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ThemenmitKopf · 2024-11-26T19:48:13.666928Z

CD PROJEKT GROUP $CDR verzeichnete im dritten Quartal 2024 einen Nettogewinn von 78 Millionen PLN, was einem Anstieg von 12 % im Vergleich zum zweiten Quartal entspricht, obwohl in diesem Zeitraum keine neuen Veröffentlichungen stattfanden. Der Umsatz für Q3 2024 belief sich auf 227,6 Millionen PLN, was einem Rückgang von 49 % im Vergleich zum Vorjahresquartal entspricht – ein Effekt, der hauptsächlich auf das Fehlen neuer Produkte zurückzuführen ist. Bilanzübersicht Gesamtvermögen: Die Bilanzsumme erhöhte sich um 4 % von 2.660.007 Tsd. PLN am 30. Juni 2024 auf 2.755.416 Tsd. PLN am 30. September 2024. Liquidität: Bargeld, Einlagen und Anleihen stiegen um 3 % auf 1,401 Milliarden PLN bis Ende September 2024. Gewinn- und Verlustrechnung Kostenstruktur: Die Vertriebskosten sanken im dritten Quartal 2024 um 56 % auf 63,5 Millionen PLN, was auf geringere Abschreibungskosten für Cyberpunk-Produkte zurückzuführen ist. Auch die Betriebskosten gingen zurück, wobei die Vertriebsausgaben um 56 % auf 29,2 Millionen PLN reduziert wurden. Cashflow-Übersicht Cashflow: Der Konzern generierte im dritten Quartal 2024 einen Nettocashflow von 122,9 Millionen PLN (exklusive F&E-Kosten). Veränderungen bei sonstigen Vermögenswerten und Verbindlichkeiten trugen mit einem positiven Effekt von 10 Millionen PLN zur Verbesserung bei. Wichtige Kennzahlen und Rentabilitätsmetriken Nettoergebnismarge: Die Nettomarge lag stabil bei 38 %, leicht über dem Vorjahreswert. EBIT: Das EBIT belief sich im dritten Quartal 2024 auf 80,6 Millionen PLN, was einem Rückgang von 57 % gegenüber dem Vorjahr entspricht. Segmentinformationen The Witcher: Die Umsätze aus den Witcher-Spielen stiegen im Vergleich zum Vorjahreszeitraum um 44 %, unterstützt durch die Integration von The Witcher 3 in PlayStation Plus. GOG.COM: Der digitale Vertriebsdienst verzeichnet weiterhin eine wachsende Nutzerbasis und ein erweitertes Produktangebot. Wettbewerbsposition CD PROJEKT stärkt seine Position in der Gaming-Branche durch eine strategische Erweiterung seines Portfolios und eine aktive Einbindung der Community. Die Zusammenarbeit mit Netflix an einem neuen Cyberpunk-Animationsprojekt dürfte die Markenbekanntheit weiter steigern. Prognosen und Kommentare des Managements Das Management hat ehrgeizige Ziele für die kommenden Jahre formuliert, darunter ein kumuliertes konsolidiertes Nettoergebnis von 4 Milliarden PLN für den Zeitraum 2025–2028. Bis Ende des nächsten Jahres soll die Teamgröße für das Projekt Sirius verdoppelt werden. Chancen und Risiken Chancen: Investitionen in Forschung und Entwicklung sowie neue Technologien wie KI bieten Potenzial für Innovationen und zukünftiges Wachstum. Risiken: Das Fehlen neuer Veröffentlichungen im laufenden Jahr könnte das kurzfristige Umsatzwachstum belasten. Zusammenfassung der Ergebnisse CD PROJEKT GROUP durchläuft ein herausforderndes Jahr ohne neue Produktveröffentlichungen, konnte jedoch starke Rentabilitätskennzahlen und solide Cash-Reserven aufrechterhalten. Das Unternehmen investiert gezielt in zukünftige Projekte und Technologien, um langfristiges Wachstum zu sichern. Positive Aspekte Hohe Rentabilität: Die Nettomarge blieb stabil bei 38 %. Starke Liquidität: Solide Cash-Reserven von 1,401 Milliarden PLN. Erfolgreiche Meilensteine: Weiterhin hohe Verkaufszahlen für Cyberpunk 2077 und seine Erweiterung. Wachstum bei Witcher-Spielen: Umsatzsteigerung von 44 %. Strategische Kooperationen: Zusammenarbeit mit Netflix zur Stärkung der Markenpräsenz. Negative Aspekte Umsatzrückgang: Ein Rückgang der Umsätze um 49 % im Vergleich zum Vorjahr. Reduzierter operativer Gewinn: EBIT-Rückgang von 57 %. Hohe F&E-Ausgaben: Belastung der kurzfristigen Rentabilität. Keine neuen Veröffentlichungen: Fehlende Produktneuheiten im laufenden Jahr. Rückgang finanzieller Vermögenswerte: Abnahme um 20 %.

ThemenmitKopf

@topicswithhead

1Mes·

CD PROJEKT GROUP $CDR (-2,86%)

recorded a net profit of PLN 78 million in the third quarter of 2024, an increase of 12% compared to the second quarter, although there were no new releases in this period. Revenue for Q3 2024 amounted to PLN 227.6 million, a decrease of 49% compared to the same quarter last year - an effect mainly due to the lack of new products.

Balance sheet overview

Total assetsTotal assets increased by 4% from PLN 2,660,007 thousand on June 30, 2024 to PLN 2,755,416 thousand on September 30, 2024.
LiquidityCash, deposits and bonds increased by 3% to PLN 1.401 billion by the end of September 2024.

Profit and loss account

Cost structureDistribution costs decreased by 56% to PLN 63.5 million in the third quarter of 2024 due to lower amortization costs for Cyberpunk products. Operating costs also decreased, with distribution expenses reduced by 56% to PLN 29.2 million.

Cash flow overview

Cash flowThe Group generated a net cash flow of PLN 122.9 million (excluding R&D costs) in the third quarter of 2024. Changes in other assets and liabilities contributed to the improvement with a positive effect of PLN 10 million.

Key figures and profitability metrics

Net profit marginThe net margin was stable at 38%, slightly above the previous year's figure.
EBIT: EBIT amounted to PLN 80.6 million in the third quarter of 2024, a decrease of 57% compared to the previous year.

Segment information

The Witcher: Revenue from Witcher games increased by 44% compared to the same period of the previous year, supported by the integration of The Witcher 3 into PlayStation Plus.
GOG.COM: The digital distribution service continues to record a growing user base and an expanded product range.

Competitive position

CD PROJEKT is strengthening its position in the gaming industry by strategically expanding its portfolio and actively involving the community. The collaboration with Netflix on a new cyberpunk-animation project should further increase brand awareness.

Management forecasts and comments

The management has set ambitious targets for the coming years, including a cumulative consolidated net profit of PLN 4 billion for the period 2025-2028. By the end of next year, the team size for the Sirius project is to be doubled.

Opportunities and risks

OpportunitiesInvestments in research and development and new technologies such as AI offer potential for innovation and future growth.
Risks: The lack of new publications in the current year could have a negative impact on short-term sales growth.

Summary of the results

CD PROJEKT GROUP is going through a challenging year with no new product releases, but has maintained strong profitability ratios and solid cash reserves. The company is making targeted investments in future projects and technologies to secure long-term growth.

Positive aspects

High profitabilityThe net margin remained stable at 38%.

Strong liquiditySolid cash reserves of PLN 1.401 billion.

Successful milestones: Continued high sales figures for Cyberpunk 2077 and its expansion.

Growth in Witcher games: Sales increase of 44 %.

Strategic cooperations: Cooperation with Netflix to strengthen brand presence.

Negative aspects

Decline in sales: A 49 % decline in sales compared to the previous year.

Reduced operating profitEBIT decline of 57 %.

High R&D expenditure: burden on short-term profitability.

No new releasesLack of new products in the current year.

Decrease in financial assetsDecrease of 20 %.

11 Commenti

TomTurboInvest@TomTurboInvest

1Mes

⚠️ Rumor has it that CD Projekt, among others, has driven shares with heads into madness 😅

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Krush82@Krush82

1Mes

@TomTurboInvest wouldn't surprise me in any case

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ThemenmitKopf@topicswithhead

1Mes

@TomTurboInvest funny share too. The industry is doing well. Almost all companies are listed on the stock exchange, but are more of an average performer. Somehow no one manages to milk the customers despite good games, and on the other hand you can't and shouldn't save on the games. It's all strange

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Basti@RogerWilco

1Mes

@topicswithhead I think it's not least because the business is quite cyclical, isn't it? When a new game is released, then the ruble rolls... Then it takes X years again, during which a lot of money is invested in a new game. But the revenue from add-ons to the game is not so great.

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ThemenmitKopf@topicswithhead

1Mes

@RogerWilco well, many also have annual releases and it doesn't run super either

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ThemenmitKopf@topicswithhead

1Mes

@Soprano the gaming industry stinks half and half

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Soprano@Soprano

1Mes

@topicswithhead Referring to what? That I meant the sector is generally very weak or hated at the moment? I also have CDPR in my portfolio, I think it's a top company and I'm pleased with the good figures.

But it doesn't change the face you make when you look at the long-term chart.

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ThemenmitKopf@topicswithhead

1Mes

@Soprano Because of Frostbite I thought @ me you. Well, it's still a while until the next game and you already have to enter into cooperations to make more sales. The staff should double in some cases. I actually want to get in but haven't reached my limit. I shouldn't have timed it at all, if I hadn't sold so quickly I wouldn't have the stress now. 34 will certainly come again soon. Hopefully

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ThemenmitKopf@topicswithhead

1Mes

@topicswithhead apart from that i am looking for new gameing stocks but find none attractive enough. (no not frostbite)

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Soprano@Soprano

1Mes

@topicswithhead My dear, you speak in riddles. What is Frostbite? Do you mean Frostpunk now? I'd like to add something to CDPR, but preferably even at 30€, but I don't know if that will happen again. And I don't know if you "have to" enter into collaborations, but that's much more of an absolute win-win situation. Even if Netflix has absolutely mutilated the Witcher series, it's still ultimately free marketing.

A lot of staff is not always a lot of good. Especially in the gaming industry. People have to be properly qualified and well trained. That doesn't always work out so well, which is why scaling is always a challenge.

And there are plenty of attractive gaming stocks outside Poland. $PDX is still my top long-term position. $PLW pays the coolest dividends and $TTWO still has a lot of upside potential in the short term.

When the GTA 6 hype kicks in, the share will go through the roof again. But then it's always a question of whether to trade it or hold it until the release.

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ThemenmitKopf@topicswithhead

1Mes

"Which projects are included in the CapEx in Q3 2024? So the main projects included in the CapEx in the last quarter was obviously Polaris, Sirius, the new animation and Orion that was moved from the research works into the expenses on development and started to be capitalized in September '24. There are some other smaller projects, not all of them are announced so far. So some of them are also unannounced, but these are the main ones."

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