Comments on results of Stalexport Autostrady Group in 2016

In 2016 Group’s revenue (PLN 292,853 thousand) increased by 12% compared to 2015 (PLN 262,508 thousand), mainly due to increase of revenue from management and operation of motorway, including toll revenue on the toll section of A4 Katowice-Kraków motorway (see detail report here). Whereas Group’s revenue from the activity not related to the motorway in 2016 amounted to PLN 3,364 thousand and was on the same level as in 2015.

In 2016 Group’s cost of sales (PLN 40,854 thousand) decreased by 38% (i.e. by PLN 24,730 thousand) compared to previous year (PLN 65,584 thousand). A decisive impact on such situation was due to level of costs of created provisions for resurfacing works included in cost of sales, which was lower by PLN 24,927 thousand compared to previous year.

Taking into account above described increase in revenue as well as decrease in costs, the cumulative gross profit in 2016 amounted to PLN 251,999 thousand and increased by 28% compared to PLN 196,924 thousand in 2015.

In comparison to 2015 (PLN 7,321 thousand), in 2016 Group showed other income (PLN 4,917 thousand) lower by 33%, mostly due to lease revenues for use of the property within the motorway roadstrip A4 Katowice-Krakow, whereas year 2015 demonstrated additional revenues from the land tax costs for previous years re-invoiced to lessees. In year 2016 the Group recorded administrative expenses (PLN 33,843 thousand) at a comparable level (decrease by 1%) than last year (PLN 34,182 thousand). Other expenses in 2016 in the amount of PLN 312 thousand were lower than in 2015 when they amounted to PLN 351 thousand. Consequently the results from operating activities in 2016 amounted to PLN 222,761 thousand and increased by 31% compared to previous year when it amounted to PLN 169,712 thousand.

It should also be noted, that the negative balance in financial activities recorded in 2016 (PLN 21,158 thousand) was slightly lower (by 2%) than in 2015 (PLN 21,696 thousand). Behind such stabilization there are however opposing factors like changes in the structure of financial assets and liabilities, as well as changes in interest rates.

As a result of activities in 2016 the Group achieved higher (by 38%) net profit of PLN 165,294 thousand compared to net profit of PLN 119,410 thousand in previous year.

Separate and consolidated financial statements of Stalexport Autostrady for 2016 can be found here.