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Comments on results of Stalexport Autostrady Group in 2023

Aktualności EN 14 March 2024

In 2023 Group’s revenue amounted to PLN 508,871 thousand and increased by 22.9% compared to 2022 (PLN 413,890 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 23%), including toll revenue (increased by 23%) on the toll section of A4 Katowice-Kraków motorway (see detailed report here).

In 2023 Group’s cost of sales (PLN 170,442 thousand) decreased by 28.2% compared to 2022 (PLN 237,225 thousand), mainly as a result of lower costs of provision for resurfacing works.

In comparison to 2022 (PLN 6,368 thousand), Group’s other income in 2023 (PLN 8,826 thousand) increased by 38.6%, mainly due to reimbursement of costs of protection against the effects of mining damage and an increase in interest on receivables. In the same period the Group recorded administrative expenses (PLN 225,602 thousand) at higher level (increased by 89%) than in 2022 (PLN 119,388 thousand), which is mainly due to "Payments to the State Treasury" in the amount of PLN 126,713 thousand in the current period, compared to PLN 47,372 thousand in year 2022.

With reference to the above, in the comparative period, the company updated costs of works related to the motorway resurfacing, which it is obliged to carry out by the end of the concession period. As a result of these activities, the resurfacing reserve account was topped up with a higher amount than in previous years, which in turn resulted in the reduction of funds constituting the basis for calculating the "Payments to the State Treasury" in the comparative period.

Other expenses in 2023 in the amount of PLN 573 thousand were at a lower level, compared to the costs incurred in 2022 (PLN 3,229 thousand), mainly due to losses from the sale/liquidation of property, plant and equipment and intangible assets and abandoned investments recognized in previous periods as the use of reserves for investment expenses, which were accounted in the previous year. Impairment losses on trade and other receivables in 2023 amounted to PLN 9 thousand, compared to PLN 21 thousand in the previous year.

In consequence of above the results from operating activities in 2023 amounted to PLN 121,071 thousand and were higher (increased by 100.5%) than those achieved in 2022 (PLN 60,395 thousand).

The Group recorded a positive balance in financial activities in 2023 in the amount of PLN 19,920 thousand, which was higher compared to the balance achieved in 2022 (PLN 2,984 thousand). This result is the combined effect of higher interest income on cash and non-current deposits, but also higher costs of discounting provisions due to, among others, increase in the interest rates. As a result of the above, profit before income tax in 2023 amounted to PLN 141,133 thousand and was higher (increased by 122.4%) than the one achieved in 2022 (PLN 63,460 thousand).

As a result of activities in 2023 Group achieved net profit at the level of PLN 116,166 thousand, which is at a higher level (increased by 170.6%), when compared with the net profit in 2022 (PLN 42,936 thousand).

It should be mentioned that the data for the comparative period were restated in connection with the changes described in note 5.2 to the consolidated financial statements.

Separate and consolidated financial statements of Stalexport Autostrady for 2023 can be found here.