Cash flow CD PROJEKT S.A.

Equities

CDR

PLOPTTC00011

Software

Market Closed - Warsaw S.E. Other stock markets 11:55:41 2024-12-13 am EST			5-day change	1st Jan Change
183.60 ^PLN	-3.87%		-4.87%	+59.65%

Dec. 13	Poland's CD Projekt releases trailer for Witcher IV game	RE
Dec. 03	CD PROJEKT : Target upgrade by 0.9%

11029cef689b6e4e341a0d72bb39f17b.H_SkMJ5SJI8twBAI0UPBczySkfwnqScIJv8xV6Koxcc.dJnVeOsjV9wekSFEqDm4OG7nzpRKn2hcY8hHMM7RjoJOnu1E9RdA1V2WXQ

Published financial data: CD PROJEKT S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	521M	2.14B	888M	953M	1.23B
Other Revenues, Total	-	-	-	-	-
Total Revenues	521M	2.14B	888M	953M	1.23B
Cost of Goods Sold, Total	161M	491M	250M	244M	383M
Gross Profit	360M	1.65B	638M	709M	848M
Selling General & Admin Expenses, Total	167M	478M	375M	298M	410M
Provision for Bad Debts	-	-	-	-	-
Other Operating Expenses	-2.69M	10.79M	-5.49M	1.98M	-13.21M
Other Operating Expenses, Total	165M	489M	370M	300M	397M
Operating Income	195M	1.16B	268M	409M	451M
Interest Expense, Total	-587K	-659K	-2.8M	-1.67M	-863K
Interest And Investment Income	9.34M	7.81M	1.55M	43.34M	48.01M
Net Interest Expenses	8.75M	7.15M	-1.25M	41.66M	47.14M
Currency Exchange Gains (Loss)	122K	-7.34M	-17.05M	-24.55M	-47.96M
Other Non Operating Income (Expenses)	5K	9.17M	6.3M	3.24M	40.82M
EBT, Excl. Unusual Items	204M	1.17B	256M	429M	491M
Gain (Loss) On Sale Of Investments	-	-1.08M	-1.44M	-4.52M	29.44M
Gain (Loss) On Sale Of Assets	84K	-1.66M	-764K	-775K	-3.82M
Asset Writedown	-	-	-34.58M	-34.29M	21.01M
Legal Settlements	-	-	-	-	94K
Other Unusual Items	-15.19M	-128K	-364K	3.67M	1.25M
EBT, Incl. Unusual Items	189M	1.16B	219M	393M	538M
Income Tax Expense	13.85M	10.62M	10.2M	46.09M	57.39M
Earnings From Continuing Operations	175M	1.15B	209M	347M	481M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	175M	1.15B	209M	347M	481M
Minority Interest	-	-	-	-	-
Net Income - (IS)	175M	1.15B	209M	347M	481M
Net Income to Common Incl Extra Items	175M	1.15B	209M	347M	481M
Net Income to Common Excl. Extra Items	175M	1.15B	209M	347M	481M
Per Share Items
Net EPS - Basic	1.82	11.97	2.07	3.45	4.8
Basic EPS - Continuing Operations	1.82	11.97	2.07	3.45	4.8
Basic Weighted Average Shares Outstanding	96.12M	96.46M	101M	101M	100M
Net EPS - Diluted	1.74	11.49	2.07	3.44	4.8
Diluted EPS - Continuing Operations	1.74	11.49	2.07	3.44	4.8
Diluted Weighted Average Shares Outstanding	101M	100M	101M	101M	100M
Normalized Basic EPS	1.33	7.57	1.59	2.66	3.06
Normalized Diluted EPS	1.27	7.27	1.59	2.66	3.06
Dividend Per Share	-	5	1	1	1
Payout Ratio	57.57	-	241.11	29.02	20.77
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	201M	1.17B	282M	423M	466M
EBITA	196M	1.16B	269M	410M	453M
EBIT	195M	1.16B	268M	409M	451M
EBITDAR	201M	1.17B	286M	423M	466M
Total Revenues (As Reported)	521M	2.14B	888M	953M	1.23B
Effective Tax Rate - (Ratio)	7.32	0.91	4.66	11.72	10.66
Current Domestic Taxes	8.59M	28.84M	46.5M	51.59M	47.47M
Total Current Taxes	8.59M	28.84M	46.5M	51.59M	47.47M
Deferred Domestic Taxes	5.26M	-18.22M	-36.3M	-5.5M	9.92M
Total Deferred Taxes	5.26M	-18.22M	-36.3M	-5.5M	9.92M
Normalized Net Income	128M	730M	160M	268M	307M
Interest on Long-Term Debt	546K	753K	1.69M	1.18M	1.11M
Non-Cash Pension Expense	65K	145K	-15K	-11K	153K
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	125M	408M	299M	222M	244M
General and Administrative Expenses	41.92M	66.44M	71.95M	75.54M	167M
Research And Development Expense From Footnotes	29.37M	254M	86.96M	104M	231M
Net Rental Expense, Total	570K	4.1M	4.68M	463K	469K
Imputed Operating Lease Interest Expense	264K	1.11M	3.18M	164K	146K
Imputed Operating Lease Depreciation	306K	2.98M	1.5M	299K	323K
Stock-Based Comp., G&A Exp. (Total)	28.17M	14.71M	-	-	-
Stock-Based Comp., Other (Total)	-	-	-999K	4.28M	16.68M
Total Stock-Based Compensation	28.17M	14.71M	-999K	4.28M	16.68M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	49.41M	563M	412M	278M	178M
Short Term Investments	433M	271M	573M	617M	701M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	482M	834M	984M	895M	879M
Accounts Receivable, Total	130M	1.21B	125M	165M	194M
Other Receivables	80.72M	70.21M	114M	58.6M	58.87M
Total Receivables	210M	1.28B	239M	224M	252M
Inventory	12.86M	6.96M	15.89M	12.7M	3.58M
Prepaid Expenses	19.56M	13.38M	13.76M	22.89M	27.87M
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	725M	2.13B	1.25B	1.15B	1.16B
Gross Property Plant And Equipment	140M	153M	176M	221M	274M
Accumulated Depreciation	-34.29M	-47.78M	-61.12M	-75.38M	-91.16M
Net Property Plant And Equipment	105M	105M	115M	145M	183M
Long-term Investments	8.02M	59.78M	217M	249M	494M
Goodwill	56.44M	56.44M	56.44M	56.44M	56.44M
Other Intangibles, Total	59.76M	59.79M	58.39M	69.16M	70.06M
Deferred Tax Assets Long-Term	-	15.18M	47.42M	52.86M	43.37M
Deferred Charges Long-Term	386M	407M	350M	473M	527M
Other Long-Term Assets, Total	63.76M	60.84M	61.11M	74.02M	76.53M
Total Assets	1.4B	2.89B	2.16B	2.27B	2.61B
Liabilities
Accounts Payable, Total	59.87M	115M	53.38M	72.12M	58.84M
Accrued Expenses, Total	9.51M	29.41M	6.87M	7.67M	16.77M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	2.15M	2.93M	25.8M	9.58M	3.27M
Current Income Taxes Payable	118K	1.74M	24.45M	2.12M	462K
Unearned Revenue Current, Total	161M	47.76M	31.55M	22.42M	13.17M
Other Current Liabilities	40.29M	344M	86.22M	90.62M	78.67M
Total Current Liabilities	273M	541M	228M	205M	171M
Long-Term Leases	17.75M	16.01M	21.08M	18.88M	20.04M
Unearned Revenue Non Current	364K	963K	6.42M	3.67M	2.32M
Pension & Other Post Retirement Benefits	255K	398K	380K	366K	518K
Deferred Tax Liability Non Current	2.94M	-	-	50K	-
Other Non Current Liabilities	3.85M	149M	8.23M	13.22M	15.9M
Total Liabilities	298M	707M	264M	241M	210M
Common Stock, Total	96.12M	101M	101M	101M	99.91M
Additional Paid In Capital	549K	775M	1.43B	1.68B	1.83B
Retained Earnings	173M	1.15B	202M	344M	450M
Treasury Stock	-	-	-	-99.99M	-
Comprehensive Income and Other	836M	160M	165M	4.16M	21.97M
Total Common Equity	1.11B	2.19B	1.89B	2.03B	2.4B
Total Equity	1.11B	2.19B	1.89B	2.03B	2.4B
Total Liabilities And Equity	1.4B	2.89B	2.16B	2.27B	2.61B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	96.12M	101M	101M	99.91M	99.91M
ECS Total Common Shares Outstanding	96.12M	101M	101M	99.91M	99.91M
Book Value / Share	11.5	21.73	18.8	20.35	24.06
Tangible Book Value	989M	2.07B	1.78B	1.91B	2.28B
Tangible Book Value Per Share	10.29	20.58	17.66	19.1	22.79
Total Debt	19.9M	18.94M	46.88M	28.46M	23.31M
Net Debt	-462M	-815M	-937M	-866M	-856M
Debt Equivalent Oper. Leases	4.56M	32.77M	37.45M	3.7M	3.75M
Equity Method Investments, Total	8.02M	8.2M	38.52M	41.61M	38.1M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	194K	82K	43K	4K	4K
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Finished Goods, Total	12.67M	6.88M	15.84M	12.7M	5.6M
Land - (BS)	21.45M	21.45M	21.45M	25.9M	25.9M
Buildings, Total	58.62M	60.16M	67.82M	67.96M	94.55M
Machinery, Total	32.55M	41.67M	53.87M	59.84M	92.14M
Full Time Employees	1.04K	1.18K	493	544	615
Assets under Capital Lease - Gross	22.58M	23.3M	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-2.56M	-4.44M	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	29K	126K	79K	86K	79K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	175M	1.15B	209M	347M	481M
Depreciation & Amortization - CF	6.72M	8.17M	15.15M	15.2M	14.13M
Amortization of Goodwill and Intangible Assets - (CF)	562K	1.96M	584K	967K	2.18M
Depreciation & Amortization, Total	7.28M	10.13M	15.73M	16.17M	16.31M
Amortization of Deferred Charges, Total - (CF)	30.74M	260M	91.53M	106M	232M
(Gain) Loss From Sale Of Asset	-84K	1.66M	2.43M	28.05M	-23.45M
(Gain) Loss on Sale of Investments - (CF)	-	60.51M	84.15M	180M	67.3M
Asset Writedown & Restructuring Costs	-	-	34.58M	34.29M	-21.53M
Stock-Based Compensation (CF)	28.17M	14.71M	-999K	4.28M	16.68M
Other Operating Activities, Total	-23.49M	-54.95M	-88.87M	-235M	-81.72M
Change In Accounts Receivable	-126M	-1.08B	1.04B	-44.05M	-60.03M
Change In Inventories	-12.6M	5.9M	-8.93M	3.18M	9.12M
Change In Deferred Taxes	-	-	-	-	-233K
Change in Other Net Operating Assets	138M	344M	-408M	-33.55M	-24.25M
Cash from Operations	217M	712M	968M	406M	611M
Capital Expenditure	-91.51M	-18.52M	-27.97M	-48.27M	-57.19M
Sale of Property, Plant, and Equipment	136K	22K	241K	568K	645K
Cash Acquisitions	-4.5M	-	-19.31M	-37.64M	-9.48M
Divestitures	-	-	19K	76K	-
Sale (Purchase) of Real Estate properties	-36.74M	-8.34M	-2.08M	-214K	-122K
Sale (Purchase) of Intangible assets	-165M	-203M	-155M	-208M	-274M
Investment in Marketable and Equity Securities, Total	122M	119M	-415M	-57.48M	-333M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-4.5M	-4.34M	8.05M	-2.55M
Other Investing Activities, Total	11.01M	9.51M	9.79M	7.14M	68.42M
Cash from Investing	-164M	-106M	-614M	-336M	-607M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	39K	31K
Total Debt Issued	-	-	-	39K	31K
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-5.71M	-2.86M	-3.73M	-3.73M	-2.62M
Total Debt Repaid	-5.71M	-2.86M	-3.73M	-3.73M	-2.62M
Issuance of Common Stock	-	126M	2.15M	822K	-
Repurchase of Common Stock	-	-214M	-	-99.99M	-
Common Dividends Paid	-101M	-	-504M	-101M	-99.91M
Common & Preferred Stock Dividends Paid	-101M	-	-504M	-101M	-99.91M
Other Financing Activities, Total	-546K	-401K	-501K	-581K	-807K
Cash from Financing	-107M	-91.39M	-506M	-204M	-103M
Miscellaneous Cash Flow Adjustments	-	-	-	-30K	-
Net Change in Cash	-54.97M	514M	-152M	-134M	-99.77M
Supplemental Items
Cash Interest Paid	546K	401K	541K	581K	808K
Cash Income Tax Paid (Refund)	27.22M	-6.89M	13.7M	43.03M	17.4M
Levered Free Cash Flow	-86.13M	-132K	781M	126M	152M
Unlevered Free Cash Flow	-85.76M	280K	783M	127M	152M
Change In Net Working Capital	17.56M	787M	-692M	-1.56M	63.05M
Net Debt Issued / Repaid	-5.71M	-2.86M	-3.73M	-3.69M	-2.59M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	9.65	33.7	6.64	11.53	11.52
Return on Total Capital	11.47	43.48	8.09	12.76	12.57
Return On Equity %	16.63	70.11	10.25	17.67	21.7
Return on Common Equity	16.63	70.11	10.25	17.67	21.7
Margin Analysis
Gross Profit Margin %	69.05	77.03	71.83	74.39	68.9
SG&A Margin	32.09	22.34	42.24	31.27	33.35
EBITDA Margin %	38.48	54.58	31.71	44.39	37.85
EBITA Margin %	37.59	54.27	30.27	43.01	36.8
EBIT Margin %	37.48	54.18	30.2	42.91	36.62
Income From Continuing Operations Margin %	33.63	53.97	23.52	36.44	39.11
Net Income Margin %	33.63	53.97	23.52	36.44	39.11
Net Avail. For Common Margin %	33.63	53.97	23.52	36.44	39.11
Normalized Net Income Margin	24.49	34.12	18.03	28.15	24.92
Levered Free Cash Flow Margin	-16.52	-0.01	87.92	13.24	12.33
Unlevered Free Cash Flow Margin	-16.45	0.01	88.11	13.35	12.38
Asset Turnover
Asset Turnover	0.41	1	0.35	0.43	0.5
Fixed Assets Turnover	8.37	20.31	8.05	7.19	7.49
Receivables Turnover (Average Receivables)	6.26	3.2	1.33	6.56	6.86
Inventory Turnover (Average Inventory)	24.59	49.59	21.91	17.07	47.01
Short Term Liquidity
Current Ratio	2.65	3.94	5.49	5.64	6.79
Quick Ratio	2.53	3.9	5.36	5.47	6.61
Operating Cash Flow to Current Liabilities	0.79	1.32	4.24	1.99	3.57
Days Sales Outstanding (Average Receivables)	58.32	114.24	273.47	55.67	53.23
Days Outstanding Inventory (Average Inventory)	14.84	7.38	16.66	21.38	7.76
Average Days Payable Outstanding	115.2	66.09	118.88	95.12	63.99
Cash Conversion Cycle (Average Days)	-42.04	55.53