Stalexport Autostrady, the owner of the concessionaire of the A4 Katowice – Kraków motorway, decided to prepare financial statements for 2025 assuming no going concern. Earlier, in February this year. its owners did not approve the business strategy for 2026-30.
Stalexport Autostrady, the owner of Stalexport Autostrada Małopolska, which manages the concession section of the A4, explains that this is an accounting decision resulting from the applicable provisions of international standards.
The company also declares that has the ability to continue operating activities and settle its obligations until the expiry of the concession agreement for the A4 Katowice – Kraków motorway in March 2027. The basis for adopting the assumption of no going concern is the perspective beyond this period.
Advertisement
On Thursday, Stalexport Autostrady announced in a current report that its management board adopted a resolution on the preparation of the Issuer's separate and consolidated financial statements for 2025, assuming no going concern.
The company clarified that this resolution was preceded by an analysis of current and planned activities and appropriate accounting principles. She indicated that the provisions on the lack of going concern are contained in point 25 of International Accounting Standard 1, which is an annex to Commission Regulation (EU) 2023/1803 and adopts certain international accounting standards.
The Company reminded that in accordance with IAS 1, financial statements are not prepared on a going concern basis if the management board of the entity preparing the report intends to liquidate the entity/group or to cease operations or there is no realistic alternative to liquidation of the entity/group or to cease operations.
According to the management board of Stalexport Autostrady, the company and its capital group have the ability to continue operating activities and settle liabilities until the expiry of the concession agreement for the A4 motorway, i.e. until March 15, 2027.
“The basis for adopting the assumption of no going concern is a perspective beyond this period. In the opinion of the management board, there is currently no realistic alternative to terminating the operating activities of the company and its group (…), due to the non-approval of the strategy of the Stalexport Autostrady Capital Group for 2026-30 (with a perspective until 2035) by the extraordinary general meeting (…) held on February 19, 2026.” – it was written in the report.
In a statement sent to PAP, the Stalexport Autostrad press office noted that the decision to use the assumption of no going concern in the reporting, due to the prospect of expiry of the concession, does not affect the current operation of the A4 Katowice-Kraków motorway or the level of services provided to road users.
The Management Board emphasized that the operations of the company and its capital group are conducted uninterrupted, the company has the ability to settle its liabilities on time and fulfill all obligations arising from the concession agreement, and the A4 Katowice-Kraków motorway will be managed and maintained by Stalexport Autostrady in accordance with the applicable agreement until its expiry on March 15, 2027.
At the same time, the company assured that it would continue analytical work related to a possible future business model and declared that it would keep the market informed about all important decisions regarding its future.
February 19 this year an extraordinary general meeting of the company was held, during which a resolution was passed to approve the group's strategy for 2026-30 (with a perspective until 2035). As noted in the report, 176.6 thousand votes were cast in the vote on the draft strategy. shares, which constitutes 71.4 percent. share capital. There were 6.5 thousand votes in favor, 151.3 thousand votes against, and 18.7 thousand votes abstained.
The Stalexport Autostrady Group is part of the Italian capital group Mundys, which owns 61.2 percent of it. shares. TFI PZU has 5%. shares of the company, and other shareholders 33.8 percent.
In published at the end of January this year. The draft strategy takes into account three pillars of the company's future activities: investments in residential or multi-functional real estate, management of transport infrastructure – the so-called mobility infrastructure and complementary projects – gateless toll collection systems and mobile applications.
In the first of these segments, the company announced a plan to build a new multi-unit residential building in the center of Katowice, with a net area of approx. 50-55 thousand m2. m, with up to 700 apartments, based on the properties it already owns.
In previous years, the Stalexport Autostrady Group signaled its will to continue involvement in the A4 Katowice-Kraków section after the end of the concession agreement. The manager indicated, among others: to the need to expand the motorway with a third lane, declaring that it can do it faster than the public manager.
In the justification for the amendment to the Act on Toll Motorways and the National Road Fund of June 2023, which abolished tolls on motorways managed by GDDKiA, it was indicated, among others, that when planning to unify the road toll system, the government will not extend the concession on the section of the A4 Katowice-Kraków motorway. In February last year, Minister of Infrastructure Dariusz Klimczak confirmed that the public party did not intend to extend the contract.
The granting of a 30-year concession in 1997 meant that the state transferred (as part of a public-private partnership) to a private entity the tasks of obtaining financing, carrying out investments, and then repaying the debt, renovating and maintaining the road. All these activities are financed by tolls. The concessionaire does not benefit from subsidies or subsidies from public funds. (PAP)
mtb/ mick/
The publication contains affiliate links.
