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Comments on results of Stalexport Autostrady Group in 2014

Comments on results 9 March 2015

In 2014 Group’s revenue increased by 7.8% compared to 2013, mainly due to the increase of revenue from management and operation of motorway, including the revenue on toll collection (increase by 7.9%) 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 2014 amounted to PLN 3,432 thousand and was higher by 1.8% than in 2013 (PLN 3,370 thousand).

In parallel, in 2014 Group’s cost of sales increased (by 35.8%) in comparison to 2013, mainly due to higher cost of resurfacing provisions in connection with a change in estimates.

Taking into account the above the described increase in revenue as well as the level of costs, the cumulative gross profit in 2014 amounted to PLN 133,000 thousand and decreased compared to PLN 140,578 thousand in the previous year.

In comparison to 2013 (PLN 5,376 thousand), Group’s other income in 2014 (PLN 4,603 thousand) has decreased (by 14.4%), mainly due to less interest on receivables and lower reversal of provisions and write-offs. Whereas also in the same period, the Group recorded administrative expenses (PLN 29,746 thousand) at lower level (decrease by 2.1%) than in the previous year (PLN 30,396 thousand). Other expenses in 2014 at the amount of PLN 597 thousand were higher than in 2013 when amounted to PLN 356 thousand, mainly due to loss from the liquidation of property, plant and equipment.

It should also be noted that the negative balance in financial activities recorded in 2014 (PLN 26,859 thousand) was lower (by 25.0%) than in 2013 (PLN 35,819 thousand). This was mainly due to reduction in net debt and interest rates which both resulted in lower loan interest, lower value of the discount on provisions as well as lower interest income on bank accounts and deposits.

As a result of activities in 2014 the Group achieved higher (by 4.8%) net profit of PLN 65,403 thousand compared to net profit of PLN 62,435 thousand in 2013.

Separate and consolidated financial statements of Stalexport Autostrady Group for 2014 can be found here.