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CD Projekt’s 2021 net profit exceeds analyst expectations

2022-04-14 18:16, Law 2022-04-14 18:47

publishing
2022-04-14 18:16

Update
2022-04-14 18:47

CD Projekt's 2021 net profit exceeds analyst expectations
Photo: Postmodern Studio / / stock struggle

The company said in the report that CD Projekt’s net profit in the fourth quarter of 2021 amounted to 87.5 million PLN. Profit 9.6 percent. It was higher than the expectations of analysts who had expected the result at 79.9 million PLN.

The group generated revenue of PLN 273.1 million, while the average forecast of analysts was PLN 247.4 million (in the range of PLN 213.8 to PLN 321 million).

Operating profit amounted to 94.7 million PLN. The consensus assumed a profit of 87.7 million PLN. CD Projekt’s fourth-quarter EBITDA result of PLN 116.7 million was above the average forecast of analysts.

In the fourth quarter, the net profit of the game production segment – CD Projekt RED – amounted to PLN 108 million. On the other hand, GOG, a digital game distribution platform, recorded a net loss of PLN 20.6 million. The company said in the report that GOG had updated the consumption and functionality of previously developed technology related to the store customer (verified that it does not support sales operations), including PLN 13.8 million in other operating costs, which weighed on the results.

Expenditures for the development of CD Projekt at the end of December amounted to PLN 350.2 million.

At the presentation to investors, the company announced that at the end of February about half of the employees were working on new projects (including the new game “The Witcher”). The “Cyberpunk 2077” support team has dropped to about 10 percent. The crew was similar in size to the Joint Team. About 15 percent of employees have handled a paid addition to CP 2077.

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At the end of the year, the company had access to PLN 676.6 million in cash and bank deposits, as well as PLN 307.8 million in other financial assets (Treasury bonds).

The group’s revenue in 2021 amounted to 888 million PLN, mainly due to the sale of the game “Cyberpunk 2077”. Consolidated net profit amounted to 209 million PLN.

The CD Projekt game series “The Witcher” has sold more than 65 million copies, Of which The third part of the saga has sold more than 40 million copies – The company said in a press release.

CD Projekt sold out by April 14 More than 18 million copies of the game “Cyberpunk 2077” – The company announced on its official Twitter profile. The given figure is the company’s estimate based on information from distributors. This is a sale to gamers, ie. by selling

Below we present CD Projekt Group’s results for the fourth quarter of 2021, comparing them with the PAP Biznes consensus and results from prior periods.

Data in millions of PLN

4Q2021 consequences Negatives. difference y Kuwaiti Dinar Since the beginning of the year 2021 y
Revenues 273.1 247.4 10.4% -83.6% 89.0% 888.2 -58.5%
EBITDA 116.7 113.6 2.7% -90.4% 172.1% 337.6 -76.3%
EBIT 94.7 87.7 7.9% -90.3% 505.6% 232.9 -79.9%
dinars net profit 87.5 79.9 9.6% -91.1% 435.6% 208.9 -81.9%
EBITDA margin 42.7% 45.3% -2.57 -29.95 13.05 38.01% -28.65
EBIT margin 34.7% 34.6% 0.09 -23.59 23.84 26.22% -27.90
net margin 32.0% 31.5% 0.52 -26.89 20.74 23.52% -30.46

(PAP Biznes)

kuc / asa/

source:PAP Biznes