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Comments on results of Stalexport Autostrady Group in 2017H1

Comments on results 3 August 2017

In 2017H1 Group’s revenue (PLN 150,466 thousand) increased by 9% compared to 2016H1 (PLN 137,643 thousand), mainly due to increase of revenue from management and operation of motorway (increase by 9.5%), including toll revenue (increase by 9.6%) 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 2017H1 amounted to PLN 1,626 thousand and are on a lower level compared to 2016H1 (PLN 1,706 thousand).

In 2017H1 Group’s cost of sales (PLN 31,088 thousand) increased by 31.3% (i.e. by PLN 7,405 thousand) compared to previous year (PLN 23,683 thousand). A decisive impact on such situation was due to change of accrued cost of provision for resurfacing works by the amount of PLN 5,399 thousand, which comprised of (i) a negative variance between the effects of changes in the estimates of the provision in the comparable half-year periods (PLN 8,020 thousand) and (ii) lower current accrued cost of the provision recorded in 2017H1 (decrease of PLN 2,621 thousand).

Taking into account the above described increase in revenue and costs, the cumulative gross profit in 2017H1 amounted to PLN 119,378 thousand and was higher (increase by 5%) compared to PLN 113,960 thousand in 2016H1.

In 2017H1 Group’s other income was at similar level (PLN 1,782 thousand), as in 2016H1 (PLN 1,747 thousand). Whereas in 2017H1, the Group recorded administrative expenses (PLN 15,886 thousand) where at higher level (increase by 5.4%) than in 2016H1 (PLN 15,079 thousand), mainly due to higher employee benefit expenses . Other expenses in 2017H1 in the amount of PLN 216 thousand were higher than in 2016H1, when they amounted to PLN 66 thousand, but due to their relative low share in the cost structure such did not have significant impact on Results from operating activities in 2017H1 (PLN 105,058 thousand).

It should also be noted, that the negative balance in financial activities recorded in 2017H1 (PLN 9,442 thousand) was lower (by 8%) than in 2016H1 (PLN 10,305 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 2017H1 Group achieved higher (by 5%) net profit of PLN 76,857 thousand compared to net profit of PLN 73,243 thousand in 2016H1.

Separate and consolidated condensed financial statements of Stalexport Autostrady for 2017H1 can be found here.

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