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Comments on results of Stalexport Autostrady Group in 2017Q1-Q3

Comments on results 9 November 2017

In 2017Q1-Q3 Group’s revenue (PLN 240,765 thousand) increased by 9.2% compared to 2016Q1-Q3 (PLN 220,389 thousand), mainly due to increase of revenue from management and operation of motorway (increase by 9.4%), including toll revenue (increase by 9.5%) 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 2017Q1-Q3 amounted to PLN 2,423 thousand and are on a lower level compared to 2016Q1-Q3 (PLN 2,526 thousand).

In 2017Q1-Q3 Group’s cost of sales (PLN 50,982 thousand) increased by 21.7% (i.e. by PLN 9,079 thousand) compared to 2016Q1-Q3 (PLN 41,903 thousand). A decisive impact on such situation was due to change of accrued cost of provision for resurfacing works by the amount of PLN 6,327 thousand, which comprised of (i) variance between the effects of changes in the estimates of the provision in the comparable periods (PLN 10,078 thousand) and (ii) lower current accrued cost of the provision recorded in 2017Q1-Q3 (decrease of PLN 3,751 thousand).

Taking into account the above described increase in revenue and costs, the cumulative gross profit in 2017Q1-Q3 amounted to PLN 189,783 thousand and reached higher level (increased by 6.3%) than PLN 178,486 thousand in 2016Q1-Q3.

In comparison to 2016Q1-Q3 (PLN 2,939 thousand), Group’s other income in 2017Q1-Q3 (PLN 2,677 thousand) decreased by 8.9%, mainly due to lower amount of compensations received and lack of profit from disposal of property, plant and equipment and intangible assets. In the same period the Group recorded administrative expenses (PLN 24,872) at slightly higher level (increase by 0.8%) than in 2016Q1-Q3 (PLN 24,678 thousand). Other expenses in 2017Q1-Q3 in the amount of PLN 266 thousand were higher than in 2016Q1-Q3 when they amounted to PLN 91 thousand, but due to their relative low share in the cost structure such did not have significant impact on Results from operating activities in 2017Q1-Q3 (PLN 167,322 thousand).

It should also be noted that the negative balance in financial activities recorded in 2017Q1-Q3 (PLN 14,061 thousand) was lower (by 11.5%) than in 2016Q1-Q3 (PLN 15,897 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 2017Q1-Q3 Group achieved higher (by 7.8%) net profit of PLN 123,645 thousand, compared to net profit of PLN 114,680 thousand in 2016Q1-Q3 .

Separate and consolidated condensed financial statements of Stalexport Autostrady for 2017Q1-Q3 can be found here.

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