Comments on results of Stalexport Autostrady Group in 2021H1

In 2021H1 Group’s revenue amounted to PLN 158,847 thousand and increased by 23.5% compared to 2020H1 (PLN 128,656 thousand), mainly due to decrease of revenue from management and operation of motorway (increased by 23.7%), including toll revenue (increased by 23.8%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). It should be noted, that in the same period of last year there were more severe restrictions on social and economic activity due to the spread of the SARS-CoV-2 coronavirus and the number of COVID-19 cases. While in 2021H1 Group’s cost of sales (PLN 53,812 thousand) increased by 20.8% (i.e. by PLN 9,268 thousand) compared to 2020H1 (PLN 44,544 thousand), mainly due to the increase in amortisation and depreciation costs. Taking into account the above described increase of revenue and costs, the cumulative gross profit in 2021H1 amounted to PLN 105,035 thousand and achieved higher level (increased by 24.9%) than PLN 84,112 thousand in 2020H1. 

In comparison to 2020H1 (PLN 5,653, thousand), Group’s other income in 2021H1 (PLN 2,627 thousand) decreased by 53.5%, mainly due to lower rental income from passenger service areas primarily in terms of land tax settlement with the tenant of the above-mentioned property. In the same period the Group recorded administrative expenses (PLN 42,545 thousand) at higher level (increased by 7.7%) than in H1 of last year (PLN 39,504 thousand), primarily due to higher amount of payment to the State Treasury (PLN 6.064 thousand). Other expenses in 2021H1 in the amount of PLN 156 thousand were similar to those in 2020H1, when they amounted to PLN 141 thousand. Impairment losses on trade and other receivables in 2021H1 amounted to PLN 454 thousand, compared to PLN 25 thousand in the same period of the previous year. As a consequence, results from operating activities in 2021H1 amounted to PLN 64,507 thousand and were higher (increased by 28.8%) than the ones achieved in 2020H1 (PLN 50,095 thousand). 

The negative balance in financial activities recorded in 2021H1 (PLN 889 thousand) was slightly lower (by 33.7%) than in 2020H1 (PLN 665 thousand). This result is the effect of lower costs of discounting provisions and lower interest income on cash, non-current deposits and debt financial instruments. 

As a result of activities in 2021H1 Group achieved higher (by 41%) net profit at the level of PLN 48,819 thousand, compared to net profit of PLN 34,623 thousand in 2020H1. 

Separate and consolidated condensed interim financial statements of Stalexport Autostrady for 2021H1 can be found here.