue new genres and VR development, and expand its workforce to over 580 employees by the end of 2022. The portfolio includes pre‑production projects such as “Bulletstorm,” “Gemini,” and “Dagger,” with several titles slated for European release in 2024 and North American launches pending. The group’s geographic footprint spans Warsaw, Chicago, Montreal, Kraków, and Rzeszów, with a growing presence in North America. Methodologically, the figures derive from internal financial statements and are presented as rounded values; future projections are noted to be subject to change. The presentation emphasizes that it is informational only and not an investment recommendation.

market-analysis investment europe

PCF Group

Report

Consolidated Quarterly Report: Q1 2023

AL. SOLIDARNOCI 171, Tel +48 22 887 34 30 SKONSOLIDOWANY RAPORT KWARTALNY AL. SOLIDARNOCI 171, Tel +48 22 887 34 30 SKONSOLIDOWANY RAPORT KWARTALNY AL. SOLIDARNOCI 171, Tel +48 22 887 34 30 SKONSOLIDOWANY RAPORT KWARTALNY AL. SOLIDARNOCI 171, Tel +48 22 887 34 30 SKONSOLIDOWANY RAPORT KWARTALNY AL. SOLIDARNOCI 171, Tel +48 22 887 34 30 SKONSOLIDOWANY RAPORT KWARTALNY AL. SOLIDARNOCI 171, Tel +48 22 887 34 30 SKONSOLIDOWANY RAPORT KWARTALNY AL.

investment europe

PCF Group

Report

Results: What's Next - Focus on Cash Flow

The analysis outlines a strategic pivot toward cash‑flow optimization for the company, driven by recent shifts in the VR market and a need to secure additional financing. Revenue growth in 2024 reached PLN 190.4 million, largely supported by the launches of Project Maverick and Project Echo, as well as the January 2024 release of Bulletstorm VR. However, profitability suffered due to write‑offs of the Red and Bifrost projects and a decline in 2Q revenues linked to Gemini negotiations, resulting in an EBITDA of PLN 12.9 million and a net loss of PLN 175.3 million. Operationally, the organization is trimming non‑essential spend and restructuring office space and team composition to reduce overhead. The workforce, which expanded from 612 employees in 2020 to 756 by the end of 2024, is being realigned with a focus on critical projects. The company has ceased further investment in VR development following the 2024 platform subsidy withdrawal, redirecting resources toward AAA and compact‑AAA titles. Future initiatives include two new work‑from‑home projects with Sony Interactive Entertainment, the self‑publishing of Project Bison (the final VR title from PCF Group) slated for Q4 2025, and an early‑access release of Lost Rift in 2025. Krafton’s waiver of ROFO/ROFR rights for Bifrost and Victoria frees the company to seek external publishers. Scenario analysis is underway to identify additional funding sources, ensuring liquidity while maintaining a lean operational model across global studios in Warsaw, Montreal, Newcastle, Dublin, Katowice, and Rzeszów.

game-development game-publishing vr+3

PCF Group

Report

Terminy publikacji raportów okresowych: PCF Group S.A. 2026

PCF Group S.A. has established its financial reporting schedule for the 2026 fiscal year, ensuring compliance with regulatory requirements for issuers of securities. The primary objective of this disclosure is to provide stakeholders and the investment community with a transparent timeline for the release of audited annual, semi-annual, and quarterly financial statements. This schedule facilitates market predictability and aligns with the company’s obligations under current financial regulations. The reporting calendar begins on April 23, 2026, with the publication of both the standalone and consolidated annual reports for the 2025 fiscal year. Subsequent disclosures include the consolidated quarterly report for the first quarter of 2026 on May 28, 2026, and the consolidated semi-annual report for the first half of 2026 on September 17, 2026. The final scheduled disclosure is the consolidated quarterly report for the third quarter of 2026, set for November 26, 2026. In accordance with specific regulatory exemptions, the company will not publish standalone quarterly or semi-annual reports. Furthermore, the company has opted to forgo the publication of quarterly reports for the fourth quarter of 2025, as well as the second and fourth quarters of 2026. By focusing exclusively on consolidated reporting, the company streamlines its financial communication strategy while maintaining adherence to the disclosure standards mandated for the 2026 reporting period.

investment europe

PCF Group

Report

Raport Bieżący Nr 54/2023: Zawarcie Umowy na Realizację Nowego Projektu

The report announces that PCF Group S.A., headquartered in Warsaw, has decided to launch a new project code‑named “Bison” after conducting market analysis and assessing the company’s production capacity and capital group resources. On 12 November 2023, PCF Group entered into a developer services agreement with its subsidiary Incuvo S.A., based in Katowice, to provide development support for the project. The “Bison” initiative focuses on creating a virtual‑reality (VR) adventure survival video game built on People Can Fly’s proprietary intellectual property. The game will target the most prominent current and upcoming VR hardware platforms, with full production funding provided by PCF Group. The company will oversee the entire development lifecycle, from final product creation to commercialization and market launch, utilizing the Unity engine for game development. The planned release window spans 2024 to 2025, positioning the title within a growing VR gaming segment. The announcement underscores PCF Group’s strategic intent to expand its portfolio into immersive VR experiences, leveraging internal expertise and infrastructure while partnering with a dedicated subsidiary for specialized development services.

game-development adventure europe

PCF Group

Report

Raport bieżący nr 18/2024Ujawnienie opóźnionej informacji poufnej w sprawie rozpoczęcia przez PCF Group S.A. negocjacji w przedmiocie zawarcia umowy produkcyjno-wydawniczej z Krafton Inc.

PCF Group S.A. has officially disclosed the commencement of negotiations regarding a production and publishing agreement with Krafton Inc., a Seoul-based publisher. This disclosure follows the formal execution of a Master Services Agreement on September 10, 2024. The company had previously delayed the announcement of these negotiations, which began on July 11, 2024, to protect its legitimate business interests and prevent potential interference from competitors during the sensitive negotiation phase. The partnership centers on the development of a new game mode for an existing Krafton title, utilizing a work-for-hire model. This collaboration aligns with the strategic objectives outlined by PCF Group in early 2023, which prioritize securing high-quality work-for-hire opportunities with reputable industry partners. The agreement is structured as a framework, with specific operational details, project timelines, and compensation terms to be defined in subsequent statements of work. Management justified the initial delay in public disclosure by citing the uncertainty of the negotiation outcomes and the risk that premature release could lead to market misinterpretation of the company’s valuation. Throughout the delay period, the company maintained strict confidentiality protocols, including the maintenance of an insider list as required by regulatory standards. The disclosure confirms that the terms of the agreement are consistent with standard industry practices for similar development projects.

game-development game-publishing mergers-acquisitions+1

PCF Group