In 2016Q1-Q3 Group’s revenue (PLN 220,389 thousand) increased by 13.0% compared to 2015Q1-Q3 (PLN 195,071 thousand), mainly due to increase of revenue from management and operation of motorway (increase by 13.1%), including toll revenue (increase by 13.2%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). Whereas Group’s revenue from the activity not related to the motorway in 2016Q1-Q3 amounted to PLN 2,526 thousand and was higher by 0.6% compared to 2015Q1-Q3 (PLN 2,510 thousand).
In 2016Q1-Q3 Group’s cost of sales (PLN 41,903 thousand) decreased by 7.8% (i.e. by PLN 3,545 thousand) compared to 2015Q1-Q3 (PLN 45,448 thousand). A decisive impact on such situation was due to level of costs of created provision for resurfacing works included in cost of sales (external services) which was lower by PLN 4,883 thousand compared to the same period last year.
Taking into account above the described increase in revenue as well as the decrease of costs, the cumulative gross profit in 2016Q1-Q3 amounted to PLN 178,486 thousand and reached higher level (increased by 19.3%) than PLN 149,623 thousand in 2015Q1-Q3.
In comparison to 2015Q1-Q3 (PLN 6,160 thousand), Group’s other income in 2016Q1-Q3 (PLN 2,939 thousand) decreased by 52.3%, mainly due to lease revenues for use of the property within the motorway roadstrip A4 Katowice-Krakow, where in contrary to current year, last year demonstrated additional revenues from the land tax costs for previous years re-invoiced to lessees. In the same period the Group recorded administrative expenses (PLN 24,678) at higher level (increase by 3.1%) than in 2015Q1-Q3 (PLN 23,934 thousand). Other expenses in 2016Q1-Q3 in the amount of PLN 91 thousand were lower than in 2015Q1-Q3 when they amounted to PLN 106 thousand. Results from operating activities in 2016Q1-Q3 amounted to PLN 156,656 thousand and increased by 18.9% compared to 2015Q1-Q3 (PLN 131,743 thousand).
It should also be noted that the negative balance in financial activities recorded in 2016Q1-Q3 (PLN 15,897 thousand) was lower (by 4.6%) than in 2015Q1-Q3 (PLN 16,666 thousand). This was mainly due to change in the structure of financial assets and liabilities as well as reduction in interest rates.
As a result of activities in 2016Q1-Q3 Group achieved higher (by 22.8%) net profit of PLN 114,680 thousand compared to net profit of PLN 93,376 thousand in 2015Q1-Q3.
Separate and consolidated condensed financial statements of Stalexport Autostrady for 2016Q1-Q3 can be found here.