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Capital Group 1H2016 summary

Press Releases 1 August 2016

Good results of Stalexport Autostrady Capital Group in the first half of 2016

Increases of key financial rations, A4Go electronic toll collection system and dividend payment – this is the shortest summary of the first half of 2016 activities of Stalexport Autostrady Capital Group. The Group maintained the upwards trend, both in terms of income and in terms o the generated net profit. Taking into consideration the projected further growth of traffic at A4 Katowice-Cracow, the concessionaire launched A4Go electronic toll collection. For the first time in the company history, Stalexport Autostrada Małopolska SA paid a dividend to its sole shareholder – Stalexport Autoroute S.a r.l.

In the first half of 2016, Stalexport Autostrady Capital Group generated income
amounting PLN 137.6 million, and net profit amounting PLN 73.2 million. EBITDA amounted circa PLN 115.4 million.

The generated net profit is a result of, among others, the change in rates for the use of A4 Katowice-Cracow motorway introduced on 1 March 2015, and the growth of traffic by 11.4% as compared to the first half of 2015. Now, the average traffic is 38.2 thousand vehicles per day. The growth is related to increase both in the number of passenger cars (11.3%) and in the number of lorries (11.9%).

The negative balance of financial activity in the first half of 2016,
in the amount of PLN 10.3 million, was lower than in the first half of 2015 (PLN 11.3 million).

The consolidated financial result of the Capital Group was the most significantly influenced by the management and exploitation of the concessionary section of A4 motorway by the Group company, Stalexport Autostrada Małopolska S.A. During the first half of 2016, the income generated by charging tolls for A4 Katowice-Cracow motorway use amounted to PLN 135.4 million.
The income tax payable to public authorities amounted to approximately PLN 11.8 million, whereas rent for leasing a motorway right-of-way amounted to approximately PLN 1.6 million. The income from charging tolls for the use of concessionary section of the A4 motorway is taxed at a 23% VAT rate. In the first half of 2016, the value of VAT related to this income category and payable to the State Treasury amounted to PLN 31.1 million.
To the A4 motorway concessionaire, the first half of 2016 constitutes a continuation of the activities aimed at increasing the throughput of the toll plazas. In January 2016 a new method of paying was introduced – prepaid kartA4 proximity card. Then, on 20 July 2016, electronic toll collection A4Go was launched. The implementation of other important investments was continued in the first half of 2016 as well. They included: development of two motorway junctions – in Mysłowice and in Rudno, modernisation of the motorway drainage system in Śląskie Voivodeship, and road surface replacement at the sections of both motorway carriageways.
An important activity in the first half of this year was the payment of dividend by Stalexport Autostrada Małopolska S.A., for the first time in the history of this concession company, to its sole shareholder, i.e. Stalexport Autoroute S.à r.l. The dividend in the amount of PLN 86 million was paid to Stalexport Autostrady S.A., which is the sole shareholder of Stalexport Autoroute S.à r.l.

Emil Wąsacz, The Chairman of the Board of Stalexport Autostrady S.A. and Stalexport Autostrada Małopolska S.A.:
In the first half of 2016, the upward trend was maintained, both in terms of income and net profit of the Stalexport Autostrady S.A. Capital Group.

Constant growth of traffic at A4 Katowice-Cracow has already made us carry out a number of activities a few years ago. The result of these activities is the faster toll collection area thoroughfare.
At the beginning of January of this year, a new method of payment was introduced – KartA4 proximity card. In March, we have started working on introduction of our own electronic toll collection system – A4Go. It certainly is the fastest and the easiest way of paying for the motorway use. It was launched in an extremely short time, on 20 July of this year. Currently, A4Go operates at all toll collection areas, but it is planned to launch (for A4Go only) slow & go lanes, which will enable toll collection area throughout at a speed of circa 40 km/h.
In May of this year, we have started road surface replacement at both carriageways of the A4 Katowice-Cracow motorway, at the sections that were modernised approximately 10 years ago. The works are carried out in a manner that allows to minimise traffic disruptions and maintain the operation of two lanes for each direction of travel. In 2016 and 2017, sections with a total length of approx. 60 km will be replaced.
Our interests remain focused on expanding the motorway-related activity by new projects under public-private partnership. We also take into consideration capital commitment to the existing concessionary projects, if such possibility arises.