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Comments on results of Stalexport Autostrady Group in 2018 Q1-Q3

Comments on results 8 November 2018

In 2018Q1-Q3 Group’s revenue (PLN 255,207 thousand) increased by 6.0% compared to 2017Q1-Q3 (PLN 240,765 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 6.1%), including toll revenue (increased by 6.0%) 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 2018Q1-Q3 amounted to PLN 2,435 thousand and are on a comparable level to 2017Q1-Q3 (PLN 2,423 thousand).

In 2018Q1-Q3 Group’s cost of sales (PLN 40,302 thousand) decreased by 20.9% (i.e. by PLN 10,680 thousand) compared to 2017Q1-Q3 (PLN 50,982 thousand), mainly as a result of decrease of cost of provision for resurfacing works (by PLN 16,640 thousand).

Taking into account the above described increase in revenue and decrease in costs, the cumulative gross profit in 2018Q1-Q3 amounted to PLN 214,905 thousand and achieved higher level (increased by 13.2%), than PLN 189,783 thousand in 2017Q1-Q3.

In comparison to 2017Q1-Q3 (PLN 2,671 thousand), Group’s other income in 2018Q1-Q3 (PLN 5,683 thousand) increased by 112.8%, 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 27,266 thousand) at higher level (increased by 9.6%) than in 2017Q1-Q3 (PLN 24,872 thousand). Other expenses in 2018Q1-Q3 in the amount of PLN 3,175 thousand were higher than in 2017Q1-Q3, when they amounted to PLN 266 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 2018Q1-Q3 amounted to PLN 190,088 thousand.

It should also be noted, that the negative balance in financial activities recorded in 2018Q1-Q3 (PLN 8,533 thousand) was lower (by 39.3%) than in 2017Q1-Q3 (PLN 14,061 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 2018Q1-Q3 Group achieved higher (by 18.1%) net profit of PLN 146,044 thousand, compared to net profit of PLN 123,645 thousand in 2017Q1-Q3.

Separate and consolidated condensed interim financial statements of Stalexport Autostrady for 2018Q1-Q3 can be found here.

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