Comments on results of Stalexport Autostrady Group in 2019

In 2019 Group’s revenue amounted to PLN 351,487 thousand and increased by 4.4% compared to 2018 (PLN 336,529 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 4.5%), including toll revenue (increased by 4.5%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). While in 2019 Group’s cost of sales (PLN 89,097 thousand) increased by 67.8% (i.e. by PLN 35,985 thousand) compared to 2018 (PLN 53,112 thousand*), mainly as a result of increase of cost of provision for resurfacing works (by PLN 31,091 thousand). Taking into account the above described simultaneous increase in revenue and costs, the cumulative gross profit in 2019 amounted to PLN 262,390 thousand and achieved lower level (decreased by 7.4%), than PLN 283,417 thousand* in 2018. 

In comparison to 2018 (PLN 10,396 thousand), Group’s other income in 2019 (PLN 6,313 thousand) decreased by 39.3%, mainly due to recorded in comparative period of last year reimbursement of real estate tax paid for previous years (PLN 3,005 thousand). In the same period the Group recorded administrative expenses (PLN 139,033 thousand) at much higher level (increased by 208.4%) than in 2018 (PLN 45,075 thousand*) mainly as a result of the costs incurred in the current period, related to “Payments to the State Treasury” (PLN 88,800 thousand net). Other expenses in 2019 in the amount of PLN 514 thousand were lower than in 2018, when they amounted to PLN 3,282 thousand, mainly due to recorded in comparative period of last year reversal of rental income from passenger service areas for previous periods due to reimbursement of real estate tax paid (PLN 3,005 thousand). As a consequence, results from operating activities in 2019 amounted to PLN 129,153 thousand and were lower (decreased by 47.4%) than the ones achieved in 2018 (PLN 245,399 thousand*).

 It should also be noted, that the negative balance in financial activities recorded in 2019 (PLN 4,518 thousand) was lower (by 57.5%) than in 2018 (PLN 10,642 thousand). This was mainly due to reduction in financial expenses, as a result of successive repayment of financial liabilities. As a result of activities in 2019 Group achieved lower (by 56.8%) net profit at the level of PLN 80,396 thousand, compared to net profit of PLN 186,263 thousand* in 2018. 

Separate and consolidated financial statements of Stalexport Autostrady for 2019 can be found here.

* Restated due to due to change of treatment with regard to "Concession fees"