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Comments on results of Stalexport Autostrady Group in 2018Q1

Comments on results 10 May 2018

In 2018Q1 Group’s revenue (PLN 75,915 thousand) increased by 7.9% compared to 2017Q1 (PLN 70,360 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 8.0%), including toll revenue (increased by 8.1%) 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 amounted to PLN 814 thousand and are on a comparable level to 2017Q1 (PLN 821 thousand).

In 2018Q1 Group’s cost of sales (PLN 21,601 thousand) increased by 105.3% (i.e. by PLN 11,079 thousand) compared to 2017Q1 (PLN 10,522 thousand), mainly as a result of increase of cost of provision for resurfacing works (PLN 9,342 thousand). The decisive impact on this situation had the lower level of such costs in 2017Q1, when the part of 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 2018Q1 amounted to PLN 54,314 thousand and achieved lower level (decreased by 9.2%), than PLN 59,838 thousand in 2017Q1.

In comparison to 2017Q1 (PLN 868 thousand), Group’s other income in 2018Q1 (PLN 3,747 thousand) increased by 331.7%, 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 8,410 thousand) at higher level (increased by 10.6%) than in 2017Q1 (PLN 7,607 thousand). Other expenses in 2018Q1 in the amount of PLN 3,051 thousand were higher than in 2017Q1, when they amounted to PLN 51 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 amounted to PLN 46,587 thousand.

It should also be noted, that the negative balance in financial activities recorded in 2018Q1 (PLN 3,326 thousand) was lower (by 30.5%) than in 2017Q1 (PLN 4,787 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 Group achieved lower (by 10.1%) net profit of PLN 35,057 thousand, compared to net profit of PLN 38,986 thousand in 2017Q1.

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

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