Financial results of Capital Group Stalexport Autostrady in 3Q 2014

In the period from January to September Stalexport Autostrady S.A. Group generated revenue in the amount of PLN 166.9 million (over 8% increase compared with the corresponding period of 2013). The Group’s consolidated financial result is mainly shaped by its motorway activity consisting mainly in the management and operation of the concession section of the A4 motorway connecting Katowice and Kraków. This activity is carried out mainly by the Group’s subsidiary companies: Stalexport Autostrada Małopolska S.A. and VIA4 S.A. In Q3 of the current year the consolidated revenue on selling related to motorway activity amounted to PLN 61.5 million, having increased by 4.3% compared with the revenue generated in Q3 2013.
The improvement in the Group’s revenue, compared with the corresponding period of the previous year, is due to, inter alia, a continuing increase of the traffic level on the A4 Katowice-Krakow section. In Q3 of the current year, the concession section of the A4 was used by 4.1% more vehicles than in the corresponding period of 2013. This increase is both due to passenger cars (4%) as well as trucks (4.7%). Comparing the level of traffic on the A4 Katowice-Kraków in Q3 of the current year with Q2 of the same year, it has increased by 13.1%.
The Group’s consolidated result in the three quarters of 2014 was significantly affected by a 25% decrease in financial costs compared with the corresponding period of the previous year, which resulted most of all from lower financial expenses related to Consortium Loan Agreement as well as smaller expenses of reversing of a discount on provisions. However, costs of sales have increased due to the cost of provisions for resurfacing of the A4 Katowice-Kraków (by 43.5%). As a result, Stalexport Autostrady S.A. Group recorded a net profit similar to the last year’s result for the three quarters in the amount of PLN 50.2 million.