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Comments on results of Stalexport Autostrady Group in 2018 H1

Comments on results 2 August 2018

In 2018H1 Group’s revenue (PLN 160,244 thousand) increased by 6.5% compared to 2017H1 (PLN 150,466 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 6.6%), including toll revenue (increased by 6.6%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). Whereas Group’s revenues from the activity not related to the motorway in 2018H1 amounted to PLN 1,635 thousand and are on a comparable level to 2017H1 (PLN 1,626 thousand).

In 2018H1 Group’s cost of sales (PLN 19,740 thousand) decreased by 36.5% (i.e. by PLN 11,348 thousand) compared to 2017H1 (PLN 31,088 thousand), mainly as a result of decrease of cost of provision for resurfacing works (by PLN 15,634 thousand).

Taking into account the above described increase in revenue and decrease in costs, the cumulative gross profit in 2018H1 amounted to PLN 140,504 thousand and achieved higher level (increased by 17.7%), than PLN 119,378 thousand in 2017H1.

In comparison to 2017H1 (PLN 1,782 thousand), Group’s other income in 2018H1 (PLN 4,910 thousand) increased by 175.5%, mainly due to reimbursement of real estate tax paid for previous years (PLN 3,005 thousand). In the same period the Group recorded administrative expenses (PLN 18,393 thousand) at higher level (increased by 15.8%) than in 2017H1 (PLN 15,886 thousand). Other expenses in 2018H1 in the amount of PLN 3,169 thousand were higher than in 2017H1, when they amounted to PLN 216 thousand, mainly due to the reversal of rental income from passenger service areas for previous periods due to reimbursement of real estate tax paid (PLN 3,005 thousand). As a consequence, results from operating activities in 2018H1 amounted to PLN 123,852 thousand.

It should also be noted, that the negative balance in financial activities recorded in 2018H1 (PLN 6,361 thousand) was lower (by 32.6%) than in 2017H1 (PLN 9,442 thousand). This was mainly due to reduction in financial expenses, as a result of successive repayment of financial liabilities.

As a result of activities in 2018H1 Group achieved higher (by 22.4%) net profit of PLN 94,058 thousand, compared to net profit of PLN 76,857 thousand in 2017H1.

Separate and consolidated condensed interim financial statements of Stalexport Autostrady for 2018H1 can be found here.