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25/2019 “Recall of forecast of financial cash flows in the CI Games Capital Group from Q4 2018 to Q3 2019”

By 30 May 2021No Comments

Current report no. 25/2019
July 10, 2019
Confidential information
“Recall of forecast of financial cash flows in the CI Games Capital Group from Q4 2018 to Q3 2019”

The Management Board of CI Games S.A. with its registered office in Warsaw (“Company”) hereby informs, that on July 10, 2019, it decided to recall the forecast of financial cash flows in the CI Games Capital Group from Q4 2018 to Q3 2019, published by way of the current report no. 27/2018 of November 26, 2018.

The decision of the Management Board of the Company to recall the forecast for the period of Q2 and Q3 of 2019 is caused by the following factors:

  1. a) change of one of the major assumptions, on which the forecast was based, that is the end of cooperation between Defiant Studios LLC and the Company,
    b) significant decrease of investments in Q3 2019, caused by the change of the production team of “Lords of the Fallen 2” game,
    c) the beginning of negotiations between the Company and potential subcontractors of the “Lords of the Fallen 2” game,
    d) effective issue of series H shares by the Company within the public offering, as a result of which the Company earned additional financing in the amount of PLN 9.2 million.

Taking into account the above, after careful analysis of the situation of the Company and of the CI Games Capital Group, according to the Management, it is justified to recall the forecast. At the same time, the Management Board of the Company has decided not to publish another forecast. The Management of the Company states that the funds currently held by the Company allows for further implementation of the strategy of the Company and CI Games Capital Group and for the production of “Sniper Ghost Warrior Contracts” game, the release date of which is planned for 2019. The Company will be meeting the issue goals defined due to the issue of series H shares once the revenues from the issue are entered in the books.

Legal basis: art. 17(1) as read with 7(1) of the Regulation of the European Parliament and of the Council (EU) no. 596/2014 of April 16, 2014, concerning market abuse regulation (MAR).

Marek Tymiński – President of the Management Board