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Comments on results of Stalexport Autostrady Group in 2017

Comments on results 2 March 2018

In 2017 Group’s revenue (PLN 318,831 thousand) increased by 8.9% compared to 2016 (PLN 292,853 thousand), mainly due to increase of revenue from management and operation of motorway (increase by 9.0%), including toll revenue 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 2017 amounted to PLN 3,235 thousand and are on a lower level compared to 2016 (PLN 3,364 thousand).

In 2017 Group’s cost of sales (PLN 70,507 thousand) increased by 72.6% (i.e. by PLN 29,653 thousand) compared to 2016 (PLN 40,854 thousand), mainly as a result of increase of cost of provision for resurfacing works (PLN 24,837 thousand). The decisive impact on this situation had the lower level of costs in 2016, when the provision was reduced as a result of changes in estimates.

Taking into account the above described increase in revenue and costs, the cumulative gross profit in 2017 amounted to PLN 248,324 thousand and reached lower level (decreased by 1.5%), than PLN 251,999 thousand in 2016.

In comparison to 2016 (PLN 4,917 thousand), Group’s other income in 2017 (PLN 4,272 thousand) decreased by 13.1%, mainly due to lower amount of compensations received. In the same period the Group recorded administrative expenses (PLN 35,845) at higher level (increase by 5.9%) than in 2016 (PLN 33,843 thousand). Other expenses in 2017 in the amount of PLN 342 thousand were higher than in 2016, when they amounted to PLN 312 thousand, but due to their relative low share in the cost structure such did not have significant impact on results from operating activities in 2017 (PLN 216,409 thousand).

It should also be noted, that the negative balance in financial activities recorded in 2017 (PLN 18,196 thousand) was lower (by 14.0%) than in 2016 (PLN 21,158 thousand). This was mainly due to reduction in financial expenses, as a result of successive repayment of loan liabilities.

As a result of activities in 2017 Group achieved lower (by 3.9%) net profit of PLN 158,780 thousand, compared to net profit of PLN 165,294 thousand in 2016 .

Separate and consolidated financial statements of Stalexport Autostrady for 2017 can be found here.