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CCP Games is reporting over $21M in losses for fiscal 2013 according to a report at GamesIndustry.biz. While overall revenue increased significantly, huge corporate investment in research and development contributed to the decline.
A note in CCP's full financial presentation seems to support the theory that a large factor in this $40 million increase in R&D costs was the removal of asset value previously attributed to World of Darkness.
"During the year the company assessed its capitalized development assets and determined that a portion of those assets would likely not have future economic benefits," a statement accompanying the report explains. "IAS 38 requires that such assets should be derecognized and removed from the balance sheet. The expense related to the derecognized assets are presented as part of research and development expense in the statement of comprehensive income."
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