Comments on results of Stalexport Autostrady Group in 2015Q1

In 2015Q1 Group’s revenue (PLN 54,263 thousand) increased by 10.0% compared to 2014Q1 (PLN 49,337 thousand), mainly due to increase of revenue from management and operation of motorway (increase by 10.2%), including toll revenue (increase by 9.8%) 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 2015Q1 amounted to PLN 841 thousand and remained on a similar level as in 2014Q1 (PLN 872 thousand).

In 2015Q1 Group’s cost of sales (PLN 20,093 thousand) remained on a similar level as in 2014Q1 (PLN 20,201 thousand).

Taking into account the above the described increase in revenue as well as the level of costs, the cumulative gross profit in 2015Q1 amounted to PLN 34,170 thousand and increased by 17.3% compared to PLN 29,136 thousand in 2014Q1.

In comparison to 2014Q1 (PLN 1,707 thousand), Group’s other income in 2015Q1 (PLN 923 thousand) decreased by 45.9%, mainly due to lower reversal of provisions and write-offs. Whereas in 2015Q1, the Group recorded administrative expenses (PLN 6,203 thousand) at lower level (decrease by 1.4%) than in 2014Q1 (PLN 6,288 thousand). Other expenses in 2015Q1 in the amount of PLN 18 thousand were also lower than in 2014Q1 when they amounted to PLN 51 thousand, but due to their share in the cost structure such did not have significant impact on Results from operating activities in 2015Q1 (PLN 28,872 thousand).

It should also be noted that the negative balance in financial activities recorded in 2015Q1 (PLN 5,956 thousand) was lower (by 12.3%) than in 2014Q1 (PLN 6,789 thousand). This was mainly due to reduction in interest rates which resulted in lower unwinding amount of the discount on provisions.

As a result of activities in 2015Q1 Group achieved higher (by 30.2%) net profit of PLN 18,859 thousand compared to net profit of PLN 14,484 thousand in 2014Q1. Separate and consolidated financial statements of Stalexport Autostrady for 2015Q1 can be found here.