Consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 December 2023
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Table of contents
Reference to published estimates ................................................................................................................................................................................. 3
Key financial data of the CD PROJEKT Group ................................................................................................................................................................. 6
Consolidated income statement .................................................................................................................................................................................... 7
Consolidated statement of comprehensive income ................................................................................................................................................ 7
Consolidated statement of financial position ............................................................................................................................................................. 8
Statement of changes in consolidated equity .......................................................................................................................................................... 10
Consolidated statement of cash flows ....................................................................................................................................................................... 12
Notes to the consolidated financial statements ............................................................................................................................................................. 14
General Information ......................................................................................................................................................................................................... 15
Consolidation policies ..................................................................................................................................................................................................... 15
CD PROJEKT Group Companies ............................................................................................................................................................................ 15
Subsidiaries ................................................................................................................................................................................................................. 22
Changes in accounting policies .................................................................................................................................................................................. 22
Going concern assumption ........................................................................................................................................................................................... 22
Compliance with the International Financial Reporting Standards................................................................................................................... 22
Amendments to standards or interpretations effective from 1 January 2023 applicable and adopted by the Group ................23
Description of adopted accounting policies .............................................................................................................................................................24
Revenue and operating expenses ........................................................................................................................................................................24
Finance income and costs ...................................................................................................................................................................................... 25
State subsidies ........................................................................................................................................................................................................... 25
Current and deferred income tax ......................................................................................................................................................................... 25
Value-added tax (VAT) ............................................................................................................................................................................................. 25
Property, plant and equipment .............................................................................................................................................................................. 25
Intangible assets - Expenditure on development projects ........................................................................................................................... 26
Intangible assets - Other ......................................................................................................................................................................................... 29
Goodwill ........................................................................................................................................................................................................................ 29
Mergers of business entities under common control ..................................................................................................................................... 29
Impairment of non-financial assets ....................................................................................................................................................................... 29
Investment properties .............................................................................................................................................................................................. 30
Rights of perpetual usufruct of land ..................................................................................................................................................................... 30
Leases ........................................................................................................................................................................................................................... 30
Shares in non-consolidated subordinated entities .......................................................................................................................................... 30
Financial assets ............................................................................................................................................................................................................ 31
Financial liabilities ........................................................................................................................................................................................................ 31
Inventories ..................................................................................................................................................................................................................... 31
Trade and other receivables ...................................................................................................................................................................................32
Prepayments and accruals .......................................................................................................................................................................................32
Cash and cash equivalents ......................................................................................................................................................................................32
Assets held for sale and discontinued operations ...........................................................................................................................................32
Equity ..............................................................................................................................................................................................................................32
Provisions for liabilities .............................................................................................................................................................................................. 33
Employee benefits ...................................................................................................................................................................................................... 33
Loans granted .............................................................................................................................................................................................................. 33
Trade and other payables ........................................................................................................................................................................................ 33
Licences ......................................................................................................................................................................................................................... 33
Payment of dividend .................................................................................................................................................................................................. 33
Functional currency and presentation currency ...................................................................................................................................................... 34
Functional currency and presentation currency ............................................................................................................................................... 34
Transactions and balances ...................................................................................................................................................................................... 34
Critical accounting estimates and judgements ........................................................................................................................................................ 34
Professional judgement ............................................................................................................................................................................................ 34
Uncertainty of estimates ........................................................................................................................................................................................... 34
Assumption of comparability of the financial statements, changes in accounting policies and estimates.......................................... 36
Changes in accounting policies ............................................................................................................................................................................ 36
Presentation changes ............................................................................................................................................................................................... 36
Notes – operating segments of the CD PROJEKT Group .......................................................................................................................................... 37
Operating segments ........................................................................................................................................................................................................38
Operating segments ..................................................................................................................................................................................................38
Information on individual operating segments ................................................................................................................................................. 39
Notes – other explanatory notes to the consolidated financial statements ........................................................................................................ 46
Note 1. Sales revenue ................................................................................................................................................................................................ 47