Disclaimer

This English language translation has been prepared solely for the convenience of English speaking readers. Despite all the efforts devoted to this translation, certain discrepancies, omissions or approximations may exist. In case of any differences between the Polish and the English versions, the Polish version shall prevail. CD PROJEKT, its representatives and employees decline all responsibility in this regard.

CD PROJEKT Capital Group – Selected financial highlights (converted into EUR)

	PLN		EUR
	01.01.2018 - 30.09.2018	01.01.2017 - 30.09.2017*	01.01.2018 - 30.09.2018	01.01.2017 - 30.09.2017*
Net revenues from sales of products, services, goods and materials	235 601	339 571	55 390	79 775
Cost of products, goods and materials sold	63 350	56 938	14 894	13 376
Operating profit (loss)	79 582	186 226	18 710	43 750
Profit (loss) before tax	86 743	190 703	20 393	44 802
Net profit (loss) attributable to equity holders of parent entity	67 917	154 380	15 967	36 268
Net cash flows from operating activities	57 161	197 961	13 439	46 507
Net cash flows from investment activities	(75 317)	(263 575)	(17 707)	(61 921)
Net cash flows from financial activities	(649)	(101 309)	(153)	(23 801)
Total net cash flows	(18 805)	(166 923)	(4 421)	(39 215)
Stock volume (thousands)	96 120	96 120	96 120	96 120
Net earnings per ordinary share (PLN/EUR)	0.71	1.61	0.17	0.38
Diluted net earnings per ordinary share (PLN/EUR)	0.67	1.55	0.16	0.36
Book value per share (PLN/EUR)	9.98	8.68	2.34	2.01
Diluted book value per share (PLN/EUR)	9.39	8.40	2.20	1.95
Declared or paid out dividend per share (PLN/EUR)	-	1.05	-	0.25

* adjusted data

	PLN		EUR
	30.09.2018	31.12.2017	30.09.2018	31.12.2017
Total assets	1 025 968	981 513	240 195	235 324
Liabilities and provisions for liabilities (less accrued charges)	57 805	93 539	13 533	22 427
Long-term liabilities	10 832	4 130	2 536	990
Short-term liabilities	56 304	94 484	13 182	22 653
Equity	958 832	882 899	224 477	211 681
Share capital	96 120	96 120	22 503	23 045

The financial data has been converted into EUR under the following assumptions:

Elements of the consolidated profit and loss account and consolidated statement of cash flows were converted into EUR by applying the arithmetic average of exchange rates for the final day of each month belonging to the reporting period, as published by NBP. The corresponding exchange rates were: 4.2535 PLN/EUR for the period between 1 January and 30 September 2018, and 4.2566 PLN/EUR for the period between 1 January and 30 September 2017 respectively.
Assets and liabilities listed in the consolidated statement of financial positions were converted into EUR by applying the exchange rate for the final day of the reporting period, as published by the National Bank of Poland. These exchange rates were: 4.2714 PLN/EUR on 30 September 2018 and 4.1709 PLN/EUR on 31 December 2017 respectively.

Condensed interim consolidated profit and loss account7
Condensed interim consolidated statement of comprehensive income8
Condensed interim consolidated statement of financial position9
Condensed interim statement of changes in consolidated equity 11
Condensed interim consolidated statement of cash flows 13

Clarifications regarding the condensed interim consolidated financial statement 15
General information16
Structure of the Capital Group16
Consolidation principles 17
Entities subjected to consolidation 17
Subsidiaries 17
Basis for the preparation of the condensed interim consolidated financial statement18
Assumption of going concern18
Compliance with International Financial Reporting Standards18
Standards and interpretations approved by the IASB but not yet approved by the EU19
Functional currency and presentation currency19
Functional currency and presentation currency 19
Transactions and balances19
Assumption of comparability of financial statements and changes in accounting policies19
Changes in accounting policies 20
Presentation changes25
Financial audit26
Supplementary information – CD PROJEKT Capital Group activity segments27

Activity segments28
Presentation of results by activity segment28
Disclosure of activity segments29 Segmented consolidated profit and loss account for the period between 01.07.2018 and 30.09.201830
Segmented consolidated profit and loss account for the period between 01.01.2018 and 30.09.2018 31
Segmented consolidated profit and loss account for the period between 01.07.2017 and 30.09.2017 32
Segmented consolidated profit and loss account for the period between 01.01.2017 and 30.09.2017 33
Segmented consolidated statement of financial position as of 30.09.2018 35
Segmented consolidated statement of financial position as of 30.06.2018*37
Segmented consolidated statement of financial position as of 31.12.2017* 39
Activity segments 41
Disclosure of the issuer's significant accomplishments and shortcomings in each activity segment in the third quarter of
2018 41
Disclosure of factors which may affect future Group results 43
Disclosure of seasonal or cyclical activities 44
Disclosure of key clients45

Supplementary information – additional notes and clarifications regarding the condensed interim consolidated financial
statement46
Note 1. Disclosure of circumstances affecting assets, liabilities, equity, net financial result and cash flows which are unusual
due to their type, size or effect47
Note 2. Tangible fixed assets 48
Note 3. Intangibles and expenditures on development projects 49
Note 4. Goodwill49
Nota 5. Inventories 50
Note 6. Trade and other receivables51
Note 7. Prepaid expenses 53
Note 8. Deferred income tax 53
Note 9. Provisions for employee benefits and similar liabilities54
Note 10. Other provisions54
Note 11. Other liabilities55
Note 12. Disclosure of financial instruments55
Note 13. Sales revenues 56
Note 14. Operating expenses 57
Note 15. Other operating revenues and expenses 57 Note 16. Financial revenues and expenses58
Notw 17. Issue, buyback and redemption of debt and capital securities 59

Primary Financial Data of the CD PROJEKT Capital Group

Condensed interim consolidated profit and loss account

	Note	01.07.2018 – 30.09.2018	01.01.2018 – 30.09.2018	01.07.2017 – 30.09.2017*	01.01.2017 – 30.09.2017*
Sales revenues		67 167	235 601	84 889	339 571
Revenues from sales of products	13	40 675	149 447	59 087	258 583
Revenues from sales of services	13	37	62	30	98
Revenues from sales of goods and materials	13	26 455	86 092	25 772	80 890
Cost of products, goods and materials sold		19 521	63 350	18 833	56 938
Cost of products and services sold	14	700	791	403	891
Value of goods and materials sold	14	18 821	62 559	18 430	56 047
Gross profit (loss) from sales		47 646	172 251	66 056	282 633
Other operating revenues	15	304	912	950	3 063
Selling costs	14	20 235	66 884	15 535	73 823
General and administrative costs	14	8 729	25 276	7 638	24 177
Other operating expenses	15	638	1 600	1 064	2 351
(Impairment losses)/reversal of impairment losses of financial instruments		(54)	179	401	881
Operating profit (loss)		18 294	79 582	43 170	186 226
Financial revenues	16	1 946	7 340	2 187	7 648
Financial expenses	16	92	179	898	3 171
Profit (loss) before tax		20 148	86 743	44 459	190 703
Income tax	8	4 661	18 826	8 728	36 323
Net profit (loss)		15 487	67 917	35 731	154 380
Net profit (loss) attributable to equity holders of parent entity		15 487	67 917	35 731	154 380
Net earnings per share (in PLN)
Basic for the reporting period		0.16	0.71	0.37	1.61
Diluted for the reporting period		0.15	0.67	0.36	1.55

* adjusted data

The greatest contribution to the revenues of the CD PROJEKT Capital Group in Q3 2018 was from Revenues from sales of products, which included:

a) Royalties associated with ongoing strong sales of The Witcher 3: Wild Hunt together with its expansion packs (Hearts of Stone and Blood and Wine) – sold separately and as the Game of the Year Edition bundle.

b) Sales generated within GWENT: The Witcher Card Game, which, as of 30 September 2018, remained in the open beta phase, as well as updates introduced in the scope of the Homecoming project, originally announced in April 2018.

Upcoming product-related events which may significantly affect the Group's revenues include finalization of the Homecoming projects which is scheduled for the fourth quarter of the year, and will coincide with the end of the beta testing phase of GWENT and official release of this game as well as of Thronebreaker: The Witcher Tales.

Revenues from sales of goods and materials by the Group were mostly related to sales carried out on GOG.com, distribution of games from external suppliers to final customers as well as – to a lesser extent – sales of physical components of box editions (carrier media, boxes etc.) by CD PROJEKT RED.

The Cost of products, services, goods and materials sold mostly corresponds to selling costs at GOG.com and – to a lesser extent – costs associated with sales of physical components of box editions (carrier media, boxes etc.) at CD PROJEKT RED.

Regarding costs, the third quarter of the year was dominated by Selling costs, which comprised mainly advertising and promotional expenses in each of the Group's activity segments - particularly activities undertaken by CD PROJEKT RED in relation to marketing of GWENT: The Witcher Card Game and Cyberpunk 2077 (including promoting the game at gamescom in Cologne, in August 2018). In the GOG.com segment selling costs included part of GWENT promotional expenses borne by that segment under the relevant consortium agreement, GOG.com marketing activities and transaction costs related to carrying out sales via the digital distribution

platform. This category also aggregates costs and provisions for compensation contingent upon the Group's financial result, as well as costs of other bought-in sales support services. The reported increase compared to the third quarter of the previous year was mainly due to the Cyberpunk 2077 promotional campaign launched in 2018.

The main contribution to General and administrative expenses at the CD PROJEKT Capital Group was from compensation and provisions for compensation contingent upon the Group's financial result (including liabilities arising from valuation of its incentive program) as well as certain bought-in services which qualify as general and administrative expenses. The reported increase in the third quarter of 2018 was mostly due to ongoing recruitment and upscaling of activities in both activity segments of the Capital Group.

The Group's consolidated Net profit in the third quarter of the year was 15 487 thousand PLN. This figure is lower than the reference value mostly due to the CD PROJEKT RED publishing schedule, where the current period is marked by lower revenues from sales of older products, coupled with increased expenditures related to upcoming releases.

The Group's net profitability (share of net profit in sales revenues) for the reporting period was 23.1%.

Condensed interim consolidated statement of comprehensive income

	01.07.2018 – 30.09.2018	01.01.2018 – 30.09.2018	01.07.2017 – 30.09.2017	01.01.2017 – 30.09.2017
Net profit (loss)	15 487	67 917	35 731	154 380
Other comprehensive income which will be entered as profit (loss) following fulfillment of specific criteria	(12)	74	(279)	(3 549)
exchange rate differences on valuation of foreign entities	(12)	74	(279)	(3 549)
Other comprehensive income which will not be entered as profit (loss)	-	-	-	-
Total comprehensive income	15 475	67 991	35 452	150 831
Total comprehensive income attributable to equity holders of CD PROJEKT S.A.	15 475	67 991	35 452	150 831

Condensed interim consolidated statement of financial position

	Note	30.09.2018	30.06.2018*	31.12.2017*
FIXED ASSETS		358 309	326 072	255 535
Tangible assets	2	19 984	19 149	18 832
Intangibles	3	50 312	50 807	46 209
Expenditures on development projects	3	227 987	198 191	143 130
Goodwill	3,4	56 438	56 438	46 417
Shares in subsidiaries excluded from consolidation	12	3 082	981	452
Other long-term receivables	12	506	506	495
CURRENT ASSETS		667 659	687 315	725 978
Inventories	5	349	252	323
Trade receivables	6,12	26 432	37 552	46 261
Current income tax receivables		4 931	9 364	-
Other receivables	6	21 762	17 852	17 582
Prepaid expenses	7	12 607	14 398	14 296
Cash and cash equivalents	12	48 182	132 497	66 987
Bank deposits (maturity beyond 3 months)	12	553 396	475 400	580 529
TOTAL ASSETS		1 025 968	1 013 387	981 513

The value and structure of the CD PROJEKT Capital Group's Fixed assets did not undergo appreciable changes during the reporting period except for Expenditures on development projects which increased in value by 29 907 thousand PLN mostly due to ongoing development of products which have not yet been released as of the balance sheet date – this includes Cyberpunk 2077, GWENT: The Witcher Card Game and Thronebreaker: The Witcher Tales.

In the third quarter of 2018 CD PROJEKT S.A. took over a majority stake (75%) in the newly incorporated member company of the Capital Group – Spokko sp. z o.o. This accounts for the increase in the reported value of Shares in subsidiaries excluded from consolidation.

The Group's Trade receivables are primarily composed of licensing royalties payable to CD PROJEKT S.A. in accordance with quarterly sales reports collected by CD PROJEKT RED. The reported reduction in value compared to the end of H1 2018 was mostly associated with collection of receivables following strong sales in the second quarter of the year.

The bulk of the Group's Other receivables was represented by income tax deducted at source by foreign clients who purchase licenses from CD PROJEKT S.A., reportable in the Company's annual financial statement. This line item also aggregates advance payments for purchases of fixed assets, which increased in the third quarter of 2018 in association with the purchase of a commercial property adjacent to the Company's current registered office, for which advance payment has been remitted. Other receivables furthermore aggregate VAT settlements and advance payments for services which are to be rendered during future reporting periods.

The aggregate value of Cash and cash equivalents and Bank deposits (maturity beyond 3 months) at the end of September 2018 was 601 578 thousand PLN and did not change significantly over the reporting period despite major expenditures on development of new videogames and technologies.

	Note	30.09.2018	30.06.2018*	31.12.2017
EQUITY		958 832	940 531	882 899
Equity attributable to equity holders of parent entity		958 832	940 531	882 899
Share capital	17	96 120	96 120	96 120
Supplementary capital		751 337	751 337	549 335
Other reserve capital		23 556	20 730	15 212
Exchange rate differences		443	455	118
Retained earnings		19 459	19 459	21 844
Net profit (loss) for the reporting period		67 917	52 430	200 270
LONG-TERM LIABILITIES		10 832	13 208	4 130
Other financial liabilities	12	187	74	148
Deferred income tax liabilities	8	6 091	8 833	1 878
Deferred revenues		4 473	4 220	2 023
Provisions for employee benefits and similar liabilities	9	81	81	81
SHORT-TERM LIABILITIES		56 304	59 648	94 484
Other financial liabilities	12	274	244	190
Trade liabilities	12	32 497	38 846	37 374
Current income tax liabilities		-	272	3 457
Other liabilities	11	4 615	5 587	6 770
Deferred revenues		4 858	3 915	3 052
Provisions for employee benefits and similar liabilities	9	1	1	1
Other provisions	10	14 059	10 783	43 640
TOTAL EQUITY AND LIABILITIES		1 025 968	1 013 387	981 513

* adjusted data

As of 30 September 2018 the Equity of the CD PROJEKT Capital Group was 958 832 thousand PLN. The reported increase is mostly attributable to the net profit in the reporting period, in the amount of 15 487 thousand PLN.

The second major component of the Group's aggregate equity and liablities was represented by Trade liabilities, which decreased compared to the end of the second quarter. This decrease resulted mainly from payment of royalties due to external suppliers following strong Q2 sales in the GOG.com segment.

Other provisions include provisions for compensation contingent upon the Group's financial result in the preceding year, as well as – to a lesser extent – provisions for other liabilities in each of the Group's activity segments.

As at the end of September 2018, the wealth of the CD PROJEKT Capital Group were financed in 93.5% by equity. Short-term and long-term liabilities accounted for 6.5% of the total equity and liabilities presented and did not change significantly during the reporting period.

Condensed interim statement of changes in consolidated equity

	Share capital	Supplementary capital	Own shares	Other reserve capital	Exchange rate differences	Retained earnings	Net profit (loss) for the reporting period	Parent entity shareholders' equity	Total equity
01.01.2018 – 30.09.2018
Equity as of 01.01.2018	96 120	549 335	-	15 212	118	222 114	-	882 899	882 899
Rectification of fundamental errors	-	2 441	-	-	251	(2 545)	-	147	147
Equity after adjustments	96 120	551 776		15 212	369	219 569	-	883 046	883 046
Cost of incentive program	-	-	-	7 795	-	-	-	7 795	7 795
Creation of reserve capital to finance purchase of own shares	-	(3 600)	-	3 600	-	-	-	-	-
Purchase of own shares	-	-	3 051	(3 051)	-	-	-	-	-
Transfer of own shares as partial payment for the purchase of an enterprise	-	3 051	(3 051)	-	-	-	-	-	-
Allocation of net profit/coverage of losses	-	200 110	-	-	-	(200 110)	-	-	-
Dividend payments	-	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	74	-	67 917	67 991	67 991
Equity as of 30.09.2018	96 120	751 337	-	23 556	443	19 459	67 917	958 832	958 832

The Group rectified the settlement of a merger which took place in the GOG.com segment, errors in recognition of income tax, as well as coverage of 2016 losses as reported in the financial statement of GOG sp. z o.o. for 31 December 2017. These adjustments resulted in an increase in the reported equity by 147 thousand PLN.

	Share capital	Supplementary capital	Own shares	Other reserve capital	Exchange rate differences	Retained earnings	Net profit (loss) for the reporting period	Total equity
01.01.2017 – 30.09.2017
Equity as of 01.01.2017	96 120	403 001	4 795	3 918	269 104	-	776 938	776 938
Cost of incentive program	-	-	7 622	-	-	-	7 622	7 622
Allocation of net profit/coverage of losses	-	146 334	-	-	(146 334)	-	-	-
Dividend payments	-	-	-	-	(100 926)	-	(100 926)	(100 926)
Total comprehensive income	-	-	-	(3 549)	-	154 380	150 831	150 831
Equity as of 30.09.2017	96 120	549 335	12 417	369	21 844	154 380	834 465	834 465

Condensed interim consolidated statement of cash flows

	Note	01.07.2018 – 30.09.2018	01.01.2018 – 30.09.2018	01.07.2017 – 30.09.2017*	01.01.2017 – 30.09.2017*
OPERATING ACTIVITIES
Net profit (loss)		15 487	67 917	35 731	154 380
Total adjustments:	25	12 388	(6 504)	40 802	52 084
Depreciation of fixed assets and intangibles		1 040	3 303	1 268	3 619
Depreciation of development projects		74	161	-	-
Interest and profit sharing (dividends)		(1 549)	(7 319)	(2 180)	(7 222)
Profit (loss) from investment activities		23	322	(2)	908
Change in provisions		3 276	(29 581)	5 747	13 718
Change in inventories		(97)	(26)	54	(100)
Change in receivables		11 210	20 409	44 355	43 529
Change in liabilities excluding credits and loans		(7 304)	(7 019)	(14 135)	(10 337)
Change in other assets and liabilities		2 987	5 968	3 294	3 407
Other adjustments		2 728	7 278	2 401	4 562
Cash flows from operating activities		27 875	61 413	76 533	206 464
Income tax on pre-tax profit (loss)		4 661	18 826	8 728	36 323
Income tax (paid)/reimbursed		(3 240)	(23 078)	(11 162)	(44 826)
Net cash flows from operating activities		29 296	57 161	74 099	197 961

INVESTMENT ACTIVITIES

Inflows	477 141	787 391	228 784	695 720
Disposal of intangibles and fixed assets	188	228	4	63
Cash assets gained in the acquisition of an enterprise	-	26	-	-
Closing bank deposits (maturity beyond 3 months)	475 400	779 809	226 600	688 435
Other inflows from investment activities	1 553	7 328	2 180	7 222
Outflows	590 344	862 708	337 563	959 295
Purchases of intangibles and fixed assets	6 777	17 487	2 235	11 008
Expenditures on development projects	28 171	79 995	18 246	51 658
Acquisition of an enterprise	-	10 550	-	-
Capital contribution to subsidiary company	2 000	2 000	452	452
Opening bank deposits (maturity beyond 3 months)	553 396	752 676	316 630	896 177
Net cash flows from investment activities	(113 203)	(75 317)	(108 779)	(263 575)

FINANCIAL ACTIVITIES

Inflows	-	-	-	-
Outflows	408	649	43	101 309
Dividends and other payments due to shareholders	-	-	-	100 926
Payment of liabilities under financial lease agreements	404	640	43	383
Interest payments	4	9	-	-
Net cash flows from financial activities	(408)	(649)	(43)	(101 309)
Total net cash flows	(84 315)	(18 805)	(34 723)	(166 923)
Change in cash and cash equivalents on balance sheet	(84 315)	(18 805)	(34 723)	(166 923)
Cash and cash equivalents at beginning of period	132 497	66 987	85 169	217 369
Cash and cash equivalents at end of period	48 182	48 182	50 446	50 446

* adjusted data

With regard to Net cash flows from operating activities, in the third quarter of 2018 the CD PROJEKT Capital Group reported 29 296 thousand PLN in positive cash flows, mostly due to a significant surplus of sales revenues in relation to the corresponding monetary expenses. Given the Group's release schedule, which foresaw no new product releases throughout the first three quarters of 2018, cash flows during this period were lower than during the reference period in 2017, which coincided with the launch of the open beta of GWENT: The Witcher Card Game. The reported level of operating cash flows in Q3 2018 was also affected by the following net profit adjustments: collection of trade receivables at CD PROJEKT RED and settlement of trade liabilities at GOG.com, as recognized at the end of the second quarter of 2018.

The reported Net cash flows from investment activities were primarily affected by the Company's policy of allocating surplus cash as bank deposits. The value of bank deposits with maturity periods longer than 3 months created during the reporting period and reported as "outflows" was 553 396 thousand PLN, whereas the value of bank deposits which reached maturity during this period, and are reported as "inflows" was 475 400 thousand PLN. Consequently, the balance of bank deposits with maturity periods longer than 3 months decreased by 77 996 thousand PLN, which accounts for the bulk of negative cash flows from investment activities. In addition, as part of its investment activities in the third quarter of 2018, the Group (both CD PROJEKT S.A. and GOG sp. z o.o.) incurred R&D expenses in the amount of 28 171 thousand PLN. These expenditures are chiefly associated with ongoing development of Cyberpunk 2077, GWENT: The Witcher Card Game and Thronebreaker: The Witcher Tales, as well as other R&D projects currently underway at GOG.com.

Compared to the reference period in 2017, the reported increase in R&D expenses (development projects) in the third quarter of the year was mostly due to the following:

ongoing expansion of the development team and upscaling of development activities at CD PROJEKT S.A. and GOG sp. z o.o.,
intensive development work on Cyberpunk 2077, particularly in the run-up to Gamescom, where the game was showcased to media representatives and business partners,
increases expenses associated with GWENT: The Witcher Card Game due to implementation of the Homecoming project, finalization of the beta testing phase and the upcoming release of both GWENT and Thronebreaker: The Witcher Tales, scheduled for the fourth quarter of 2018.

No significant Net cash flows from financial activities were generated during the reporting period.

The balance of Cash and cash equivalents (not including bank deposits with maturity periods longer than 3 months) decreased by 84 315 thousand PLN, whereas the balance of the aforementioned bank deposits increased by 77 996 thousand PLN. Altogether, the net balance of the Group's monetary assets, including bank deposits, decreased by 6 319 thousand PLN. During Q3 2018 the Group incurred investment expenditures related to development of new videogames and technologies, valued at 28 171 thousand PLN. Consequently, the Group's aggregate cash flows from all reported activities (adjusted for creation/maturation of bank deposits and R&D expenses) were 21 852 thousand PLN, which is 41.4% more than the Group's net profit during the reporting period.

Clarifications regarding the condensed interim consolidated financial statement

General information

Name:	CD PROJEKT S.A.
Legal status:	Joint-stock company
Headquarters:	Jagiellońska 74, 03-301 Warsaw
Country of registration:	Poland
Principal scope of activity:	CD PROJEKT S.A. is the holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED (videogame development) and GOG.com (digital distribution of videogames).
Keeper of records:	District Court for the City of Warsaw in Warsaw – Poland; 13th Commercial Department of the National Court Register (Sąd Rejonowy dla m.st. Warszawy w Warszawie, XIII Wydział Gospodarczy Krajowego Rejestru Sądowego)
Statistical Identification Number (REGON):	492707333

The Group is established for an indefinite period.

Structure of the Capital Group

Affiliates

On 29 August 2018 r. a new company – Spokko sp. z o.o. – was established in the framework of the CD PROJEKT Capital Group. CD PROJEKT S.A. acquired a majority stake in the new entity (75%) with the remaining shares in possession of key personnel responsible for the development and conceptual design of projects carried out at Spokko.

Consolidation principles

Entities subjected to consolidation

	capital share	voting share	consolidation method
CD PROJEKT S.A.	parent entity	-	full
GOG sp. z o.o.	100%	100%	full
CD PROJEKT Inc.	100%	100%	full
CD PROJEKT Co., Ltd.	100%	100%	excluded from consolidation
Spokko sp. z o.o.	75%	75%	excluded from consolidation

In accordance with the accounting policies in force within the Group, the parent entity may elect to exclude certain subsidiaries from consolidation as long as each of these subsidiaries:

contributes not more than 2% to the parent entity's profit and loss balance,
contributes not more than 1% to the parent entity's aggregate sales and financial revenues.

Note that the above values are exclusive of any transactions between the subsidiary and the parent company which would have otherwise been subject to consolidation eliminations.

In addition to the above, all subsidiaries excluded from consolidation must jointly:

contribute not more than 5% to the parent entity's profit and loss balance,
contribute not more than 2% to the parent entity's aggregate sales and financial revenues.

The above values are also exclusive of any transactions between each subsidiary and the parent company which would have otherwise been subject to consolidation eliminations.

The presented criteria are fulfilled in the case of CD PROJEKT Co., Ltd. and Spokko sp. z o.o.

Subsidiaries

Subsidiaries are defined as all entities which fall under the Group's control. An entity is considered to fall under the Group's control if all of the following criteria are met:

executive control, i.e. possession of the required legal title to direct the entity's significant operations (operations which significantly affect the entity's financial standing),
exposure to variation in the entity's financial results, or possession of a legal claim on the entity's financial results, such that the Group's own financial results may be materially affected by the entity's results,
possession of the required administrative apparatus to affect the Group's own financial results by exercising the Group's legal claim on the entity's financial results, leveraging the Group's involvement in the entity.

Subsidiaries which meet materiality criteria are subject to full consolidation from the date of acquisition of control by the Group and cease to be reported as such on the day control is lost.

Any revenues, expenses, settlements and unrealized gains on transactions between companies belonging to the Group are eliminated in full. Unrealized losses are also eliminated unless the nature of the transaction indicates impairment on any of the transferred assets. Accounting practices in use at subsidiary companies are adjusted whenever necessary to ensure compliance with accounting practices adopted by the Group.

Basis for the preparation of the condensed interim consolidated financial statement

This condensed interim consolidated financial statement is prepared in compliance with International Accounting Standard 34 (IAS 34) Interim financial reporting, approved for use within the EU.

The condensed interim consolidated financial statement does not contain all the information and disclosures which would otherwise be required in an annual financial statement. Accordingly, this statement should be read in conjunction with the Consolidated Financial Statement of the CD PROJEKT Capital Group for 2017, approved for publication on 22 March 2018.

Assumption of going concern

This condensed interim consolidated financial statement is prepared under the assumption that the Group and its parent entity intend to continue as a going concern in the foreseeable future, i.e. at least throughout the 12-month period following the balance sheet date.

The Management Board of the parent entity is not aware of any facts or circumstances which would jeopardize the assumption of going concern within said 12-month period by way of intended or forced cessation or significant reduction of continuing operations.

As of the day of preparation of this financial statement covering the period between 1 January and 30 September 2018 the Management Board is not aware of any events which should have been reflected in the accounts for that period but have not been reflected therein. Additionally, no important events have occurred in relation to the preceding years.

Compliance with International Financial Reporting Standards

This condensed interim consolidated financial statement complies with International Accounting Standard (IAS) 34, Interim Financial Reporting, as well as with International Financial Reporting Standards (IFRS) applicable to interim financial reporting, endorsed by the International Accounting Standard Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and approved by the EU under the relevant Regulation on the Application of International Accounting Standards (European Council 1606/2002), hereinafter referred to as UE IFRS, valid for 30 September 2018.

UE IFRS comprise standards and interpretations endorsed by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), approved for use in the EU.

Where the above mentioned standards are not applicable the statement conforms to the Accounting Act of 29 September 1994 (Journal of Laws of the Republic of Poland, 2018, item. 395 as amended) and to any secondary legislation based on said Act, as well as to the directive of the Finance Minister of 29 March 2018 regarding the publication of periodic and current reports by issuers of securities and conditions for regarding as equivalent the information required under the laws of a non-member state (Journal of Laws of the Republic of Poland, 2018, item 757).

The Group intends to apply amendments to IFRS which have been published but have not yet entered into force on the publication date of this condensed interim consolidated financial statement, depending on their date of entry into force. Information regarding standards and interpretations applied for the first time, early application of new standards, standards which have entered into force on or after 1 January 2018 and the effect of changes in IFRS upon the Group's future financial statements is provided in Section 3 of the Group's Consolidated Financial Statement for 2017.

Standards and interpretations approved by the IASB but not yet approved by the EU

In approving this financial statement the Group did not apply the following standards, amendments and interpretations which have not yet been approved for use in the EU:

Amendments to IAS 1 and IAS 8 Definition of 'material' applicable to reporting periods beginning on or after 1 January 2020
Amendments to IAS 19 Employee benefits: plan amendment, curtailment or settlement applicable to reporting periods beginning on or after 1 January 2019
Amendments to IAS 28 Long-term interests in associates and joint ventures applicable to reporting periods beginning on or after 1 January 2019
Amendments to IFRS (2015-2017) adopted under the annual IFRS improvements cycle applicable to reporting periods beginning on or after 1 January 2019
Amendments to IFRS 3 Business combinations applicable to reporting periods beginning on or after 1 January 2020
Amendments to references to the Conceptual Framework in IFRS Standards applicable to reporting periods beginning on or after 1 January 2020
IFRS 17 Insurance Contracts applicable to reporting periods beginning on or after 1 January 2021

As of the publication date of this financial statement, the Group is performing an assessment of the effect these new standards and amendments to standards upon the Group's consolidated financial statement.

Functional currency and presentation currency

The functional currency of the Group and its parent entity, and the presentation currency of this financial statement is the Polish Zloty (PLN). Unless specified otherwise, all figures are quoted in PLN thousands.

Transactions and balances

Transactions denominated in foreign currencies are converted to the functional currency according to the exchange rate on the date of the transaction. Exchange rate losses and gains on settlement of transactions and on valuation of assets and liabilities denominated in foreign currencies are reported in the profit and loss statement unless deferred in the equity capital as cash flow hedges and hedges of net investments.

Assumption of comparability of financial statements and changes in accounting policies

The accounting practices applied in preparing this condensed interim consolidated financial statement, the Management Board's professional judgment concerning the Group's accounting practices as well as the main sources of uncertainty in estimations are in all material aspects consistent with the practices applied in preparing the Consolidated Financial Statement of the CD PROJEKT Capital Group for 2017, except for changes in accounting policies and presentation-related adjustments described below. This condensed interim consolidated financial statement should be read in conjunction with the consolidated financial statement for the period ending 31 December 2017.

Changes in accounting policies

IFRS 9 Financial instruments

This financial statement marks the first time the Group has applied IFRS 9 Financial instruments. The Group has opted to forgo adjusting data representing past reporting periods, except for adjustments associated with changes introduced by IFRS in relation to IAS 1 Preparation of financial statements, which mandate recognition of impairment losses (including reversal of impairment loses or gains) on financial instrument as a separate line item in the profit and loss account. As a consequence of this change, the comparative data in the profit and loss account for the respective three- and nine-month periods ending on 30 September 2017 has been adjusted accordingly. The reported adjustment concerns presentation of data only and has no impact on the Group's operating profit. Previously, all such costs had been aggregated with other operating expenses.

The Group had initially planned to aggregate the effects of initial application of IFRS 9 in its opening balance of retained earnings; however, given the fact that the loss allowances on financial assets calculated for 1 January 2018 in accordance with the new rules are not materially different from allowances already reported in the Group's financial statement for 31 December 2017, the Group has instead decided to forgo adjusting its opening balance of retained earnings in association with applying IFRS 9 for the first time.

IFRS 9 defines four categories of financial assets, differing with regard to the applied business model and the characteristics of the associated cash flows:

assets classified at amortized cost this category comprises financial assets held under a business model whose aim is to collect contractual cash flows, where the business contract concerning these assets stipulates cash flows related solely to repayment of the principal and interests; in other words, assets which pass the so-called SPPI test (solely payment of principal and interest),
assets classified at fair value reported in other comprehensive income (FVOCI) this category comprises financial assets held under a business model whose aim is to both collect contractual cash flows and to potentially sell the relevant assets, where the business contract concerning these assets stipulates cash flows related solely to repayment of the principal and interests; in other words, assets which pass the so-called SPPI test (solely payment of principal and interest),
assets classified at fair value through profit and loss all other financial assets,
financial hedges derivative financial instruments designated as hedges.

Each financial asset is assigned to one of the above categories on initial recognition. This assignment may change only if the associated business model changes. Essential classes of business models are as follows: assets held to collect contractual cash flows; assets held to collect contractual cash flows and potentially sell the asset; assets held for reasons others than those listed previously (as a rule, this is construed as holding assets for trading). The Group has adopted a rule stating that the sale of a financial asset prior to its maturity does not, in itself, cause the underlying business model to shift from holding assets to collect contractual cash flows to holding assets to collect contractual cash flows and potentially sell the assets or to holding assets for other purposes.

As the Group does not engage in hedge accounting, the corresponding provisions of IFRS 9 do not apply to the Group's activities.

IFRS 9 does not result in a change in the classification of the Group's financial liabilities, which will continue to be recognized at amortized cost.

The following table illustrates changes in the classification of financial instruments as of 1 January 2018 which is the date of initial application of IFRS 9 at the Group. Applying the new standard in place of IAS 39 has not resulted in a methodological change in the appraisal of financial assets and liabilities. The default appraisal method continues to be the amortized cost method; consequently, the balance of financial assets and liabilities on the initial application day of IFRS 9 remains unchanged in comparison with IAS 39.

Financial asset Classification according to: Balance sheet value under IAS 39 and IFRS MSR 39 MSSF 9 9 as of 1 January 2018 Other long-term receivables Loans and receivables recognized at amortized cost Financial assets recognized at amortized cost Trade receivables Loans and receivables recognized at amortized cost Financial assets recognized at amortized cost Cash and cash equivalents Loans and receivables recognized at amortized cost Financial assets recognized at amortized cost Bank deposits (maturity beyond 3 months) Loans and receivables recognized at amortized cost Financial assets recognized at amortized cost 580 529 Assets held for trading recognized at purchase Assets held for trading recognized at purchase

price (adjusted for impairment losses – according to IFRS 10)

Shares in subsidiaries excluded from consolidation

Financial liability	Classification according to:	Balance sheet value under IAS 39 and IFRS
	MSR 39	MSSF 9	9 as of 1 January 2018
Liabilities associated with delivery of goods and services	Financial liabilities recognized at amortized cost	Financial liabilities recognized at amortized cost	37 374
Other financial liabilities	Financial liabilities recognized at amortized cost	Financial liabilities recognized at amortized cost	338

price (adjusted for impairment losses – according to IFRS 10)

Another major change introduced by IFRS 9 concerns recognition of credit risk in association with assets which constitute a financial instrument. The existing present losses model has been replaced by a new expected losses model.

The basis for determining loss allowances in the ECL (expected credit loss) model is a procedure under which the Group monitors changes in credit risk associated with each financial asset since its initial recognition, and assigns each financial asset to one of the following three stages (this method is applicable to financial assets held at amortized cost which are not trade receivables):

Stage 1 performing (applicable to financial assets which show no significant deterioration in credit quality since initial recognition)
Stage 2 under-performing (applicable in cases of significant deterioration in credit quality when there are no objective reasons to suspect impairment)
Stage 3 impaired (applicable in cases where objective reasons to suspect impairment exist)

With regard to Stage 1 assets the Group calculates ECL over the upcoming 12 months and recognizes the appropriate allowance, whereas with regard to Stages 2 and 3 the Group recognizes a loss allowance corresponding to the ECL over the entire lifetime of the given financial asset.

For each balance sheet date the Group performs an assessment of its financial assets with respect to the presented ECL stages. In doing so, the Group acknowledges changes in the risk of default during the expected lifetime of the financial asset rather than the corresponding changes in expected credit losses. The procedure requires the Group to compare the risk of default for a given financial instrument on the balance sheet date with the corresponding risk on its initial recognition, taking into account all rational and documented information which may be acquired without undue cost or effort, and which suggests a significant increase in credit risk since initial recognition. Such information may include changes in the debtor's credit rating, awareness of the debtor's financial distress or of detrimental changes in the debtor's economic, legal, technological or market environment. When assessing ECLs the Group relies primarily on credit ratings and the corresponding likelihood of insolvency.

With regard to trade receivables the Group applies the simplified approach provided for by the standard and recognizes a loss allowance corresponding to the ECL over the entire lifetime of the given receivable. This approach is a consequence of the fact that the Group's receivables do not involve a significant financing element as defined by IFRS 15. When calculating the relevant loss allowances the Group applies the provision matrix method under which allowances are calculated separately for each overdue period bracket. This method acknowledges historical credit losses as well as identifiable future factors and (e.g. market or macroeconomic projections).

The likelihood of credit default is estimated on the basis of historical data concerning overdue receivables. In order to calculate non-performance coefficients the Group has decided upon five overdue period brackets:

1. Not overdue,
1. Overdue by 1-60 days,

495

46 261

66 987

452

- 1. Overdue by 61-90 days,
1. Overdue by 91-180 days,
1. Overdue by 181-360 days,
1. Overdue by more than 360 days.

For each of the above brackets the Group estimates a non-performance coefficient which acknowledges historical data concerning failure to settle invoices on the part of the Group's business partners throughout three years prior to the reporting period covered by the given financial statement. The expected credit loss is then computed by multiplying the aggregate receivables in a given bracket by the non-performance coefficient corresponding to that bracket.

With regard to trade receivables the Group also allows for custom appraisal of the expected credit losses. In particular this applies to:

receivables from debtors undergoing liquidation or insolvency proceedings,
receivables contested by the debtor or cases where the debtor is in arrears,
other past-due receivables as well as receivables which are not overdue, but whose default risk is, in the Board's opinion, significant (in particular, cases where the expected litigation and enforcement costs exceed the amount in controversy).

In the above cases the Group may recognize loss allowances corresponding to 100% of the given receivable.

The Group may refrain from recognizing loss allowances on receivables which are overdue by more than 360 days if, following individual analysis, the Group concludes that it is in possession of a credible and documented declaration of payment issued by the debtor.

Financial assets are written off in full once the Group has exhausted all feasible enforcement options and reached the conclusion that there are no longer any rational grounds to expect collection of the receivables. This usually occurs when a receivable is overdue by more than 360 days.

As of 31 December 2017 and as of 30 September 2018 the Group has not identified any financial assets for which it would be permitted to apply recognition at fair value through financial result so as to reduce or eliminate accounting mismatch (i.e. inconsistency between recognition and evaluation) which would otherwise arise as a result of recognition of financial assets at amortized cost or at fair value through other comprehensive income.

The Group has also not availed itself of the option to recognize financial liabilities at fair value. In such cases, changes in fair value which correspond to changes in credit risk would be aggregated with other comprehensive income while – once the given financial liability is derecognized – the value previously aggregated with other comprehensive income would not be allocated to the financial result.

IFRS 15 and clarifications regarding IFRS 15 – Revenues from contracts with customers

This financial statement marks the Group's initial application of IFRS 15 Revenues from contracts with customers. This standard institutes the so-called Five Step Model when recognizing revenues from contracts with customers. According to IFRS 15, the revenue is recognized at the transaction price, which – in line with the entity's expectations – is payable in exchange for the products or services delivered to the customer. The new standard supersedes all existing requirements concerning recognition of revenues under IFRS.

Licensing royalties associated with distribution of videogames

Under the new regulation, entities which grant customers licenses to use their intellectual property must determine whether the license is transferred to the customer over a period of time or at a specific point in time. Licenses transferred at a point in time give the customer the right to use the entity's intellectual property as it existed at the moment the license was transferred. In order to recognize the corresponding revenue, the customer must possess the means to direct the use of the corresponding intellectual property, and gain all other essential benefits associated with its use. A license transferred over a period of time permits the client to use the intellectual property throughout the license period. During this period the client may expect that the entity will undertake actions which significantly affect the relevant intellectual property (i.e. significantly alter its form or content, with the client's ability to gain the benefits of its use dependent on actions undertaken by the owner). In such cases the revenue is recognized over the license period.

With regard to videogame licensing royalties, which represent the Group's main source of revenues, the actual value of revenues depends the sales volume reported by the distributor during a given period. In light of this, revenues from sales of a specific product will be recognized over time once the distributor obtains all materials required in order to commence distribution. Consequently, no changes in the Group's accounting practices are necessary compared to IAS 18 (previously applied at the Capital Group).

Revenues from sales of virtual goods via microtransactions

In the Group's view, IFRS 15 may affect recognition of revenues from sales of virtual goods in the framework of online free-toplay games with optional microtransactions, including GWENT: The Witcher Card Game. This conclusion indicates the need to conduct an analysis (mandated by IFRS 15) whether such products and services concerned are delivered to customers over time or at a specific point in time.

As a rule, virtual goods offered in videogames are divided into two categories: durable virtual goods (where the user gains the right to use an item indefinitely and the item is not consumed during use) and consumable virtual goods. With regard to the

former category, revenues are recognized over time, based on in-game statistics (such as the usage period of a given item), while for the latter category, revenues are recognized either at the moment of use or in proportion to the amount of goods consumed.

With regard to revenues from sales of virtual currencies, the Group will recognize them at the moment the currency is consumed by the user.

In light of the above the Group has conducted an analysis of the structure of virtual goods sold, their corresponding usage statistics and the turnover of the game's virtual currency (meteorite dust). It was concluded that application of IFRS 15 does not produce a material change in the reported financial data. Consequently, the Board has opted not to recognize revenues from sales of virtual goods over time.

During the assessment of the impact of the new standard on the Group's financial statement it was determined that IFRS 15 does not materially alter the recognition of revenues by the Capital Group given the existing mechanics and usage statistics of GWENT. Nevertheless, it should be noted that GWENT remains in its development and testing phase and, consequently, the presented assessment may not hold during future reporting periods.

Should the Group determine that, as a result of changes in game mechanics, recognition of revenues from microtransactions over time has become necessary, the corresponding values will be aggregated with deferred revenues.

Principal compensation vs. agent compensation in the GOG.com segment

In line with the new standard, when delivery of goods or services to the client involves a third party, it is necessary to determine whether the vendor's obligation is to ensure that certain goods or services are provisioned (in which case the vendor is the principal) or to subcontract delivery of goods or services to another party (in which case the vendor is an agent).

The vendor is the principal to the transaction if it exerts controls over the specified goods or services prior to their delivery to the client. A principal vendor may itself discharge the delivery promise and recognize gross revenues to which it is entitled in exchange for delivery of goods or services.

The vendor is an agent if its obligation is discharged by ensuring that the goods or services are delivered by another party. An agent vendor recognizes its revenues as any fees or royalties to which – in its own view – it will be entitled in exchange for facilitating delivery of goods or services by a third party.

The above considerations may have an effect only on those revenues which the Group obtains in its GOG.com segment in association with distribution of licenses obtained from third parties. In this activity segment the Group concludes contracts with end users in its own name and on its own account, on the basis of distribution licenses for the electronic content which is distributed to end users. The Group also directly maintains and distributes the electronic content in question (i.e. game files). This indicates that the nature of the Group's promise to the customer is to deliver specific goods or services and not to subcontract such delivery to a third party (i.e. the Group is the principal and not an agent).

Additional arguments which support the view that the Group acts as the principal and not an agent are as follows:

corporate liability under the appropriate customer protection legislation;
undertaking credit risk with regard to the payments owed by customers;
pledge to provide technical support and liability for product defects;
implementation of reward systems (such as store credit granted to customers) for which the Group is solely liable.

Sale with a right of return

According to IFRS 15 a sale with a right of return occurs when the vendor offers the customer a right of return of the purchased product. In line with the new standard, the right of return does not constitute a separate liability; however, potential returns may result in variable revenues since actual sales revenues will now depend on future events (i.e. returns).

The standard stipulates that the entity should avoid recognizing revenues for goods which, in its estimates, are going to be returned. In order to provide this estimate, the entity may apply either of two methods provided for by the standard:

the expected value method,
the most likely outcome method.

When estimating the value of returns the entity should acknowledge all available information, both historical and forwardlooking. In light of the expected returns and the corresponding partial loss of revenues, the entity should recognize liabilities in correspondence with the appropriate reduction of revenues in its profit and loss account. In addition, the entity should recognize an asset which reflects the recovery of products or goods returned by clients. The value of this asset corresponds to the cost of creation or purchase of the relevant products of goods less any applicable recovery costs. Such assets are aggregated with inventories, in correspondence with the appropriate reduction in selling costs in the profit and loss account.

In its GOG.com segment the Group has instituted a returns policy under which any customer is entitled to return any games within 30 days of purchase in case of technical issues or errors which cannot be otherwise resolved and which prevent the customer from completing the game. The Group performs an assessment of the value of returns by applying the most likely outcome method, applying historical data to compute the expected average quantity of returns during a given period. If the value of actual returns is greater or lower than the expected average value, the Group does not adjust its selling costs or the corresponding cost of goods and materials sold.

In addition, the Group recognizes the obligation to return games in cases of unlawful activity or irregularities in the payment process. In such cases, the volume of returns is estimated on the basis of reports submitted by entities which process electronic payments on behalf of the Group. Such entities log reports which initiate returns, and present the Group with summaries of contested payments whose final status is verified within 90 days.

The Group had initially planned to aggregate the effects of initial application of IFRS 15 in its opening balance of retained earnings; however, given the fact that the assets and liabilities associated with returns calculated for 1 January 2018 in accordance with the new rules are not materially different from allowances already reported in the Group's financial statement for 31 December 2017, the Group has instead decided to forgo adjusting its opening balance of retained earnings in association with applying IFRS 15 for the first time

Advance payments from clients

The Group obtains short-term advance payments from its clients. Prior to introduction of IFRS 15 such advance payments were reported as deferred revenues in the statement of financial position, and did not correspond to any cost item.

Following introduction of IFRS 15 the recognition of short-term advance payments follows the simplified procedure provided for by the new standard. With regard to such advance payments the Group will continue to forgo recognizing the corresponding cost items as long as it expects that – at the moment the relevant agreement is concluded – the period between the collection of payment for the product or service and the actual delivery of said product of service to the client will not exceed 1 year.

Requirements related to presentation and disclosure of information

IFRS 15 introduces new requirements related to presentation and disclosure of information. In meeting these requirements the Group has decided to provide additional disclosures related to (see Note 13):

own and external products,
main distribution channels: physical and digital distribution,
clients' countries of residence.

Amendments to IFRS 4 – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts

Changes concern application of the new standard (IFRS 9 Financial Instrument) prior to implementation of a new standard concerning insurance contract which is currently under development. In order to mitigate temporal variations in financial reporting associated with implementation of IFRS 9, changes in IFRS 4 specify that two approaches are permissible: the overlay approach and the deferral approach. These changes complement options which existing standards already provide. They have no impact on the accounting practices in force at the Group or on its financial data.

Amendments to IFRS 2 Share-based Payment

Amendments clarify the classification and measurement of share-based cash-settled payment transactions and the effects of changes to an equity-settled share-based payment. They have no significant impact on the accounting practices in force at the Group or on its financial data.

Amendments to IFRS (2014-2016) adopted during the annual IFRS improvements cycle

Amendments to IFRS 1 First-time Adoption of IFRS concern deletion of short-term exemptions provided for under §E3–E7 IFRS 1 since these exemptions were applicable to past reporting periods and have now served their purpose. Additional amendments have also been introduced in IAS 28 Investments in Associates and Joint Ventures, clarifying that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is a venture capital organization, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-byinvestment basis, upon initial recognition. These amendments have no significant impact on the accounting practices in force at the Group or on its financial data.

Amendments to IAS 40 Investment Property: Transfers of investment property

The amendment provides clarifications and guidance on transfers to, or from, investment properties. In line with the amended standard, such a transfer should only be made only when there is evidence of a change in the use of the property. A change of use occurs if property meets, or ceases to meet, the definition of investment property. A change in management's intentions for the use of a property by itself does not constitute evidence of a change in use. These amendments have no significant impact on the accounting practices in force at the Group or on its financial data.

IFRIC 22 Foreign currency transactions and advance considerations

The IFRIC 22 interpretation concerns the exchange rate to be applied to foreign currency transactions which involve receipt or payment of advance consideration prior to recognition of the related asset, expense or income. This interpretation cannot be applied if the relevant asset, expense or income was initially estimated at fair value. This interpretation has no significant impact on the accounting practices in force at the Group or on its financial data.

Presentation changes

This condensed interim consolidated financial statement for the period between 1 July and 30 September 2018 includes certain adjustments in the presentation of financial data, introduced in order to maintain comparability of financial statements. The following presentation changes have been introduced with regard to financial data for the reference periods between 1 July and 30 September 2017 and between 1 January and 30 September 2017, as well as for 30 June 2018:

In the consolidated profit and loss account for the period between 1 July and 30 September 2017 and for the period between 1 January and 30 September 2017 the presentation of revenues from revaluation of financial instruments was adjusted as follows:
Profit and loss account for the period between 1 July and 30 September 2017:
- (Impairment)/reversal of impairment of financial instruments adjusted by 401 thousand PLN
- Other operating revenues adjusted by (401) thousand PLN
Profit and loss account for the period between 1 January and 30 September 2017:
- (Impairment)/reversal of impairment of financial instruments adjusted by 881 thousand PLN
- Other operating revenues adjusted by (881) thousand PLN