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2.85 zł -2.4% -0.07zł 2024-04-22
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Comments on results of Stalexport Autostrady Group in 2022Q1-Q3

Aktualności EN 7 November 2022

In 2022Q1-Q3 Group’s revenue amounted to PLN 307,330 thousand and increased by 15.2% compared to 2021Q1-Q3 (PLN 266,814 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 15.2%), including toll revenue (increased by 15.3%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). In 2022Q1-Q3 Group’s cost of sales (PLN 141,060 thousand) increased by 58.4% (i.e. by PLN 52,024 thousand) compared to 2021Q1-Q3 (PLN 89,036 thousand), mainly as a result of increase of cost of creating a provision for resurfacing works (PLN 56,822 thousand in current period, compared to PLN 10,903 thousand in the comparative period of last year). The increase in this position is a consequence of rising prices in the construction market. The company successively makes updates of the costs of works related to the pavement replacement, which it is obliged to carry out by the end of the concession period. As the result of that, there was not only an increase in the cost of creating an accounting provisions, but also  significant  transfer of funds to cash reserve account, which in turn influenced the level of cash constituting the basis for the calculation of "Payments to the State Treasury" referred to below.

Taking into account the above described increase of revenue and costs, the cumulative gross profit in 2022Q1-Q3 amounted to PLN 166,270 thousand and achieved lower level (decreased by 6.5%) than PLN 177,778 thousand in 2021Q1-Q3.

In comparison to 2021Q1-Q3 (PLN 3,775 thousand), Group’s other income in 2022Q1-Q3 (PLN 4,029 thousand) increased by 6.7%, mainly due to higher rental income from passenger service areas, compensations received and higher gains from the sale of property, plant and equipment. In the same period the Group recorded administrative expenses (PLN 43,567 thousand) at lower level (decreased by 22.5%) than in 2021Q1-Q3 (PLN 56,229 thousand), mainly due to lack of “Payments to the State Treasury” which occurred in the comparative period of last year (PLN 20,944 thousand). Other expenses in 2022Q1-Q3 in the amount of PLN 347 thousand were higher than those in 2021Q1-Q3, when they amounted to PLN 200 thousand. Impairment losses on trade and other receivable in 2022Q1-Q3 amounted to PLN 31 thousand, compared to losses of PLN 454 thousand in the same period of previous year. As a consequence, results from operating activities in 2022Q1-Q3 amounted to PLN 126,354 thousand and were slightly higher (increased by 1.4%) than the ones achieved in 2021Q1-Q3 (PLN 124,670 thousand).

The Group recorded positive balance in financial activities in 2022Q1-Q3 (PLN 2,360 thousand) in contrast to the negative balance in 2021Q1-Q3 (PLN 1,408 thousand). This result is the combined effect of higher interest income on cash and non-current deposits and higher costs of discounting provisions caused by increases in the interest rates. As a result of the above, profit before income tax in 2022Q1-Q3 amounted to PLN 128,789 thousand and was higher (increased by 4.5%) than the one achieved in 2021Q1-Q3 (PLN 123,302 thousand).

As a result of activities in 2022Q1-Q3 Group achieved net profit at the level of PLN 99,521 thousand, which is at slightly higher level (increased by 2.1%) when compared with the net profit in 2021Q1-Q3 (PLN 97,464 thousand).

Separate and consolidated condensed interim financial statements of Stalexport Autostrady for 2022Q1-Q3 can be found here.