Comments on results of Stalexport Autostrady Group for 12Q1-Q3

In 12Q1-Q3 the Group recorded the sales revenues higher by 3.8% than the revenues in the same period of the prior year, mainly by the raise of the average rates for tolling of heavy and light vehicles on the toll motorway of A4 Katowice-Kraków (see detail report here). On the other hand, taking into account the sale of the shares of Biuro Centrum, starting from June 1, 2012 the financial statements exclude the revenues and costs generated by this entity.

As the result of such revenues increase the cumulative gross result on sale in the 3 quarters of 2012 reached a level higher than in the same period a year earlier. The increase was so high that it made it possible to overcome increase in cost of sales for the current period resulting from change in the agenda of the planned works, i.e. speedup of the realization of second replacement of the pavement and the revaluation of the provisions for this purpose of the value 9,375 kPLN, and increase in depreciation by 1,182 kPLN in the analysed period, what constituted mainly the effect of the revaluation of the concession intangible asset and the commence of depreciation of the one-off outlay connected with the signed at the beginning of the year Annex No. 6 to the Concession Agreement (the annex included the change of the duties of the Group in relation to Murckowska junction on the motorway section).

As a result of the activity in 12Q1-Q3, the Group made a consolidated net profit of 14.305 kPLN (8.046 kPLN of net profit in the same period of the prior year).

The interim separate and consolidated financial statements of Stalexport Autostrady for 12Q3 can be found here.