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CD Projekt S A : looks back at the 1st half of 2021

09/01/2021 | 11:42am EDT

In the first half of 2021 CD PROJEKT focused on rolling out gameplay improvements for Cyberpunk 2077. The game has received seven updates since the beginning of the year, returning to PlayStation Store in June.

- Servicing Cyberpunk while our studio undergoes transformation and a large part of the team continues to work from home, is a challenge, but we are giving it our all. In addition to further updates we are also working on other projects, including the dedicated next-gen releases of both Cyberpunk 2077 and The Witcher 3, as well as an expansion for Cyberpunk - says Adam Kiciński, President and Joint CEO of the CD PROJEKT Group.

The CD PROJEKT Group posted 471 million PLN in H1 revenues, mostly from sales of Cyberpunk 2077 and The Witcher 3: Wild Hunt. The Group's consolidated net profit for the period was 105 million PLN.

- A large part of the dev team continues to work on Cyberpunk updates, with the associated expenditures reported as current-period costs - this explains our lower-than-usual net profitability - remarks Piotr Nielubowicz, Vice President and CFO. - Despite having allocated over 500 million PLN to a dividend, the aggregate balance of cash assets and treasury bonds held by the Company increased by more than a quarter billion PLN during the first half of 2021 - he adds.

In July CD PROJEKT officially released The Witcher: Monster Slayer, a mobile location-based AR game developed by Studio Spokko - part of the CD PROJEKT Group - which had originally been announced last year. Within the game, players can face over a hundred different monsters from The Witcher universe. The game was well received by the gaming community.

Another highlight of July was CD PROJEKT's takeover of the Canadian Digital Scapes development studio, subsequently rebranded as CD PROJEKT RED Vancouver.

- The takeover of the Vancouver studio is part of the process of expanding our technological know-how. We've been reinforced by a team of developers with substantial gameplay design, programming and animation experience, with whom we had been collaborating since 2018. We plan to dynamically expand our Canadian studio in the coming years - summarizes Adam Kiciński.

The full financial statement of the CD PROJEKT Group can be found at https://www.cdprojekt.com/en/investors/result-center/.


CD Projekt SA published this content on 01 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2021 15:41:04 UTC.

© Publicnow 2021
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Analyst Recommendations on CD PROJEKT S.A.
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Sales 2021 1 109 M 280 M 280 M
Net income 2021 388 M 98,1 M 98,1 M
Net cash 2021 1 227 M 310 M 310 M
P/E ratio 2021 42,5x
Yield 2021 2,56%
Capitalization 18 234 M 4 612 M 4 604 M
EV / Sales 2021 15,3x
EV / Sales 2022 13,1x
Nbr of Employees 1 124
Free-Float 70,1%
Duration : Period :
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Income Statement Evolution
Mean consensus UNDERPERFORM
Number of Analysts 19
Last Close Price 181,00 PLN
Average target price 172,71 PLN
Spread / Average Target -4,58%
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Managers and Directors
Marcin Piotr Iwinski Joint Chief Executive Officer
Adam Michal Kicinski President & Joint Chief Executive Officer
Piotr Marcin Nielubowicz Chief Financial Officer & Director
Katarzyna Weronika Szwarc Chairman-Supervisory Board
Piotr Stefan Pagowski Vice Chairman-Supervisory Board
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