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Financial results of Stalexport Autostrady Group in 2015

Press Releases 9 March 2016

Last year's increased traffic volume on the A4 Katowice-Krakow reaching 37 thousand vehicles daily has been the reason for good financial results for Stalexport Autostrady Capital Group but also the reason for further increase of toll plaza capacity. After launching the new ways of toll payments the concessionaire is planning further investments, also on the toll plazas, that are aimed at increasing the comfort of travelling on the concession stretch of the A4.

Last year Stalexport Autostrady Capital Group had revenues of over PLN 262.5 million (about 18 per cent higher than in 2014) and a net profit of PLN 119.4 million, i.e. over 82 per cent increase as compared to 2014. EBITDA was about PLN 216.5 million.

Significantly improved revenues of the Capital Group in comparison to 2014 are the effect of e.g. the change of toll rates introduced on 1 March 2015 r. and 8.6 per cent increased traffic as compared to 2014, i.e. to almost 37 thousand vehicles per day. This increase concerns both cars (8.5 per cent), and lorries (9.1 per cent).

In 2015 the Group had over PLN 6 million lower financial costs due to about PLN 60 million decrease in liabilities, including mainly the bank loan for the implementation of the project of a toll motorway on the Katowice-Krakow stretch of the A4.

The management and operation of the concession stretch of the A4 carried out by Stalexport Autostrada Małopolska S.A., which is a member of the Group, had the most important impact on consolidated financial results of the Capital Group. Last year the revenues from tolls for using the A4 Katowice-Krakow were PLN 257.7 million.
Income tax paid to the public party was about PLN 24 million, and roadway lease costs were about PLN 3.4 million. At the same time we would like to point out that revenues from tolls for using the concession stretch of the A4 are subject to 23% VAT rate. In 2015 r. the value of VAT for this type of revenue paid to the Treasury was PLN 59.3 million.
For the concessionaire of the A4 motorway the year 2015 was the time of intensive work within the project of increasing toll plaza capacity. The replacement of toll collection facilities and toll booths on gates cost about PLN 25 million. This made it possible to introduce new methods of payment for using the motorway, i.e. with fleet, fuel and proximity cards kartA4. The latter are designated for frequent users of the motorway. In 2015 other important investments also started, such as the extension of two motorway junctions – in Mysłowice and in Balice as well as the construction of new sound barriers.

Emil Wąsacz, the President of the Management Board of Stalexport Autostrady S.A. and Stalexport Autostrada Małopolska S.A.:
2015 was a stable and rather quiet period in the activity of Stalexport Autostrady S.A. As regards its motorway operations – in 2015 we finished the first stage of investment connected with increasing toll plaza capacity. Due to increased traffic in 2015 and its forecasted further increase in the following years, we are analysing potential possibilities for further increase of toll plaza capacity, and in particular – launching an electronic toll collection system making it possible to go through the "stop & go" and "slow & go" gates. In 2016 we are planning e.g. the replacement of about 60 km of road surface on both roadways of the motorway, which were modernised about 10 years ago. I would like to assure drivers that together with the contractor we will do our best to make the works as least troublesome as possible for them. Two lanes in each direction will surely be retained.
We are interested in adding new ventures to our motorway operations within public-private partnership. We are also considering capital engagement in the existing concession projects if such a possibility arises.