The increase in traffic on the concession section of the A4 Katowice-Kraków motorway, reduced debt and continuation of important investments – Stalexport Autostrady Group 2014 summary
In 2014, Stalexport Autostrady Group generated revenue in the amount of PLN 222.5 million (higher by approx. 8% than in 2013) and net profit in the amount of PLN 65.4 million. EBITDA was approx. PLN 178.9 million.
The Group’s revenue, higher than in 2013, was the result of, inter alia, the increase in traffic on the motorway A4 Katowice-Kraków. In 2014, the number of vehicles using the A4 concession section was higher by 7.4% than in the previous year. This increase applies to both cars (7.2%) and trucks (8.7%).
Better finance results recorded by Stalexport Autostrady Group in 2014 are also the result of reduced Group’s net debt (a decrease by approx. 83%) due to further repayment of the loan for the A4 Katowice-Kraków project.
The operations involving the management and operation of the concession section of the A4 motorway by Stalexport Autostrada Małopolska S.A., a company belonging to the Group, had the most significant impact on the Group’s consolidated results. In 2014, the Group’s revenue on toll collection at the A4 Katowice-Kraków motorway amounted to PLN 218.1 million. As much as PLN 44 million was transferred to the public party in the form of taxes and PLN 3.5 million (net) in the form of other fees, such as rent for the lease of the motorway lane.
For the Concessionaire of the A4 motorway, 2014 was a period of continuation of investment projects aimed at improving the travellers’ safety and comfort as well as limiting the motorway’s impact on the environment. The value of investments implemented in 2014, largely under the A4 Katowice-Kraków project, was PLN 41 million.
Due to the steadily increasing traffic on the A4 Katowice-Kraków motorway, the administrator of the A4 motorway has been implementing a long-term programme aimed at increasing the flow capacity of the Toll Collection Plazas. Having extended the Plazas in Mysłowice and Balice by additional lanes (from seven to nine in each direction), in 2014, the main part of the replacement of the toll collection equipment project was implemented. The project made it possible to introduce new and faster toll payment methods.
Emil Wąsacz, the President of the Management Board, General Director of Stalexport Autostrady S.A. and Stalexport Autostrada Małopolska S.A.:
When interpreting the annual results of such a company as Stalexport Autostrady S.A., one has to remember that the project involving the management of the toll section of the motorway, which is key to the Group, requires capital expenditure incurred over a long period of time. Thus, no dividend has been paid so far in the Group in relation to the operations of the subsidiary Stalexport Autostrada Małopolska S.A., the A4 Katowice-Kraków motorway concessionaire. All profits of this company were allocated to its supplementary capital in order, among other things, to collect funds to implement the repair and investment programme on the managed section of the motorway. In 2014, the most important investment was the last stage of the replacement of the toll collection equipment project aimed at travelers faster service. Thanks to the state-of-the art IT and technical solutions, tolls are now collected much faster. Now, in addition to cash and credit card payments, it is also possible to pay by use of fleet and fuel cards.
Our focus on the concession project and the reduction of costs by making in 2014 the Group’s structure more orderly does not mean that we are not interested in further cooperation as far as public-private partnership is concerned. If only there are new positively verified motorway projects, the Group will make efforts to develop in this segment. We also do not exclude the involvement of capital in the existing concession projects if such an opportunity arises.