Cd Projekt S.a. · GPW:CDR

Cd Projekt — FY2019 Earnings Presentation

26 slides from Cd Projekt's earnings presentation, April 2020

1. Slide 1: CD PROJEKT Group FY 2019 Earnings

   CD PROJEKT GROUP FY 2019 EARNINGS Adam Kiciński // President, Joint CEO Piotr Nielubowicz // Member of the Board, CFO Michał Nowakowski // Member of the Board, SVP Business Development

2. Slide 2: Update on COVID-19

   UPDATE ON COVID-19

3. Slide 3: Successful shift to remote work

   SUCCESSFUL SHIFT TO REMOTE WORK ‣ Our 1 000-strong team is working from home ‣ Equipment & infrastructure were upgraded to support effective remote collaboration ‣ Constant focus on security and productivity is maintained 3

4. Slide 4: Global release 17.09.2020

   GLOBAL RELEASE 17.09 2020 4

5. Slide 5: Business Summary

   BUSINESS SUMMARY

6. Slide 6: The Witcher 3 Complete Edition

   WITCHER, wib\|/Hunr COMPLETE EDITION 15.10.2019

7. Slide 7: The Witcher 3 – Units sold by platform

   THE WITCHER 3 – UNITS SOLD BY PLATFORM PC PS4 Xbox Switch 20% 11% 10% 48% 26% 15% 14% 13% 35% 42% 33% 31% 53% 43% 50% 54% 2015 2016 2017 2018 2019 7

8. Slide 8: The Witcher 3 – Units sold by distribution type

   THE WITCHER 3 – UNITS SOLD BY DISTRIBUTION TYPE Digital distribution Physical distribution 29% 82% 71% 60% 74% 80% 40% 26% 18% 20% 2015 2016 2017 2018 2019 8

9. Slide 9: | _ auc \OS a mae ae

   | _ auc 0 \OS a mae ae ee 29.10.2019. © 2

10. Slide 10: Gwent – CD PROJEKT Group net revenues by platform

    GWENT - CD PROJEKT GROUP NET REVENUES BY PLATFORM Consoles 3% PC 43% iOS 54% 10 Between 29.10.2019 and 31.12.2019

11. Slide 11: Financial Results

    FINANCIAL RESULTS

12. Slide 12: CD PROJEKT Group – Profit and loss account

    CD PROJEKT GROUP - PROFIT AND LOSS ACCOUNT 2018 2019 RED GOG elimination change % Sales revenues 362 901 521 272 369 332 162 256 -10 316 44% Revenues from sales of products 235 919 304 475 292 386 7 633 4 456 Revenues from sales of services 108 38 304 41 945 250 -3 891 Revenues from sales of goods a

13. Slide 13: CD PROJEKT Group – Quarterly revenues

    CD PROJEKT GROUP - QUARTERLY REVENUES Title 220 000 165 000 110 000 213 314 127 300 133 502 55 000 92 999 93 551 75 435 80 905 67 167 Q1.2018 Q2.2018 Q3.2018 Q4.2018 Q1.2019 Q2.2019 Q3.2019 Q4.2019 13 All figures in PLN thousands

14. Slide 14: CD PROJEKT Group – Profit vs. costs and expenses

    CD PROJEKT GROUP - PROFIT VS. COSTS AND EXPENSES 220 000 Net profit Costs and expenses 165 000 108 880 33 883 110 000 41 417 14 755 29 538 17 797 22 892 15 487 55 000 104 434 99 619 85 883 78 796 63 461 63 108 52 543 51 680 Q1.2018 Q2.2018 Q3.2018 Q4.2018 Q1.2019 Q2.2019 Q3.2019 Q4.2019 14 All figur

15. Slide 15: CD PROJEKT Group – Balance sheet

    CD PROJEKT GROUP - BALANCE SHEET ASSETS 31.12.18 31.12.19 change change % Fixed assets 396 431 679 097 282 666 71% Expenditures on development projects 242 816 385 848 143 032 59% Other fixed assets 153 615 293 249 139 634 91% Working assets 730 407 725 011 -5 396 -1% Inventories 12 2258 12 862 12 6

16. Slide 16: Changes in expenditures on development projects

    CD PROJEKT GROUP - CHANGES IN EXPENDITURES ON DEVELOPMENT PROJECTS 500 000 -13 084 13 084 -29 813 375 000 48 270 172 845 250 000 64 999 337 578 125 000 177 817 Expenditures on Incurred during Decrease Increase Depreciation Expenditures on development projects the reporting period in expenditures in

17. Slide 17: CD PROJEKT Group – Cash flow

    CD PROJEKT GROUP - CASH FLOW 700 000 -100 926 525 000 -121 606 210 453 350 000 -164 990 659 370 482 301 175 000 Cash and deposits Dividend paid out Cash flows from Expenditures Other flows Cash and deposits 01.01.2019 investment on development 31.12.2019 activities excluding projects bank deposits 1

18. Slide 18: Incentive Program

    INCENTIVE PROGRAM

19. Slide 19: Fulfillment of the incentive program 2016-2019 – Market goal

    FULFILLMENT OF THE INCENTIVE PROGRAM 2016-2019 - MARKET GOAL 1200 1037% surplus 900 600 1162% 300 25% 125% WIG index increase Program goal CD PROJEKT (WIG + 100 p. p.) stock price increase 19 Between 30.12.2015 and 31.12.2019

20. Slide 20: Fulfillment of the incentive program 2016-2019 – Results goal

    FULFILLMENT OF THE INCENTIVE PROGRAM 2016-2019 - RESULTS GOAL Title 800 117 million PLN surplus 735 million PLN Target 2016 - 2019 2019 2018 175 million PLN 2017 600 2016 109 million PLN 400 200 million PLN 618 million PLN 200 251 million PLN Target Consolidated net earnings 2016 - 2019 2016 - 2019

21. Slide 21: Incentive program for 2020-2025 – Plans

    INCENTIVE PROGRAM FOR 2020-2025 - PLANS Title 10 000 Existing program base goals 7500 5000 2500 618 856 1093 4 years 5 years 6 years 21 All figures in PLN millions

22. Slide 22: Incentive program for 2020-2025 – Plans

    INCENTIVE PROGRAM FOR 2020-2025 - PLANS Title 10 000 Existing program base goals New program - base goals 7500 5000 8300 7000 6000 2500 618 856 1093 4 years 5 years 6 years 22 All figures in PLN millions

23. Slide 23: Incentive program for 2020-2025 – Plans

    INCENTIVE PROGRAM FOR 2020-2025 - PLANS Title 10 000 Existing program base goals New program - base goals New program - premium goals 7500 5000 10 000 8300 8300 7000 7000 6000 2500 618 856 1093 4 years 5 years 6 years 23 All figures in PLN millions

24. Slide 24: Q&A

    2? QEA €

25. Slide 25: Thank you

    > THANK YOU < IR contact: Karolina Gnaś // karolina.gnas@cdprojekt.com

26. Slide 26: Legal disclaimer

    Legal disclaimer This report includes forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for fiscal year 2019 and beyond could differ materially from the CD PROJEKT's current expectations. Forward-lookin

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