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Comments on results of Stalexport Autostrady Group in 2021Q1-Q3

Aktualności EN 8 November 2021

In 2021Q1-Q3 Group’s revenue amounted to PLN 266,814 thousand and increased by 23.7% compared to 2020Q1-Q3 (PLN 215,752 thousand), mainly due to increase of revenue from management and operation of motorway (increase by 23.9%), including toll revenue (increase by 23.9%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). It should be noted that in the same period of last year there were more severe restrictions on social and economic activity due to the spread of the SARS-CoV-2 coronavirus and the number of COVID-19 cases. In 2021Q1-Q3 Group’s cost of sales (PLN 89,036 thousand) increased by 17.5% (i.e. by PLN 13,268 thousand) compared to 2020Q1-Q3 (PLN 75,768 thousand), mainly due to the increase in amortisation and depreciation costs. Taking into account the above described increase of revenue and costs, the cumulative gross profit in 2021Q1-Q3 amounted to PLN 177,778 thousand and achieved higher level (increase by 27%) than PLN 139,984 thousand in 2020Q1-Q3.

In comparison to 2020Q1-Q3 (PLN 8,264 thousand), Group’s other income in 2021Q1-Q3 (PLN 3,775 thousand) decreased by 54.3%, mainly due to lower rental income from passenger service areas related to land tax settlement with the tenant of the above-mentioned property. In the same period the Group recorded administrative expenses (PLN 56,229 thousand) at comparable level (increased by 2.1%) as in 2020Q1-Q3 (PLN 55,060 thousand). In this group of costs, payments to the State Treasury were higher (increase by PLN 6,064 thousand, i.e. 40.8%), but were compensated by lower costs of external service and also taxes and fees. Other expenses in 2021Q1-Q3 in the amount of PLN 200 thousand were similar to those in 2020Q1-Q3, when they amounted to PLN 169 thousand. Impairment losses on trade and other receivables in 2021Q1-Q3 amounted to PLN 454 thousand, compared to PLN 34 thousand in the same period of the previous year. As a consequence, results from operating activities in 2021Q1-Q3 amounted to PLN 124,670 thousand and were higher (increase by 34.1%) than the ones achieved in 2020Q1-Q3 (PLN 92,985 thousand).

The negative balance in financial activities recorded in 2021Q1-Q3 (PLN 1,408 thousand) was lower (by 47.7%) than in 2020Q1-Q3 (PLN 953 thousand). This result is the combined effect of lower costs of discounting liabilities and provisions and lower interest income on cash, non-current deposits and debt financial instruments.

As a result of activities in 2021Q1-Q3 Group achieved higher (by 10.6%) net profit at the level of PLN 97,464 thousand, compared to net profit of PLN 88,137 thousand in 2020Q1-Q3.

Separate and consolidated condensed interim financial statements of Stalexport Autostrady for 2021Q1-Q3 can be found here.