CD Projekt Group FY2023 Earnings Release
Download PDFMar, 2024 CD PROJEKT GROUP
FY 2023 Earnings
2 8 M A R C H 2 0 2 4
Michał Nowakowski
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J O I N T C H I E F E X E C U T I V E O F F I C E R , M E M B E R O F T H E B O A R D
Piotr Nielubowicz
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C H I E F F I N A N C I A L O F F I C E R , M E M B E R O F T H E B O A R D
Adam Kiciński
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C H I E F S T R A T E G Y O F F I C E R , M E M B E R O F T H E B O A R D
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3
4
2020
2021
2022
2023
Revenue from Cyberpunk 2077 and Phantom Liberty
Sales of Cyberpunk 2077 and Phantom Liberty
1 404
367
459
826
[PLN millions]
Cumulative revenue
since CP 2077 release
Upcoming projects
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Developed by:
The Molasses Flood
Project stage:
Pre-production
Supported by:
CD PROJEKT RED
Sirius
Our pipeline
Developed by:
CD PROJEKT RED
Project stage:
Concept
Developed by:
CD PROJEKT RED
Project stage:
Pre-production
Developed by:
CD PROJEKT RED
Project stage:
IP concept phase
Orion
NEW IP
Hadar
Polaris
The Witcher Remake
Developed by:
Fool’s Theory
Project stage:
Concept
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Supported by:
CD PROJEKT RED
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Development teams engaged in ongoing projects
*General Development Services (e.g. Localization, Quality Assurance), Data, Insights & Experiences, Artificial Intelligence
O F T H E C D P R O J E K T G R O U P
Financial Results
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CD PROJEKT GROUP — Profit and loss account
All figures in PLN thousands
CD PROJEKT GROUP
RED
GOG
eliminations
2023 vs.
2023 vs.
2022
2023
2023
2023
2023
2022 [PLN]
2022 [%]
Sales revenue
952 576
1 230 199
1 037 873
234 969
-42 643
277 623
29%
Sales of products and services
769 459
1 043 446
1 024 559
880
18 007
273 987
36%
– CP 2077 + expansion *
469 338
852 097
835 213
– The Witcher 1, 2, 3 + expansions *
208 163
158 774
157 896
Sales of goods for resale and materials
183 117
186 753
13 314
234 089
-60 650
3 636
2%
Cost of sales
243 974
380 567
254 972
168 136
-42 541
136 593
56%
Cost of products and services sold
111 562
239 760
239 914
4
-158
128 198
115%
Cost of goods for resale and materials sold
132 412
140 807
15 058
168 132
-42 383
8 395
6%
Gross profit on sales
708 602
849 632
782 901
66 833
-102
141 030
20%
Operating costs
331 915
380 592
325 446
55 245
-99
48 677
15%
Selling expenses
189 551
243 796
198 832
45 063
-99
54 245
29%
– CP IP publishing costs
47 421
115 762
115 762
68 341
144%
Administrative expenses
108 995
166 507
158 381
8 364
-238
57 512
53%
– Stock based incentive programs
4 274
16 776
16 642
134
12 502
293%
– Research phase costs
4 593
20 002
20 002
15 409
335%
Other operating income less expenses
-33 369
29 711
31 767
-1 818
-238
63 080
-189%
– Project Sirius – impairment/adjustment (balance)
-33 375
18 786
18 786
52 161
-156%
EBIT
376 687
469 040
457 455
11 588
-3
92 353
25%
Financial income less costs
15 838
69 452
69 300
-13
165
53 614
339%
– Spokko shares write-off due to merger
-27 271
27 271
27 271
54 542
-200%
Income tax
46 034
57 387
56 007
1 320
60
11 353
25%
Net profit
346 491
481 105
470 748
10 255
102
134 614
39%
Net profitability
36.4%
39.1%
45.4%
4.4%
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TŁO JAK NA SLAJDZIE OKŁADKOWO-FINANSOWYM
*estimation
All figures in PLN thousands
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TŁO JAK NA SLAJDZIE OKŁADKOWO-FINANSOWYM
CD PROJEKT GROUP
Revenues
All figures in PLN thousands
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TŁO JAK NA SLAJDZIE OKŁADKOWO-FINANSOWYM
CD PROJEKT GROUP
Net profit vs. costs and expenses
12
–
TOTAL DIVIDEND
–
DPS
99 910 510 PLN
1 PLN
BOARD RECOMMENDATION
CONCERNING DIVIDEND PAYOUT
CD PROJEKT GROUP – assets
Assets
31.12.2022
31.12.2023
change
change %
Non-current assets
1 122 185
1 450 623
328 438
29%
Expenditure on development projects
475 169
527 182
52 013
11%
– New development during 2023
264 784
– Depreciation during 2023
-231 557
– Project Sirius – impairment adjustment (balance)
18 786
Other financial assets *
207 437
455 907
248 470
120%
Property, plant and equipment, investment properties
187 812
217 283
29 471
16%
Deferred tax assets
53 102
43 371
-9 731
-18%
Other non-current assets
198 665
206 880
8 215
4%
Current assets
1 154 146
1 162 815
8 669
1%
Trade receivables
165 290
193 520
28 230
17%
Other financial assets *
279 515
362 719
83 204
30%
Cash and bank deposits *
615 157
516 259
-98 898
-16%
Other current assets
94 184
90 317
-3 867
-4%
Total assets
2 276 331
2 613 438
337 107
15%
*Cash, bank deposits and T-bonds – total
1 091 005
1 309 459
218 454
20%
13
All figures in PLN thousands
Equity and liabilities
31.12.2022
31.12.2023
change
change %
Equity
2 031 466
2 403 490
372 024
18%
Liabilities
244 865
209 948
-34 917
-14%
Liabilities
115 560
103 914
-11 646
-10%
Deferred income
26 094
15 485
-10 609
-41%
Provisions
103 211
90 549
-12 662
-12%
Total liabilities and equity
2 276 331
2 613 438
337 107
15%
14
All figures in PLN thousands
CD PROJEKT GROUP – equity and liabilities
CD PROJEKT RED
Product research, development & service costs
15
All figures in PLN thousands
CD PROJEKT GROUP
Changes in cash, deposits & T-bonds
1 091 005
1 309 459
16
All figures in PLN thousands
Total increase in cash, deposits and T-bonds during 2023:
218 454
481 105
245 082
-272 655
-58 282
-57 615
-99 911
-19 270
Q
&
A
17
Thank you
ir@cdprojekt.com
karolina.gnas@cdprojekt.com
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Legal Disclaimer
This presentation was created by CD PROJEKT S.A. (“CD PROJEKT”).
Data contained in this presentation is valid as of the day of its preparation. Consequently, this presentation will not be subject to changes, updates or
modifications to account for events which might occur after this day.
The presentation outlines the activities of CD PROJEKT and the CD PROJEKT Group. It is purely informative in scope and should not be regarded as
offering investment advice. Information contained in this presentation must not be construed as assurances, projections or forecasts regarding future
accomplishments or earnings of CD PROJEKT or of the CD PROJEKT Group.
Although due diligence was applied in preparing this presentation, it may nevertheless contain ambiguities. Under no circumstances should this
presentation be construed as a purchase recommendation, an invitation to subscribe to, or an offer to recommend purchase or subscription to any
securities issued by CD PROJEKT.
The recipients of this presentation bear all responsibility for their own analyses and assessments regarding the status of the market as well as the
condition and potential future earnings of CD PROJEKT which may be based on information contained herein. CD PROJEKT wishes to advise all parties
accessing this presentation that the sole authoritative source of information concerning the Company’s earnings, projections, events and indicators is
represented by the current and periodic reports published by CD PROJEKT in the course of discharging its reporting obligations under Polish law.
This presentation is not to be circulated in territories and states where public circulation and sharing of information contained herein may be subject to
legal restrictions. Parties accessing this presentation are advised to familiarize themselves with any such restrictions beforehand.
CD PROJEKT S.A. or any of its affiliates in the capital group (“CD PROJEKT”) with regards to any kind of, either sponsored or unsponsored ADR
(“alternative depositary receipts”) or any other financial instruments of this kind (“Financial Instruments”) does not (i) make any warranties, expressed or
implied, as to the accuracy, adequacy or completeness or any of the information connected with the Financial Instruments, (ii) support or encourage the
creation of any kind of the Financial Instruments. CD PROJEKT does not represent any depository institution, bank or anyone nor should any such
entity/person.
CD PROJEKT shall have no responsibility or liability for the Financial Instruments. In case of any question, the holder of any Financial Instruments (as
defined above) shall receive all the essential information at the institution issuing such Financial Instruments or any institution supporting such issuance
of the Financial Instruments.
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