Comments on results of Stalexport Autostrady Group in 2024H1

In 2024H1 Group’s revenue amounted to PLN 274,124 thousand and increased by 17.4% compared to 2023H1 (PLN 233,543 thousand), mainly due to increase of revenue from management and operation of motorway (increased by 17.4%), including toll revenue (increased by 17.5%) on the toll section of A4 Katowice-Kraków motorway (see detailed report here).

In 2024H1 Group’s cost of sales (PLN 94,221 thousand) increased by 16.6% compared to 2023H1 (PLN 80,827 thousand), mainly as a result of increasing depreciation and amortisation costs (increase by PLN 6,394 thousand), costs of provision for resurfacing works (increase by PLN 4.089 thousand) and employee benefit expenses (increase by PLN 2.700 thousand).

In comparison to 2023H1 (PLN 5,348 thousand), Group’s other income in 2024H1 (PLN 2,906 thousand) decreased by 45.7%, mainly due to reimbursement of costs of protection against the effects of mining damage in 2023H1, which were not recorded in 2024H1. In the same period the Group recorded administrative expenses (PLN 102,801 thousand) at higher level (increased by 15.9%) than in H1 of last year (PLN 88,690 thousand), which is mainly due to payments to the State Treasury (increase by PLN 18,278 thousand).

Other expenses in 2024H1 in the amount of PLN 3,614 thousand were at a higher level, compared to the costs incurred in 2023H1 (PLN 230 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 3,402 thousand). Impairment losses on trade and other receivables in 2024H1 amounted to PLN 16 thousand, compared to PLN 9 thousand in the same period of the previous year.

In consequence of above the results from operating activities in 2024H1 amounted to PLN 76,378 thousand and were higher (increased by 10.5%) than those achieved in 2023H1 (PLN 69,135 thousand).

The Group recorded a positive balance in financial activities in 2024H1 in the amount of PLN 7,411 thousand, which was lower compared to the balance achieved in 2023H1 (PLN 8,621 thousand). This result is mainly the effect of lower interest income on cash and cash equivalents (including non-current) by PLN 5,070 thousand, lower costs of discounting provisions (decrease by PLN 4.222 thousand) and higher interest expense on liabilities measured at amortised cost (increase by PLN 360 thousand). As a result of the above, profit before income tax in 2024H1 amounted to PLN 83,836 thousand and was higher (increased by 7.7%) than the one achieved in 2023H1 (PLN 77,823 thousand).

As a result of activities in 2024H1 Group achieved net profit at the level of PLN 61,609 thousand, which is at a higher level (increased by 7.2%), when compared with the net profit in 2023H1 (PLN 57,495 thousand).

Condensed separate and consolidated interim financial statements of Stalexport Autostrady for 2024H1 can be found here.