Comments on results of Stalexport Autostrady Group in 2022Q1

In 2022Q1 Group’s revenue amounted to PLN 91,211 thousand and increased by 24.8% compared to 2021Q1 (PLN 73,083 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 25%), including toll revenue (increased by 25%) on the toll section of A4 Katowice-Kraków motorway (see detail report here). In 2022Q1 Group’s cost of sales (PLN 38,248 thousand) increased by 41.7% (i.e. by PLN 11,256 thousand) compared to 2021Q1 (PLN 26,992 thousand), mainly as a result of increase of cost of provision for resurfacing works  and costs of amortisation and depreciation. Taking into account the above described increase of revenue and costs, the cumulative gross profit in 2022Q1 amounted to PLN 52,963 thousand and achieved higher level (increased by 14.9%) than PLN 46,091 thousand in 2021Q1.

In comparison to 2021Q1 (PLN 1,379 thousand), Group’s other income in 2022Q1 (PLN 1,546 thousand) increased by 12.1%, mainly due to higher gain from the sale of tangible fixed assets and intangible assets. In the same period the Group recorded administrative expenses (PLN 12,167 thousand) at higher level (increased by 21.9%) than in Q1 of last year (PLN 9,984 thousand), mainly because of the increase in the costs of other external services. Other expenses in 2022Q1 in the amount of PLN 110 thousand were higher than those in 2021Q1, when they amounted to PLN 99 thousand. Impairment losses on trade and other receivable in 2022Q1 amounted to PLN 5 thousand, compared to reversal of impairments losses of PLN 6 thousand in first quarter of the previous year. As a consequence, results from operating activities in 2022Q1 amounted to PLN 42,227 thousand and were higher (increased by 12.9%) than the ones achieved in 2021Q1 (PLN 37,393 thousand).

The negative balance in financial activities recorded in 2022Q1 (PLN 2,076 thousand) was higher (by 671.7%) than in 2021Q1 (PLN 269 thousand). This result is the combined effect of higher interest income on cash and non-current deposits and higher costs of discounting provisions caused by increases in the interest rates used to discount these provisions. As a result of the above, profit before income tax in 2022Q1 amounted to PLN 40,168 thousand and was higher (increase by 8.2%) than the one achieved in 2021Q1 (PLN 37,129 thousand).

As a result of activities in 2022Q1 Group achieved higher (by 8%) net profit at the level of PLN 32,305 thousand, compared to net profit of PLN 29,916 thousand in 2021Q1.

Separate and consolidated condensed interim financial statements of Stalexport Autostrady for 2022Q1 can be found here.