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Comments on results of Stalexport Autostrady Group in 2014H1

Comments on results 1 August 2014

In 2014H1 Group’s sales revenue increased by 11.1% compared to 2013H1, mainly due to the increase of revenue from management and operation of motorway, including the revenue on toll collection (increase by 11.3%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). While Group’s revenue from the activity not related to the motorway in 2014H1 amounted to PLN 1,732 thousand and were higher by 3.5% than in 2013H1 (PLN 1,673 thousand).

In parallel, in 2014H1 Group’s cost of sales increased (by 18.8%) in comparison to 2013H1, mainly due to higher (increased by 83.9%) cost of resurfacing provisions.

Taking into account the above described increase in revenues as well as the level of costs, the cumulative gross profit on sales in 2014H1 amounted to PLN 60,931 thousand and increased compared to PLN 57,352 thousand in the corresponding quarter of previous year.

Moreover, in comparison to 2013H1 (PLN 1,895 thousand), Group’s other income in 2014H1 (PLN 2,438 thousand) has increased (by 28.7%), mainly due to reversal of provisions and write-offs. Other operating expenses in 2014H1 at the amount of PLN 68 thousand were lower (by 57,0 %) than in 2013H1 when amounted to PLN 158 thousand.

It should also be noted that the negative balance in financial activities recorded in 2014H1 was lower (by 29.5%) than in year 2013H1. This was mainly due to reduced interest rates which resulted in lower loan interest, lower value of the discount on provisions as well as lower interest revenue on bank accounts and deposits.

As a result of activities in 2014H1 the Group achieved much higher net profit of PLN 28,691 thousand compared to net profit of PLN 20,638 thousand in 2013H1.

The condensed interim separate and consolidated financial statements of Stalexport Autostrady Group for 2014H1 can be accessed here.