Despite a lack of game releases in January-September and the significant costs relating to the share buy-back for the employee incentive plan (c. PLN214m) and the development & marketing of Cyberpunk 2077, CD Projekt increased its revenues in 9M 20 by >50% yoy and had more cash than at the end of 2019. We are confident with our estimates and regard it as increasingly likely that the company will distribute a significant amount of cash to its shareholders in 2021.