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Comments on results of Stalexport Autostrady Group in 2015H1

Comments on results 31 July 2015

In 2015H1 Group’s revenue (PLN 119,237 thousand) increased by 14.0% compared to 2014H1 (PLN 104,552 thousand), mainly due to increase of revenue from management and operation of motorway (increase by 14.3%), including toll revenue (increase by 14.1%) 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 2015H1 amounted to PLN 1,678 thousand and was lower by 3.1% then in 2014H1 (PLN 1,732 thousand).

In 2015H1 Group’s cost of sales (PLN 40,705 thousand) decreased by 6.7% (i.e. by PLN 2,916 thousand) compared to the same period of previous year (PLN 43,621 thousand). A decisive impact on such situation was due to level of costs of created provision for resurfacing works included in cost of sales (external services) which was lower by PLN 3,721 thousand compared to the same period of last year.

Taking into account above described increase in revenue as well as decrease in costs, the cumulative gross profit in 2015H1 amounted to PLN 78,532 thousand and increased by 28.9% compared to PLN 60,931 thousand in 2014H1.

In comparison to 2014H1 (PLN 2,438 thousand), in 2015H1 Group’s showed other income (PLN 3,939 thousand) higher by 61.6%, mainly due to higher lease revenues for use of the property within the motorway roadstrip A4 Katowice-Krakow, including PLN 2,330 thousand from reimbursements of land tax costs for previous years. Whereas in the same period, the Group recorded administrative expenses (PLN 15,756 thousand) at higher level (increase by 20.2%) than in the same period of last year (PLN 13,103 thousand). This was mainly due to the increase of land tax costs in connection with the payment of taxes for previous years in the amount of PLN 2,330 thousand. Other expenses in 2015H1 in the amount of PLN 82 thousand were higher than in 2014H1 when they amounted to PLN 68 thousand, but due to their share in the cost structure such did not have significant impact on results from operating activities in 2015H1 (PLN 66,633 thousand).

It should also be noted that the negative balance in financial activities recorded in 2015H1 (PLN 11,307 thousand) was lower (by 18.2%) than in 2014H1 (PLN 13,829 thousand). This was mainly due to reduction in interest rates which resulted in lower amount of loan interest, lower amount of the discount on provisions and lower interest income from bank accounts and deposits.

As a result of activities in 2015H1 Group achieved higher (by 57.0%) net profit of PLN 45,048 thousand compared to net profit of PLN 28,691 thousand in 2014H1.

Separate and consolidated condensed financial statements of Stalexport Autostrady for 2015H1 can be found here.