Comments on results of Stalexport Autostrady Group in 2024

In 2024 Group’s revenue amounted to PLN 578,915 thousand and increased by 13.8% compared to 2023 (PLN 508,871 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 13.8%), including toll revenue (increased by 13.8%) on the toll section of A4 Katowice-Kraków motorway (see detailed report here).

In 2024 Group’s cost of sales (PLN 182,946 thousand) increased by 7.3% compared to 2023 (PLN 170,442 thousand), mainly as a result of increasing depreciation and amortisation costs (increase by PLN 9,013 thousand) and employee benefit expenses (increase by PLN 5.053 thousand).

In comparison to 2023 (PLN 8,826 thousand), Group’s other income in 2024 (PLN 6,063 thousand) decreased by 31.3%, mainly due to reimbursement of costs of protection against the effects of mining damage in 2023, which were not recorded in 2024 (PLN 1,465 thousand) and other. In the same period the Group recorded administrative expenses (PLN 227,449 thousand) at higher level (increased by 0.8%) than in 2023 (PLN 225,602 thousand), which is mainly due to higher employee benefit expenses (increase by PLN 5.603 thousand), other external services (increase by PLN 4,932 thousand), depreciation and amortization (increase by PLN 1,810 thousand) and other costs (increase by PLN 954 thousand), partially compensated by lower motorway renovation and maintenance services (decrease by PLN 10,311 thousand) and energy and material consumption (decrease by PLN 1,119 thousand).

Other expenses in 2024 in the amount of PLN 4,615 thousand were at a higher level, compared to the costs incurred in 2023 (PLN 573 thousand), mainly due to investments discontinued due to signing of Annex No. 9 to the Concession Agreement, recognized in previous reporting periods as an utilization of provision for capital expenditures (PLN 3,488 thousand). Reversal of impairment losses on trade and other receivables in 2024 amounted to PLN 1,301 thousand, compared to PLN 9 thousand loss in previous year.

In consequence of above the results from operating activities in 2024 amounted to PLN 171,269 thousand and were higher (increased by 41.5%) than those achieved in 2023 (PLN 121,071 thousand).

The Group recorded a positive balance in financial activities in 2024 in the amount of PLN 17,952 thousand, which was lower compared to the balance achieved in 2023 (PLN 19,920 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 13,572 thousand, lower costs of discounting provisions (decrease by PLN 12,345 thousand) and higher interest expense on liabilities measured at amortised cost (increase by PLN 457 thousand). As a result of the above, profit before income tax in 2024 amounted to PLN 189,288 thousand and was higher (increased by 34.1%) than the one achieved in 2023 (PLN 141,133 thousand).

As a result of activities in 2024 Group achieved net profit at the level of PLN 139,703 thousand, which is at a higher level (increased by 20.3%), when compared with the net profit in 2023 (PLN 116,166 thousand).

 Separate and consolidated interim financial statements of Stalexport Autostrady for 2024 can be found here.