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Comments on results of Stalexport Autostrady Group in the 2013Q1-Q3

Press Releases 12 November 2013

In 2013Q1-Q3 Group’s sales revenue increased by 10.2% compared to 2012Q1-Q3, mainly due to the increase (by 12.6%) of revenue from management and operation of motorway, including the revenue on toll collection (increase by 12,7%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). On the other hand, in 2013Q1-Q3 Group’s revenue from the activity not related to the motorway decreased (by 51.9%) in comparison to 2012Q1-Q3. Such revenues relate to lease of office space and from IT services provided in an offices building located at Mickiewicza 29 in Katowice. For comparison, in 2012, in addition to the above revenue, Group generated revenue from real property management as well. However, due to the sale of the controlling interest in Biuro Centrum (property manager), as of 1 June 2012, revenue of this company is not consolidated under the full method in the financial statements of the Group.

In addition, in 2013-Q1 Group’s cost of sales decreased by 33.5% in comparison to the respective period in 2012, mainly due to lower (decreased by 87.0%) cost of resurfacing provisions.

Taking into account the above described increase in revenues as well as the level of costs, the cumulative gross profit on sales in 2013Q1-Q3 amounted to PLN 107,155 thousand and increased by 54.3% compared to PLN 69,428 thousand in Q1-Q3 of the previous year.

Moreover, in comparison to 2012-Q1-Q3, Group’s other income in 2013Q1-Q3 has increased (by 51.3%), mainly due to reversal of provisions and write-offs, and Group’s administrative expenses in 2013Q1-Q3 decreased (by 5.9%) mainly due to the significant decrease in the cost of salaries and employee benefits being result of reorganization activities initiated in the end of the first half of 2012.

It should also be noted that the negative balance in financial activities recorded in 2013Q1-Q3 was lower (by 14.8%) than in the corresponding period of the previous year. This was mainly due to reduction in the Group's net debt balance and reduced interest rates which resulted in lower loan interest as well as lower value of the discount on provisions.

As a result of activities in 2013Q1-Q3 the Group achieved much significantly higher net profit of PLN 51,050 thousand compared to net profit of PLN 14,305 thousand in the respective period of the previous year.

Condensed interim separate and consolidated financial statements of Stalexport Autostrady for 2013Q1-Q3 can be accessed here.

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