Comments on results of Stalexport Autostrady Group in 2021

In 2021 Group’s revenue amounted to PLN 360,162 thousand and increased by 24.4% compared to 2020 (PLN 289,545 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 24.6%), including toll revenue (increased by 24.5%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). In 2021 Group’s cost of sales in (PLN 125,132 thousand) increased by 30.3% (i.e. by PLN 29,063 thousand) compared to 2020 (PLN 96,069 thousand), mainly due to the increase in amortisation and depreciation costs. Taking into account the above described increase in revenue and costs, the cumulative gross profit in 2021 amounted to PLN 235,030 thousand and achieved higher level (increased by 21.5%), than PLN 193,476 thousand in 2020.

In comparison to 2020 (PLN 8,103 thousand), Group’s other income in 2021 (PLN 5,072 thousand) decreased by 37.4%, mainly due to lower rental income from passenger service areas related to land tax settlement with the tenant of the above-mentioned property. In the same period the Group recorded administrative expenses (PLN 113,522 thousand) at higher level (increased by 12.4%) than in 2020 (PLN 101,033 thousand). In this group of costs, payments to the State Treasury were higher (increased by PLN 18,639 thousand, i.e. 41.8%), but were partially compensated by lower costs of external services and also taxes and fees. Other expenses in 2021 in the amount of PLN 658 thousand were higher than in 2020, when they amounted to PLN 225 thousand. Impairment losses on trade and other receivables in 2021 amounted to PLN 589 thousand, compared to PLN 30 thousand in previous year. As a consequence, results from operating activities in 2021 amounted to PLN 125,333 thousand and were higher (increased by 25%) than the ones achieved in the previous year (PLN 100,291 thousand).

The negative balance in financial activities recorded in 2021 (PLN 1,718 thousand) was higher (by 25.6%) than in 2020 (PLN 1,368 thousand). This result is the combined effect of lower costs of discounting liabilities and provisions and lower interest income on cash, non-current deposits and debt financial instruments. As a result of the above, profit before income tax in 2021 amounted to PLN 123,630 thousand and was higher (increase by 25%) than the ones achieved in the previous year (PLN 98,651 thousand).

Commenting on income tax expense, it is worth to remind that in the comparative period, i.e. in 2020, as a result of recognition of payments to the State Treasury as tax deductible costs, PLN 17,995 thousand was received as a refund of the tax overpayment for 2018-2019.

As a result of activities in 2021 Group achieved higher (by 4.3%) net profit at the level of PLN 95,415 thousand, compared to net profit of PLN 91,456 thousand in 2020.

Separate and consolidated financial statements of Stalexport Autostrady for year 2021 can be found here.