In Q1 2012 the sales revenues of the Group amounted to 39,812 kPLN and were higher by 2% than revenues in the same period of the prior year (39,046 kPLN). This was a combined effect of implementation of real tolling from heavy vehicles which were previously under “vignette system” and resulting drop in traffic of heavy vehicles by 36.8% (at the same time light vehicles traffic was stable, the total Average Daily Traffic decreased by 9% in comparison to Q1 2011), and increase in toll fees for category 2 and 3 heavy vehicles (by 11.1% since 1 July 2011) and light vehicles (by 12.5% since 1 March 2012).
Despite increase in sales revenues, the Group incurred net loss of 4,919 kPLN which mainly resulted from revaluation of provision for the second road surfacing due to assumed earlier realization of planned construction works. Considering also the change of the Group’s expectations regarding interest rates, the amount of the provision for the future scheduled road surfacing increased by 6,986 kPLN in terms of change of estimates. It increased operating expenses of the analysed period (sales costs). It is worth emphasizing, that in Q1 2012 the Group created a provision of 282.5 kPLN for severance payments to the Company’s leavers. The positive effects of the realized restructuring program will be noticed in Q4 of the current year.
For comparison, in Q1 of the prior year the Group net loss amounted to 5,220 kPLN and mainly resulted from decision of tax authorities based on which the holding company created bad debt allowance of 6.9 MPLN.
The full set of separate and consolidated financial statements of Stalexport Autostrady for 1Q2012 can be found here.