Comments on results of Stalexport Autostrady Group for 1H 2012

In 1H2012 the Group recorded the sales revenues higher by 4% 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. 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.

Despite the higher revenues the gross result on sale decreased. The main reason of it was the 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 9,162 kPLN, what enlarged the cost of the sale of the current period. Additionally the depreciation increased by 1,391 kPLN in the analyzed 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).

Additionally the financial results of the Group for the 1H2012 were charged by the one-off expense of the value 386 kPLN, comprising the severance payments for dismissed employees.

As a result of the activity in 1H2012, the Group made a consolidated net profit of 502 kPLN (1,003 kPLN of net profit in the same period of the prior year).

The full selection of separate and consolidated financial statements of Stalexport Autostrady for 1H2012 can be found here.