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PPF Group N.V. 21.75%
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GIC Private Limited, Singapore 5.01%
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SHARE CAPITAL
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Number of shares
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"value": "2.2. GROUP\u2019S OPERATIONS The InPost Group offers complex logistic solutions mostly for customers from the e-commerce industry. The core business of the InPost Group includes the following operating activities: automated parcel machines services, courier services, fulfilment services, 2. INTRODUCTION TO THE CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated statements of financial position as of December 31, 2023, as well as the related consolidated statements of profit and loss and other comprehensive income, changes in equity and cash flows for the financial year ended December 31, 2023 with the related notes (collectively, the \u201cconsolidated financial statements\u201d), have been prepared in accordance with International Financial Reporting Standards and IFRS IC interpretations as adopted by the European Union (hereinafter referred to as \u201cIFRS\u201d). The Management Board of InPost S.A. declares that, according to its best judgement, these consolidated financial statements have been prepared in accordance with the accounting principles currently in force, and give a true and fair view of the consolidated financial position of the InPost Group as at December 31, 2023 and of its 1. BASIS OF PREPARATION consolidated financial performance and consolidated cash flows for the year then ended. production and sale of automated parcel machines, research and development works, internet portals, data processing, website management (hosting), and holding activities including the management of the InPost Group. As of the date of these consolidated financial statements, the shareholders were: 2.3. COMPOSITION OF THE GROUP AND INTEREST IN OTHER ENTITIES These consolidated financial statements of the InPost Group include the financial information of the Parent, which is InPost S.A., and of three direct subsidiaries and nine indirectly controlled subsidiaries of InPost S.A. Moreover, since 2023, the Group holds one associate accounted using the equity method. The list of the Group\u2019s subsidiaries and associates is presented in the table below: On July 19, 2023, InPost Group acquired 30% of voting rights in Menzies Distribution Group. More details in Note 6. On February 24, 2024 Giverty Holding Limited was liquidated and removed from the register of entrepreneurs. More details in Note 40.2. Company name Country Functional currency Shareholders as at 31-12-2023 Interest in the share capital as at 31-12-2023 Interest in the share capital as at 31-12-2022 Direct subsidiaries 1 Integer.pl S.A. Poland PLN InPost S.A. 100% 100% 2 InPost Technology S.\u00e0 r.l. Luxembourg EUR InPost S.A. 100% 100% 3 Integer France SAS France EUR InPost S.A. 100% 100% Indirect subsidiaries 4 Mondial Relay SAS France EUR Integer France SAS 100% 100% 5 InPost Sp. z o.o. Poland PLN Integer Group Services Sp. z o.o. 100% 100% 6 Locker InPost Italia Srl Italy EUR InPost Paczkomaty Sp. z o.o. 100% 100% 7 Granatana Limited in liquidation Cyprus EUR InPost Paczkomaty Sp. z o.o. 100% 100% 8 Giverty Holding Limited in liquidation Cyprus EUR InPost Paczkomaty Sp. z o.o. 100% 100% 9 InPost UK Limited United Kingdom GBP InPost Paczkomaty Sp. z o.o. 100% 100% 10 InPost Paczkomaty Sp. z o.o. Poland PLN Integer.pl S.A. 100% 100% 11 Integer Group Services Sp. z o.o. Poland PLN Integer.pl S.A. 38.35% 38.35% InPost Paczkomaty Sp. z o.o. 61.65% 61.65% 12 M.P.S.L. Modern Postal Services Ltd in liquidation Cyprus EUR Integer.pl S.A. 100% 100% Associates 13 Menzies Distribution Group Limited United Kingdom and the Republic of Ireland GBP InPost UK Limited 30% n/a 2.4. AUTHORISATION OF THE CONSOLIDATED FINANCIAL STATEMENTS These consolidated financial statements were authorised for issue by the Management Board on March 27, 2024. Company name Interest in the share capital Advent International Corporation 25.03% PPF Group N.V. 21.75% A&R Investments LTD 12.49% GIC Private Limited, Singapore 5.01% Others 35.72% Total 100.00% 2.1. GENERAL INFORMATION ABOUT THE INPOST GROUP AND ITS PARENT InPost S.A. (hereinafter \u201cthe Company\u201d) was incorporated on November 6, 2020 and is organised under the laws of Luxembourg as a \u201csoci\u00e9t\u00e9 anonyme\u201d for an unlimited period, and is registered with the Luxembourg Register of Commerce and Companies under n\u00b0 B 248669. The address of InPost S.A. registered office is 70 route d\u2019Esch, L-1470 Luxembourg. InPost S.A. is the parent company in the InPost Group (hereinafter \u201cthe Group\u201d). The functional currency of InPost S.A. is the euro (EUR). The Polish zloty (PLN) is used as the presentation currency of these consolidated financial statements. Since January 27, 2021, InPost S.A. shares have been traded on Euronext Amsterdam, where the Company has a credit rating of Ba2/BB. As at the date of this report, the Company had no ultimate controlling shareholder",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-367": {
"value": "The accompanying consolidated
statements of financial position as of
December 31, 2023, as well as the related
consolidated statements of profit and
loss and other comprehensive income,
changes in equity and cash flows for the
financial year ended December 31, 2023
with the related notes (collectively, the
\u201cconsolidated financial statements\u201d),
have been prepared in accordance
with International Financial Reporting
Standards and IFRS IC interpretations
as adopted by the European Union
(hereinafter referred to as \u201cIFRS\u201d).
1. BASIS OF PREPARATION",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-8": {
"value": "Material accounting policy information is described in respective notes to the consolidated financial statements, and significant judgements and estimates are summarised in Note 7. The consolidated financial statements have been prepared on a historical cost basis, unless stated otherwise. These consolidated financial statements were prepared under the assumption that the InPost Group will continue to operate as a going concern in the foreseeable future. As at the date of approval of the consolidated financial statements, there is no evidence indicating that the Group will not be able to continue its business activities on a going-concern basis",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-368": {
"value": "These consolidated financial statements
were prepared under the assumption
that the InPost Group will continue
to operate as a going concern in the
foreseeable future. As at the date of
approval of the consolidated financial
statements, there is no evidence
indicating that the Group will not be able
to continue its business activities on a
going-concern basis.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-412": {
"value": "2.3. COMPOSITION OF THE GROUP AND INTEREST IN OTHER ENTITIES These consolidated financial statements of the InPost Group include the financial information of the Parent, which is InPost S.A., and of three direct subsidiaries and nine indirectly controlled subsidiaries of InPost S.A. Moreover, since 2023, the Group holds one associate accounted using the equity method. The list of the Group\u2019s subsidiaries and associates is presented in the table below: On July 19, 2023, InPost Group acquired 30% of voting rights in Menzies Distribution Group. More details in Note 6. On February 24, 2024 Giverty Holding Limited was liquidated and removed from the register of entrepreneurs. More details in Note 40.2. Company name Country Functional currency Shareholders as at 31-12-2023 Interest in the share capital as at 31-12-2023 Interest in the share capital as at 31-12-2022 Direct subsidiaries 1 Integer.pl S.A. Poland PLN InPost S.A. 100% 100% 2 InPost Technology S.\u00e0 r.l. Luxembourg EUR InPost S.A. 100% 100% 3 Integer France SAS France EUR InPost S.A. 100% 100% Indirect subsidiaries 4 Mondial Relay SAS France EUR Integer France SAS 100% 100% 5 InPost Sp. z o.o. Poland PLN Integer Group Services Sp. z o.o. 100% 100% 6 Locker InPost Italia Srl Italy EUR InPost Paczkomaty Sp. z o.o. 100% 100% 7 Granatana Limited in liquidation Cyprus EUR InPost Paczkomaty Sp. z o.o. 100% 100% 8 Giverty Holding Limited in liquidation Cyprus EUR InPost Paczkomaty Sp. z o.o. 100% 100% 9 InPost UK Limited United Kingdom GBP InPost Paczkomaty Sp. z o.o. 100% 100% 10 InPost Paczkomaty Sp. z o.o. Poland PLN Integer.pl S.A. 100% 100% 11 Integer Group Services Sp. z o.o. Poland PLN Integer.pl S.A. 38.35% 38.35% InPost Paczkomaty Sp. z o.o. 61.65% 61.65% 12 M.P.S.L. Modern Postal Services Ltd in liquidation Cyprus EUR Integer.pl S.A. 100% 100% Associates 13 Menzies Distribution Group Limited United Kingdom and the Republic of Ireland GBP InPost UK Limited 30% n/a 6.
IMPORTANT EVENTS
WITHIN THE 2023
PERIOD
6.1.
ACQUISITION OF SHARES IN MENZIES
DISTRIBUTION GROUP
On July 19, 2023, the InPost Group entered
into a binding Share Purchase Agreement
for the acquisition of 30% economic and
voting rights (29.3% of issued number of
shares) of a logistics company operating
on the markets of the United Kingdom
and the Republic of Ireland \u2013 Menzies
Distribution Group Limited. Menzies
Group\u2019s nationwide logistic capability
will give InPost Group the ability to scale
at speed in the UK to match increasing
consumer demand. The purchase price
of shares amounted to GBP 49.3 m (PLN
255.2 m), and the whole amount was paid
in cash.
As part of the Strategic Partnership
Agreement, InPost Group secured
a three-year option to purchase the
remaining 70% of economic and voting
rights (70.7% of issued number of shares)
in Menzies Distribution Group Limited.
Completion of the transaction post
exercise of the call option is subject to
approval by several parties including
banks and key contractors. InPost Group
received two non-executive seats on the
Board of Directors of Menzies Distribution
Group Limited, acting as non-executive Directors. In accordance with IFRS 10, the Management of InPost Group has concluded that the Group does not hold control over Menzies Distribution Group Limited but has significant influence over this entity; thus, in these consolidated financial statements, it is presented using the equity method. For details, please see Note 19 19. INVESTMENT IN AN ASSOCIATE ACCOUNTING POLICY Recognition and measurement The investment in an associate is accounted under the equity method. On initial recognition, the investment is recognised at cost. If there is a negative difference between cost and share on inves- tee\u2019s net fair value of identifiable assets and liabilities, then it is recognised as an income in profit or loss in the period in which the investment is acquired. Subsequently, the carrying amount of the investment is increased or decreased by the Group\u2019s share on investee\u2019s net profit or loss after the acquisition date. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. SIGNIFICANT JUDGEMENTS Significant influence The Group has one material associate \u2013 Menzies Distribution Group Limited. The InPost Group holds 30% economic and voting rights (29.3% of issued shares) in Menzies Distribution Group Limited. As part of the Share Purchase Agreement (\u201cSPA\u201d), InPost Group secured a three-year option to purchase the remaining 70% of economic and voting rights (70.7% of issued number of shares) in Menzies Distribution Group Limited. Completion of the transaction post exercise of the call option is subject to approval by several parties including banks and key contractors. The call option execution price for the first 18 months since entering into the SPA is fixed and also requires InPost Group to acquire 70% of interest in all Segments of Menzies Group. After 18 months, the execution price is relat- ed to EBITDA level. Endless LLP is currently the controlling investor and holds 52% of shares. The remaining 18% are held by other investors (including current management of Menzies). The Group has appointed two non-exec- utive members out of Menzies\u2019 Board of Directors. The Management continually reassesses its involvement in Menzies Distribution Group Limited in accordance with IFRS 10\u2019s control definition and guidance. As of December 31, 2023, the Management has concluded that InPost Group has significant influence but not outright control over Menzies. In making its judgement, the Management considered the Group\u2019s voting rights, the relative size and dispersion of the voting rights held by other shareholders, the num- ber of executives appointed and existing call option which, based on conditions de- scribed above, is deep out of the money for the first 18 months and requires approvals from Menzies partners and banks financing InPost Group and Menzies Group. Accordingly, the Group has classified Menzies Distribution Group Limited as an associate, which is included in these Con- solidated Financial Statements using the equity method. SIGNIFICANT ACCOUNTING ESTIMATES Call Option Valuation As mentioned above, InPost received a three-year call option for the remaining 70% of Menzies\u2019 shares exercisable at any time during the option period. In accordance with IFRS 13, the fair value of an option at any point in time is made up of two basic components \u2013 intrinsic value and time value. If, on the transaction date, the value of the derivative financial asset is equal to the fair value of the purchased as- sets, the valuation of intrinsic value of such instrument would approximate zero. If the option is exercised after 18 months from the conclusion of the SPA, the base price is dependent on the current adjusted EBITDA of Menzies. Adjusted EBITDA means the EBITDA of Menzies target segments before any adjust- ments for IFRS 16. Based on the comparable companies\u2019 analysis, EV/EBITDA multiples for the last twelve months are in the range between 3.7x and 6.8x as of the Valuation Date (June 30, 2023), EBITDA multiple assumed in the Call Option is within those market ranges as of the Valuation Date. If the formula is intended to approximate the fair value of the underlying shares, the intrinsic value of the option would be close to zero as well. Name of associate Country of incorporation and principal place of business Principal activity Accounting method Proportion of ownership interests held by the Group at year end 2023 2022 Menzies Distribution Group Limited United Kingdom and the Republic of Ireland Logistics Equity method (IAS 28) 29.3% - Menzies Distribution Group Limited is a pri- vate company; therefore, no quoted market prices are available for its shares. The Menzies non-current liabilities include a bank loan that is subject to covenants that include restrictions on the payment of divi- dends to shareholders unless a certain level of interest cover is achieved from operating income. The Group has no additional commitments or contingent liabilities relating to Menzies. No dividends were received from associate during the year ended December 31, 2023. The following is summarised financial information for Menzies Distribution Group Limited, based on its preliminary consoli- dated financial statements prepared in ac- cordance with IFRS, modified for fair value adjustments (preliminary) on acquisition and differences in the Group\u2019s accounting policies. Balance as at 31.12.2023 Non-current assets, including 1,651.8 Goodwill 119.2 Current assets, including: 703.6 Cash and cash equivalents 57.7 Total assets 2,335.4 Non-current liabilities, including: 784.8 Non-current financial liabilities (excluding trade and other payables and provisions) 577.9 Current liabilities, including: 865.4 Current financial liabilities (excluding trade and other payables and provisions) 153.4 Total liabilities 1,650.2 Net assets 705.2 Period of 6 months ended 31.12.2023 Revenue 1,335.9 Operational costs, of which: 1,308.7 Depreciation and amortisation 143.5 Other operating income/costs (139.9) Interest income - Interest expense 26.8 Income tax expense (income) (36.4) Profit/(loss) from continuing operations (103.1) Profit/(loss) from discontinued operations - Other comprehensive income (17.5) Total comprehensive income (120.6) 2023 Total net assets of Menzies Distribution Group Limited Reconciliation of carrying amounts: Opening balance of net assets 850.8 Profit/(loss) for the period (103.1) Other comprehensive income (17.5) Closing balance of net assets 730.2 Proportion of ownership interests held by the InPost Group 30.0% Proportion of net assets attributable to the InPost Group 219.0 Translation adjustment (7.5) Carrying amount of the investment in Menzies Distribution Group Limited 211.5 A reconciliation of the above summarised financial information to the carrying amount of the investment in Menzies Distribution Group Limited is set out below ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-375": {
"value": "On July 19, 2023, InPost Group acquired 30% of voting rights in Menzies Distribution Group. More details in Note 6.
On February 24, 2024 Giverty Holding Limited was liquidated and removed from the register of entrepreneurs. More
details in Note 40.2.
Company name Country
Functional
currency
Shareholders
as at 31-12-2023
Interest in the
share capital
as at
31-12-2023
Interest in the
share capital
as at
31-12-2022
Direct subsidiaries
1 Integer.pl S.A. Poland PLN InPost S.A. 100% 100%
2 InPost Technology S.\u00e0 r.l. Luxembourg EUR InPost S.A. 100% 100%
3 Integer France SAS France EUR InPost S.A. 100% 100%
Indirect subsidiaries
4 Mondial Relay SAS France EUR Integer France SAS 100% 100%
5 InPost Sp. z o.o. Poland PLN Integer Group Services Sp. z o.o. 100% 100%
6 Locker InPost Italia Srl Italy EUR InPost Paczkomaty Sp. z o.o. 100% 100%
7 Granatana Limited in liquidation Cyprus EUR InPost Paczkomaty Sp. z o.o. 100% 100%
8 Giverty Holding Limited in liquidation Cyprus EUR InPost Paczkomaty Sp. z o.o. 100% 100%
9 InPost UK Limited United Kingdom GBP InPost Paczkomaty Sp. z o.o. 100% 100%
10 InPost Paczkomaty Sp. z o.o. Poland PLN Integer.pl S.A. 100% 100%
11 Integer Group Services Sp. z o.o. Poland PLN
Integer.pl S.A. 38.35% 38.35%
InPost Paczkomaty Sp. z o.o. 61.65% 61.65%
12
M.P.S.L. Modern Postal Services Ltd in
liquidation
Cyprus EUR Integer.pl S.A. 100% 100%
Associates
13 Menzies Distribution Group Limited
United Kingdom
and the Republic
of Ireland
GBP InPost UK Limited 30% n/a
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-374": {
"value": "2.4.
AUTHORISATION OF THE
CONSOLIDATED FINANCIAL
STATEMENTS
These consolidated financial
statements were authorised for
issue by the Management Board
on March 27, 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-10": {
"value": "4. FOREIGN CURRENCY 4.1. FOREIGN OPERATIONS TREATMENT The Polish zloty (PLN) has been used as the presentation currency for these consolidated financial statements. The functional currency of each company is the same as the currency of its country of residence. Exchange differences from the translation of foreign operations as well as InPost S.A. operations from functional currency to the Group\u2019s presentation currency are recognised in other comprehensive income as a translation reserve, except to the extent that the translation difference is attributable to Non-Controlling Interest (NCI). 4.2. REPORTING FOREIGN CURRENCY TRANSACTIONS For entities whose functional currency is PLN, the closing rate is the average exchange rate published for the currency by the National Bank of Poland (NBP) as at that date. Non-monetary items that are measured at historical cost are translated using the exchange rate at the transaction date. 31-12-2023 31-12-2022 Exchange rate at the reporting date \u2013 for assets and liabilities EUR 4.3480 4.6899 GBP 4.9997 5.2957 Average exchange rate for the period \u2013 for P&L and cash flows EUR 4.5284 4.6883 GBP 5.2080 5.4900 Foreign currency differences are recognised in profit or loss and presented within finance costs/ income, except for exchange differences from the translation of foreign operations described in Note 4.1 . The following exchange rates were used at the reporting dates:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-413": {
"value": "The Polish zloty (PLN) has been used as the presentation currency for these consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfPresentationCurrency",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-414": {
"value": "The functional currency of each company
is the same as the currency of its country
of residence.
Exchange differences from the translation
of foreign operations as well as InPost
S.A. operations from functional currency
to the Group\u2019s presentation currency
are recognised in other comprehensive
income as a translation reserve, except to
the extent that the translation difference
is attributable to Non-Controlling Interest
(NCI).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-456": {
"value": "Foreign currency differences are recognised in profit or loss and presented within finance costs/ income, except for exchange differences from the translation of foreign operations described in Note 4.1 9. REVENUE ACCOUNTING POLICY The Group generates revenue primary from the provision of various courier services to its customers. There are two groups of courier services \u2013 traditional and out-of-home deliveries (deliveries of parcels to automated parcel machines owned or leased by the Group and/or collection points). Automated parcel machines are located close to shops in residential areas and are open 24/7, which allows customers to easily pick up parcels. Parcels delivered by courier to automated parcel machines can be collected by the recipient within 48h. If the parcel is not collected by the recipient (from courier/ automated parcel machines), it is relocated to a collection point or returned to sender. The Group offers rebates to customers who are able to provide volumes of parcels that exceed thresholds in accordance with agreements. The rebates are treated as variable consideration which is recognised to the extent that it is highly probable that a significant reversal of revenue will not occur. In this context, the Group equates \u201chighly probable\u201d with 100% certainty. In addition to delivery services, the Group generates revenue from the sale of goods (mainly APMs) and provision of marketing services. Services Nature, the judgement on timing of satisfaction of performance obligations, and significant payment terms Courier services and out-of-home services The Group recognises revenue at the point in time upon collection of a parcel by the recipient either from a courier, automated parcel machine, or collection point. For uncollected parcels, revenue is recognised upon return to sender. Typically, delivery takes place within 48h. Parcels delivered can be collected by the recipient within 48h in the case of delivery to automated parcel machines and within 8 days in the case of delivery to a collection point. Therefore, contrary to traditional courier services, delivery and collection do not occur at the same time. The Group assessed that control over the service is transferred upon collection of the parcel by the recipient, which triggers revenue recognition. Services are provided to customers through a \u201cpay-as-you-go\u201d model in accordance with standard price lists or based on long-term framework delivery contracts as well as subscription contracts for 12 or 24 months. Performance obligation under the framework contract \u2013 delivery of parcels \u2013 becomes binding once delivery is requested by the customer. These contracts do not require a minimum shipment volume and are generally multi-year rolling contracts with a one-month notice period for termination. Remuneration for services provided under the long-term contracts is determined on the basis of actual deliveries in the period and agreed prices. Prices per parcel can be differentiated based on the delivery method and certain thresholds in respect of the number, size, and weight of the parcels. Pricing is typically reviewed on an annual basis. For subscription contracts, the customer pays an agreed fixed monthly fee for deliveries of a defined number of parcels per month. The performance obligation under the subscription contract \u2013 delivery of a parcel \u2013 becomes binding once delivery is requested by the customer. Unused deliveries (the breakage) do not roll forward to the next month, and therefore the Group recognises the breakage amount as revenue at the month-end. Services may be prepaid or billed at the end of the month. There is no significant financing component in the contracts, as payment terms are relatively short \u2013 from 14 up to 90 days. Transaction prices for some contracts may vary due to contractual penalties and volume rebates (variable consideration), resulting in lower revenue. However, this does not represent a significant adjustment. The consideration payable by the Group to its customers relating to the distinct services, do not decrease the transaction prices (marketing services). Deliveries by couriers and deliveries to APMs may be regulated by one contract with a customer. However, they are alternatives to each other and are deemed to be separate performance obligations. Apart from core services, the Group might also provide some minor services for an additional fee (e.g., express delivery). For such bundles, the Group assessed that contractual prices represent stand-alone selling prices and consideration is not reallocated between services. Sale of APMs and other equipment Revenue from the sale of APMs is recognised at a point in time when the significant risks and rewards of ownership of a promised asset are transferred. In the absence of the specific conditions in the arrangements between the parties (e.g., Incoterms) revenue from the sale is recognised when goods are physically delivered to the customer. Most contracts are nonetheless realised in accordance with EXW incoterms. Other services (marketing, installations, maintenance The Group recognises revenue from marketing and maintenance services when those services are duly performed. If the revenue is a monthly maintenance fee, it is recorded over time on a straight-line basis. The Group recognises revenue from installation services at a point in time, i.e. when installation is complete. 14. FINANCIAL INCOME AND EXPENSES ACCOUNTING POLICY The Group classifies interests from liabilities including the lease liabilities in consolidated statement of cash flow as cash flow from financing activities . 15. INCOME TAX ACCOUNTING POLICY The Management periodically reviews the approach adopted in the preparation of tax returns where the applicable tax regulations are subject to interpretation. When justified, a provision is created for the expected tax payable to tax authorities. Current income tax Current tax is calculated using the tax rates enacted or substantively enacted at the reporting date in countries where the Group\u2019s entities operate and generate taxable income or losses. Deferred tax Deferred tax assets are recognised for unused tax losses and unused tax credits and for deductible temporary differences to the extent that it is probable that future taxable profit will be available against which they can be utilised. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, using tax rates enacted or substantially enacted at the reporting date, taking into account any uncertainties related to income taxes. 19. INVESTMENT IN AN ASSOCIATE ACCOUNTING POLICY Recognition and measurement The investment in an associate is accounted under the equity method. On initial recognition, the investment is recognised at cost. If there is a negative difference between cost and share on inves- tee\u2019s net fair value of identifiable assets and liabilities, then it is recognised as an income in profit or loss in the period in which the investment is acquired. Subsequently, the carrying amount of the investment is increased or decreased by the Group\u2019s share on investee\u2019s net profit or loss after the acquisition date. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. 20. INTANGIBLE ASSETS ACCOUNTING POLICY Recognition and measurement Intangible assets acquired in a business combination (customer relationship, trademarks and brands) are measured at cost, less any accumulated impairment losses. The cost of such an intangible asset at initial recognition is its fair value at the acquisition date. Other intangible assets are measured at cost, less any accumulated amortisation and any accumulated impairment losses. Any gain or loss on the disposal of an item of intangible assets is recognised in profit or loss and presented within other operating income/expenses. Internally generated intangible assets (development costs/software/Intangible assets in progress) The Group records directly attributable expenses for development projects using management accounts and respective allocation keys. Major directly attributable costs are the costs of materials and services used or consumed, as well as the costs of the Group\u2019s own employees\u2019 remuneration engaged in the development project. The time allocated to the project by an employee has to be reliably measured and documented 21. PROPERTY, PLANT AND EQUIPMENT ACCOUNTING POLICY Recognition and measurement Assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. In particular, for parcel machines, initial value comprises all the costs of setting up machines, which include agents\u2019 commissions for acquiring land, the costs of transporting the machine, installation and groundworks to place the machine in a designated place. After the date of connection to the network, all costs related to its operation and servicing are charged to the statement of comprehensive income at the time they are incurred. Subsequent expenditures that are capitalised by the Group to property, plant and equipment are mainly related to parts and extensions of automated parcel machines installed when the utilisation of the machine is close to its maximum technical capabilities. Maintenance and repair costs incurred after the commencement of depreciation are recognised in profit or loss. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss and presented within other operating income/expenses. Within the Property, plant and equipment, the Group decided to present right-of-use assets (RoU) resulting from the lease arrangement \u2013 detailed information about the lease is presented in a separate Note 22.1 below. Borrowing costs The Group assessed that the time necessary to assemble and install automated parcel lockers is relatively short and the incurred borrowing costs (e.g., interest related to long-term financing) do not qualify for capitalisation. Therefore, these costs are recognised in profit or loss 22. LEASES ACCOUNTING POLICY The Group leases mainly the following underlying assets: \u2022 equipment, mostly automated parcel machines and sorting equipment, \u2022 land on which automated parcel machines are installed, \u2022 warehouses and offices, \u2022 vehicles and trailers. The lease payments are fixed or variable lease payments that depend on CPI index. Exemptions The Group has chosen not to apply low-value asset exemption, and as a consequence recognises as leases all contracts meeting lease recognition criteria, despite the underlying asset value. The Group applies a practical expedient for short-term leases, except for leases related to vehicles and trailers. Some contracts regarding the lease of land for automated parcel machines include one fixed amount of rent that covers rent and other costs (e.g., energy costs), which cannot be separated from lease rent. For such contracts, the Group chooses not to separate non-lease components (i.e., energy costs) from lease components and instead accounts for each lease component and any associated non-lease components as a single lease component. 24. TRADE AND OTHER RECEIVABLES ACCOUNTING POLICY Trade receivables with a maturity date not exceeding 12 months (i.e., without a significant financing component) are initially recognised in the amount equal to the transaction price, during or at the moment of transfer of the goods or services promised by the agreement, namely the transfer of control over the asset to the customer. At initial recognition, receivables in a foreign currency are measured at the average exchange rate of the Central Banks from the day immediately preceding the recognition of the receivable. For the purposes of subsequent measurement, trade receivables are recognised as the \u201cheld to collect\u201d business model, where the receivables are measured at amortised cost using the effective interest method, less loss allowance determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables that do not contain a significant financing component. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due (portfolio approach). In case of clients from Allegro and Vinted Group, the Group applies an individual approach. The Group considers a financial asset in default when contractual payments are 60 days past due. Expected credit losses (portfolio approach) In the case of trade receivables (not subject to individual assessment), the Group applies a portfolio approach in calculating ECLs, based on its historical data of one year of on credit losses in relation to trade receivables for the majority of its customers. Individual approach For biggest individual clients (i.e., Allegro, Vinted), the Group calculates ECLs based on individual client\u2019s credit ratings. In addition, on top of ECL calculated in collective approach, the detailed individual monitoring and assessment of the trade receivables is performed resulting in 100% expected credit loss allowance for the receivables: 4. cancelled subscriptions. 1. past due for more than 1 year 2. subject to a debt restructuring process 3. subject to legal proceedings 235 Bank overdrafts are presented as a component of current loans and borrowings under current liabilities and are not considered as cash and cash equivalents for the purposes of the consolidated statement of cash flows 25. CASH AND CASH EQUIVALENTS 28. EMPLOYEE BENEFITS AND OTHER PROVISIONS ACCOUNTING POLICY Defined benefit plan The Group\u2019s obligation in respect of defined benefit plans (post-mortem severances and retirement benefits) is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounted to determine their present value. The discount rate is determined based on interest rates on treasury bonds expressed in the currency of the future benefit payments, with maturities similar to the date of settlement of the respected liabilities. The calculation of defined benefit obligations at the end of the reporting period is performed by a qualified actuary using the projected unit credit method. The cost of a defined benefit plan is recognised in profit or loss with an exception to actuarial gains and losses, which are recognised in other comprehensive income. Performance Bonuses and Cash Bonus Plan Members of the Management Board and Middle Management (Performance Bonuses) and other employees (Cash Bonus Plan) are eligible to receive an annual bonus in cash subject to the achievement of certain pre-determined financial, strategic, and operational performance measures. Performance Bonuses are based on the remuneration policy determined by the Supervisory Board. The Group\u2019s obligation in respect of those benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That liability is discounted to determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise. The costs of the benefits are recognised on a straight-line basis over the respective duration of each programme. Liabilities for holidays and bonuses Short-term benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay an amount as a result of a past service provided by the employee and the obligation can be estimated reliably. Unused holiday and performance bonus provisions representing short-term employee benefits are recognised at the undiscounted amount of benefits expected to be paid in exchange for the respective service . Other provisions Other provisions include mainly: \u2022 litigations provision, \u2022 restructuring provision, \u2022 other needed. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. All above provisions are calculated using relevant and accurate calculations that allow for assessment of possible future outflows connected with specific possible events. For instance, when calculating the amount of litigation provision, the Group takes into account the opinion of external legal advisors regarding the possibility that the outcome of the litigation will be unfavourable for the Group and recognises a relevant provision. Short-term employee benefit liabilities are measured according to general principles. Long-term benefits are estimated using actuarial methods 29. SHARE-BASED PAYMENT ACCOUNTING POLICY The Group offers share-based programmes for employees and grants them shares in the Parent Company. All programmes (Management Incentive Plan, Long- Term Incentive Plan and Performance Bonuses) are classified as equity settled. Over the vesting period, the Group recognises expense (payroll costs), with a corresponding parent contribution recognised as increase in equity (other capital reserves) based on the grant date fair value of the programme. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date Terms and conditions of the above financial liabilities: \u2022 Trade payables are non-interest bearing (unless in default) liabilities for the goods and services purchased in the course of ordinary business operations from suppliers and are normally settled on 30-day terms. \u2022 Cash-on-delivery collected from recipients of parcels is passed on to the sender shortly after receipt 32.1. THE FAIR VALUE OF FINANCIAL INSTRUMENTS ACCOUNTING POLICY The Management assessed that the fair val- ues of cash and short-term deposits, trade and other short-term financial receivables, trade payables, bank overdrafts and other current liabilities approximate their carry- ing amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest-bear- ing loans and borrowings are determined by using the DCF method using a discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as of the reporting date was assessed to be insignifi- cant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans are reason- able approximations of fair values (except for Loans and Borrowings with fixed inter- est rates) The fair value of the borrowings based on fixed rates and financial assets is presented in the table below 32.
FINANCIAL
INSTRUMENTS
Fair value
hierarchy
Fair value Carrying amount
31-12-2023 31-12-2022 31-12-2023 31-12-2022
Financial assets measured at fair value through profit or loss
Short term financial
assets: IRS
Significant ob-
servable inputs
(Level 2)
7.9 - 7.9 -
Financial liabilities not measured at fair value
Current borrowings
Fixed rate borrowing Significant ob-
servable inputs
(Level 2)
47.9 49.9 47.9 49.9
Non-current borrowings
Fixed rate borrowing Significant ob-
servable inputs
(Level 2)
1,786.9 1,766.6 2,079.8 2,158.8
There were no transfers between Level 1
and Level 2 during 2023.
Description of valuation techniques used
and key inputs to valuation of investment
properties:
Valuation
technique
Valuation
method
Significant
observable
inputs
Short term financial assets: IRS Income approach DCF method Discount rate
Fixed rate borrowing Income approach DCF method Discount rate
4. FOREIGN CURRENCY 4.1. FOREIGN OPERATIONS TREATMENT The Polish zloty (PLN) has been used as the presentation currency for these consolidated financial statements. The functional currency of each company is the same as the currency of its country of residence. Exchange differences from the translation of foreign operations as well as InPost S.A. operations from functional currency to the Group\u2019s presentation currency are recognised in other comprehensive income as a translation reserve, except to the extent that the translation difference is attributable to Non-Controlling Interest (NCI). 4.2. REPORTING FOREIGN CURRENCY TRANSACTIONS For entities whose functional currency is PLN, the closing rate is the average exchange rate published for the currency by the National Bank of Poland (NBP) as at that date. Non-monetary items that are measured at historical cost are translated using the exchange rate at the transaction date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-11": {
"value": "Subsidiaries are entities controlled by the Group. The InPost Group controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances and transactions and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions are eliminated. Unrealised losses are also eliminated, unless there is evidence of impairment of the transferred asset. The accounting principles applied by the subsidiaries have been changed when necessary to align them with the policies adopted by the Group. 5. BASIS FOR CONSOLIDATION AND ACCOUNTING FOR THE INVESTMENT IN THE ASSOCIATES Changes in the InPost Group\u2019s interest in a subsidiary that does not result in a loss of control are accounted for as equity transactions with shareholders. Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and other components of equity related to the subsidiary. Any gain or loss arising as a result of the loss of control is recognised in profit or loss. Associates are all entities over which the Parent Company, directly or through its subsidiaries, exercises significant influence, but does not exercise control, which usually accompanies holding from 20% to 50% of the total number of votes in decision-making bodies. Investments in associates are accounted for using the equity method. The detailed information about the investment in associates acquired in the reporting period are presented in the Note 19 below regarding significant judgements",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-457": {
"value": "Note Title Significant estimates Significant
judgments
15.3 Deferred tax assets Recognition of deferred tax
assets
18 Goodwill Discount rate, Growth rate,
Impairment
19 Interests in other
entities
Call Option Valuation, Fair value
adjustments
Significant
influence
20 Intangible assets Amortisation, Impairment
21 Property, plant and
equipment
Depreciation, Expected useful
life, Impairment
22 Leases Lease term, Discount rate,
Purchase option
Lease definition
24 Trade and other
receivables
Impairment
28 Provisions and
employee benefits
Estimation of employee benefits
29 Share-based
payment
Exit date, Target EBITDA,
Estimated outcome of the
programme (service and non-
market performance conditions)
The summary of used judgements and estimates with references to respective notes is presented in the table below Accounting policies information
considered material is provided per note
to the consolidated financial statements. It
also requires the Management to exercise
its judgement in applying the Group\u2019s
accounting policies. These policies and
the significant judgements made by the
Management in applying the Group\u2019s
accounting policies have been consistently
applied to all periods presented in these
consolidated financial statements.
The preparation of the consolidated
financial statements in accordance with
IFRS adopted by the EU also requires
the use of certain critical accounting
estimates.
7.
SIGNIFICANT
ACCOUNTING
JUDGEMENTS AND
ESTIMATES
SIGNIFICANT ACCOUNTING ESTIMATES
Recognition of deferred tax assets
Estimated future taxable profits are
determined based on the budgets of the
entities of the Group. Deferred tax assets
are reviewed at each reporting date and
reduced to the extent that it is no longer
probable that the related tax benefit
will be realised. At each reporting date,
the Management of the Group reassess
unrecognised deferred tax assets and
recognises them to the extent that it has
become probable that future taxable
profits will be available against which
they can be used. Unrecognised deferred
tax assets are mainly related to tax losses
carried forward. Numerical information is
provided below in the Note 15.4.
15.4. UNRECOGNISED DEFERRED TAX ASSETS Deferred tax assets have not been recog- nised in respect of the following items. In the Management\u2019s judgement, it was assessed Unrecognised deferred tax assets 2023 2022 Gross amount Tax effect (domestic tax rates) Gross amount Tax effect (domestic tax rates) Tax losses carried forward (the UK, IT, and LU) 1,173.9 249.1 627.2 138.5 Total unrecognised deferred tax assets 1,173.9 249.1 627.2 138.5 Tax losses carried forward for which no deferred tax assets were recognised 2023 2022 Never expire 975.5 84.2 Will expire 2040 67.3 - Will expire 2039 62.5 41.4 Will expire 2038 63.1 102.2 Will expire 2037 5.5 5.9 Will expire 2025 - 236.0 Will expire 2024 - 104.7 Will expire 2023 - 52.8 Total tax losses carried forward for which no deferred tax asset was recognised 1,173.9 627.2 The differences in the amounts in respective years are due to tax corrections and exchange rates that it is not probable that future taxable profit will be available against which the Group will be able to use benefits therefrom. The following is a summary of the total recoverable amount and carrying amount at the end of the reporting period for International Mondial Relay segment net assets: 18.1. IMPAIRMENT TESTING SIGNIFICANT ACCOUNTING ESTIMATES All inputs significant to the fair value meas- urement are categorised within Level 3 of the fair value hierarchy. The calculation of fair value less costs of disposal is most sensi- tive to the following assumptions: \u2022 Discount rates, \u2022 Growth rates used to extrapolate cash flows beyond the forecast period. Discount rates Discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Growth rate Rates are based on cautious expectations of Management taking into account possibili- ties of changes in customers\u2019 behaviour and new market entrants The post-tax discount rate applied to cash flow projections is 6.76%, and cash flows be- yond the five-year period are extrapolated using a 2.0% growth rate. In 2023, the dis- count rate decreased by 1.32 pp in compar- ison to 2022 as a result of Leveraged Beta factor reduction observable on all markets. The effect of lower Leveraged Beta was off- set by the increase of risk-free rates based on profitability of ten-year EUR government bonds. The growth rate beyond the budget- ed five-year period remained unchanged in comparison to 2022, representing a prudent approach of the Management, taking into account only nominal increase of cashflows generated by CGU due to CPI changes. Impairment test The recoverable amount of the Interna- tional Mondial Relay segment\u2019s assets as at December 31, 2023 is PLN 8,907.0 m, which was determined based on fair value less costs of disposal calculation using dis- counted cash flow projections based on the financial budgets adjusted for market con- ditions approved by senior Management covering a five-year period. As a result of the analysis, the Management did not identify an impairment of Interna- tional Mondial Relay segment assets Mondial Relay Recoverable amount (fair value less costs of disposal) 8,907.0 Carrying amount of net assets of which: 2,742.7 Goodwill 1,379.9 Brand 164.3 Headroom 6,164.3 WACC ratio Change in WACC -2.0 pp -1.0 pp +1.0 pp + 2.0 pp WACC 6.76% 4.76% 5.76% 7.76% 8.76% Headroom 6,164.3 14,233.1 9,111.7 4,257.4 2,928.4 Sensitivity analysis to discount rates: Growth rate Change in growth rate -2.0 pp -1.0 pp +1.0 pp + 2.0 pp Growth rate 2.00% 0.00% 1.00% 3.00% 4.00% Headroom 6.164.3 3,380.7 4,530.8 8,666.5 12,982.0 Sensitivity analysis to growth rate assumption: The Group considered the following climate-related matters and their potential impact on five-year budgets for Mondial Relay CGU: \u2022 Increased operating expenditure due to introduction of a carbon tax and/or a cap-and trade system on transport sector and buildings. \u2013 at the current time, no legislation has been passed that will impact the Group; as the probability of implementation of those taxes before 2028 (which is the final year of Group\u2019s financial plans) are very low, the risks were not considered during preparations of five- year financial plans for Mondial Relay CGU. The Group constantly monitors the latest government legislation regarding climate- related matters. \u2022 Risk of being accused of greenwashing in marketing communication to customers regarding the Group\u2019s impact on the climate\u2013 the risk was considered on Mondial Relay CGU level for the purpose of preparing five-year plans; sufficient mitigation steps were taken into account when preparing the five year plan in terms of costs of internal trainings and sufficient budgeted costs related with external audit services and advisory costs related with ESG. \u2022 Potential opportunities related to climate changes \u2013 for instance, an increase in consumer preference to use out-of-home deliveries as a more environmentally friendly form of parcel deliveries \u2013 were not taken into account during the preparation of Mondial Relay five-year plans due to the Management\u2019s prudent approach to potential revenue/volumes upsides SIGNIFICANT JUDGEMENTS
Significant influence
The Group has one material associate \u2013
Menzies Distribution Group Limited.
The InPost Group holds 30% economic and
voting rights (29.3% of issued shares) in
Menzies Distribution Group Limited. As part
of the Share Purchase Agreement (\u201cSPA\u201d),
InPost Group secured a three-year option to
purchase the remaining 70% of economic
and voting rights (70.7% of issued number
of shares) in Menzies Distribution Group
Limited. Completion of the transaction
post exercise of the call option is subject
to approval by several parties including
banks and key contractors. The call option
execution price for the first 18 months
since entering into the SPA is fixed and also
requires InPost Group to acquire 70% of
interest in all Segments of Menzies Group.
After 18 months, the execution price is relat-
ed to EBITDA level. Endless LLP is currently
the controlling investor and holds 52% of
shares. The remaining 18% are held by other
investors (including current management
of Menzies).
The Group has appointed two non-exec-
utive members out of Menzies\u2019 Board of
Directors.
The Management continually reassesses its
involvement in Menzies Distribution Group
Limited in accordance with IFRS 10\u2019s control
definition and guidance. As of December 31,
2023, the Management has concluded that
InPost Group has significant influence but
not outright control over Menzies.
In making its judgement, the Management
considered the Group\u2019s voting rights, the
relative size and dispersion of the voting
rights held by other shareholders, the num-
ber of executives appointed and existing
call option which, based on conditions de-
scribed above, is deep out of the money for
the first 18 months and requires approvals
from Menzies partners and banks financing
InPost Group and Menzies Group.
Accordingly, the Group has classified
Menzies Distribution Group Limited as an
associate, which is included in these Con-
solidated Financial Statements using the
equity method.
SIGNIFICANT ACCOUNTING ESTIMATES
Call Option Valuation
As mentioned above, InPost received a
three-year call option for the remaining 70%
of Menzies\u2019 shares exercisable at any time
during the option period.
In accordance with IFRS 13, the fair value of
an option at any point in time is made up
of two basic components \u2013 intrinsic value
and time value. If, on the transaction date,
the value of the derivative financial asset is
equal to the fair value of the purchased as-
sets, the valuation of intrinsic value of such
instrument would approximate zero.
If the option is exercised after 18 months
from the conclusion of the SPA, the base
price is dependent on the current adjusted
EBITDA of Menzies.
Adjusted EBITDA means the EBITDA of
Menzies target segments before any adjust-
ments for IFRS 16.
Based on the comparable companies\u2019
analysis, EV/EBITDA multiples for the last
twelve months are in the range between
3.7x and 6.8x as of the Valuation Date (June
30, 2023), EBITDA multiple assumed in the
Call Option is within those market ranges as
of the Valuation Date.
If the formula is intended to approximate
the fair value of the underlying shares, the
intrinsic value of the option would be close
to zero as well.
SIGNIFICANT ACCOUNTING ESTIMATES Amortisation and estimating the useful life The Group assessed that the useful lives of all its intangible assets, except for some of the acquired brands, are finite, and are therefore amortised using the straight-line method over their estimated useful lives. Amortisation is recognised in the profit or loss in the Depreciation and amortisation line. For major items of intangibles, the Group assessed that their residual values are zero. Intangible assets with indefinite useful lives (the \u201cMondial Relay\u201d brand) are not amortised, but tested for impairment annually, either individually or at the cash- generating unit level. The results of the impairment test are disclosed in Note 18.1. Amortisation methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate. The effect of a change in the above-mentioned estimates shall be recognised prospectively. Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5 \u2013 10 years Trademarks 30 years Software 2 \u2013 10 years Customer relations 8 years The estimated useful lives of intangibles as- sets for all presented periods are as follows: Customer relations amortisation The Group continues to use a straight\u2013 line method over eight years as the circumstances remain unchanged to the initial assessment. Impairment testing The group assessed of all not-yet- completed internally generated intangible assets at balance sheet date if there is risk of impairment. For every open project (not yet completed internally generated intangible asset), the Group has made sure that it is possible to complete it (the project goal is still valid, the Group has potential resources in terms of employees, knowledge and technology to complete it). Based on the analysis made, the Group has not recognised impairment on any of the intangible assets that are not yet completed SIGNIFICANT ACCOUNTING ESTIMATES
Depreciation and estimating
the useful life
Depreciation is recognised on a straight-
line basis over the estimated useful life
to write down the cost, less estimated
residual value, and is generally recognised
in profit or loss.
Depreciation methods, useful lives
and residual values are reviewed at
each reporting date and adjusted
prospectively if appropriate.
Members of the Management
Board conducted a review of the
useful life of assets, which resulted
in changes in the expected usage
of automatic parcel machines from
ten years to 15 years. The change
applies to all members of the
InPost Group as of July 1, 2023.
The change was the result of
the fact that the first machines
produced and deployed in PL
reached their original ten-year
useful life mark and were still being
used for basic Group operations.
Additionally, over the ten years of
production of APMs, the Group
has refined its quality controls, and
testing of new APMs, resulting in
an extension of the expected useful
life of those APMs .
Impairment losses
At the end of each reporting period, the
Group assesses whether there is any
indication that an asset may be impaired
or whether there is any indication that
an impairment loss recognised in prior
periods for an asset may no longer exist or
may have decreased. If any such indication
exists, the recoverable amount of the asset
is estimated. In assessing whether there
is any indication that an asset may be
impaired, the Group considers internal and
external sources of information.
The recoverable amount is determined for
individual assets or cash-generating units
(CGUs).
The Group determines separate CGUs
for operations in Poland and for foreign
operations .
Impairment losses and subsequent
reversals are recognised in the profit or loss
in operating expenses. As at the reporting
date, Group Management has recognised
impairment on damaged APMs in the
value of PLN 1.7 m.
2023 2024 and
later
Decrease in
depreciation
expense
(51.3) (102.5)
Increase in net
profit
39.0 77.9
The annual effect of these changes on actual
and expected depreciation expense (recognised
prospectively) was as follows:
The estimated useful lives of property, plant and
equipment for all presented periods are as follows:
Type Period
Buildings 10\u201340 years
Technical equipment and
machines
8\u201310 years
Automated parcel machines 15 years
12
Vehicles 5 years
Other 2\u20137 years
SIGNIFICANT JUDGEMENTS
Lease definition
Despite the legal form of contracts for
logistic services (warehouses) and courier
and transportation services (vehicles and
trailers), such contracts are accounted
for as contracts with lease components.
Based on an analysis of key decision-
making rights, it was assessed that the
Group has the right to direct how and for
what purpose the asset is used. Services
are provided to the Group on an exclusive
basis, so the Group obtains economic
benefits from the use of warehouses,
vehicles, and trailers.
SIGNIFICANT ACCOUNTING ESTIMATES
Lease term
For each lease contract, the Group deter-
mines the lease term as the non-cancella-
ble period of lease, which equals the peri-
od for which the contract was concluded,
when it is reasonably certain that the
Group will not exercise an option to termi-
nate the contract or to extend the lease.
Contracts concluded for a definite period
generally do not include early termination
or the option to extend the lease term.
Most of the lease contracts are concluded
either for an indefinite period with a rela-
tively short termination notice period (up
to a few months).
Lease term of contracts concluded for an
indefinite period
A significant portion of contracts for
courier and transportation (vehicles and
trailers) and logistic services (warehouses)
as well as leases of land for automated
parcel machines are concluded for
an indefinite period with the right to
terminate by each party upon termination
notice. Those leased assets are important
for the Group\u2019s operations, as they are part
of the logistics operations (warehouses,
vehicles, trailers) or enable the provision of
services to customers (land for automated
parcel machines).
Lease providers rotate, and the Group
changes locations of automated parcel
machines, which results in frequent
changes in the lease portfolio. In order
to determine the lease term, the Group
identifies portfolios of leases with similar
characteristics and assesses factors that
create an economic incentive for the
Group to continue such leases for periods
longer than the termination notice period.
Moreover, taking into account additional
costs relating to the termination of the
contract (costs of finding a new location
for an APM, warehouse spaces and
logistics service providers that meet
Group standards) the Management
has assessed that the Group is able to
terminate the contract without any
significant costs and interruptions to its
operations, only within respective periods
presented in the table below from the
contract exit decision.
For each group of assets with lease
agreements concluded for an indefinite
period, the Management Board assessed
the expected lease period, taking into
account the Group\u2019s current strategy and
the irrevocable lease term, as specified
below:
Period
Land 12 months
Warehouses 12 months
Vehicles and trailers,
including:
key providers 12 months
other 1\u20133 months
Discount rate
The present value of the lease payments is
discounted using the interest rate implicit
in the lease (where such a rate is known)
or the Group uses the lessee\u2019s incremental
borrowing rate. The incremental
borrowing rate is estimated based on
a model that determines the interest
rate that the Group, as a lessee, would
have to pay to borrow, over a similar
term and with similar security, the funds
necessary to obtain an asset of a similar
value to the right-of use asset in a similar
economic environment. The interest rate
is determined based on the risk-free rates
for instruments denominated in PLN or
EUR and adjusted by a margin reflecting
the Group\u2019s rating, and further adjusted to
the nature of underlying assets.
The table below presents the weighted
average discount rates applied for leases in
2023 and 2022.
2023 2022
Currency Currency
Maturity PLN EUR PLN EUR
Up to 12
months
8.57% 4.92% 6.40% 2.00%
1\u20133 years 8.12% 4.99% 6.73% 2.40%
3\u20135 years 7.63% 4.70% 6.34% 2.56%
5\u20137 years 7.50% 4.61% 6.07% 2.67%
7\u201310 years 7.53% 4.60% 5.93% 2.80%
over 10 years 7.40% 4.63% 5.88% 3.00%
Purchase option
At the lease commencement date, the
Group assesses whether it is reasonably
certain to exercise the right to purchase
the underlying asset. If certain, lease
payments include the exercise price
of purchase options, which results in a
higher lease liability and right-of-use
assets. In such instances, the right-of use
asset is depreciated to the end of the
useful life of the underlying asset.
31-12-2023 31-12-2022 Discount rate 5.2% 6.8% Future salary growth 4.6% for 2024 3.7% for 2025 2.5% for 2026 and further 13.1% for 2023 5.9% for 2024 3.5% for 2025 2.5% for 2026 and further SIGNIFICANT ACCOUNTING ESTIMATES Defined benefit plan The carrying amount of the defined benefit liability related to post-mortem severances and retirement benefits is equal to the present value of the benefits payable. The amount of the liability depends on many factors, which are used as assumptions in the actuarial model. Any changes to the assumptions may impact the carrying amount of the liability. Interest rates are one of the primary variables in measuring liability. At the end of the reporting period, based on the report of an independent actuary, an appropriate discount rate for the Group\u2019s companies is used for determining the present value of estimated future cash outflow in relation to these benefits. For the purpose of determining employee benefits related to defined benefit obligations, the Group applied the projected unit credit method. The following were the principal actuarial assumptions at the reporting date. Cash Bonus Plan (CBP) The Group recognises other long-term employee benefits concerning the Cash Bonus Plan (CBP) for Managers. Under the CBP, members are eligible for a one-off cash payment based on their remuner- ation for the 12 months prior to Listing (which took place in 2021) and the multi- ple, which depends on the exit EBITDA of Poland, payable in three instalments. Full CBP participation is only possible if the employee is still employed by the Group at the payment date. Appropriate bad-leav- er definitions and penalties apply if the person leaves Group before the payment date. The last instalment of the plan was paid in April 2023. In January 2021, a new instance of the programme was announced, under which new CBP members are eligible for cash payments based on their remuneration and a multiple that depends on the ad- justed EBITDA of Poland Segment for the year ended December 2023. Payments will be divided into three annual payments (2024, 2025 and 2026). An employee will be eli- gible to receive the payment if still employed at the time of payment. For the purpose of determining the provision for both employees\u2019 awards, the Group applied the pro- jected unit credit method. There was an assumption that there will be no retention of employees eligible for the programme, as it is based on the 2023 Poland EBITDA; hence, all employees will receive the right to pay out after publica- tion of this financial statement. The following were the principal actuarial assumptions at the re- porting date. 31-12-2023 31-12-2022 Discount rate for CBP programme dated 2018 - 3.50% Discount rate for CBP programme dated 2021 5.18% 6.43% The table below shows the hypothetical amounts of provisions (sensitivity analysis) for exit premiums subject to changes in key assumptions. 31-12-2023 31-12-2022 Provision for Cash Bonus Plan 15.2 14.3 Discount rate - 1% 0.2 0.2 Discount rate - 0.5% 0.1 0.1 Discount rate + 0.5% (0.1) (0.1) Discount rate + 1% (0.2) (0.2) Forecasted EBITDA PLN -100 million - (1.2) Forecasted EBITDA PLN +100 million - SIGNIFICANT ACCOUNTING ESTIMATES
Depending on the plan, the allocation of
rights to beneficiaries is subject to the
following assumptions.
Programme 31-12-2023 31-12-2022
Management Incentive Plan Exit date:
2021 \u2013 40%
2024 \u2013 30%
2025 \u2013 30%
Attrition rate 50%
Exit date:
2021 \u2013 40%
2025 \u2013 30%
2026 \u2013 30%
Attrition rate 50%
Long-Term Incentive Plan Group will achieve 100%
of Target EBITDA
Group will achieve 100%
of Target EBITDA
The table below shows the hypothetical
amounts of expenses (sensitivity analysis)
for share-based arrangements subject to
changes in key assumptions.
31-12-2023 31-12-2022
Management Incentive Plan 4.5 4.4
Exit date 1 year later (1.0) (1.0)
Exit date 1 year earlier 2.2 1.8
Attrition rate +10% (1.0) (1.0)
Attrition rate -10% 1.0 1.0
Long-Term Incentive Plan expenses recognised 34.4 8.9
Target EBITDA realisation 92% (10.1) (4.4)
Target EBITDA realisation 109% 20.2 8.9
241
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-376": {
"value": "8.2. SEGMENT INFORMATION For management purposes, the Group presents results in four reportable segments divided into the two following geographical regions: Segments outside Poland: A. Mondial Relay segment, which includes APM 5 business and PUDO 6 points in France, Spain, Belgium, the Netherlands, Luxembourg, and Portugal, B. International Other segment, which includes APM and PUDO business in the United Kingdom and Italy. Segments in Poland: C. APM segment, which is focused on the delivery of parcels to automated parcel machines, D. To-Door segment, which includes the delivery of parcels using door-to-door couriers. Non-reportable segment: other segments in Poland, which consists mainly of fulfilment, fresh, marketing and IT services provided for external customers. The Management Board is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is assessed on the basis of revenue and gross profit or loss, measured consistently with those in the consolidated financial statements. Additionally, aggregated segments at the geography level are assessed based on Operating EBITDA and Adjusted EBITDA. The accounting policies adopted are uniform for all segments and consistent with those applied for the Group. Transfer prices between operating segments are on an arm\u2019s-length basis in a manner similar to transactions with third parties. Inter-segment revenues are eliminated upon consolidation and reflected in the Inter- segment eliminations column. Finance costs, finance income and fair value gains and losses on financial assets are not allocated to individual segments, as the underlying instruments are managed on a group basis. Current taxes, deferred taxes and certain financial assets and liabilities are not allocated to those segments, as they too are managed on a group basis",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-12": {
"value": "8.2. SEGMENT INFORMATION For management purposes, the Group presents results in four reportable segments divided into the two following geographical regions: Segments outside Poland: A. Mondial Relay segment, which includes APM 5 business and PUDO 6 points in France, Spain, Belgium, the Netherlands, Luxembourg, and Portugal, B. International Other segment, which includes APM and PUDO business in the United Kingdom and Italy. Segments in Poland: C. APM segment, which is focused on the delivery of parcels to automated parcel machines, D. To-Door segment, which includes the delivery of parcels using door-to-door couriers. Non-reportable segment: other segments in Poland, which consists mainly of fulfilment, fresh, marketing and IT services provided for external customers. The Management Board is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is assessed on the basis of revenue and gross profit or loss, measured consistently with those in the consolidated financial statements. Additionally, aggregated segments at the geography level are assessed based on Operating EBITDA and Adjusted EBITDA. The accounting policies adopted are uniform for all segments and consistent with those applied for the Group. Transfer prices between operating segments are on an arm\u2019s-length basis in a manner similar to transactions with third parties. Inter-segment revenues are eliminated upon consolidation and reflected in the Inter- segment eliminations column. Finance costs, finance income and fair value gains and losses on financial assets are not allocated to individual segments, as the underlying instruments are managed on a group basis. Current taxes, deferred taxes and certain financial assets and liabilities are not allocated to those segments, as they too are managed on a group basis. Period of 12 months ended 31-12-2023 International Poland Total Total reportable segments Mondial Relay Other APM To- Door Other Inter- segment elimination A B C D A+B+C+D Revenue 7 2,929.4 672.9 4,064.4 1,141.1 145.2 (109.3) 8,843.7 8,807.8 External 2,871.7 637.5 4,064.4 1,141.1 129.0 - 8,843.7 8,714.7 Inter-segment 57.7 35.4 - - 16.2 (109.3) - 93.1 Other operating income - - - - 19.0 - 19.0 - Direct costs (2,373.9) (603.3) (1,449.7) (747.5) (134.8) 109.3 (5,199.9) (5,174.4) Logistic costs (1,941.0) (519.9) (1,316.2) (720.2) - 93.1 (4,404.2) (4,497.3) External costs (1,905.7) (462.1) (1,316.2) (720.2) - - (4,404.2) (4,404.2) Inter-segment costs (35.3) (57.8) - - - 93.1 - (93.1) APM network (19.6) (26.7) (69.5) - - 16.2 (99.6) (115.8) External costs (13.6) (16.5) (69.5) - - - (99.6) (99.6) Inter-segment costs (6.0) (10.2) - - - 16.2 - (16.2) PUDO points 8 (362.4) (30.3) (17.2) (4.1) - - (414.0) (414.0) Other direct costs (50.9) (26.4) (46.8) (23.2) (134.8) - (282.1) (147.3) Gross profit 555.5 69.6 2,614.7 393.6 29.4 - 3,662.8 3,633.4 8 Commissions for handling parcels at collection and delivery points. 7 The Group\u2019s revenue is recognised at the point in time. 5 APM is Automated Parcel Machine. 6 PUDO is Pick-Up and Drop-Off points M ondial Relay Other International Poland Total Gross profit/ (loss) 555.5 69.6 3,037.7 3,662.8 General costs (262.3) (158.4) (594.2) (1,014.9) - Sales & Marketing (61.2) (22.8) (109.8) (193.8) - Call Centre (38.7) (28.7) (52.4) (119.8) - IT Maintenance (40.8) (37.5) (92.9) (171.2) - MIP Valuation - - (4.5) (4.5) - LTIP Valuation (1.4) (6.3) (26.7) (34.4) - M&A costs - (12.0) - (12.0) - Restructuring costs (34.3) - - (34.3) - Other general costs (85.9) (51.1) (307.9) (444.9) Operating EBITDA 293.2 (88.8) 2,443.5 2,647.9 Depreciation and amortisation (269.1) (92.4) (787.6) (1,149.1) Operating profit 24.1 (181.2) 1,655.9 1,498.8 Mondial Relay Other International Poland Total Operating EBITDA 293.2 (88.8) 2,443.5 2,647.9 - MIP Valuation - - 4.5 4.5 - LTIP Valuation 1.4 6.3 26.7 34.4 - M&A costs - 12.0 - 12.0 - Restructuring costs 34.3 - - 34.3 Adjusted EBITDA 328.9 (70.5) 2,474.7 2,733.1 Mondial Relay Other International Poland Total Property, plant and equipment 1,332.6 648.0 2,821.6 4,802.2 - of which ROU 523.0 146.7 1,017.6 1,687.3 Intangible assets 705.9 9.1 287.1 1,002.1 Goodwill 1,379.9 - - 1,379.9 Total 3,418.4 657.1 3,108.7 7,184.2 The summary of values of property, plant and equipment and intangible assets for the segments is presented in the table below: 9 The Group\u2019s revenue is recognised at the point in time. Period of 12 months ended 31-12-2022 International Poland Total Total reportable segments Mondial Relay Other APM To-Door Other Inter- segment elimination A B C D A+B+C+D Revenue 9 2,670.6 245.8 3,179.4 896.0 120.6 (52.2) 7,060.2 6,991.8 External 2,670.6 207.1 3,179.4 896.0 107.1 - 7,060.2 6,953.1 Inter-segment - 38.7 - - 13.5 (52.2) - 38.7 Other operating income 0.7 0.5 - - 17.7 - 18.9 1.2 Direct costs (2,183.1) (363.6) (1,226.0) (647.3) (109.4) 52.2 (4,477.2) (4,420.0) Logistic costs (1,692.7) (274.3) (1,113.0) (624.5) - 38.7 (3,665.8) (3,704.5) External costs (1,654.0) (274.3) (1,113.0) (624.5) - - (3,665.8) (3,665.8) Inter-segment costs (38.7) - - - - 38.7 - 38.7 APM network (8.4) (53.0) (51.4) - - 13.5 (99.3) (112.8) External costs (5.3) (42.6) (51.4) - - - (99.3) (99.3) Inter-segment costs (3.1) (10.4) - - - 13.5 - (13.5) PUDO points 10 (381.5) (12.6) (15.6) (5.1) - - (414.8) (414.8) Other direct costs (100.5) (23.7) (46.0) (17.7) (109.4) - (297.3) (187.9) Gross profit 488.2 (117.3) 1,953.4 248.7 28.9 - 2,601.9 2,573.0 10 Commissions for handling parcels at collection and delivery points contents Mondial Relay Other International Poland Total Gross profit/ (loss) 488.2 (117.3) 2,231.0 2,601.9 General costs (188.2) (72.8) (426.5) (687.5) - Sales & Marketing (51.8) (18.5) (85.1) (155.4) - Call Centre (30.2) (16.9) (41.0) (88.1) - IT Maintenance (54.4) (3.0) (65.6) (123.0) - MIP Valuation - - (4.4) (4.4) - LTIP Valuation (2.4) (1.6) (10.4) (14.4) - Restructuring costs (28.2) - - (28.2) - Other general costs (21.2) (32.8) (220.0) (274.0) Operating EBITDA 300.0 (190.1) 1,804.5 1,914.4 Depreciation and amortisation (212.8) (73.7) (685.8) (972.3) Operating profit 87.2 (263.8) 1,118.7 942.1 Mondial Relay Other International Poland Total Operating EBITDA 300.0 (190.1) 1,804.5 1,914.4 - MIP Valuation - - 4.4 4.4 - LTIP Valuation 2.4 1.6 10.4 14.4 - Restructuring costs 28.2 - - 28.2 Adjusted EBITDA 330.6 (188.5) 1,819.3 1,961.4 Mondial Relay Other International Poland Total Property, plant and equipment 1,014.3 436.9 2,775.4 4,226.6 - of which ROU 442.8 99.7 971.8 1,514.3 Intangible assets 804.5 12.1 226.4 1,043.0 Goodwill 1,488.4 - - 1,488.4 Total 3,307.2 449.0 3,001.8 6,758.0 The summary of values of property, plant and equipment and intangible assets for the segments is presented in the table below :",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-415": {
"value": "Poland",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-377": {
"value": "Period of 12 months
ended 31-12-2023
International Poland Total Total
reportable
segments
Mondial
Relay
Other APM To-
Door
Other Inter-
segment
elimination
A B C D A+B+C+D
Revenue
7
2,929.4 672.9 4,064.4 1,141.1 145.2 (109.3) 8,843.7 8,807.8
External 2,871.7 637.5 4,064.4 1,141.1 129.0 - 8,843.7 8,714.7
Inter-segment 57.7 35.4 - - 16.2 (109.3) - 93.1
Other operating
income
- - - - 19.0 - 19.0 -
Direct costs (2,373.9) (603.3) (1,449.7) (747.5) (134.8) 109.3 (5,199.9) (5,174.4)
Logistic costs (1,941.0) (519.9) (1,316.2) (720.2) - 93.1 (4,404.2) (4,497.3)
External costs (1,905.7) (462.1) (1,316.2) (720.2) - - (4,404.2) (4,404.2)
Inter-segment costs (35.3) (57.8) - - - 93.1 - (93.1)
APM network (19.6) (26.7) (69.5) - - 16.2 (99.6) (115.8)
External costs (13.6) (16.5) (69.5) - - - (99.6) (99.6)
Inter-segment costs (6.0) (10.2) - - - 16.2 - (16.2)
PUDO points
8
(362.4) (30.3) (17.2) (4.1) - - (414.0) (414.0)
Other direct costs (50.9) (26.4) (46.8) (23.2) (134.8) - (282.1) (147.3)
Gross profit 555.5 69.6 2,614.7 393.6 29.4 - 3,662.8 3,633.4
ondial Relay Other International Poland Total Gross profit/ (loss) 555.5 69.6 3,037.7 3,662.8 General costs (262.3) (158.4) (594.2) (1,014.9) - Sales & Marketing (61.2) (22.8) (109.8) (193.8) - Call Centre (38.7) (28.7) (52.4) (119.8) - IT Maintenance (40.8) (37.5) (92.9) (171.2) - MIP Valuation - - (4.5) (4.5) - LTIP Valuation (1.4) (6.3) (26.7) (34.4) - M&A costs - (12.0) - (12.0) - Restructuring costs (34.3) - - (34.3) - Other general costs (85.9) (51.1) (307.9) (444.9) Operating EBITDA 293.2 (88.8) 2,443.5 2,647.9 Depreciation and amortisation (269.1) (92.4) (787.6) (1,149.1) Operating profit 24.1 (181.2) 1,655.9 1,498.8 Mondial Relay Other International Poland Total Operating EBITDA 293.2 (88.8) 2,443.5 2,647.9 - MIP Valuation - - 4.5 4.5 - LTIP Valuation 1.4 6.3 26.7 34.4 - M&A costs - 12.0 - 12.0 - Restructuring costs 34.3 - - 34.3 Adjusted EBITDA 328.9 (70.5) 2,474.7 2,733.1 Mondial Relay Other International Poland Total Property, plant and equipment 1,332.6 648.0 2,821.6 4,802.2 - of which ROU 523.0 146.7 1,017.6 1,687.3 Intangible assets 705.9 9.1 287.1 1,002.1 Goodwill 1,379.9 - - 1,379.9 Total 3,418.4 657.1 3,108.7 7,184.2 The summary of values of property, plant and equipment and intangible assets for the segments is presented in the table below: 9 The Group\u2019s revenue is recognised at the point in time. Period of 12 months ended 31-12-2022 International Poland Total Total reportable segments Mondial Relay Other APM To-Door Other Inter- segment elimination A B C D A+B+C+D Revenue 9 2,670.6 245.8 3,179.4 896.0 120.6 (52.2) 7,060.2 6,991.8 External 2,670.6 207.1 3,179.4 896.0 107.1 - 7,060.2 6,953.1 Inter-segment - 38.7 - - 13.5 (52.2) - 38.7 Other operating income 0.7 0.5 - - 17.7 - 18.9 1.2 Direct costs (2,183.1) (363.6) (1,226.0) (647.3) (109.4) 52.2 (4,477.2) (4,420.0) Logistic costs (1,692.7) (274.3) (1,113.0) (624.5) - 38.7 (3,665.8) (3,704.5) External costs (1,654.0) (274.3) (1,113.0) (624.5) - - (3,665.8) (3,665.8) Inter-segment costs (38.7) - - - - 38.7 - 38.7 APM network (8.4) (53.0) (51.4) - - 13.5 (99.3) (112.8) External costs (5.3) (42.6) (51.4) - - - (99.3) (99.3) Inter-segment costs (3.1) (10.4) - - - 13.5 - (13.5) PUDO points 10 (381.5) (12.6) (15.6) (5.1) - - (414.8) (414.8) Other direct costs (100.5) (23.7) (46.0) (17.7) (109.4) - (297.3) (187.9) Gross profit 488.2 (117.3) 1,953.4 248.7 28.9 - 2,601.9 2,573.0 10 Commissions for handling parcels at collection and delivery points . contents Mondial Relay Other International Poland Total Gross profit/ (loss) 488.2 (117.3) 2,231.0 2,601.9 General costs (188.2) (72.8) (426.5) (687.5) - Sales & Marketing (51.8) (18.5) (85.1) (155.4) - Call Centre (30.2) (16.9) (41.0) (88.1) - IT Maintenance (54.4) (3.0) (65.6) (123.0) - MIP Valuation - - (4.4) (4.4) - LTIP Valuation (2.4) (1.6) (10.4) (14.4) - Restructuring costs (28.2) - - (28.2) - Other general costs (21.2) (32.8) (220.0) (274.0) Operating EBITDA 300.0 (190.1) 1,804.5 1,914.4 Depreciation and amortisation (212.8) (73.7) (685.8) (972.3) Operating profit 87.2 (263.8) 1,118.7 942.1 Mondial Relay Other International Poland Total Operating EBITDA 300.0 (190.1) 1,804.5 1,914.4 - MIP Valuation - - 4.4 4.4 - LTIP Valuation 2.4 1.6 10.4 14.4 - Restructuring costs 28.2 - - 28.2 Adjusted EBITDA 330.6 (188.5) 1,819.3 1,961.4 Mondial Relay Other International Poland Total Property, plant and equipment 1,014.3 436.9 2,775.4 4,226.6 - of which ROU 442.8 99.7 971.8 1,514.3 Intangible assets 804.5 12.1 226.4 1,043.0 Goodwill 1,488.4 - - 1,488.4 Total 3,307.2 449.0 3,001.8 6,758.0 The summary of values of property, plant and equipment and intangible assets for the segments is presented in the table below Period of 12 months
ended 31-12-2023
Period of 12 months
ended 31-12-2022
Allegro Group 18.5% 17.1%
Vinted UAB 21.9% 19.9%
Others (<10% of total revenue per customer) 59.6% 63.0%
Total 100.0% 100.0%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-431": {
"value": "9. REVENUE ACCOUNTING POLICY The Group generates revenue primary from the provision of various courier services to its customers. There are two groups of courier services \u2013 traditional and out-of-home deliveries (deliveries of parcels to automated parcel machines owned or leased by the Group and/or collection points). Automated parcel machines are located close to shops in residential areas and are open 24/7, which allows customers to easily pick up parcels. Parcels delivered by courier to automated parcel machines can be collected by the recipient within 48h. If the parcel is not collected by the recipient (from courier/ automated parcel machines), it is relocated to a collection point or returned to sender. The Group offers rebates to customers who are able to provide volumes of parcels that exceed thresholds in accordance with agreements. The rebates are treated as variable consideration which is recognised to the extent that it is highly probable that a significant reversal of revenue will not occur. In this context, the Group equates \u201chighly probable\u201d with 100% certainty. In addition to delivery services, the Group generates revenue from the sale of goods (mainly APMs) and provision of marketing service",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-378": {
"value": "The Group offers rebates to customers who are able to provide volumes of parcels that exceed thresholds in accordance with agreements. The rebates are treated as variable consideration which is recognised to the extent that it is highly probable that a significant reversal of revenue will not occur. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-380": {
"value": "10.
DEPRECIATION AND
AMORTISATION
Period of 12
months ended
31-12-2023
Period of 12
months ended
31-12-2022
Depreciation of property, plant and equipment 1,022.5 848.5
Amortisation of intangible assets 126.6 123.8
Depreciation and amortisation: continued operations 1,149.1 972.3
Assigned to direct cost 972.6 792.0
Assigned to general and administrative expenses 176.5 180.3
Total 1,149.1 972.3
11.
EXTERNAL
SERVICES
Period of 12
months ended
31-12-2023
Period of 12
months ended
31-12-2022
Logistic services 3,926.8 3,251.7
PUDO points commissions 414.0 414.8
Marketing and Advertising 101.0 70.3
Advisory cost 179.7 139.0
Other 130.7 85.2
Total external services 4,752.2 3,961.0
Assigned to direct cost 4,340.8 3,666.5
Assigned to general and administrative expenses 411.4 294.5
Total 4,752.2 3,961.0
220
12.
EMPLOYEE
BENEFIT COSTS
Period of 12
months ended
31-12-2023
Period of 12
months ended
31-12-2022
Payroll, of which: 821.5 670.1
Share-based payment 46.7 25.2
Social security contributions 224.8 171.9
Total employee benefit costs 1,046.3 842.0
Assigned to direct cost 545.9 332.9
Assigned to general and administrative expenses 500.4 509.1
Total 1,046.3 842.0
13.
OTHER
EXPENSES
Period of 12
months ended
31-12-2023
Period of 12
months ended
31-12-2022
Insurances 31.3 24.3
Costs of damaged parcels 26.1 23.8
Delegations 22.3 12.8
Non-taxable expenses 22.3 16.4
Total other expenses 102.0 77.3
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-13": {
"value": "10. DEPRECIATION AND AMORTISATION Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Depreciation of property, plant and equipment 1,022.5 848.5 Amortisation of intangible assets 126.6 123.8 Depreciation and amortisation: continued operations 1,149.1 972.3 Assigned to direct cost 972.6 792.0 Assigned to general and administrative expenses 176.5 180.3 Total 1,149.1 972.3 11. EXTERNAL SERVICES Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Logistic services 3,926.8 3,251.7 PUDO points commissions 414.0 414.8 Marketing and Advertising 101.0 70.3 Advisory cost 179.7 139.0 Other 130.7 85.2 Total external services 4,752.2 3,961.0 Assigned to direct cost 4,340.8 3,666.5 Assigned to general and administrative expenses 411.4 294.5 Total 4,752.2 3,961.0 220 12. EMPLOYEE BENEFIT COSTS Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Payroll, of which: 821.5 670.1 Share-based payment 46.7 25.2 Social security contributions 224.8 171.9 Total employee benefit costs 1,046.3 842.0 Assigned to direct cost 545.9 332.9 Assigned to general and administrative expenses 500.4 509.1 Total 1,046.3 842.0 13. OTHER EXPENSES Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Insurances 31.3 24.3 Costs of damaged parcels 26.1 23.8 Delegations 22.3 12.8 Non-taxable expenses 22.3 16.4 Total other expenses 102.0 77.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-416": {
"value": "10. DEPRECIATION AND AMORTISATION Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Depreciation of property, plant and equipment 1,022.5 848.5 Amortisation of intangible assets 126.6 123.8 Depreciation and amortisation: continued operations 1,149.1 972.3 Assigned to direct cost 972.6 792.0 Assigned to general and administrative expenses 176.5 180.3 Total 1,149.1 972.3 11. EXTERNAL SERVICES Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Logistic services 3,926.8 3,251.7 PUDO points commissions 414.0 414.8 Marketing and Advertising 101.0 70.3 Advisory cost 179.7 139.0 Other 130.7 85.2 Total external services 4,752.2 3,961.0 Assigned to direct cost 4,340.8 3,666.5 Assigned to general and administrative expenses 411.4 294.5 Total 4,752.2 3,961.0 220 12. EMPLOYEE BENEFIT COSTS Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Payroll, of which: 821.5 670.1 Share-based payment 46.7 25.2 Social security contributions 224.8 171.9 Total employee benefit costs 1,046.3 842.0 Assigned to direct cost 545.9 332.9 Assigned to general and administrative expenses 500.4 509.1 Total 1,046.3 842.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-442": {
"value": "10. DEPRECIATION AND AMORTISATION Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Depreciation of property, plant and equipment 1,022.5 848.5 Amortisation of intangible assets 126.6 123.8 Depreciation and amortisation: continued operations 1,149.1 972.3 Assigned to direct cost 972.6 792.0 Assigned to general and administrative expenses 176.5 180.3 Total 1,149.1 972.3 C ustomer relation- ship Brand Develop- ment costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2023 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2 Additions - - - - - 146.1 146.1 Reclassification - - - 0.9 168.2 (169.1) - Disposal - - - - (5.9) (1.2) (7.1) Effect of movements in exchange rates (53.0) (13.0) (0.3) - (3.1) (1.3) (70.7) Cost at 31-12-2023 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5 Accumulated amortisation at 01-01-2023 128.7 - 118.1 2.0 105.9 - 354.7 Amortisation for the period 84.3 - 7.0 0.5 34.8 - 126.6 Reclassification - - - - - - - Disposal - - - - (5.7) - (5.7) Effect of movements in exchange rates (9.4) - (0.1) - (2.2) - (11.7) Accumulated amortisation at 31-12-2023 203.6 - 125.0 2.5 132.8 - 463.9 Impairment losses at 01-01-2023 - - 0.4 - 2.1 - 2.5 Impairment loss - - - - - - - Disposal - - - - - - - Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2023 - - 0.4 - 2.1 - 2.5 Carrying amount at 31-12-2023 470.3 164.3 0.3 5.7 201.5 160.0 1,002.1 Customer relation- ship Brand Develop- ment costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2022 713.0 173.8 150.7 6.8 168.4 78.1 1,290.8 Additions - - - - - 131.7 131.7 Reclassification - - (21.4) 0.6 13.2 (22.5) (30.1) Disposal - - (2.3) - (4.7) (1.8) (8.8) Effect of movements in exchange rates 13.9 3.5 (1.0) (0.1) 0.3 - 16.6 Cost at 31-12-2022 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2 Accumulated amortisation at 01-01-2022 37.5 - 103.7 1.5 87.6 - 230.3 Amortisation for the period 90.9 - 14.4 0.5 18.0 - 123.8 Reclassification - - 0.3 - - - 0.3 Disposal - - - - - - - Effect of movements in exchange rates 0.3 - (0.3) - 0.3 - 0.3 Accumulated amortisation at 31-12-2022 128.7 - 118.1 2.0 105.9 - 354.7 Impairment losses at 01-01-2022 - - 2.7 - 6.6 - 9.3 Impairment loss - - - - - - - Disposal - - (2.3) - (4.5) - (6.8) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2022 - - 0.4 - 2.1 - 2.5 Carrying amount at 31-12-2022 598.2 177.3 7.5 5.3 69.2 185.5 1,043.0 230 Land and buildings Machinery and equip- ment Vehicles Other RoU Assets under con- struction 13 Total Cost at 01-01-2023 55.9 3,122.4 13.5 37.9 2,539.7 377.7 6,147.1 Additions - - - - 957.3 823.6 1,780.9 Reclassification 11.3 766.1 9.9 10.7 (6.7) (791.3) - Termination/disposal (8.5) (49.0) (0.1) (2.6) (170.0) (1.3) (231.5) Effect of movements in exchange rates (2.8) (93.9) (0.1) (0.8) (60.5) (13.2) (171.3) Cost at 31-12-2023 55.9 3,745.6 23.2 45.2 3,259.8 395.5 7,525.2 Accumulated depreciation at 01-01-2023 14.9 854.4 3.2 19.3 1,020.8 - 1,912.6 Depreciation for the period 8.7 307.7 2.3 8.7 695.1 - 1,022.5 Reclassification - 6.1 - - (6.1) - - Termination/disposal (8.0) (43.8) (0.1) (2.6) (119.2) - (173.7) Modifications - - - - (3.0) - (3.0) Effect of movements in exchange rates (1.2) (20.8) - (0.2) (19.7) - (41.9) Accumulated depreciation at 31-12-2023 14.4 1,103.6 5.4 25.2 1,567.9 - 2,716.5 Impairment losses at 01-01-2023 - - - - 4.6 3.3 7.9 Impairment loss - 1.7 - - - (3.0) (1.3) Termination - - - - - - - Effect of movements in exchange rates - (0.1) - - - - (0.1) Impairment losses at 31-12-2023 - 1.6 - - 4.6 0.3 6.5 Carrying amount at 31-12-2023 41.5 2,640.4 17.8 20.0 1,687.3 395.2 4,802.2 The most significant in terms of Net Book Value property, plant and equipment of the Group are machinery and equipment, i.e. automated parcel machines, as well as assets under construction, i.e. parts of automated parcel machines that are in the process of completion or assembly and are not yet installed. 13 Assets under construction comprise mainly not-yet- deployed APMs and materials for the production of APMs. Land and buildings Machinery and equip- ment Vehicles Other RoU Assets under con- struction13 Total Cost at 01-01-2022 37.9 2,247.1 10.3 25.0 1,695.0 280.1 4,295.4 Additions - - - - 955.3 1,004.5 1,959.8 Reclassification 17.8 911.8 3.6 13.7 (8.1) (908.7) 30.1 Termination/disposal (0.4) (29.4) (0.4) (0.7) (107.2) - (138.1) Effect of movements in exchange rates 0.6 (7.1) - (0.1) 4.7 1.8 (0.1) Cost at 31-12-2022 55.9 3,122.4 13.5 37.9 2,539.7 377.7 6,147.1 Accumulated depreciation at 01-01-2022 7.3 584.1 1.8 13.0 567.1 - 1,173.3 Depreciation for the period 7.2 288.0 1.8 7.9 543.6 - 848.5 Reclassification - 6.0 - (0.4) (7.4) - (1.8) Termination/disposal - (22.5) (0.4) (1.2) (83.4) - (107.5) Modifications - - - - (0.8) - (0.8) Effect of movements in exchange rates 0.4 (1.2) - - 1.7 - 0.9 Accumulated depreciation at 31-12-2022 14.9 854.4 3.2 19.3 1,020.8 - 1,912.6 Impairment losses at 01-01-2022 - 5.1 - - 4.6 2.4 12.1 Impairment loss - - - - - 0.9 0.9 Termination - (5.1) - - - - (5.1) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2022 - - - - 4.6 3.3 7.9 Carrying amount at 31-12-2022 41.0 2,268.0 10.3 18.6 1,514.3 374.4 4,226.6 22.1. RIGHT-OF-USE ASSETS Right-of-use assets are presented in Property, plant and equipment. The table below pre- sents a disaggregation of the right-of-use assets by class of underlying asset. Land and buildings Machi- nery and equip- ment Vehicles Other Total Cost at 01-01-2023 1,884.2 72.7 552.0 30.8 2,539.7 New leases 447.4 35.4 78.3 1.2 562.3 Modifications 130.2 - 172.0 - 302.2 Renewals: indefinite period 92.6 0.2 - - 92.8 Reclassification - (6.7) - - (6.7) Termination of a contract (71.1) (1.9) (96.4) (0.6) (170.0) Effect of movements in exchange rates (52.9) (4.5) (0.6) (2.5) (60.5) Cost at 31-12-2023 2,430.4 95.2 705.3 28.9 3,259.8 Accumulated depreciation at 01-01-2023 634.6 5.5 378.3 2.4 1,020.8 Depreciation for the period 460.4 27.6 205.8 1.3 695.1 Modifications (2.9) - (0.1) - (3.0) Reclassification - (6.1) - - (6.1) Termination of a contract (44.8) (1.3) (72.5) (0.6) (119.2) Effect of movements in exchange rates (17.7) (1.4) (0.3) (0.3) (19.7) Accumulated depreciation at 31-12-2023 1,029.6 24.3 511.2 2.8 1,567.9 Impairment losses at 01-01-2023 - 4.6 - - 4.6 Impairment losses at 31-12-2023 - 4.6 - - 4.6 Carrying amount at 31-12-2023 1,400.8 66.3 194.1 26.1 1,687.3 Land and buildings Machi- nery and equip- ment Vehicles Other Total Cost at 01-01-2022 1,346.5 39.0 309.5 - 1,695.0 New leases 464.4 49.0 27.4 31.2 572.0 Modifications 71.3 8.0 221.8 - 301.1 Renewals: indefinite period 82.0 0.1 0.1 - 82.2 Reclassification - (8.1) - - (8.1) Termination of a contract (84.4) (15.4) (7.0) (0.4) (107.2) Effect of movements in exchange rates 4.4 0.1 0.2 - 4.7 Cost at 31-12-2022 1,884.2 72.7 552.0 30.8 2,539.7 Accumulated depreciation at 01-01-2022 350.2 2.5 214.4 - 567.1 Depreciation for the period 344.9 25.8 170.0 2.9 543.6 Modifications (0.5) (0.1) (0.2) - (0.8) Reclassification - (7.4) - - (7.4) Termination of a contract (61.7) (15.3) (5.9) (0.5) (83.4) Effect of movements in exchange rates 1.7 - - - 1.7 Accumulated depreciation at 31-12-2022 634.6 5.5 378.3 2.4 1,020.8 Impairment losses at 01-01-2022 - 4.6 - - 4.6 Impairment losses at 31-12-2022 - 4.6 - - 4.6 Carrying amount at 31-12-2022 1,249.6 62.6 173.7 28.4 1,514.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-379": {
"value": "Note 31-12-2023 31-12-2022
Receivables, included in \u201cTrade and other
receivables\u201d
24 1,215.3 1,066.9
Contract liability (prepaids) 31 18.7 8.3
31-12-2023 31-12-2022
Trade receivables 1,215.3 1,066.9
Other receivables 224.6 178.3
Trade and other receivables 1,439.9 1,245.2
Trade receivables 31-12-2023 31-12-2022
Trade receivables (gross) at amortised cost 1,319.8 1,160.4
Expected credit losses \u2013 individual approach (100.3) (90.7)
Expected credit losses \u2013 collective approach (4.2) (2.8)
Total trade receivables 1,215.3 1,066.9
Trade receivables are non-interest bearing and have an average maturity of 21 days. Receivables from Allegro and Vinted were responsible for 36.1% of the Group\u2019s trade receivables as of December 31, 2023 and 34.4% of the Group\u2019s trade receivables for the 12 months ended December 31, 202224.1.
OTHER RECEIVABLES
Balance as at 31-12-2023 31-12-2022
Rental deposits 2.2 2.1
Advance 2.3 2.4
Financial assets 4.5 4.5
Receivables from the state 215.1 169.2
Other 5.0 4.6
Non-financial assets 220.1 173.8
Total other receivables 224.6 178.3
236
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-432": {
"value": "11. EXTERNAL SERVICES Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Logistic services 3,926.8 3,251.7 PUDO points commissions 414.0 414.8 Marketing and Advertising 101.0 70.3 Advisory cost 179.7 139.0 Other 130.7 85.2 Total external services 4,752.2 3,961.0 Assigned to direct cost 4,340.8 3,666.5 Assigned to general and administrative expenses 411.4 294.5 Total 4,752.2 3,961.0 220 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-433": {
"value": "14.
FINANCIAL INCOME
AND EXPENSES
ACCOUNTING POLICY
The Group classifies interests from
liabilities including the lease liabilities in
consolidated statement of cash flow as
cash flow from financing activities .
Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange gains - 32.0 Other finance income 4.3 0.3 Derivative instruments valuation 8.2 - Total finance income 12.5 32.3 Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange losses 168.0 - Interest expense 369.6 292.8 Bank charges and commissions related to debt 2.4 6.9 Other financial costs 8.4 5.9 Total finance costs 548.4 305.6 221",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-14": {
"value": "14. FINANCIAL INCOME AND EXPENSES ACCOUNTING POLICY The Group classifies interests from liabilities including the lease liabilities in consolidated statement of cash flow as cash flow from financing activities Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange gains - 32.0 Other finance income 4.3 0.3 Derivative instruments valuation 8.2 - Total finance income 12.5 32.3 Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange losses 168.0 - Interest expense 369.6 292.8 Bank charges and commissions related to debt 2.4 6.9 Other financial costs 8.4 5.9 Total finance costs 548.4 305.6 221",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-381": {
"value": "14. FINANCIAL INCOME AND EXPENSES ACCOUNTING POLICY The Group classifies interests from liabilities including the lease liabilities in consolidated statement of cash flow as cash flow from financing activities Period of 12
months ended
31-12-2023
Period of 12
months ended
31-12-2022
Foreign exchange gains - 32.0
Other finance income 4.3 0.3
Derivative instruments valuation 8.2 -
Total finance income 12.5 32.3
Period of 12
months ended
31-12-2023
Period of 12
months ended
31-12-2022
Foreign exchange losses 168.0 -
Interest expense 369.6 292.8
Bank charges and commissions related to debt 2.4 6.9
Other financial costs 8.4 5.9
Total finance costs 548.4 305.6
221
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-417": {
"value": "14. FINANCIAL INCOME AND EXPENSES ACCOUNTING POLICY The Group classifies interests from liabilities including the lease liabilities in consolidated statement of cash flow as cash flow from financing activities Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange gains - 32.0 Other finance income 4.3 0.3 Derivative instruments valuation 8.2 - Total finance income 12.5 32.3 Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange losses 168.0 - Interest expense 369.6 292.8 Bank charges and commissions related to debt 2.4 6.9 Other financial costs 8.4 5.9 Total finance costs 548.4 305.6 221",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-462": {
"value": "14. FINANCIAL INCOME AND EXPENSES ACCOUNTING POLICY The Group classifies interests from liabilities including the lease liabilities in consolidated statement of cash flow as cash flow from financing activities . Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange gains - 32.0 Other finance income 4.3 0.3 Derivative instruments valuation 8.2 - Total finance income 12.5 32.3 Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange losses 168.0 - Interest expense 369.6 292.8 Bank charges and commissions related to debt 2.4 6.9 Other financial costs 8.4 5.9 Total finance costs 548.4 305.6 221",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-463": {
"value": "14. FINANCIAL INCOME AND EXPENSES ACCOUNTING POLICY The Group classifies interests from liabilities including the lease liabilities in consolidated statement of cash flow as cash flow from financing activities Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange gains - 32.0 Other finance income 4.3 0.3 Derivative instruments valuation 8.2 - Total finance income 12.5 32.3 Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange losses 168.0 - Interest expense 369.6 292.8 Bank charges and commissions related to debt 2.4 6.9 Other financial costs 8.4 5.9 Total finance costs 548.4 305.6 221",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-464": {
"value": "14. FINANCIAL INCOME AND EXPENSES ACCOUNTING POLICY The Group classifies interests from liabilities including the lease liabilities in consolidated statement of cash flow as cash flow from financing activities . Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange gains - 32.0 Other finance income 4.3 0.3 Derivative instruments valuation 8.2 - Total finance income 12.5 32.3 Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Foreign exchange losses 168.0 - Interest expense 369.6 292.8 Bank charges and commissions related to debt 2.4 6.9 Other financial costs 8.4 5.9 Total finance costs 548.4 305.6 221",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-444": {
"value": "14. FINANCIAL INCOME AND EXPENSES ACCOUNTING POLICY The Group classifies interests from liabilities including the lease liabilities in consolidated statement of cash flow as cash flow from financing activities . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-458": {
"value": "12. EMPLOYEE BENEFIT COSTS Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Payroll, of which: 821.5 670.1 Share-based payment 46.7 25.2 Social security contributions 224.8 171.9 Total employee benefit costs 1,046.3 842.0 Assigned to direct cost 545.9 332.9 Assigned to general and administrative expenses 500.4 509.1 Total 1,046.3 842.0 Provisions Movements The below table presents balances and movements of provisions during the year. Defined benefit plan Performance Bonuses and Cash Bonus Plan Provision for holi- days and bonuses Other provisions Total Balance as at 31-12-2022 64.9 23.8 19.3 2.2 110.2 Recognition/creation 1.3 35.3 39.4 6.9 82.9 Reclassification (58.7) - 58.7 - - Utilisation - (23.8) (19.3) (2.2) (45.3) Foreign exchange rate impact (0.4) - (4.8) - (5.2) Balance as at 31-12-2023 7.1 35.3 93.3 6.9 142.6 Employee benefits The table below presents a summary of employee benefits. 31-12-2023 31-12-2022 Long-term Short-term Long-term Short-term Post-mortem severance 0.7 0.1 0.5 - Retirement benefit 6.3 - 5.4 59.0 Unused holiday provision 1.6 91.7 0.9 18.4 Performance bonuses - 20.1 - 9.5 Cash Bonus Plan 5.4 9.8 8.4 5.9 Total 14.0 121.7 15.2 92.8 The Group is not a party to any wage bargaining agreements or collective employment agreements. Short-term employee benefit liabilities are measured according to general principles. Long-term benefits are estimated using actuarial methods ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-443": {
"value": "13. OTHER EXPENSES Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Insurances 31.3 24.3 Costs of damaged parcels 26.1 23.8 Delegations 22.3 12.8 Non-taxable expenses 22.3 16.4 Total other expenses 102.0 77.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-382": {
"value": "15.
INCOME TAX
ACCOUNTING POLICY
The Management periodically reviews
the approach adopted in the preparation
of tax returns where the applicable tax
regulations are subject to interpretation.
When justified, a provision is created for
the expected tax payable to tax authorities.
Current income tax
Current tax is calculated using the tax
rates enacted or substantively enacted
at the reporting date in countries where
the Group\u2019s entities operate and generate
taxable income or losses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-383": {
"value": "Deferred tax
Deferred tax assets are recognised for
unused tax losses and unused tax credits
and for deductible temporary differences
to the extent that it is probable that future
taxable profit will be available against
which they can be utilised.
Deferred tax is measured at the tax rates
that are expected to be applied to the
temporary differences when they reverse,
using tax rates enacted or substantially
enacted at the reporting date, taking
into account any uncertainties related to
income taxes.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-15": {
"value": "1 5.1. INCOME TAX IN PROFIT OR LOSS For the period of 12 months ended December 31, 2023, the effective tax rate for the Group was 30.5%, and, for the comparative period of 12 months ended December 31, 2022, the effective tax rate for the Group was 31.7%. In the year 2023, statutory tax rates for the Group\u2019s companies ranged from 19% in Poland and Great Britain to 31.4% in Italy. The Group is within the scope of the OECD Pillar Two model rules. Under the legislation, the Group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate. Pillar Two legislation was enacted in Luxembourg on December 20, 2023 and will come into effect from January 1, 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has not related current tax exposure. The Group has started analysis to estimate the impact of Pillar Two Legislation, but, due to the complexity of the reform, the Group is not able to estimate the possibility nor the amount of the legislation\u2019s impact on 2024 tax expenses. The first year that it is possible to pay additional top-up taxes in Luxembourg is 2024, with payment and tax computation made until end of June 2026. Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Current income tax expense 287.9 214.0 Deferred income tax expense (3.3) (1.7) Income tax expense: continued operations 284.6 212.3 Current income tax expense - - Income tax expense: discontinued operations - - 5.2. RECONCILIATION OF EFFECTIVE TAX RATE Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Profit (loss) before tax 932.0 668.8 Tax using the Group\u2019s domestic tax rate 24.9% 232.1 24.9% 166.5 Effect of tax rates in foreign jurisdictions (17.5%) (163.4) (6.5%) (43.2) Tax-exempt income (0.5%) (4.8) (0.1%) (0.5) R&D tax relief (0.1%) (1.2) - - Non-deductible expenses of which: 7.8% 73.0 1.2% 8.0 Share-based payments costs 0.6% 5.4 0.6% 4.3 Share of result in associate 0.8% 7.7 - - Other non-deductible expenses 6.4% 59.9 0.6% 3.7 Depreciation of capitalised acquisition cost (2.6%) (24.6) - - Deferred tax asset for tax losses not recognised 18.3% 170.3 11.6% 77.7 Other 0.3% 3.2 0.6% 3.8 Income tax expense 284.6 212.3 Effective tax rate 30.5% 31.7% The effective tax rate was lower in 2023, due to the higher effect of tax rates in foreign jurisdictions. 15.3. CHANGE IN DEFERRED TAX ASSETS AND LIABILITIES Balance as at 31-12-2023 Reconciliation of movements to profit or loss 2023 Balance as at 31-12-2022 Reconciliation of movements to profit or loss 2022 Deferred tax assets Impairment allowance for trade and other receivables and inventories 16.2 (0.4) 15.8 (0.7) Provisions and accruals 56.2 (6.3) 49.9 (4.0) Lease liabilities 216.4 (3.6) 212.8 38.2 Property, plant, equipment, and intangible assets - 0.1 0.1 1.8 Deferred income - 1.9 1.9 1.1 Interest accrued - 4.5 4.5 (4.0) Foreign exchange differences 5.8 (3.8) 2.0 5.8 Other items 2.8 (1.9) 0.9 1.7 Tax losses carried forward 18.2 11.2 29.4 (19.8) Capitalised acquisition cost 23.9 (23.9) - - Total 339.5 (22.2) 317.3 20.1 Net presentation (164.4) 13.4 (151.0) 28.6 Net deferred tax assets 175.1 (8.8) 166.3 48.7 - to be settled within 12 months 54.0 43.3 - to be settled in more than 12 months 121.1 123.0 Deferred tax liability Property, plant, equipment, and intangible assets 232.3 104.5 127.8 (98.1) Right-of-use assets 216.4 (93.1) 309.5 75.8 Interest accrued 8.6 4.9 3.7 3.6 Other items 4.5 2.6 1.9 (0.4) Total 461.8 18.9 442.9 (19.1) Net presentation (164.4) (13.4) (151.0) (28.6) Net deferred tax liabilities 297.4 5.5 291.9 (47.8) - to be settled within 12 months 58.8 55.2 - to be settled in more than 12 months 238.6 236.7 Net effect (3.3) 1.0 Valuation effect in OCI - 2.7 Net effect recognised in profit or loss (3.3) (1.7) 15.4. UNRECOGNISED DEFERRED TAX ASSETS Deferred tax assets have not been recog- nised in respect of the following items. In the Management\u2019s judgement, it was assessed Unrecognised deferred tax assets 2023 2022 Gross amount Tax effect (domestic tax rates) Gross amount Tax effect (domestic tax rates) Tax losses carried forward (the UK, IT, and LU) 1,173.9 249.1 627.2 138.5 Total unrecognised deferred tax assets 1,173.9 249.1 627.2 138.5 Tax losses carried forward for which no deferred tax assets were recognised 2023 2022 Never expire 975.5 84.2 Will expire 2040 67.3 - Will expire 2039 62.5 41.4 Will expire 2038 63.1 102.2 Will expire 2037 5.5 5.9 Will expire 2025 - 236.0 Will expire 2024 - 104.7 Will expire 2023 - 52.8 Total tax losses carried forward for which no deferred tax asset was recognised 1,173.9 627.2 The differences in the amounts in respective years are due to tax corrections and exchange rates that it is not probable that future taxable profit will be available against which the Group will be able to use benefits therefrom. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-384": {
"value": "5.1. INCOME TAX IN PROFIT OR LOSS For the period of 12 months ended December 31, 2023, the effective tax rate for the Group was 30.5%, and, for the comparative period of 12 months ended December 31, 2022, the effective tax rate for the Group was 31.7%. In the year 2023, statutory tax rates for the Group\u2019s companies ranged from 19% in Poland and Great Britain to 31.4% in Italy. The Group is within the scope of the OECD Pillar Two model rules. Under the legislation, the Group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate. Pillar Two legislation was enacted in Luxembourg on December 20, 2023 and will come into effect from January 1, 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has not related current tax exposure. The Group has started analysis to estimate the impact of Pillar Two Legislation, but, due to the complexity of the reform, the Group is not able to estimate the possibility nor the amount of the legislation\u2019s impact on 2024 tax expenses. The first year that it is possible to pay additional top-up taxes in Luxembourg is 2024, with payment and tax computation made until end of June 2026. Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Current income tax expense 287.9 214.0 Deferred income tax expense (3.3) (1.7) Income tax expense: continued operations 284.6 212.3 Current income tax expense - - Income tax expense: discontinued operations - 5.2. RECONCILIATION OF EFFECTIVE TAX RATE Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Profit (loss) before tax 932.0 668.8 Tax using the Group\u2019s domestic tax rate 24.9% 232.1 24.9% 166.5 Effect of tax rates in foreign jurisdictions (17.5%) (163.4) (6.5%) (43.2) Tax-exempt income (0.5%) (4.8) (0.1%) (0.5) R&D tax relief (0.1%) (1.2) - - Non-deductible expenses of which: 7.8% 73.0 1.2% 8.0 Share-based payments costs 0.6% 5.4 0.6% 4.3 Share of result in associate 0.8% 7.7 - - Other non-deductible expenses 6.4% 59.9 0.6% 3.7 Depreciation of capitalised acquisition cost (2.6%) (24.6) - - Deferred tax asset for tax losses not recognised 18.3% 170.3 11.6% 77.7 Other 0.3% 3.2 0.6% 3.8 Income tax expense 284.6 212.3 Effective tax rate 30.5% 31.7% The effective tax rate was lower in 2023, due to the higher effect of tax rates in foreign jurisdictions. 15.3. CHANGE IN DEFERRED TAX ASSETS AND LIABILITIES Balance as at 31-12-2023 Reconciliation of movements to profit or loss 2023 Balance as at 31-12-2022 Reconciliation of movements to profit or loss 2022 Deferred tax assets Impairment allowance for trade and other receivables and inventories 16.2 (0.4) 15.8 (0.7) Provisions and accruals 56.2 (6.3) 49.9 (4.0) Lease liabilities 216.4 (3.6) 212.8 38.2 Property, plant, equipment, and intangible assets - 0.1 0.1 1.8 Deferred income - 1.9 1.9 1.1 Interest accrued - 4.5 4.5 (4.0) Foreign exchange differences 5.8 (3.8) 2.0 5.8 Other items 2.8 (1.9) 0.9 1.7 Tax losses carried forward 18.2 11.2 29.4 (19.8) Capitalised acquisition cost 23.9 (23.9) - - Total 339.5 (22.2) 317.3 20.1 Net presentation (164.4) 13.4 (151.0) 28.6 Net deferred tax assets 175.1 (8.8) 166.3 48.7 - to be settled within 12 months 54.0 43.3 - to be settled in more than 12 months 121.1 123.0 Deferred tax liability Property, plant, equipment, and intangible assets 232.3 104.5 127.8 (98.1) Right-of-use assets 216.4 (93.1) 309.5 75.8 Interest accrued 8.6 4.9 3.7 3.6 Other items 4.5 2.6 1.9 (0.4) Total 461.8 18.9 442.9 (19.1) Net presentation (164.4) (13.4) (151.0) (28.6) Net deferred tax liabilities 297.4 5.5 291.9 (47.8) - to be settled within 12 months 58.8 55.2 - to be settled in more than 12 months 238.6 236.7 Net effect (3.3) 1.0 Valuation effect in OCI - 2.7 Net effect recognised in profit or loss (3.3) (1.7) 15.4. UNRECOGNISED DEFERRED TAX ASSETS Deferred tax assets have not been recog- nised in respect of the following items. In the Management\u2019s judgement, it was assessed Unrecognised deferred tax assets 2023 2022 Gross amount Tax effect (domestic tax rates) Gross amount Tax effect (domestic tax rates) Tax losses carried forward (the UK, IT, and LU) 1,173.9 249.1 627.2 138.5 Total unrecognised deferred tax assets 1,173.9 249.1 627.2 138.5 Tax losses carried forward for which no deferred tax assets were recognised 2023 2022 Never expire 975.5 84.2 Will expire 2040 67.3 - Will expire 2039 62.5 41.4 Will expire 2038 63.1 102.2 Will expire 2037 5.5 5.9 Will expire 2025 - 236.0 Will expire 2024 - 104.7 Will expire 2023 - 52.8 Total tax losses carried forward for which no deferred tax asset was recognised 1,173.9 627.2 The differences in the amounts in respective years are due to tax corrections and exchange rates . that it is not probable that future taxable
profit will be available against which the
Group will be able to use benefits therefrom.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-16": {
"value": "16. EARNINGS PER SHARE (EPS) The following table reflects the profit and share information used in the basic and diluted EPS calculations: Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Profit attributable to ordinary equity holders of the parent: Continuing operations 647.4 456.5 Discontinued operations - (0.1) Profit attributable to ordinary equity holders of the parent for basic EPS 647.4 456.4 Effect of dilution - - Profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution 647.4 456.4 Total number of shares issued 500,000,000 500,000,000 Effect of own shares held (182,500.0) (358,044.0) Weighted average number of ordinary shares for basic EPS 11 499,741,030.0 499,803,811.5 Basic/Diluted earnings per share (in PLN) 1.30 0.91 Basic/Diluted earnings per share (in PLN): Continuing operations 1.30 0.91 Basic/Diluted earnings per share (in PLN): Discontinuing operations - 11 The weighted average number of shares takes into account the weighted average effect of changes in shares during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-17": {
"value": "17. DIVIDENDS PAID AND PROPOSED FOR PAYMENT In 2023 and until the date of authorisation of these consolidated financial statements for issue, no dividends were paid or proposed for payment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-18": {
"value": "The detail of this line item in the consolidated balance sheet and of the changes there in the reporting period and in 2023 is as follows: 18. GOODWILL 2023 2022 Opening balance, of which: 1,488.4 1,459.5 Effect of movements in exchange rates (108.5) 28.9 Closing balance, of which: 1,379.9 1,488.4 Mondial Relay SAS 1,379.9 1,488.4 Goodwill acquired through this business combination is fully allocated to the International Mondial Relay segment. None of the goodwill recognised is expected to be deductible for income tax purposes. The \u201cMondial Relay\u201d brand is allocated entirely to the International Mondial Relay segment. contents The Group considered the following climate-related matters and their potential impact on five-year budgets for Mondial Relay CGU: \u2022 Increased operating expenditure due to introduction of a carbon tax and/or a cap-and trade system on transport sector and buildings. \u2013 at the current time, no legislation has been passed that will impact the Group; as the probability of implementation of those taxes before 2028 (which is the final year of Group\u2019s financial plans) are very low, the risks were not considered during preparations of five- year financial plans for Mondial Relay CGU. The Group constantly monitors the latest government legislation regarding climate- related matters. \u2022 Risk of being accused of greenwashing in marketing communication to customers regarding the Group\u2019s impact on the climate\u2013 the risk was considered on Mondial Relay CGU level for the purpose of preparing five-year plans; sufficient mitigation steps were taken into account when preparing the five year plan in terms of costs of internal trainings and sufficient budgeted costs related with external audit services and advisory costs related with ESG. \u2022 Potential opportunities related to climate changes \u2013 for instance, an increase in consumer preference to use out-of-home deliveries as a more environmentally friendly form of parcel deliveries \u2013 were not taken into account during the preparation of Mondial Relay five-year plans due to the Management\u2019s prudent approach to potential revenue/volumes upsides ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-418": {
"value": "The following is a summary of the total recoverable amount and carrying
amount at the end of the reporting period for International Mondial Relay
segment net assets:
18.1. IMPAIRMENT TESTING SIGNIFICANT ACCOUNTING ESTIMATES All inputs significant to the fair value meas- urement are categorised within Level 3 of the fair value hierarchy. The calculation of fair value less costs of disposal is most sensi- tive to the following assumptions: \u2022 Discount rates, \u2022 Growth rates used to extrapolate cash flows beyond the forecast period. Discount rates Discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Growth rate Rates are based on cautious expectations of Management taking into account possibili- ties of changes in customers\u2019 behaviour and new market entrants . The post-tax discount rate applied to cash flow projections is 6.76%, and cash flows be- yond the five-year period are extrapolated using a 2.0% growth rate. In 2023, the dis- count rate decreased by 1.32 pp in compar- ison to 2022 as a result of Leveraged Beta factor reduction observable on all markets. The effect of lower Leveraged Beta was off- set by the increase of risk-free rates based on profitability of ten-year EUR government bonds. The growth rate beyond the budget- ed five-year period remained unchanged in comparison to 2022, representing a prudent approach of the Management, taking into account only nominal increase of cashflows generated by CGU due to CPI changes. Impairment test The recoverable amount of the Interna- tional Mondial Relay segment\u2019s assets as at December 31, 2023 is PLN 8,907.0 m, which was determined based on fair value less costs of disposal calculation using dis- counted cash flow projections based on the financial budgets adjusted for market con- ditions approved by senior Management covering a five-year period. As a result of the analysis, the Management did not identify an impairment of Interna- tional Mondial Relay segment assets . Mondial Relay
Recoverable amount (fair value less costs of disposal) 8,907.0
Carrying amount of net assets of which: 2,742.7
Goodwill 1,379.9
Brand 164.3
Headroom 6,164.3
WACC ratio Change in WACC
-2.0 pp -1.0 pp +1.0 pp + 2.0 pp
WACC 6.76% 4.76% 5.76% 7.76% 8.76%
Headroom 6,164.3 14,233.1 9,111.7 4,257.4 2,928.4
Sensitivity analysis to discount rates:
Growth rate Change in growth rate
-2.0 pp -1.0 pp +1.0 pp + 2.0 pp
Growth rate 2.00% 0.00% 1.00% 3.00% 4.00%
Headroom 6.164.3 3,380.7 4,530.8 8,666.5 12,982.0
Sensitivity analysis to growth rate assumption:
The Group considered the following climate-related matters and their potential impact on five-year budgets for Mondial Relay CGU: \u2022 Increased operating expenditure due to introduction of a carbon tax and/or a cap-and trade system on transport sector and buildings. \u2013 at the current time, no legislation has been passed that will impact the Group; as the probability of implementation of those taxes before 2028 (which is the final year of Group\u2019s financial plans) are very low, the risks were not considered during preparations of five- year financial plans for Mondial Relay CGU. The Group constantly monitors the latest government legislation regarding climate- related matters. \u2022 Risk of being accused of greenwashing in marketing communication to customers regarding the Group\u2019s impact on the climate\u2013 the risk was considered on Mondial Relay CGU level for the purpose of preparing five-year plans; sufficient mitigation steps were taken into account when preparing the five year plan in terms of costs of internal trainings and sufficient budgeted costs related with external audit services and advisory costs related with ESG. \u2022 Potential opportunities related to climate changes \u2013 for instance, an increase in consumer preference to use out-of-home deliveries as a more environmentally friendly form of parcel deliveries \u2013 were not taken into account during the preparation of Mondial Relay five-year plans due to the Management\u2019s prudent approach to potential revenue/volumes upsides Impairment testing The group assessed of all not-yet- completed internally generated intangible assets at balance sheet date if there is risk of impairment. For every open project (not yet completed internally generated intangible asset), the Group has made sure that it is possible to complete it (the project goal is still valid, the Group has potential resources in terms of employees, knowledge and technology to complete it). Based on the analysis made, the Group has not recognised impairment on any of the intangible assets that are not yet completed Based on Management review, there is no impairment loss in intangible assets in progressC ustomer
relation-
ship
Brand Develop-
ment costs
Trademarks Software Intangible
assets in
progress
Total
Cost at 01-01-2023 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2
Additions - - - - - 146.1 146.1
Reclassification - - - 0.9 168.2 (169.1) -
Disposal - - - - (5.9) (1.2) (7.1)
Effect of movements
in exchange rates
(53.0) (13.0) (0.3) - (3.1) (1.3) (70.7)
Cost at 31-12-2023 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5
Accumulated
amortisation
at 01-01-2023
128.7 - 118.1 2.0 105.9 - 354.7
Amortisation for the
period
84.3 - 7.0 0.5 34.8 - 126.6
Reclassification - - - - - - -
Disposal - - - - (5.7) - (5.7)
Effect of movements
in exchange rates
(9.4) - (0.1) - (2.2) - (11.7)
Accumulated
amortisation
at 31-12-2023
203.6 - 125.0 2.5 132.8 - 463.9
Impairment losses
at 01-01-2023
- - 0.4 - 2.1 - 2.5
Impairment loss - - - - - - -
Disposal - - - - - - -
Effect of movements
in exchange rates
- - - - - - -
Impairment losses
at 31-12-2023
- - 0.4 - 2.1 - 2.5
Carrying amount
at 31-12-2023
470.3 164.3 0.3 5.7 201.5 160.0 1,002.1
Customer
relation-
ship
Brand Develop-
ment costs
Trademarks Software Intangible
assets in
progress
Total
Cost at 01-01-2022 713.0 173.8 150.7 6.8 168.4 78.1 1,290.8
Additions - - - - - 131.7 131.7
Reclassification - - (21.4) 0.6 13.2 (22.5) (30.1)
Disposal - - (2.3) - (4.7) (1.8) (8.8)
Effect of movements
in exchange rates
13.9 3.5 (1.0) (0.1) 0.3 - 16.6
Cost at 31-12-2022 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2
Accumulated
amortisation
at 01-01-2022
37.5 - 103.7 1.5 87.6 - 230.3
Amortisation for the
period
90.9 - 14.4 0.5 18.0 - 123.8
Reclassification - - 0.3 - - - 0.3
Disposal - - - - - - -
Effect of movements
in exchange rates
0.3 - (0.3) - 0.3 - 0.3
Accumulated
amortisation
at 31-12-2022
128.7 - 118.1 2.0 105.9 - 354.7
Impairment losses
at 01-01-2022
- - 2.7 - 6.6 - 9.3
Impairment loss - - - - - - -
Disposal - - (2.3) - (4.5) - (6.8)
Effect of movements
in exchange rates
- - - - - - -
Impairment losses
at 31-12-2022
- - 0.4 - 2.1 - 2.5
Carrying amount
at 31-12-2022
598.2 177.3 7.5 5.3 69.2 185.5 1,043.0
230
Impairment losses At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired or whether there is any indication that an impairment loss recognised in prior periods for an asset may no longer exist or may have decreased. If any such indication exists, the recoverable amount of the asset is estimated. In assessing whether there is any indication that an asset may be impaired, the Group considers internal and external sources of information. The recoverable amount is determined for individual assets or cash-generating units (CGUs). The Group determines separate CGUs for operations in Poland and for foreign operations . Impairment losses and subsequent reversals are recognised in the profit or loss in operating expenses. As at the reporting date, Group Management has recognised impairment on damaged APMs in the value of PLN 1.7 m. Land and buildings Machinery and equip- ment Vehicles Other RoU Assets under con- struction 13 Total Cost at 01-01-2023 55.9 3,122.4 13.5 37.9 2,539.7 377.7 6,147.1 Additions - - - - 957.3 823.6 1,780.9 Reclassification 11.3 766.1 9.9 10.7 (6.7) (791.3) - Termination/disposal (8.5) (49.0) (0.1) (2.6) (170.0) (1.3) (231.5) Effect of movements in exchange rates (2.8) (93.9) (0.1) (0.8) (60.5) (13.2) (171.3) Cost at 31-12-2023 55.9 3,745.6 23.2 45.2 3,259.8 395.5 7,525.2 Accumulated depreciation at 01-01-2023 14.9 854.4 3.2 19.3 1,020.8 - 1,912.6 Depreciation for the period 8.7 307.7 2.3 8.7 695.1 - 1,022.5 Reclassification - 6.1 - - (6.1) - - Termination/disposal (8.0) (43.8) (0.1) (2.6) (119.2) - (173.7) Modifications - - - - (3.0) - (3.0) Effect of movements in exchange rates (1.2) (20.8) - (0.2) (19.7) - (41.9) Accumulated depreciation at 31-12-2023 14.4 1,103.6 5.4 25.2 1,567.9 - 2,716.5 Impairment losses at 01-01-2023 - - - - 4.6 3.3 7.9 Impairment loss - 1.7 - - - (3.0) (1.3) Termination - - - - - - - Effect of movements in exchange rates - (0.1) - - - - (0.1) Impairment losses at 31-12-2023 - 1.6 - - 4.6 0.3 6.5 Carrying amount at 31-12-2023 41.5 2,640.4 17.8 20.0 1,687.3 395.2 4,802.2 The most significant in terms of Net Book Value property, plant and equipment of the Group are machinery and equipment, i.e. automated parcel machines, as well as assets under construction, i.e. parts of automated parcel machines that are in the process of completion or assembly and are not yet installed. 13 Assets under construction comprise mainly not-yet- deployed APMs and materials for the production of APMs. Land and buildings Machinery and equip- ment Vehicles Other RoU Assets under con- struction13 Total Cost at 01-01-2022 37.9 2,247.1 10.3 25.0 1,695.0 280.1 4,295.4 Additions - - - - 955.3 1,004.5 1,959.8 Reclassification 17.8 911.8 3.6 13.7 (8.1) (908.7) 30.1 Termination/disposal (0.4) (29.4) (0.4) (0.7) (107.2) - (138.1) Effect of movements in exchange rates 0.6 (7.1) - (0.1) 4.7 1.8 (0.1) Cost at 31-12-2022 55.9 3,122.4 13.5 37.9 2,539.7 377.7 6,147.1 Accumulated depreciation at 01-01-2022 7.3 584.1 1.8 13.0 567.1 - 1,173.3 Depreciation for the period 7.2 288.0 1.8 7.9 543.6 - 848.5 Reclassification - 6.0 - (0.4) (7.4) - (1.8) Termination/disposal - (22.5) (0.4) (1.2) (83.4) - (107.5) Modifications - - - - (0.8) - (0.8) Effect of movements in exchange rates 0.4 (1.2) - - 1.7 - 0.9 Accumulated depreciation at 31-12-2022 14.9 854.4 3.2 19.3 1,020.8 - 1,912.6 Impairment losses at 01-01-2022 - 5.1 - - 4.6 2.4 12.1 Impairment loss - - - - - 0.9 0.9 Termination - (5.1) - - - - (5.1) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2022 - - - - 4.6 3.3 7.9 Carrying amount at 31-12-2022 41.0 2,268.0 10.3 18.6 1,514.3 374.4 4,226.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-445": {
"value": "2023 2022 Opening balance, of which: 1,488.4 1,459.5 Effect of movements in exchange rates (108.5) 28.9 Closing balance, of which: 1,379.9 1,488.4 Mondial Relay SAS 1,379.9 1,488.4 Goodwill acquired through this business combination is fully allocated to the International Mondial Relay segment. None of the goodwill recognised is expected to be deductible for income tax purposes. The \u201cMondial Relay\u201d brand is allocated entirely to the International Mondial Relay segment",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-385": {
"value": "19.
INVESTMENT IN
AN ASSOCIATE
ACCOUNTING POLICY
Recognition and measurement
The investment in an associate is accounted
under the equity method.
On initial recognition, the investment is
recognised at cost. If there is a negative
difference between cost and share on inves-
tee\u2019s net fair value of identifiable assets and
liabilities, then it is recognised as an income
in profit or loss in the period in which the
investment is acquired.
Subsequently, the carrying amount of the
investment is increased or decreased by
the Group\u2019s share on investee\u2019s net profit
or loss after the acquisition date. Dividends
received or receivable from associates are
recognised as a reduction in the carrying
amount of the investment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-19": {
"value": "Name of associate Country of incorporation and principal place of business Principal activity Accounting method Proportion of ownership interests held by the Group at year end 2023 2022 Menzies Distribution Group Limited United Kingdom and the Republic of Ireland Logistics Equity method (IAS 28) 29.3% Menzies Distribution Group Limited is a pri- vate company; therefore, no quoted market prices are available for its shares. The Menzies non-current liabilities include a bank loan that is subject to covenants that include restrictions on the payment of divi- dends to shareholders unless a certain level of interest cover is achieved from operating income. The Group has no additional commitments or contingent liabilities relating to Menzies. No dividends were received from associate during the year ended December 31, 2023. The following is summarised financial information for Menzies Distribution Group Limited, based on its preliminary consoli- dated financial statements prepared in ac- cordance with IFRS, modified for fair value adjustments (preliminary) on acquisition and differences in the Group\u2019s accounting policies. Balance as at 31.12.2023 Non-current assets, including 1,651.8 Goodwill 119.2 Current assets, including: 703.6 Cash and cash equivalents 57.7 Total assets 2,335.4 Non-current liabilities, including: 784.8 Non-current financial liabilities (excluding trade and other payables and provisions) 577.9 Current liabilities, including: 865.4 Current financial liabilities (excluding trade and other payables and provisions) 153.4 Total liabilities 1,650.2 Net assets 705.2 Period of 6 months ended 31.12.2023 Revenue 1,335.9 Operational costs, of which: 1,308.7 Depreciation and amortisation 143.5 Other operating income/costs (139.9) Interest income - Interest expense 26.8 Income tax expense (income) (36.4) Profit/(loss) from continuing operations (103.1) Profit/(loss) from discontinued operations - Other comprehensive income (17.5) Total comprehensive income (120.6) 2023 Total net assets of Menzies Distribution Group Limited Reconciliation of carrying amounts: Opening balance of net assets 850.8 Profit/(loss) for the period (103.1) Other comprehensive income (17.5) Closing balance of net assets 730.2 Proportion of ownership interests held by the InPost Group 30.0% Proportion of net assets attributable to the InPost Group 219.0 Translation adjustment (7.5) Carrying amount of the investment in Menzies Distribution Group Limited 211.5 A reconciliation of the above summarised financial information to the carrying amount of the investment in Menzies Distribution Group Limited is set out below .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-386": {
"value": "20. INTANGIBLE ASSETS ACCOUNTING POLICY Recognition and measurement Intangible assets acquired in a business combination (customer relationship, trademarks and brands) are measured at cost, less any accumulated impairment losses. The cost of such an intangible asset at initial recognition is its fair value at the acquisition date. Other intangible assets are measured at cost, less any accumulated amortisation and any accumulated impairment losses. Any gain or loss on the disposal of an item of intangible assets is recognised in profit or loss and presented within other operating income/expenses. Internally generated intangible assets (development costs/software/Intangible assets in progress) The Group records directly attributable expenses for development projects using management accounts and respective allocation keys. Major directly attributable costs are the costs of materials and services used or consumed, as well as the costs of the Group\u2019s own employees\u2019 remuneration engaged in the development project. The time allocated to the project by an employee has to be reliably measured and documented ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-452": {
"value": "20. INTANGIBLE ASSETS ACCOUNTING POLICY Recognition and measurement Intangible assets acquired in a business combination (customer relationship, trademarks and brands) are measured at cost, less any accumulated impairment losses. The cost of such an intangible asset at initial recognition is its fair value at the acquisition date. Other intangible assets are measured at cost, less any accumulated amortisation and any accumulated impairment losses. Any gain or loss on the disposal of an item of intangible assets is recognised in profit or loss and presented within other operating income/expenses. Internally generated intangible assets (development costs/software/Intangible assets in progress) The Group records directly attributable expenses for development projects using management accounts and respective allocation keys. Major directly attributable costs are the costs of materials and services used or consumed, as well as the costs of the Group\u2019s own employees\u2019 remuneration engaged in the development project. The time allocated to the project by an employee has to be reliably measured and documented ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-446": {
"value": "SIGNIFICANT ACCOUNTING ESTIMATES Amortisation and estimating the useful life The Group assessed that the useful lives of all its intangible assets, except for some of the acquired brands, are finite, and are therefore amortised using the straight-line method over their estimated useful lives. Amortisation is recognised in the profit or loss in the Depreciation and amortisation line. For major items of intangibles, the Group assessed that their residual values are zero. Intangible assets with indefinite useful lives (the \u201cMondial Relay\u201d brand) are not amortised, but tested for impairment annually, either individually or at the cash- generating unit level. The results of the impairment test are disclosed in Note 18.1. Amortisation methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate. The effect of a change in the above-mentioned estimates shall be recognised prospectively. Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5 \u2013 10 years Trademarks 30 years Software 2 \u2013 10 years Customer relations 8 years The estimated useful lives of intangibles as- sets for all presented periods are as follows: Customer relations amortisation The Group continues to use a straight\u2013 line method over eight years as the circumstances remain unchanged to the initial assessment. Impairment testing The group assessed of all not-yet- completed internally generated intangible assets at balance sheet date if there is risk of impairment. For every open project (not yet completed internally generated intangible asset), the Group has made sure that it is possible to complete it (the project goal is still valid, the Group has potential resources in terms of employees, knowledge and technology to complete it). Based on the analysis made, the Group has not recognised impairment on any of the intangible assets that are not yet completed SIGNIFICANT ACCOUNTING ESTIMATES Depreciation and estimating the useful life Depreciation is recognised on a straight- line basis over the estimated useful life to write down the cost, less estimated residual value, and is generally recognised in profit or loss. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate. Members of the Management Board conducted a review of the useful life of assets, which resulted in changes in the expected usage of automatic parcel machines from ten years to 15 years. The change applies to all members of the InPost Group as of July 1, 2023. The change was the result of the fact that the first machines produced and deployed in PL reached their original ten-year useful life mark and were still being used for basic Group operations. Additionally, over the ten years of production of APMs, the Group has refined its quality controls, and testing of new APMs, resulting in an extension of the expected useful life of those APMs . Impairment losses At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired or whether there is any indication that an impairment loss recognised in prior periods for an asset may no longer exist or may have decreased. If any such indication exists, the recoverable amount of the asset is estimated. In assessing whether there is any indication that an asset may be impaired, the Group considers internal and external sources of information. The recoverable amount is determined for individual assets or cash-generating units (CGUs). The Group determines separate CGUs for operations in Poland and for foreign operations 2023 2024 and later Decrease in depreciation expense (51.3) (102.5) Increase in net profit 39.0 77.9 The annual effect of these changes on actual and expected depreciation expense (recognised prospectively) was as follows: The estimated useful lives of property, plant and equipment for all presented periods are as follows: Type Period Buildings 10\u201340 years Technical equipment and machines 8\u201310 years Automated parcel machines 15 years 12 Vehicles 5 years Other 2\u20137 years ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-419": {
"value": "Amortisation and estimating the useful life The Group assessed that the useful lives of all its intangible assets, except for some of the acquired brands, are finite, and are therefore amortised using the straight-line method over their estimated useful lives. Amortisation is recognised in the profit or loss in the Depreciation and amortisation line. For major items of intangibles, the Group assessed that their residual values are zero. Intangible assets with indefinite useful lives (the \u201cMondial Relay\u201d brand) are not amortised, but tested for impairment annually, either individually or at the cash- generating unit level. The results of the impairment test are disclosed in Note 18.1. Amortisation methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate. The effect of a change in the above-mentioned estimates shall be recognised prospectively. Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5 \u2013 10 years Trademarks 30 years Software 2 \u2013 10 years Customer relations 8 years The estimated useful lives of intangibles as- sets for all presented periods are as follows: Customer relations amortisation The Group continues to use a straight\u2013 line method over eight years as the circumstances remain unchanged to the initial assessment. Depreciation and estimating the useful life Depreciation is recognised on a straight- line basis over the estimated useful life to write down the cost, less estimated residual value, and is generally recognised in profit or loss. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate. Members of the Management Board conducted a review of the useful life of assets, which resulted in changes in the expected usage of automatic parcel machines from ten years to 15 years. The change applies to all members of the InPost Group as of July 1, 2023. The change was the result of the fact that the first machines produced and deployed in PL reached their original ten-year useful life mark and were still being used for basic Group operations. Additionally, over the ten years of production of APMs, the Group has refined its quality controls, and testing of new APMs, resulting in an extension of the expected useful life of those APMs . 2023 2024 and later Decrease in depreciation expense (51.3) (102.5) Increase in net profit 39.0 77.9 The annual effect of these changes on actual and expected depreciation expense (recognised prospectively) was as follows: The estimated useful lives of property, plant and equipment for all presented periods are as follows: Type Period Buildings 10\u201340 years Technical equipment and machines 8\u201310 years Automated parcel machines 15 years 12 Vehicles 5 years Other 2\u20137 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-434": {
"value": "Impairment testing The group assessed of all not-yet- completed internally generated intangible assets at balance sheet date if there is risk of impairment. For every open project (not yet completed internally generated intangible asset), the Group has made sure that it is possible to complete it (the project goal is still valid, the Group has potential resources in terms of employees, knowledge and technology to complete it). Based on the analysis made, the Group has not recognised impairment on any of the intangible assets that are not yet completed Impairment losses At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired or whether there is any indication that an impairment loss recognised in prior periods for an asset may no longer exist or may have decreased. If any such indication exists, the recoverable amount of the asset is estimated. In assessing whether there is any indication that an asset may be impaired, the Group considers internal and external sources of information. The recoverable amount is determined for individual assets or cash-generating units (CGUs). The Group determines separate CGUs for operations in Poland and for foreign operations . Impairment losses and subsequent reversals are recognised in the profit or loss in operating expenses. As at the reporting date, Group Management has recognised impairment on damaged APMs in the value of PLN 1.7 m. 24. TRADE AND OTHER RECEIVABLES ACCOUNTING POLICY Trade receivables with a maturity date not exceeding 12 months (i.e., without a significant financing component) are initially recognised in the amount equal to the transaction price, during or at the moment of transfer of the goods or services promised by the agreement, namely the transfer of control over the asset to the customer. At initial recognition, receivables in a foreign currency are measured at the average exchange rate of the Central Banks from the day immediately preceding the recognition of the receivable. For the purposes of subsequent measurement, trade receivables are recognised as the \u201cheld to collect\u201d business model, where the receivables are measured at amortised cost using the effective interest method, less loss allowance determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables that do not contain a significant financing component. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due (portfolio approach). In case of clients from Allegro and Vinted Group, the Group applies an individual approach. The Group considers a financial asset in default when contractual payments are 60 days past due. Expected credit losses (portfolio approach) In the case of trade receivables (not subject to individual assessment), the Group applies a portfolio approach in calculating ECLs, based on its historical data of one year of on credit losses in relation to trade receivables for the majority of its customers. Individual approach For biggest individual clients (i.e., Allegro, Vinted), the Group calculates ECLs based on individual client\u2019s credit ratings. In addition, on top of ECL calculated in collective approach, the detailed individual monitoring and assessment of the trade receivables is performed resulting in 100% expected credit loss allowance for the receivables: 4. cancelled subscriptions. 1. past due for more than 1 year 2. subject to a debt restructuring process 3. subject to legal proceedings 235 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-460": {
"value": "Impairment testing The group assessed of all not-yet- completed internally generated intangible assets at balance sheet date if there is risk of impairment. For every open project (not yet completed internally generated intangible asset), the Group has made sure that it is possible to complete it (the project goal is still valid, the Group has potential resources in terms of employees, knowledge and technology to complete it). Based on the analysis made, the Group has not recognised impairment on any of the intangible assets that are not yet completed Impairment losses At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired or whether there is any indication that an impairment loss recognised in prior periods for an asset may no longer exist or may have decreased. If any such indication exists, the recoverable amount of the asset is estimated. In assessing whether there is any indication that an asset may be impaired, the Group considers internal and external sources of information. The recoverable amount is determined for individual assets or cash-generating units (CGUs). The Group determines separate CGUs for operations in Poland and for foreign operations . Impairment losses and subsequent reversals are recognised in the profit or loss in operating expenses. As at the reporting date, Group Management has recognised impairment on damaged APMs in the value of PLN 1.7 m. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-435": {
"value": "C ustomer relation- ship Brand Develop- ment costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2023 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2 Additions - - - - - 146.1 146.1 Reclassification - - - 0.9 168.2 (169.1) - Disposal - - - - (5.9) (1.2) (7.1) Effect of movements in exchange rates (53.0) (13.0) (0.3) - (3.1) (1.3) (70.7) Cost at 31-12-2023 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5 Accumulated amortisation at 01-01-2023 128.7 - 118.1 2.0 105.9 - 354.7 Amortisation for the period 84.3 - 7.0 0.5 34.8 - 126.6 Reclassification - - - - - - - Disposal - - - - (5.7) - (5.7) Effect of movements in exchange rates (9.4) - (0.1) - (2.2) - (11.7) Accumulated amortisation at 31-12-2023 203.6 - 125.0 2.5 132.8 - 463.9 Impairment losses at 01-01-2023 - - 0.4 - 2.1 - 2.5 Impairment loss - - - - - - - Disposal - - - - - - - Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2023 - - 0.4 - 2.1 - 2.5 Carrying amount at 31-12-2023 470.3 164.3 0.3 5.7 201.5 160.0 1,002.1 Customer relation- ship Brand Develop- ment costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2022 713.0 173.8 150.7 6.8 168.4 78.1 1,290.8 Additions - - - - - 131.7 131.7 Reclassification - - (21.4) 0.6 13.2 (22.5) (30.1) Disposal - - (2.3) - (4.7) (1.8) (8.8) Effect of movements in exchange rates 13.9 3.5 (1.0) (0.1) 0.3 - 16.6 Cost at 31-12-2022 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2 Accumulated amortisation at 01-01-2022 37.5 - 103.7 1.5 87.6 - 230.3 Amortisation for the period 90.9 - 14.4 0.5 18.0 - 123.8 Reclassification - - 0.3 - - - 0.3 Disposal - - - - - - - Effect of movements in exchange rates 0.3 - (0.3) - 0.3 - 0.3 Accumulated amortisation at 31-12-2022 128.7 - 118.1 2.0 105.9 - 354.7 Impairment losses at 01-01-2022 - - 2.7 - 6.6 - 9.3 Impairment loss - - - - - - - Disposal - - (2.3) - (4.5) - (6.8) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2022 - - 0.4 - 2.1 - 2.5 Carrying amount at 31-12-2022 598.2 177.3 7.5 5.3 69.2 185.5 1,043.0 230 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-20": {
"value": "C ustomer relation- ship Brand Develop- ment costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2023 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2 Additions - - - - - 146.1 146.1 Reclassification - - - 0.9 168.2 (169.1) - Disposal - - - - (5.9) (1.2) (7.1) Effect of movements in exchange rates (53.0) (13.0) (0.3) - (3.1) (1.3) (70.7) Cost at 31-12-2023 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5 Accumulated amortisation at 01-01-2023 128.7 - 118.1 2.0 105.9 - 354.7 Amortisation for the period 84.3 - 7.0 0.5 34.8 - 126.6 Reclassification - - - - - - - Disposal - - - - (5.7) - (5.7) Effect of movements in exchange rates (9.4) - (0.1) - (2.2) - (11.7) Accumulated amortisation at 31-12-2023 203.6 - 125.0 2.5 132.8 - 463.9 Impairment losses at 01-01-2023 - - 0.4 - 2.1 - 2.5 Impairment loss - - - - - - - Disposal - - - - - - - Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2023 - - 0.4 - 2.1 - 2.5 Carrying amount at 31-12-2023 470.3 164.3 0.3 5.7 201.5 160.0 1,002.1 Customer relation- ship Brand Develop- ment costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2022 713.0 173.8 150.7 6.8 168.4 78.1 1,290.8 Additions - - - - - 131.7 131.7 Reclassification - - (21.4) 0.6 13.2 (22.5) (30.1) Disposal - - (2.3) - (4.7) (1.8) (8.8) Effect of movements in exchange rates 13.9 3.5 (1.0) (0.1) 0.3 - 16.6 Cost at 31-12-2022 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2 Accumulated amortisation at 01-01-2022 37.5 - 103.7 1.5 87.6 - 230.3 Amortisation for the period 90.9 - 14.4 0.5 18.0 - 123.8 Reclassification - - 0.3 - - - 0.3 Disposal - - - - - - - Effect of movements in exchange rates 0.3 - (0.3) - 0.3 - 0.3 Accumulated amortisation at 31-12-2022 128.7 - 118.1 2.0 105.9 - 354.7 Impairment losses at 01-01-2022 - - 2.7 - 6.6 - 9.3 Impairment loss - - - - - - - Disposal - - (2.3) - (4.5) - (6.8) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2022 - - 0.4 - 2.1 - 2.5 Carrying amount at 31-12-2022 598.2 177.3 7.5 5.3 69.2 185.5 1,043.0 230 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-453": {
"value": "ustomer relation- ship Brand Develop- ment costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2023 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2 Additions - - - - - 146.1 146.1 Reclassification - - - 0.9 168.2 (169.1) - Disposal - - - - (5.9) (1.2) (7.1) Effect of movements in exchange rates (53.0) (13.0) (0.3) - (3.1) (1.3) (70.7) Cost at 31-12-2023 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5 Accumulated amortisation at 01-01-2023 128.7 - 118.1 2.0 105.9 - 354.7 Amortisation for the period 84.3 - 7.0 0.5 34.8 - 126.6 Reclassification - - - - - - - Disposal - - - - (5.7) - (5.7) Effect of movements in exchange rates (9.4) - (0.1) - (2.2) - (11.7) Accumulated amortisation at 31-12-2023 203.6 - 125.0 2.5 132.8 - 463.9 Impairment losses at 01-01-2023 - - 0.4 - 2.1 - 2.5 Impairment loss - - - - - - - Disposal - - - - - - - Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2023 - - 0.4 - 2.1 - 2.5 Carrying amount at 31-12-2023 470.3 164.3 0.3 5.7 201.5 160.0 1,002.1 Customer relation- ship Brand Develop- ment costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2022 713.0 173.8 150.7 6.8 168.4 78.1 1,290.8 Additions - - - - - 131.7 131.7 Reclassification - - (21.4) 0.6 13.2 (22.5) (30.1) Disposal - - (2.3) - (4.7) (1.8) (8.8) Effect of movements in exchange rates 13.9 3.5 (1.0) (0.1) 0.3 - 16.6 Cost at 31-12-2022 726.9 177.3 126.0 7.3 177.2 185.5 1,400.2 Accumulated amortisation at 01-01-2022 37.5 - 103.7 1.5 87.6 - 230.3 Amortisation for the period 90.9 - 14.4 0.5 18.0 - 123.8 Reclassification - - 0.3 - - - 0.3 Disposal - - - - - - - Effect of movements in exchange rates 0.3 - (0.3) - 0.3 - 0.3 Accumulated amortisation at 31-12-2022 128.7 - 118.1 2.0 105.9 - 354.7 Impairment losses at 01-01-2022 - - 2.7 - 6.6 - 9.3 Impairment loss - - - - - - - Disposal - - (2.3) - (4.5) - (6.8) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2022 - - 0.4 - 2.1 - 2.5 Carrying amount at 31-12-2022 598.2 177.3 7.5 5.3 69.2 185.5 1,043.0 230 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-387": {
"value": "21.
PROPERTY, PLANT
AND EQUIPMENT
ACCOUNTING POLICY
Recognition and measurement
Assets are measured at cost less any
accumulated depreciation and any
accumulated impairment losses.
In particular, for parcel machines, initial
value comprises all the costs of setting
up machines, which include agents\u2019
commissions for acquiring land, the
costs of transporting the machine,
installation and groundworks to place
the machine in a designated place. After
the date of connection to the network,
all costs related to its operation and
servicing are charged to the statement of
comprehensive income at the time they
are incurred.
Subsequent expenditures that are
capitalised by the Group to property, plant
and equipment are mainly related to
parts and extensions of automated parcel
machines installed when the utilisation
of the machine is close to its maximum
technical capabilities. Maintenance
and repair costs incurred after the
commencement of depreciation are
recognised in profit or loss.
Any gain or loss on disposal of an item
of property, plant and equipment is
recognised in profit or loss and presented
within other operating income/expenses.
Within the Property, plant and
equipment, the Group decided to present
right-of-use assets (RoU) resulting
from the lease arrangement \u2013 detailed
information about the lease is presented
in a separate Note 22.1 below.
Borrowing costs
The Group assessed that the time
necessary to assemble and install
automated parcel lockers is relatively
short and the incurred borrowing
costs (e.g., interest related to long-term
financing) do not qualify for capitalisation.
Therefore, these costs are recognised in
profit or loss .
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-420": {
"value": "Subsequent expenditures that are capitalised by the Group to property, plant and equipment are mainly related to parts and extensions of automated parcel machines installed when the utilisation of the machine is close to its maximum technical capabilities. Maintenance and repair costs incurred after the commencement of depreciation are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-421": {
"value": "Borrowing costs The Group assessed that the time necessary to assemble and install automated parcel lockers is relatively short and the incurred borrowing costs (e.g., interest related to long-term financing) do not qualify for capitalisation. Therefore, these costs are recognised in profit or loss .",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-21": {
"value": "Depreciation and estimating the useful life Depreciation is recognised on a straight- line basis over the estimated useful life to write down the cost, less estimated residual value, and is generally recognised in profit or loss. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate. Members of the Management Board conducted a review of the useful life of assets, which resulted in changes in the expected usage of automatic parcel machines from ten years to 15 years. The change applies to all members of the InPost Group as of July 1, 2023. The change was the result of the fact that the first machines produced and deployed in PL reached their original ten-year useful life mark and were still being used for basic Group operations. Additionally, over the ten years of production of APMs, the Group has refined its quality controls, and testing of new APMs, resulting in an extension of the expected useful life of those APMs ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-436": {
"value": "Depreciation and estimating the useful life Depreciation is recognised on a straight- line basis over the estimated useful life to write down the cost, less estimated residual value, and is generally recognised in profit or loss. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate. Members of the Management Board conducted a review of the useful life of assets, which resulted in changes in the expected usage of automatic parcel machines from ten years to 15 years. The change applies to all members of the InPost Group as of July 1, 2023. The change was the result of the fact that the first machines produced and deployed in PL reached their original ten-year useful life mark and were still being used for basic Group operations. Additionally, over the ten years of production of APMs, the Group has refined its quality controls, and testing of new APMs, resulting in an extension of the expected useful life of those APMs ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-388": {
"value": "Land and
buildings
Machinery
and equip-
ment
Vehicles Other RoU Assets
under con-
struction
13
Total
Cost at 01-01-2023 55.9
3,122.4
13.5 37.9
2,539.7 377.7
6,147.1
Additions - - - - 957.3 823.6 1,780.9
Reclassification 11.3 766.1 9.9 10.7 (6.7) (791.3) -
Termination/disposal (8.5) (49.0) (0.1) (2.6) (170.0) (1.3) (231.5)
Effect of movements
in exchange rates
(2.8) (93.9) (0.1) (0.8) (60.5) (13.2) (171.3)
Cost at 31-12-2023 55.9 3,745.6 23.2 45.2 3,259.8 395.5 7,525.2
Accumulated
depreciation
at 01-01-2023
14.9 854.4 3.2 19.3 1,020.8 - 1,912.6
Depreciation for the
period
8.7 307.7 2.3 8.7 695.1 - 1,022.5
Reclassification - 6.1 - - (6.1) - -
Termination/disposal (8.0) (43.8) (0.1) (2.6) (119.2) - (173.7)
Modifications - - - - (3.0) - (3.0)
Effect of movements
in exchange rates
(1.2) (20.8) - (0.2) (19.7) - (41.9)
Accumulated
depreciation
at 31-12-2023
14.4 1,103.6 5.4 25.2 1,567.9 - 2,716.5
Impairment losses
at 01-01-2023
- - - - 4.6 3.3 7.9
Impairment loss - 1.7 - - - (3.0) (1.3)
Termination - - - - - - -
Effect of movements
in exchange rates
- (0.1) - - - - (0.1)
Impairment losses
at 31-12-2023
- 1.6 - - 4.6 0.3 6.5
Carrying amount
at 31-12-2023
41.5 2,640.4 17.8 20.0 1,687.3 395.2 4,802.2
The most significant in terms of Net Book Value property, plant and equipment of the
Group are machinery and equipment, i.e. automated parcel machines, as well as assets
under construction, i.e. parts of automated parcel machines that are in the process of
completion or assembly and are not yet installed.
13
Assets under construction comprise mainly not-yet-
deployed APMs and materials for the production of APMs.
Land and
buildings
Machinery
and equip-
ment
Vehicles Other RoU Assets
under con-
struction
13
Total
Cost at 01-01-2022 37.9
2,247.1
10.3 25.0
1,695.0 280.1
4,295.4
Additions - - - - 955.3 1,004.5 1,959.8
Reclassification 17.8 911.8 3.6 13.7 (8.1) (908.7) 30.1
Termination/disposal (0.4) (29.4) (0.4) (0.7) (107.2) - (138.1)
Effect of movements
in exchange rates
0.6 (7.1) - (0.1) 4.7 1.8 (0.1)
Cost at 31-12-2022 55.9 3,122.4 13.5 37.9 2,539.7 377.7 6,147.1
Accumulated
depreciation
at 01-01-2022
7.3 584.1 1.8 13.0 567.1 - 1,173.3
Depreciation for the
period
7.2 288.0 1.8 7.9 543.6 - 848.5
Reclassification - 6.0 - (0.4) (7.4) - (1.8)
Termination/disposal - (22.5) (0.4) (1.2) (83.4) - (107.5)
Modifications - - - - (0.8) - (0.8)
Effect of movements
in exchange rates
0.4 (1.2) - - 1.7 - 0.9
Accumulated
depreciation
at 31-12-2022
14.9 854.4 3.2 19.3 1,020.8 - 1,912.6
Impairment losses
at 01-01-2022
- 5.1 - - 4.6 2.4 12.1
Impairment loss - - - - - 0.9 0.9
Termination - (5.1) - - - - (5.1)
Effect of movements
in exchange rates
- - - - - - -
Impairment losses
at 31-12-2022
- - - - 4.6 3.3 7.9
Carrying amount
at 31-12-2022
41.0 2,268.0 10.3 18.6 1,514.3 374.4 4,226.6
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-437": {
"value": "Land and buildings Machinery and equip- ment Vehicles Other RoU Assets under con- struction 13 Total Cost at 01-01-2023 55.9 3,122.4 13.5 37.9 2,539.7 377.7 6,147.1 Additions - - - - 957.3 823.6 1,780.9 Reclassification 11.3 766.1 9.9 10.7 (6.7) (791.3) - Termination/disposal (8.5) (49.0) (0.1) (2.6) (170.0) (1.3) (231.5) Effect of movements in exchange rates (2.8) (93.9) (0.1) (0.8) (60.5) (13.2) (171.3) Cost at 31-12-2023 55.9 3,745.6 23.2 45.2 3,259.8 395.5 7,525.2 Accumulated depreciation at 01-01-2023 14.9 854.4 3.2 19.3 1,020.8 - 1,912.6 Depreciation for the period 8.7 307.7 2.3 8.7 695.1 - 1,022.5 Reclassification - 6.1 - - (6.1) - - Termination/disposal (8.0) (43.8) (0.1) (2.6) (119.2) - (173.7) Modifications - - - - (3.0) - (3.0) Effect of movements in exchange rates (1.2) (20.8) - (0.2) (19.7) - (41.9) Accumulated depreciation at 31-12-2023 14.4 1,103.6 5.4 25.2 1,567.9 - 2,716.5 Impairment losses at 01-01-2023 - - - - 4.6 3.3 7.9 Impairment loss - 1.7 - - - (3.0) (1.3) Termination - - - - - - - Effect of movements in exchange rates - (0.1) - - - - (0.1) Impairment losses at 31-12-2023 - 1.6 - - 4.6 0.3 6.5 Carrying amount at 31-12-2023 41.5 2,640.4 17.8 20.0 1,687.3 395.2 4,802.2 The most significant in terms of Net Book Value property, plant and equipment of the Group are machinery and equipment, i.e. automated parcel machines, as well as assets under construction, i.e. parts of automated parcel machines that are in the process of completion or assembly and are not yet installed. 13 Assets under construction comprise mainly not-yet- deployed APMs and materials for the production of APMs. Land and buildings Machinery and equip- ment Vehicles Other RoU Assets under con- struction13 Total Cost at 01-01-2022 37.9 2,247.1 10.3 25.0 1,695.0 280.1 4,295.4 Additions - - - - 955.3 1,004.5 1,959.8 Reclassification 17.8 911.8 3.6 13.7 (8.1) (908.7) 30.1 Termination/disposal (0.4) (29.4) (0.4) (0.7) (107.2) - (138.1) Effect of movements in exchange rates 0.6 (7.1) - (0.1) 4.7 1.8 (0.1) Cost at 31-12-2022 55.9 3,122.4 13.5 37.9 2,539.7 377.7 6,147.1 Accumulated depreciation at 01-01-2022 7.3 584.1 1.8 13.0 567.1 - 1,173.3 Depreciation for the period 7.2 288.0 1.8 7.9 543.6 - 848.5 Reclassification - 6.0 - (0.4) (7.4) - (1.8) Termination/disposal - (22.5) (0.4) (1.2) (83.4) - (107.5) Modifications - - - - (0.8) - (0.8) Effect of movements in exchange rates 0.4 (1.2) - - 1.7 - 0.9 Accumulated depreciation at 31-12-2022 14.9 854.4 3.2 19.3 1,020.8 - 1,912.6 Impairment losses at 01-01-2022 - 5.1 - - 4.6 2.4 12.1 Impairment loss - - - - - 0.9 0.9 Termination - (5.1) - - - - (5.1) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2022 - - - - 4.6 3.3 7.9 Carrying amount at 31-12-2022 41.0 2,268.0 10.3 18.6 1,514.3 374.4 4,226.6 Period Land 12 months Warehouses 12 months Vehicles and trailers, including: key providers 12 months other 1\u20133 months 22.1.
RIGHT-OF-USE ASSETS
Right-of-use assets are
presented in Property,
plant and equipment.
The table below pre-
sents a disaggregation
of the right-of-use assets
by class of underlying
asset.
Land and
buildings
Machi-
nery and
equip-
ment
Vehicles Other Total
Cost at 01-01-2023 1,884.2 72.7 552.0 30.8 2,539.7
New leases 447.4 35.4 78.3 1.2 562.3
Modifications 130.2 - 172.0 - 302.2
Renewals: indefinite
period
92.6 0.2 - - 92.8
Reclassification - (6.7) - - (6.7)
Termination of a
contract
(71.1) (1.9) (96.4) (0.6) (170.0)
Effect of movements
in exchange rates
(52.9) (4.5) (0.6) (2.5) (60.5)
Cost at 31-12-2023 2,430.4 95.2 705.3 28.9 3,259.8
Accumulated
depreciation
at 01-01-2023
634.6 5.5 378.3 2.4 1,020.8
Depreciation for the
period
460.4 27.6 205.8 1.3 695.1
Modifications (2.9) - (0.1) - (3.0)
Reclassification - (6.1) - - (6.1)
Termination of a
contract
(44.8) (1.3) (72.5) (0.6) (119.2)
Effect of movements
in exchange rates
(17.7) (1.4) (0.3) (0.3) (19.7)
Accumulated
depreciation
at 31-12-2023
1,029.6 24.3 511.2 2.8 1,567.9
Impairment losses
at 01-01-2023
- 4.6 - - 4.6
Impairment losses
at 31-12-2023
- 4.6 - - 4.6
Carrying amount
at 31-12-2023
1,400.8 66.3 194.1 26.1 1,687.3
Land and
buildings
Machi-
nery and
equip-
ment
Vehicles Other Total
Cost at 01-01-2022 1,346.5 39.0 309.5 - 1,695.0
New leases 464.4 49.0 27.4 31.2 572.0
Modifications 71.3 8.0 221.8 - 301.1
Renewals: indefinite
period
82.0 0.1 0.1 - 82.2
Reclassification - (8.1) - - (8.1)
Termination of a
contract
(84.4) (15.4) (7.0) (0.4) (107.2)
Effect of movements
in exchange rates
4.4 0.1 0.2 - 4.7
Cost at 31-12-2022 1,884.2 72.7 552.0 30.8 2,539.7
Accumulated
depreciation
at 01-01-2022
350.2 2.5 214.4 - 567.1
Depreciation for the
period
344.9 25.8 170.0 2.9 543.6
Modifications (0.5) (0.1) (0.2) - (0.8)
Reclassification - (7.4) - - (7.4)
Termination of a
contract
(61.7) (15.3) (5.9) (0.5) (83.4)
Effect of movements
in exchange rates
1.7 - - - 1.7
Accumulated
depreciation
at 31-12-2022
634.6 5.5 378.3 2.4 1,020.8
Impairment losses
at 01-01-2022
- 4.6 - - 4.6
Impairment losses
at 31-12-2022
- 4.6 - - 4.6
Carrying amount
at 31-12-2022
1,249.6 62.6 173.7 28.4 1,514.3
22.2. LEASING LIABILITIES Leasing liabilities, along with an analysis of maturity, are presented in the table below. For a detailed description of changes in lease liabilities, please refer to Note 27. Balance as at 31-12-2023 31-12-2022 up to 1 year (current) 664.2 552.3 from 1 to 3 years (non-current) 642.4 529.6 from 3 to 5 years (non-current) 327.8 341.3 more than 5 years (non-current) 157.2 220.4 Total 1,791.6 1,643.6 As at December 31, 2023, the Group had eight lease agreements that have not yet commenced in 2023 but to which the Group is committed. The future cash out- flow corresponding to those agreements is equal to PLN 45.7 m. The payments equal PLN 6.0 m in 2024, PLN 13.7 m in 2025 and PLN 26.0 m in 2026 31-12-2023 Loans and borrowings Lease liabilities
Amount at the beginning of period 5,055.9 1,643.6
Proceeds from loans and borrowings - -
Payment of principal portion of the lease liability - (657.1)
Repayment of loans and credits (24.3) -
Repayment of interest and commission on the loan (302.3) (63.1)
Total changes from financing cash flows (326.6) (720.2)
Lease additions: new leases - 957.3
Interest cost 307.3 63.8
Contract termination - (57.2)
Effect of changes in foreign exchange rates (179.8) (95.7)
Total liability-related other changes 127.5 868.2
Amount at the end of the period 4,856.8 1,791.6
27.
RECONCILIATION
OF MOVEMENTS OF
LIABILITIES TO CASH
FLOWS ARISING FROM
FINANCING ACTIVITIES
31-12-2022 Loans and borrowings Lease liabilities
Amount at the beginning of the period 4,740.2 1,192.8
Proceeds from loans and borrowings 235.7 -
Payment of principal portion of the lease liability - (490.0)
Repayment of loans and credits (19.5) -
Repayment of interest and commission on the loan (204.8) (43.1)
Total changes from financing cash flows 11.4 (533.1)
Lease additions: new leases - 955.3
Interest cost 246.7 43.2
Contract termination - (30.6)
Effect of changes in foreign exchange rates 57.6 16.0
Total liability-related other changes 304.3 983.9
Amount at the end of the period 5,055.9 1,643.6
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-389": {
"value": "22.
LEASES
ACCOUNTING POLICY
The Group leases mainly the following
underlying assets:
\u2022 equipment, mostly automated parcel
machines and sorting equipment,
\u2022 land on which automated parcel
machines are installed,
\u2022 warehouses and offices,
\u2022 vehicles and trailers.
The lease payments are fixed or variable
lease payments that depend on CPI index.
Exemptions
The Group has chosen not to apply
low-value asset exemption, and as a
consequence recognises as leases all
contracts meeting lease recognition
criteria, despite the underlying asset
value. The Group applies a practical
expedient for short-term leases, except for
leases related to vehicles and trailers.
Some contracts regarding the lease of
land for automated parcel machines
include one fixed amount of rent that
covers rent and other costs (e.g., energy
costs), which cannot be separated from
lease rent. For such contracts, the Group
chooses not to separate non-lease
components (i.e., energy costs) from lease
components and instead accounts for
each lease component and any associated
non-lease components as a single lease
component.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-459": {
"value": "22.2. LEASING LIABILITIES Leasing liabilities, along with an analysis of maturity, are presented in the table below. For a detailed description of changes in lease liabilities, please refer to Note 27. Balance as at 31-12-2023 31-12-2022 up to 1 year (current) 664.2 552.3 from 1 to 3 years (non-current) 642.4 529.6 from 3 to 5 years (non-current) 327.8 341.3 more than 5 years (non-current) 157.2 220.4 Total 1,791.6 1,643.6 As at December 31, 2023, the Group had eight lease agreements that have not yet commenced in 2023 but to which the Group is committed. The future cash out- flow corresponding to those agreements is equal to PLN 45.7 m. The payments equal PLN 6.0 m in 2024, PLN 13.7 m in 2025 and PLN 26.0 m in 2026 31-12-2023 31-12-2022 Trade receivables 1,215.3 1,066.9 Other receivables 224.6 178.3 Trade and other receivables 1,439.9 1,245.2 Trade receivables 31-12-2023 31-12-2022 Trade receivables (gross) at amortised cost 1,319.8 1,160.4 Expected credit losses \u2013 individual approach (100.3) (90.7) Expected credit losses \u2013 collective approach (4.2) (2.8) Total trade receivables 1,215.3 1,066.9 Trade receivables are non-interest bearing and have an average maturity of 21 days. Receivables from Allegro and Vinted were responsible for 36.1% of the Group\u2019s trade receivables as of December 31, 2023 and 34.4% of the Group\u2019s trade receivables for the 12 months ended December 31, 2022. Set out below is the movement in the allowance for expected credit losses on trade receivables based on a collective approach and an individual approach: 31-12-2023 31-12-2022 Opening balance 93.5 83.4 Decrease: utilisation - - Expected/incurred credit losses recognised/ (reversed) 9.6 9.8 Exchange rate difference 1.4 0.3 Closing balance 104.5 93.5 Expected credit loss allowance based on the collective approach (excluding Allegro and Vinted): 31-12-2023 Current 0\u201360 days 61\u2013365 days Total Expected credit loss rate 0.04% 0.31% 12.66% Estimated gross carrying amount at default 631.9 100.7 28.8 761.4 Expected credit loss 0.3 0.3 3.6 4.2 The Group did not recognise credit loss on its biggest individual clients (Allegro and Vinted) in the current reporting period. Expected credit loss allowance based on the collective approach (excluding Allegro and Vinted): 31-12-2022 Current 0\u201360 days 61\u2013365 days Total Expected credit loss rate 0.10% 0.33% 10.39% Estimated gross carrying amount at default 558.5 93.3 17.5 669.3 Expected credit loss 0.6 0.3 1.8 2.7 Expected credit loss allowance Allegro and Vinted: 31-12-2022 Current 0\u201360 days 61\u2013365 days Total Expected credit loss rate - 0.18% 1.89% Estimated gross carrying amount at default 317.4 43.8 - 361.2 Expected credit loss - 0.1 - 0.1 24.1. OTHER RECEIVABLES Balance as at 31-12-2023 31-12-2022 Rental deposits 2.2 2.1 Advance 2.3 2.4 Financial assets 4.5 4.5 Receivables from the state 215.1 169.2 Other 5.0 4.6 Non-financial assets 220.1 173.8 Total other receivables 224.6 178.3 236 1-12-2023 31-12-2022 Bank loans 33.1 273.6 Bonds 44.7 47.6 Loans secured by fixed assets 9.8 17.6 Current liabilities 87.6 338.8 Bank loans 2,157.6 1,939.6 Bonds 2,600.7 2,757.2 Loans secured by fixed assets 10.9 20.3 Non-current liabilities 4,769.2 4,717.1 Total 4,856.8 5,055.9 26.
LOANS AND
BORROWINGS
Most of loans and all bonds are paid as a
lump sum in due date .
Lenders Type Currency Agreement Purpose Additional information Interest rate Nominal value Carrying amount 2023 Due date Covenants Banks14 Term facility PLN Agreement of 25/01/2021 IPO Facilities Agreement Not specified n/a WIBOR 1M + 2% PLN 1,950.0 m PLN 1,968.1 m 28-01-2026 Financial covenant under the senior facilities to maintain a maximum leverage ratio of 4.25\u00d7 calculated based on definitions in the agreement Revolving facility WIBOR 1M + 2% PLN 0.1 m PLN 0.1 m SONIA 6M + 2% GBP 43.0 m PLN 222.5 m (GBP 44.5 m) Senior Unsecured Notes EUR Agreement dated 24/06/2021 \u2013 Purchase Agreement As part of the financing for the acquisition of Mondial Relay SAS BB/Ba2 rating 2.25% EUR 490.0 m PLN 2,127.8 m (EUR 489.4 m) 15-07-2027 The Notes will contain customary covenants for this type of financing, with the size of baskets to be adjusted to reflect the Issuer\u2019s needs and the market conditions at the time of pricing Senior Secured Bonds PLN Agreement dated 11/05/2021 \u2013 InPost\u2019s Polish bond programme As part of the financing for the acquisition of Mondial Relay SAS and general corporate purposes Ba2 rating WIBOR 6M + 2.5% PLN 500.0 m PLN 517.6 m 29-07-2027 Consolidated Net Leverage Ratio max. 4.25x The table below shows the details of loans and borrowings in 2023. In the Group\u2019s assessment, the upcoming WIBOR reform (which will be replaced by WIRON) will not have a significant impact on Financial Costs. Lenders Type Currency Agreement Purpose Additional information Interest rate Nominal value Carrying amount 2022 Due date Covenants Banks 14 Term facility PLN Agreement of 25/01/2021 IPO Facilities Agreement Not specified n/a WIBOR 1M + 2% PLN 1,950 m PLN 1,972.7 m 28-01-2026 Financial covenant under the senior facilities to maintain a maximum leverage ratio of 4.25\u00d7 calculated based on definitions in the agreement Revolving facility WIBOR 1M + 2% PLN 800.0 m PLN 193.0 m EURIBOR 6M +2% EUR 10.0 m PLN 47.4 m (EUR 10.1 m) Senior Unsecured Notes EUR Agreement dated 24/06/2021 \u2013 Purchase Agreement As part of the financing for the acquisition of Mondial Relay SAS BB/Ba2 rating 2.25% EUR 490.0 m PLN 2,287.5 m (EUR 487.8 m) 15-07-2027 The Notes will contain customary covenants for this type of financing, with the size of baskets to be adjusted to reflect the Issuer\u2019s needs and the market conditions at the time of pricing Senior Secured Bonds PLN Agreement dated 11/05/2021 \u2013 InPost\u2019s Polish bond programme As part of the financing for the acquisition of Mondial Relay SAS and general corporate purposes Ba2 rating WIBOR 6M + 2.5% PLN 500.0 m PLN 517.3 m 29-07-2027 Consolidated Net Leverage Ratio max. 4.25x The table below shows the details of loans and borrowings in 2022 32.1. THE FAIR VALUE OF FINANCIAL INSTRUMENTS ACCOUNTING POLICY The Management assessed that the fair val- ues of cash and short-term deposits, trade and other short-term financial receivables, trade payables, bank overdrafts and other current liabilities approximate their carry- ing amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest-bear- ing loans and borrowings are determined by using the DCF method using a discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as of the reporting date was assessed to be insignifi- cant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans are reason- able approximations of fair values (except for Loans and Borrowings with fixed inter- est rates) The fair value of the borrowings based on fixed rates and financial assets is presented in the table below . 32. FINANCIAL INSTRUMENTS Fair value hierarchy Fair value Carrying amount 31-12-2023 31-12-2022 31-12-2023 31-12-2022 Financial assets measured at fair value through profit or loss Short term financial assets: IRS Significant ob- servable inputs (Level 2) 7.9 - 7.9 - Financial liabilities not measured at fair value Current borrowings Fixed rate borrowing Significant ob- servable inputs (Level 2) 47.9 49.9 47.9 49.9 Non-current borrowings Fixed rate borrowing Significant ob- servable inputs (Level 2) 1,786.9 1,766.6 2,079.8 2,158.8 There were no transfers between Level 1 and Level 2 during 2023. Description of valuation techniques used and key inputs to valuation of investment properties: Valuation technique Valuation method Significant observable inputs Short term financial assets: IRS Income approach DCF method Discount rate Fixed rate borrowing Income approach DCF method Discount rate 34. EXPLANATIONS TO THE CASH FLOW STATEMENT 31-12-2023 31-12-2022 Change in trade and other receivables in the consolidated statement of financial position (195.2) (312.8) Trade and other receivables impairment losses (9.6) (9.8) Compensation of VAT returns with CIT liabilities (12.6) (9.6) Advances for materials for the production of parcel machines (included in investment flows) 0.1 (0.2) Exchange differences 10.3 28.4 Other 0.2 - Change in trade and other receivables (206.8) (304.0) 31-12-2023 31-12-2022 Change in other assets in the consolidated statement of financial position (13.9) 6.9 Prepayments for materials used in the manufacture of auto- mated parcel machines 5.4 (19.5) Change in other assets (8.5) (12.6) 31-12-2023 31-12-2022 Change in trade payables and other payables in the consolidated statement of financial position 82.0 207.0 Change in liabilities due to capital expenditures 30.9 2.4 Exchange differences 7.1 34.7 Change in presentation for financial liabilities 4.3 - Change in trade payables and other payables 124.3 244.1 31-12-2023 31-12-2022 Change in employee benefits, provisions and government grants in the consolidated statement of financial position 32.4 (26.2) Other - (0.1) Change in employee benefits, provisions and government grants 32.4 (26.3) 31-12-2023 31-12-2022 Change in other liabilities in the consolidated statement of financial position 13.1 15.6 Exchange differences 0.2 0.8 Change in other liabilities 13.3 16.4 31-12-2023 31-12-2022 Total net finance cost 535.9 273.3 Foreign exchange differences realised on working capital (28.5) (43.7) Bank fees paid (2.4) 2.9 Penalty interest paid (1.8) - Interest received from bank deposits 4.0 - Other 0.2 2.8 Finance cost/(income) adjustment 507.4 235.3 246 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-422": {
"value": "23.
OTHER ASSETS
Other assets are presented in the balance
sheet as current and non-current
depending on their expected period of
realisation.
Balance as at 31-12-2023 31-12-2022
Prepaid services 4.0 4.0
Prepayments for property, plant,
equipment and intangible assets
39.3 33.6
Non-current 43.3 37.6
Policies, other insurance 0.9 0.8
Prepaid services 50.7 42.6
Current 51.6 43.4
Total other assets 94.9 81.0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-22": {
"value": "23. OTHER ASSETS Other assets are presented in the balance sheet as current and non-current depending on their expected period of realisation. Balance as at 31-12-2023 31-12-2022 Prepaid services 4.0 4.0 Prepayments for property, plant, equipment and intangible assets 39.3 33.6 Non-current 43.3 37.6 Policies, other insurance 0.9 0.8 Prepaid services 50.7 42.6 Current 51.6 43.4 Total other assets 94.9 81.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-438": {
"value": "23. OTHER ASSETS Other assets are presented in the balance sheet as current and non-current depending on their expected period of realisation. Balance as at 31-12-2023 31-12-2022 Prepaid services 4.0 4.0 Prepayments for property, plant, equipment and intangible assets 39.3 33.6 Non-current 43.3 37.6 Policies, other insurance 0.9 0.8 Prepaid services 50.7 42.6 Current 51.6 43.4 Total other assets 94.9 81.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-447": {
"value": "23. OTHER ASSETS Other assets are presented in the balance sheet as current and non-current depending on their expected period of realisation. Balance as at 31-12-2023 31-12-2022 Prepaid services 4.0 4.0 Prepayments for property, plant, equipment and intangible assets 39.3 33.6 Non-current 43.3 37.6 Policies, other insurance 0.9 0.8 Prepaid services 50.7 42.6 Current 51.6 43.4 Total other assets 94.9 81.0 34. EXPLANATIONS TO THE CASH FLOW STATEMENT 31-12-2023 31-12-2022 Change in trade and other receivables in the consolidated statement of financial position (195.2) (312.8) Trade and other receivables impairment losses (9.6) (9.8) Compensation of VAT returns with CIT liabilities (12.6) (9.6) Advances for materials for the production of parcel machines (included in investment flows) 0.1 (0.2) Exchange differences 10.3 28.4 Other 0.2 - Change in trade and other receivables (206.8) (304.0) 31-12-2023 31-12-2022 Change in other assets in the consolidated statement of financial position (13.9) 6.9 Prepayments for materials used in the manufacture of auto- mated parcel machines 5.4 (19.5) Change in other assets (8.5) (12.6) 31-12-2023 31-12-2022 Change in trade payables and other payables in the consolidated statement of financial position 82.0 207.0 Change in liabilities due to capital expenditures 30.9 2.4 Exchange differences 7.1 34.7 Change in presentation for financial liabilities 4.3 - Change in trade payables and other payables 124.3 244.1 31-12-2023 31-12-2022 Change in employee benefits, provisions and government grants in the consolidated statement of financial position 32.4 (26.2) Other - (0.1) Change in employee benefits, provisions and government grants 32.4 (26.3) 31-12-2023 31-12-2022 Change in other liabilities in the consolidated statement of financial position 13.1 15.6 Exchange differences 0.2 0.8 Change in other liabilities 13.3 16.4 31-12-2023 31-12-2022 Total net finance cost 535.9 273.3 Foreign exchange differences realised on working capital (28.5) (43.7) Bank fees paid (2.4) 2.9 Penalty interest paid (1.8) - Interest received from bank deposits 4.0 - Other 0.2 2.8 Finance cost/(income) adjustment 507.4 235.3 246 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-390": {
"value": "24.
TRADE AND OTHER
RECEIVABLES
ACCOUNTING POLICY
Trade receivables with a maturity date
not exceeding 12 months (i.e., without
a significant financing component) are
initially recognised in the amount equal
to the transaction price, during or at
the moment of transfer of the goods or
services promised by the agreement,
namely the transfer of control over the
asset to the customer.
At initial recognition, receivables in a
foreign currency are measured at the
average exchange rate of the Central
Banks from the day immediately
preceding the recognition of the
receivable.
For the purposes of subsequent
measurement, trade receivables are
recognised as the \u201cheld to collect\u201d
business model, where the receivables
are measured at amortised cost using
the effective interest method, less loss
allowance determined in accordance
with the expected credit loss model
under IFRS 9 Financial Instruments.
The Group applies the IFRS 9 simplified
approach to measuring expected credit
losses, which uses a lifetime expected
loss allowance for all trade receivables
that do not contain a significant
financing component. To measure the
expected credit losses, trade receivables
have been grouped based on shared
credit risk characteristics and the days
past due (portfolio approach).
In case of clients from Allegro and Vinted
Group, the Group applies an individual
approach.
The Group considers a financial asset in
default when contractual payments are
60 days past due.
Expected credit losses (portfolio
approach)
In the case of trade receivables (not
subject to individual assessment), the
Group applies a portfolio approach in
calculating ECLs, based on its historical
data of one year of on credit losses in
relation to trade receivables for the
majority of its customers.
Individual approach
For biggest individual clients (i.e., Allegro,
Vinted), the Group calculates ECLs based
on individual client\u2019s credit ratings.
In addition, on top of ECL calculated
in collective approach, the detailed
individual monitoring and
assessment of the trade
receivables is performed
resulting in 100% expected
credit loss allowance for the
receivables:
4.
cancelled
subscriptions.
1.
past due
for more
than 1 year
2.
subject
to a debt
restructuring
process
3.
subject
to legal
proceedings
235
32.1. THE FAIR VALUE OF FINANCIAL INSTRUMENTS ACCOUNTING POLICY The Management assessed that the fair val- ues of cash and short-term deposits, trade and other short-term financial receivables, trade payables, bank overdrafts and other current liabilities approximate their carry- ing amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest-bear- ing loans and borrowings are determined by using the DCF method using a discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as of the reporting date was assessed to be insignifi- cant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans are reason- able approximations of fair values (except for Loans and Borrowings with fixed inter- est rates) The fair value of the borrowings based on fixed rates and financial assets is presented in the table below ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-423": {
"value": "24. TRADE AND OTHER RECEIVABLES ACCOUNTING POLICY Trade receivables with a maturity date not exceeding 12 months (i.e., without a significant financing component) are initially recognised in the amount equal to the transaction price, during or at the moment of transfer of the goods or services promised by the agreement, namely the transfer of control over the asset to the customer. At initial recognition, receivables in a foreign currency are measured at the average exchange rate of the Central Banks from the day immediately preceding the recognition of the receivable. For the purposes of subsequent measurement, trade receivables are recognised as the \u201cheld to collect\u201d business model, where the receivables are measured at amortised cost using the effective interest method, less loss allowance determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables that do not contain a significant financing component. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due (portfolio approach). In case of clients from Allegro and Vinted Group, the Group applies an individual approach. The Group considers a financial asset in default when contractual payments are 60 days past due. Expected credit losses (portfolio approach) In the case of trade receivables (not subject to individual assessment), the Group applies a portfolio approach in calculating ECLs, based on its historical data of one year of on credit losses in relation to trade receivables for the majority of its customers. Individual approach For biggest individual clients (i.e., Allegro, Vinted), the Group calculates ECLs based on individual client\u2019s credit ratings. In addition, on top of ECL calculated in collective approach, the detailed individual monitoring and assessment of the trade receivables is performed resulting in 100% expected credit loss allowance for the receivables: 4. cancelled subscriptions. 1. past due for more than 1 year 2. subject to a debt restructuring process 3. subject to legal proceedings 235 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-448": {
"value": "24. TRADE AND OTHER RECEIVABLES ACCOUNTING POLICY Trade receivables with a maturity date not exceeding 12 months (i.e., without a significant financing component) are initially recognised in the amount equal to the transaction price, during or at the moment of transfer of the goods or services promised by the agreement, namely the transfer of control over the asset to the customer. At initial recognition, receivables in a foreign currency are measured at the average exchange rate of the Central Banks from the day immediately preceding the recognition of the receivable. For the purposes of subsequent measurement, trade receivables are recognised as the \u201cheld to collect\u201d business model, where the receivables are measured at amortised cost using the effective interest method, less loss allowance determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables that do not contain a significant financing component. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due (portfolio approach). In case of clients from Allegro and Vinted Group, the Group applies an individual approach. The Group considers a financial asset in default when contractual payments are 60 days past due. Expected credit losses (portfolio approach) In the case of trade receivables (not subject to individual assessment), the Group applies a portfolio approach in calculating ECLs, based on its historical data of one year of on credit losses in relation to trade receivables for the majority of its customers. Individual approach For biggest individual clients (i.e., Allegro, Vinted), the Group calculates ECLs based on individual client\u2019s credit ratings. In addition, on top of ECL calculated in collective approach, the detailed individual monitoring and assessment of the trade receivables is performed resulting in 100% expected credit loss allowance for the receivables: 4. cancelled subscriptions. 1. past due for more than 1 year 2. subject to a debt restructuring process 3. subject to legal proceedings 235 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-23": {
"value": "24. TRADE AND OTHER RECEIVABLES ACCOUNTING POLICY Trade receivables with a maturity date not exceeding 12 months (i.e., without a significant financing component) are initially recognised in the amount equal to the transaction price, during or at the moment of transfer of the goods or services promised by the agreement, namely the transfer of control over the asset to the customer. At initial recognition, receivables in a foreign currency are measured at the average exchange rate of the Central Banks from the day immediately preceding the recognition of the receivable. For the purposes of subsequent measurement, trade receivables are recognised as the \u201cheld to collect\u201d business model, where the receivables are measured at amortised cost using the effective interest method, less loss allowance determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables that do not contain a significant financing component. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due (portfolio approach). In case of clients from Allegro and Vinted Group, the Group applies an individual approach. The Group considers a financial asset in default when contractual payments are 60 days past due. Expected credit losses (portfolio approach) In the case of trade receivables (not subject to individual assessment), the Group applies a portfolio approach in calculating ECLs, based on its historical data of one year of on credit losses in relation to trade receivables for the majority of its customers. Individual approach For biggest individual clients (i.e., Allegro, Vinted), the Group calculates ECLs based on individual client\u2019s credit ratings. In addition, on top of ECL calculated in collective approach, the detailed individual monitoring and assessment of the trade receivables is performed resulting in 100% expected credit loss allowance for the receivables: 4. cancelled subscriptions. 1. past due for more than 1 year 2. subject to a debt restructuring process 3. subject to legal proceedings 235 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-391": {
"value": "Set out below is the movement in the allowance for
expected credit losses on trade receivables based on a
collective approach and an individual approach:
31-12-2023 31-12-2022
Opening balance 93.5 83.4
Decrease: utilisation - -
Expected/incurred credit losses recognised/
(reversed)
9.6 9.8
Exchange rate difference 1.4 0.3
Closing balance 104.5 93.5
Expected credit loss allowance based on the collective
approach (excluding Allegro and Vinted):
31-12-2023 Current 0\u201360 days 61\u2013365 days Total
Expected credit loss rate 0.04% 0.31% 12.66%
Estimated gross carrying amount at default 631.9 100.7 28.8 761.4
Expected credit loss 0.3 0.3 3.6 4.2
The Group did not recognise credit loss on its biggest
individual clients (Allegro and Vinted) in the current
reporting period.
Expected credit loss allowance based on the collective
approach (excluding Allegro and Vinted):
31-12-2022 Current 0\u201360 days 61\u2013365 days Total
Expected credit loss rate 0.10% 0.33% 10.39%
Estimated gross carrying amount at default 558.5 93.3 17.5 669.3
Expected credit loss 0.6 0.3 1.8 2.7
Expected credit loss allowance
Allegro and Vinted:
31-12-2022 Current 0\u201360 days 61\u2013365 days Total
Expected credit loss rate - 0.18% 1.89%
Estimated gross carrying amount at default 317.4 43.8 - 361.2
Expected credit loss - 0.1 - 0.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-439": {
"value": "24.1. OTHER RECEIVABLES Balance as at 31-12-2023 31-12-2022 Rental deposits 2.2 2.1 Advance 2.3 2.4 Financial assets 4.5 4.5 Receivables from the state 215.1 169.2 Other 5.0 4.6 Non-financial assets 220.1 173.8 Total other receivables 224.6 178.3 236 Balance as at 31-12-2023 31-12-2022 Payroll liabilities 52.9 41.4 Liabilities to the state 97.0 95.4 Total current other liabilities (non-financial liabilities) 149.9 136.8 30. OTHER LIABILITIES ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-424": {
"value": "24.1. OTHER RECEIVABLES Balance as at 31-12-2023 31-12-2022 Rental deposits 2.2 2.1 Advance 2.3 2.4 Financial assets 4.5 4.5 Receivables from the state 215.1 169.2 Other 5.0 4.6 Non-financial assets 220.1 173.8 Total other receivables 224.6 178.3 236 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-392": {
"value": "25.
CASH AND CASH
EQUIVALENTS
Cash in bank accounts meets the SPPI
test and the business model test \u201cheld to
collect\u201d, so it is measured at amortised cost
including an impairment loss determined
in accordance with the expected credit loss
model. The Management of the Group has
assessed that the provision for expected
credit losses related to cash and cash
equivalents would not be material in any of
the periods presented.
Bank overdrafts are presented as
a component of current loans and
borrowings under current liabilities and
are not considered as cash and cash
equivalents for the purposes of the
consolidated statement of cash flows .
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-425": {
"value": "25. CASH AND CASH EQUIVALENTS Cash in bank accounts meets the SPPI test and the business model test \u201cheld to collect\u201d, so it is measured at amortised cost including an impairment loss determined in accordance with the expected credit loss model. The Management of the Group has assessed that the provision for expected credit losses related to cash and cash equivalents would not be material in any of the periods presented. Bank overdrafts are presented as a component of current loans and borrowings under current liabilities and are not considered as cash and cash equivalents for the purposes of the consolidated statement of cash flows .",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-24": {
"value": "25. CASH AND CASH EQUIVALENTS 31-12-2023 31-12-2022 Cash in bank and on hand, of which: 565.2 435.8 Cash in VAT accounts (restricted) 5.7 3.0 Total cash 565.2 435.8 Cash in bank accounts meets the SPPI test and the business model test \u201cheld to collect\u201d, so it is measured at amortised cost including an impairment loss determined in accordance with the expected credit loss model. The Management of the Group has assessed that the provision for expected credit losses related to cash and cash equivalents would not be material in any of the periods presented. Rating Amount as at 31-12-2023 Amount as at 31-12-2022 Bank 1 AAA/baa1 3.8 193.5 Bank 2 A+/n/a 329.6 13.1 Bank 3 AA-/n/a 72.0 62.9 Bank 4 BBB-/baa3 55.1 35.4 Bank 5 A/A3 70.8 27.7 Bank 6 BBB+/Baa1 25.3 20.2 Bank 7 AA-/baa2 3.7 50.6 Bank 8 BBB-/Baa2 0.5 18.9 Bank 9 BBB+/Baa1 3.9 12.7 Bank 10 n/a 0.2 0.3 Total cash in bank 564.9 435.3 Cash at hand 0.3 0.5 Total cash in bank and at hand 565.2 435.8 237 Including in currency: 249.0 196.9 Cash in EUR converted to PLN 177.1 163.6 Cash in GBP converted to PLN 70.8 28.3 Cash in USD converted to PLN 1.1 5.0 Bank overdrafts are presented as a component of current loans and borrowings under current liabilities and are not considered as cash and cash equivalents for the purposes of the consolidated statement of cash flows .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-394": {
"value": "26. LOANS AND BORROWINGS Most of loans and all bonds are paid as a lump sum in due date . Balance as at 3 1-12-2023 31-12-2022
Bank loans 33.1 273.6
Bonds 44.7 47.6
Loans secured by fixed assets 9.8 17.6
Current liabilities 87.6 338.8
Bank loans 2,157.6 1,939.6
Bonds 2,600.7 2,757.2
Loans secured by fixed assets 10.9 20.3
Non-current liabilities 4,769.2 4,717.1
Total 4,856.8 5,055.9
Lenders Type Currency Agreement Purpose
Additional
information
Interest rate Nominal value
Carrying amount
2023
Due date Covenants
Banks
14
Term
facility
PLN Agreement of 25/01/2021
IPO Facilities Agreement
Not specified n/a WIBOR 1M + 2% PLN 1,950.0 m PLN 1,968.1 m 28-01-2026 Financial covenant under the senior facilities
to maintain a maximum leverage ratio of
4.25\u00d7 calculated based on definitions in the
agreement
Revolving
facility
WIBOR 1M + 2% PLN 0.1 m PLN 0.1 m
SONIA 6M + 2% GBP 43.0 m PLN 222.5 m
(GBP 44.5 m)
Senior
Unsecured
Notes
EUR Agreement dated
24/06/2021 \u2013 Purchase
Agreement
As part of the financing for the
acquisition of Mondial Relay SAS
BB/Ba2
rating
2.25% EUR 490.0 m PLN 2,127.8 m
(EUR 489.4 m)
15-07-2027 The Notes will contain customary covenants for
this type of financing, with the size of baskets
to be adjusted to reflect the Issuer\u2019s needs and
the market conditions at the time of pricing
Senior
Secured
Bonds
PLN Agreement dated
11/05/2021 \u2013 InPost\u2019s
Polish bond programme
As part of the financing for the
acquisition of Mondial Relay SAS
and general corporate purposes
Ba2 rating WIBOR 6M + 2.5% PLN 500.0 m PLN 517.6 m 29-07-2027 Consolidated Net Leverage Ratio max. 4.25x
The table below shows the details of loans and borrowings in 2023. In the Group\u2019s assessment, the upcoming WIBOR reform (which will be replaced by WIRON) will not have a significant impact on Financial Costs. Lenders Type Currency Agreement Purpose Additional information Interest rate Nominal value Carrying amount 2022 Due date Covenants Banks 14 Term facility PLN Agreement of 25/01/2021 IPO Facilities Agreement Not specified n/a WIBOR 1M + 2% PLN 1,950 m PLN 1,972.7 m 28-01-2026 Financial covenant under the senior facilities to maintain a maximum leverage ratio of 4.25\u00d7 calculated based on definitions in the agreement Revolving facility WIBOR 1M + 2% PLN 800.0 m PLN 193.0 m EURIBOR 6M +2% EUR 10.0 m PLN 47.4 m (EUR 10.1 m) Senior Unsecured Notes EUR Agreement dated 24/06/2021 \u2013 Purchase Agreement As part of the financing for the acquisition of Mondial Relay SAS BB/Ba2 rating 2.25% EUR 490.0 m PLN 2,287.5 m (EUR 487.8 m) 15-07-2027 The Notes will contain customary covenants for this type of financing, with the size of baskets to be adjusted to reflect the Issuer\u2019s needs and the market conditions at the time of pricing Senior Secured Bonds PLN Agreement dated 11/05/2021 \u2013 InPost\u2019s Polish bond programme As part of the financing for the acquisition of Mondial Relay SAS and general corporate purposes Ba2 rating WIBOR 6M + 2.5% PLN 500.0 m PLN 517.3 m 29-07-2027 Consolidated Net Leverage Ratio max. 4.25x The table below shows the details of loans and borrowings in 2022 . Collaterals for loans and borrowing are presented in Note 32.3. The covenants for the above loans and borrowings were complied with during the reporting period ended December 31, 2023. The sensitivity of Loans and Borrowings to changes in floating interest rates is presented in Note 36.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-426": {
"value": "26. LOANS AND BORROWINGS Most of loans and all bonds are paid as a lump sum in due date Balance as at 3 1-12-2023 31-12-2022 Bank loans 33.1 273.6 Bonds 44.7 47.6 Loans secured by fixed assets 9.8 17.6 Current liabilities 87.6 338.8 Bank loans 2,157.6 1,939.6 Bonds 2,600.7 2,757.2 Loans secured by fixed assets 10.9 20.3 Non-current liabilities 4,769.2 4,717.1 Total 4,856.8 5,055.9 Lenders Type Currency Agreement Purpose Additional information Interest rate Nominal value Carrying amount 2023 Due date Covenants Banks14 Term facility PLN Agreement of 25/01/2021 IPO Facilities Agreement Not specified n/a WIBOR 1M + 2% PLN 1,950.0 m PLN 1,968.1 m 28-01-2026 Financial covenant under the senior facilities to maintain a maximum leverage ratio of 4.25\u00d7 calculated based on definitions in the agreement Revolving facility WIBOR 1M + 2% PLN 0.1 m PLN 0.1 m SONIA 6M + 2% GBP 43.0 m PLN 222.5 m (GBP 44.5 m) Senior Unsecured Notes EUR Agreement dated 24/06/2021 \u2013 Purchase Agreement As part of the financing for the acquisition of Mondial Relay SAS BB/Ba2 rating 2.25% EUR 490.0 m PLN 2,127.8 m (EUR 489.4 m) 15-07-2027 The Notes will contain customary covenants for this type of financing, with the size of baskets to be adjusted to reflect the Issuer\u2019s needs and the market conditions at the time of pricing Senior Secured Bonds PLN Agreement dated 11/05/2021 \u2013 InPost\u2019s Polish bond programme As part of the financing for the acquisition of Mondial Relay SAS and general corporate purposes Ba2 rating WIBOR 6M + 2.5% PLN 500.0 m PLN 517.6 m 29-07-2027 Consolidated Net Leverage Ratio max. 4.25x The table below shows the details of loans and borrowings in 2023. In the Group\u2019s assessment, the upcoming WIBOR reform (which will be replaced by WIRON) will not have a significant impact on Financial Costs. Lenders Type Currency Agreement Purpose Additional information Interest rate Nominal value Carrying amount 2022 Due date Covenants Banks 14 Term facility PLN Agreement of 25/01/2021 IPO Facilities Agreement Not specified n/a WIBOR 1M + 2% PLN 1,950 m PLN 1,972.7 m 28-01-2026 Financial covenant under the senior facilities to maintain a maximum leverage ratio of 4.25\u00d7 calculated based on definitions in the agreement Revolving facility WIBOR 1M + 2% PLN 800.0 m PLN 193.0 m EURIBOR 6M +2% EUR 10.0 m PLN 47.4 m (EUR 10.1 m) Senior Unsecured Notes EUR Agreement dated 24/06/2021 \u2013 Purchase Agreement As part of the financing for the acquisition of Mondial Relay SAS BB/Ba2 rating 2.25% EUR 490.0 m PLN 2,287.5 m (EUR 487.8 m) 15-07-2027 The Notes will contain customary covenants for this type of financing, with the size of baskets to be adjusted to reflect the Issuer\u2019s needs and the market conditions at the time of pricing Senior Secured Bonds PLN Agreement dated 11/05/2021 \u2013 InPost\u2019s Polish bond programme As part of the financing for the acquisition of Mondial Relay SAS and general corporate purposes Ba2 rating WIBOR 6M + 2.5% PLN 500.0 m PLN 517.3 m 29-07-2027 Consolidated Net Leverage Ratio max. 4.25x The table below shows the details of loans and borrowings in 2022 . Collaterals for loans and borrowing are presented in Note 32.3. The covenants for the above loans and borrowings were complied with during the reporting period ended December 31, 2023. The sensitivity of Loans and Borrowings to changes in floating interest rates is presented in Note 36.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-393": {
"value": "31-12-2023 31-12-2022
Cash in bank and on hand, of which: 565.2 435.8
Cash in VAT accounts (restricted) 5.7 3.0
Total cash 565.2 435.8
Including in currency: 249.0 196.9
Cash in EUR converted to PLN 177.1 163.6
Cash in GBP converted to PLN 70.8 28.3
Cash in USD converted to PLN 1.1 5.0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-26": {
"value": "27. RECONCILIATION OF MOVEMENTS OF LIABILITIES TO CASH FLOWS ARISING FROM FINANCING ACTIVITIES 31-12-2022 Loans and borrowings Lease liabilities Amount at the beginning of the period 4,740.2 1,192.8 Proceeds from loans and borrowings 235.7 - Payment of principal portion of the lease liability - (490.0) Repayment of loans and credits (19.5) - Repayment of interest and commission on the loan (204.8) (43.1) Total changes from financing cash flows 11.4 (533.1) Lease additions: new leases - 955.3 Interest cost 246.7 43.2 Contract termination - (30.6) Effect of changes in foreign exchange rates 57.6 16.0 Total liability-related other changes 304.3 983.9 Amount at the end of the period 5,055.9 1,643.6 31-12-2023 Loans and borrowings Lease liabilities Amount at the beginning of period 5,055.9 1,643.6 Proceeds from loans and borrowings - - Payment of principal portion of the lease liability - (657.1) Repayment of loans and credits (24.3) - Repayment of interest and commission on the loan (302.3) (63.1) Total changes from financing cash flows (326.6) (720.2) Lease additions: new leases - 957.3 Interest cost 307.3 63.8 Contract termination - (57.2) Effect of changes in foreign exchange rates (179.8) (95.7) Total liability-related other changes 127.5 868.2 Amount at the end of the period 4,856.8 1,791.6 34. EXPLANATIONS TO THE CASH FLOW STATEMENT 31-12-2023 31-12-2022 Change in trade and other receivables in the consolidated statement of financial position (195.2) (312.8) Trade and other receivables impairment losses (9.6) (9.8) Compensation of VAT returns with CIT liabilities (12.6) (9.6) Advances for materials for the production of parcel machines (included in investment flows) 0.1 (0.2) Exchange differences 10.3 28.4 Other 0.2 - Change in trade and other receivables (206.8) (304.0) 31-12-2023 31-12-2022 Change in other assets in the consolidated statement of financial position (13.9) 6.9 Prepayments for materials used in the manufacture of auto- mated parcel machines 5.4 (19.5) Change in other assets (8.5) (12.6) 31-12-2023 31-12-2022 Change in trade payables and other payables in the consolidated statement of financial position 82.0 207.0 Change in liabilities due to capital expenditures 30.9 2.4 Exchange differences 7.1 34.7 Change in presentation for financial liabilities 4.3 - Change in trade payables and other payables 124.3 244.1 31-12-2023 31-12-2022 Change in employee benefits, provisions and government grants in the consolidated statement of financial position 32.4 (26.2) Other - (0.1) Change in employee benefits, provisions and government grants 32.4 (26.3) 31-12-2023 31-12-2022 Change in other liabilities in the consolidated statement of financial position 13.1 15.6 Exchange differences 0.2 0.8 Change in other liabilities 13.3 16.4 31-12-2023 31-12-2022 Total net finance cost 535.9 273.3 Foreign exchange differences realised on working capital (28.5) (43.7) Bank fees paid (2.4) 2.9 Penalty interest paid (1.8) - Interest received from bank deposits 4.0 - Other 0.2 2.8 Finance cost/(income) adjustment 507.4 235.3 246 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-454": {
"value": "27. RECONCILIATION OF MOVEMENTS OF LIABILITIES TO CASH FLOWS ARISING FROM FINANCING ACTIVITIES 31-12-2022 Loans and borrowings Lease liabilities Amount at the beginning of the period 4,740.2 1,192.8 Proceeds from loans and borrowings 235.7 - Payment of principal portion of the lease liability - (490.0) Repayment of loans and credits (19.5) - Repayment of interest and commission on the loan (204.8) (43.1) Total changes from financing cash flows 11.4 (533.1) Lease additions: new leases - 955.3 Interest cost 246.7 43.2 Contract termination - (30.6) Effect of changes in foreign exchange rates 57.6 16.0 Total liability-related other changes 304.3 983.9 Amount at the end of the period 5,055.9 1,643.6 31-12-2023 Loans and borrowings Lease liabilities Amount at the beginning of period 5,055.9 1,643.6 Proceeds from loans and borrowings - - Payment of principal portion of the lease liability - (657.1) Repayment of loans and credits (24.3) - Repayment of interest and commission on the loan (302.3) (63.1) Total changes from financing cash flows (326.6) (720.2) Lease additions: new leases - 957.3 Interest cost 307.3 63.8 Contract termination - (57.2) Effect of changes in foreign exchange rates (179.8) (95.7) Total liability-related other changes 127.5 868.2 Amount at the end of the period 4,856.8 1,791.6 34. EXPLANATIONS TO THE CASH FLOW STATEMENT 31-12-2023 31-12-2022 Change in trade and other receivables in the consolidated statement of financial position (195.2) (312.8) Trade and other receivables impairment losses (9.6) (9.8) Compensation of VAT returns with CIT liabilities (12.6) (9.6) Advances for materials for the production of parcel machines (included in investment flows) 0.1 (0.2) Exchange differences 10.3 28.4 Other 0.2 - Change in trade and other receivables (206.8) (304.0) 31-12-2023 31-12-2022 Change in other assets in the consolidated statement of financial position (13.9) 6.9 Prepayments for materials used in the manufacture of auto- mated parcel machines 5.4 (19.5) Change in other assets (8.5) (12.6) 31-12-2023 31-12-2022 Change in trade payables and other payables in the consolidated statement of financial position 82.0 207.0 Change in liabilities due to capital expenditures 30.9 2.4 Exchange differences 7.1 34.7 Change in presentation for financial liabilities 4.3 - Change in trade payables and other payables 124.3 244.1 31-12-2023 31-12-2022 Change in employee benefits, provisions and government grants in the consolidated statement of financial position 32.4 (26.2) Other - (0.1) Change in employee benefits, provisions and government grants 32.4 (26.3) 31-12-2023 31-12-2022 Change in other liabilities in the consolidated statement of financial position 13.1 15.6 Exchange differences 0.2 0.8 Change in other liabilities 13.3 16.4 31-12-2023 31-12-2022 Total net finance cost 535.9 273.3 Foreign exchange differences realised on working capital (28.5) (43.7) Bank fees paid (2.4) 2.9 Penalty interest paid (1.8) - Interest received from bank deposits 4.0 - Other 0.2 2.8 Finance cost/(income) adjustment 507.4 235.3 246 2023 Carrying
amount
Amount
exposed
to risk
GBP/PLN EUR/PLN
Financial result after tax Financial result after tax
GBP/PLN
exchange
rate \u2018+10%\u2019
GBP/PLN
exchange
rate \u2018-10%\u2019
EUR/PLN
exchange
rate \u2018+10%\u2019
EUR/PLN
exchange
rate \u2018-10%\u2019
Cash and cash
equivalents
565.2 249.1 5.7 (5.7) 14.3 (14.3)
Trade
receivables
and other
1,439.9 622.7 7.3 (7.3) 41.7 (41.7)
Trade liabilities
and other
payables
1,074.7 624.2 (7.8) 7.8 (42.8) 42.8
Loans and
borrowings
4,856.8 4,318.5 (18.0) 18.0 (331.8) 331.8
Other financial
liabilities
1,791.6 1,360.0 (9.6) 9.6 (100.6) 100.6
Total 9,728.2 7,174.5 (22.4) 22.4 (419.2) 419.2
An analysis of sensitivity and exposure to
currency risk in 2023 is presented in the table
below :
MARKET RISKS: Currency risk The Group is exposed to currency risks re- sulting from transactions in various foreign currencies, predominantly EUR and GBP. The tables below present the exposure to currency risk and sensitivity analysis of a reasonable possible strengthening (weak- ening) of foreign currencies, which would have affected the measurement of finan- cial instruments denominated in a foreign currency and affected profit or loss by the amounts shown below. This analysis as- sumes that all other variables (in particular interest rates) remain constant and ignores any impact of changes on sales forecasts and purchases An analysis of sensitivity and exposure to
currency risk in 2022 is presented in the table
below:
2022 Carrying
amount
Amount
exposed
to risk
GBP/PLN EUR/PLN
Financial result after tax Financial result after tax
GBP/PLN
exchange
rate \u2018+10%\u2019
GBP/PLN
exchange
rate \u2018-10%\u2019
EUR/PLN
exchange
rate \u2018+10%\u2019
EUR/PLN
exchange
rate \u2018-10%\u2019
Cash and cash
equivalents
435.8 196.8 2.3 (2.3) 13.2 (13.2)
Trade
receivables
and other
1,245.2 555.2 5.2 (5.2) 39.4 (39.4)
Trade liabilities
and other
payables
992.7 600.2 (4.5) 4.5 (44.1) 44.1
Loans and
borrowings
5,055.9 4,307.6 - - (348.9) 348.9
Other financial
liabilities
1,643.6 1,256.8 (6.4) 6.4 (95.4) 95.4
Total 9,373.2 6,916.6 (3.4) 3.4 (435.8) 435.8
248
2023 Carrying
amount
Amount
exposed
to risk
Change in financial result after tax
Rate Rate
+1.0 pp -1.0 pp
Other financial assets 7.9 1,950.0 15.8 (15.8)
Total financial assets 7.9 1,950.0 15.8 (15.8)
Loans and borrowings 4,856.8 2,665.0 (21.6) 21.6
Total financial liabilities 4,856.8 2,665.0 (21.6) 21.6
An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below I nterest rate risk
The interest rate risk arises on bank
loans, bonds, leases, and loans granted
by changing their future cash flows. The
Group assesses the impact of interest
rate fluctuations on profit and loss on an
ongoing basis and adjusts the structure of
debt instruments when necessary.
Amounts of loans and borrowings
exposed to risk are based on WIBOR and
EURIBOR floating rates, which will be
changed in the future following EURIBOR
and WIBOR reform in the UE. This
analysis assumes that all other variables,
in particular foreign currency exchange
rates, remain constant.
The tables below present the profile of
the Group\u2019s interest-bearing financial
instruments and sensitivity analysis.
2022 Carrying
amount
Amount
exposed
to risk
Change in financial result after tax
Rate Rate
+1.0 pp -1.0 pp
Loans and borrowings 5,055.9 2,768.4 (22.4) 22.4
Total financial liabilities 5,055.9 2,768.4 (22.4) 22.4
An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-395": {
"value": "28.
EMPLOYEE BENEFITS
AND OTHER
PROVISIONS
ACCOUNTING POLICY
Defined benefit plan
The Group\u2019s obligation in respect of defined
benefit plans (post-mortem severances and
retirement benefits) is calculated separately
for each plan by estimating the amount
of future benefit that employees have
earned in the current and prior periods,
discounted to determine their present
value. The discount rate is determined
based on interest rates on treasury bonds
expressed in the currency of the future
benefit payments, with maturities similar
to the date of settlement of the respected
liabilities. The calculation of defined benefit
obligations at the end of the reporting
period is performed by a qualified actuary
using the projected unit credit method. The
cost of a defined benefit plan is recognised
in profit or loss with an exception to
actuarial gains and losses, which are
recognised in other comprehensive income.
Performance Bonuses and Cash Bonus
Plan
Members of the Management Board
and Middle Management (Performance
Bonuses) and other employees (Cash Bonus
Plan) are eligible to receive an annual bonus
in cash subject to the achievement of
certain pre-determined financial, strategic,
and operational performance measures. Performance Bonuses are based on the remuneration policy determined by the Supervisory Board. The Group\u2019s obligation in respect of those benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That liability is discounted to determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise. The costs of the benefits are recognised on a straight-line basis over the respective duration of each programme. Liabilities for holidays and bonuses Short-term benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay an amount as a result of a past service provided by the employee and the obligation can be estimated reliably. Unused holiday and performance bonus provisions representing short-term employee benefits are recognised at the undiscounted amount of benefits expected to be paid in exchange for the respective service . Short-term employee benefit liabilities are measured according to general principles. Long-term benefits are estimated using actuarial methods ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-25": {
"value": "26.1. ASSETS PLEDGED AS SECURITY FOR LIABILITIES As of financial year ended December 31, 2023, the Group had no assets pledged nor securities for liabilities. 32.3. GUARANTEES AND OTHER SECURITIES As at December 31, 2023, the total amount of granted bank guarantees on behalf of the companies from the Group amounted to PLN 142.9 m (as at December 31, 2022 amounted to PLN 124.7 m). Bank guaran- tees are a collateral for the obligations from contracts signed by the Group. They relate to warehouses rental agreements entirely and are required by landlords.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-427": {
"value": "Liabilities for holidays and bonuses Short-term benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay an amount as a result of a past service provided by the employee and the obligation can be estimated reliably. Unused holiday and performance bonus provisions representing short-term employee benefits are recognised at the undiscounted amount of benefits expected to be paid in exchange for the respective service Other provisions
Other provisions include mainly:
\u2022 litigations provision,
\u2022 restructuring provision,
\u2022 other needed.
Provisions are recognised when the
Group has a present obligation (legal or
constructive) as a result of a past event, it
is probable that an outflow of resources
embodying economic benefits will be
required to settle the obligation and a
reliable estimate can be made of the
amount of the obligation. When the
Group expects some or all of a provision
to be reimbursed, the reimbursement is
recognised as a separate asset, but only
when the reimbursement is virtually
certain. The expense relating to a provision
is presented in the statement of profit
or loss net of any reimbursement. If
the effect of the time value of money
is material, provisions are discounted
using a current pre-tax rate that reflects,
when appropriate, the risks specific to
the liability. When discounting is used,
the increase in the provision due to the
passage of time is recognised as a finance
cost.
All above provisions are calculated using
relevant and accurate calculations that
allow for assessment of possible future
outflows connected with specific possible
events. For instance, when calculating the
amount of litigation provision, the Group
takes into account the opinion of external
legal advisors regarding the possibility
that the outcome of the litigation will be
unfavourable for the Group and recognises
a relevant provision.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-461": {
"value": "Provisions Movements The below table presents balances and movements of provisions during the year. Defined benefit plan Performance Bonuses and Cash Bonus Plan Provision for holi- days and bonuses Other provisions Total Balance as at 31-12-2022 64.9 23.8 19.3 2.2 110.2 Recognition/creation 1.3 35.3 39.4 6.9 82.9 Reclassification (58.7) - 58.7 - - Utilisation - (23.8) (19.3) (2.2) (45.3) Foreign exchange rate impact (0.4) - (4.8) - (5.2) Balance as at 31-12-2023 7.1 35.3 93.3 6.9 142.6 Employee benefits The table below presents a summary of employee benefits. 31-12-2023 31-12-2022 Long-term Short-term Long-term Short-term Post-mortem severance 0.7 0.1 0.5 - Retirement benefit 6.3 - 5.4 59.0 Unused holiday provision 1.6 91.7 0.9 18.4 Performance bonuses - 20.1 - 9.5 Cash Bonus Plan 5.4 9.8 8.4 5.9 Total 14.0 121.7 15.2 92.8 The Group is not a party to any wage bargaining agreements or collective employment agreements. Short-term employee benefit liabilities are measured according to general principles. Long-term benefits are estimated using actuarial methods 34. EXPLANATIONS TO THE CASH FLOW STATEMENT 31-12-2023 31-12-2022 Change in trade and other receivables in the consolidated statement of financial position (195.2) (312.8) Trade and other receivables impairment losses (9.6) (9.8) Compensation of VAT returns with CIT liabilities (12.6) (9.6) Advances for materials for the production of parcel machines (included in investment flows) 0.1 (0.2) Exchange differences 10.3 28.4 Other 0.2 - Change in trade and other receivables (206.8) (304.0) 31-12-2023 31-12-2022 Change in other assets in the consolidated statement of financial position (13.9) 6.9 Prepayments for materials used in the manufacture of auto- mated parcel machines 5.4 (19.5) Change in other assets (8.5) (12.6) 31-12-2023 31-12-2022 Change in trade payables and other payables in the consolidated statement of financial position 82.0 207.0 Change in liabilities due to capital expenditures 30.9 2.4 Exchange differences 7.1 34.7 Change in presentation for financial liabilities 4.3 - Change in trade payables and other payables 124.3 244.1 31-12-2023 31-12-2022 Change in employee benefits, provisions and government grants in the consolidated statement of financial position 32.4 (26.2) Other - (0.1) Change in employee benefits, provisions and government grants 32.4 (26.3) 31-12-2023 31-12-2022 Change in other liabilities in the consolidated statement of financial position 13.1 15.6 Exchange differences 0.2 0.8 Change in other liabilities 13.3 16.4 31-12-2023 31-12-2022 Total net finance cost 535.9 273.3 Foreign exchange differences realised on working capital (28.5) (43.7) Bank fees paid (2.4) 2.9 Penalty interest paid (1.8) - Interest received from bank deposits 4.0 - Other 0.2 2.8 Finance cost/(income) adjustment 507.4 235.3 246 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-396": {
"value": "29. SHARE-BASED PAYMENT ACCOUNTING POLICY The Group offers share-based programmes for employees and grants them shares in the Parent Company. All programmes (Management Incentive Plan, Long- Term Incentive Plan and Performance Bonuses) are classified as equity settled. Over the vesting period, the Group recognises expense (payroll costs), with a corresponding parent contribution recognised as increase in equity (other capital reserves) based on the grant date fair value of the programme. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date . SIGNIFICANT ACCOUNTING ESTIMATES Depending on the plan, the allocation of rights to beneficiaries is subject to the following assumptions. Programme 31-12-2023 31-12-2022 Management Incentive Plan Exit date: 2021 \u2013 40% 2024 \u2013 30% 2025 \u2013 30% Attrition rate 50% Exit date: 2021 \u2013 40% 2025 \u2013 30% 2026 \u2013 30% Attrition rate 50% Long-Term Incentive Plan Group will achieve 100% of Target EBITDA Group will achieve 100% of Target EBITDA The table below shows the hypothetical amounts of expenses (sensitivity analysis) for share-based arrangements subject to changes in key assumptions. 31-12-2023 31-12-2022 Management Incentive Plan 4.5 4.4 Exit date 1 year later (1.0) (1.0) Exit date 1 year earlier 2.2 1.8 Attrition rate +10% (1.0) (1.0) Attrition rate -10% 1.0 1.0 Long-Term Incentive Plan expenses recognised 34.4 8.9 Target EBITDA realisation 92% (10.1) (4.4) Target EBITDA realisation 109% 20.2 8.9 241",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-27": {
"value": "29.1. MANAGEMENT INCENTIVE PLAN The Management Incentive Plan is a legacy plan set up in 2018 and whose grants ended in January 2021, before InPost S.A. IPO. The vesting period is dependent on \u201cExit\u201d, which means the sale of shares by the major shareholder Advent International (which before the IPO was the sole shareholder). Of granted shares, 40% vested in 2021. As of the balance sheet date, the Management assumes that the remaining 30% of granted shares will vest in 2024 (based on Advent International\u2019s change of interest in InPost Group in 2023) and last vesting will take place in 2025 (30% of remaining shares). Model of shares valuation of the Manage- ment Incentive Plan (MIP) did not change in 2023 in comparison to the year 2022. The grants under this Programme ended in January 2021, and no new grants are possible. Shares will be provided to entitled employ- ees by shareholder \u2013 this programme will not result in dilution or share buyback from the perspective of the Group. The Management has determined the fair value of shares granted based on the methods and parameters set out below. The following table presents the number and change in MIP Shares during the year. 31-12-2023 31-12-2022 MIP shares granted MIP shares granted Outstanding at 1 January 1,054,759.0 1,054,759.0 Granted during the year - - Forfeited during the year - - Exercised during the year - - Expired during the year - - Outstanding but not exercisable at the end of the period 1,054,759.0 1,054,759.0 Weighted average exercise price at the end of 2023 was EUR 11.85 per share. The expense recognised during the year is as follows. 31-12-2023 31-12-2022 Expense arising from MIP 4.5 4.4 Total expense 4.5 4.4 242 MIP valuation parameters Jan-18 Feb-18 Jun-18 Sep-18 Jul-19 Oct-19 Nov-19 Nov-20 Jan-21 Fair value of MIP shares (EUR) as of grant date 0.07 0.07 0.07 0.07 0.56 10.59 10.59 299.70 299.70 Exercise price of MIP shares (EUR) 0.07 0.07 0.07 0.07 0.07 0.07 0.07 21.00 112.00 Number of shares granted 304,011 149,864 71,364 142,728 107,046 142,728 39,963 14,272 111,328 Risk-free interest rate 2.63 2.63 2.55 2.55 1.8 1.8 1.8 (0.01) (0.01) Volatility (%) 5.7 5.7 5.7 6.3 20 20 20 20 20 Model used Black-Scholes Merton Intrinsic value + Black-Scholes Merton relating to option time value Intrinsic value + Black-Scholes Merton relating to option time value 29.2. LONG-TERM INCENTIVE PLAN The conditions for the Long-Term Incentive Plan (LTIP) realisation are based on Target EBITDA in the last year of the programme. Depending on realisation, entitled employ- ees can receive no shares (if Target EBITDA is below the minimum target) or receive between 50% and 200% of the shares. As of December 31, 2023, the assumption is also that no Managers will leave the Group before the shares vest. The shares that will vest under the plan will not have an exer- cise price. During the Annual General Meeting of Shareholders dated May 19, 2022, it was de- cided that shares granted will be purchased from the Market by InPost S.A. or its subsid- iaries when the programme is settled. The granted shares value is calculated as the average price of InPost. S.A. shares on Eu- ronext stock exchange over 60 days period prior to granting. The grant date, fair market value (FMV) at the grant date, service period and vesting date for the LTIP are visualised below. LTIP PLAN 31 DEC 2020 31 DEC 2021 31 DEC 2022 31 DEC 2023 31 DEC 2024 31 DEC 2025 31 DEC 2026 2021 - 2024 2022 - 2025 2023 - 2026 grant date FMV PLNm 25.7 vesting date grant date FMV PLNm 31.7 vesting date grant date FMV PLNm 40.6 LTIP valuation parameters 2023 2022 2021 Fair value of LTIP shares (EUR) as of grant date 8.09 5.34 15.90 Number of shares granted 1,077,538 1,410,901 360,068 Expiration date April 2026 April 2025 April 2024 The Management has determined the val- ue of shares granted based on the parame- ter set out below. 31-12-2023 31-12-2022 LTIP shares granted LTIP shares granted Outstanding at 1 January 1,765,355 779,165 Granted during the year 1,077,538 1,410,901 Forfeited during the year - 35,219 Exercised during the year - - Expired during the year - - Unvested during year - 389,492 Performance adjustment 123,770 - Outstanding but not exercisable at the end of the period 2,966,663 1,765,355 The following table presents the number and change in LTIP shares during the year. 31-12-2023 31-12-2022 LTIP 2021 14.2 8.3 LTIP 2022 10.5 6.1 LTIP 2023 9.7 - Total expense 34.4 14.4 The expense recognised during the year is as follows. 29.3. PERFORMANCE BONUSES For the description of Performance Bonus- es, please refer to disclosure 28. On June 10, 2022, a new remuneration policy was adopted. With changes in the policy, it was decided that annual performance bonuses, previously paid in cash, will be partially paid in shares. Senior Management entitled to receive performance bonuses were divided into three groups: the 1st and 2nd group of participants will receive 50% and 33% respectively of their annual performance bonuses in shares. Performance Bonuses for the year 2022 that vested on March 31, 2023 were settled in June 2023, and entitled employees received 175,544 shares with a value of EUR 7.78 per share at settlement date. Shares did not and will not have an exercise price. Performance bonuses were settled using the Treasury shares. Performance bonuses valuation parameters Granted March 31, 2023 Fair value of Performance bonus shares (EUR) 7.78 Number of shares granted 195,627 Expiration date 31.03.2024 Fair value of shares was calculated as the average price of InPost S.A. sha- res on Euronext stock exchange over 60 days period prior to granting 31-12-2023 31-12-2022 Performance bonus shares granted Performance bonus shares granted Outstanding at 1 January 214,357 - Granted during the year 195,627 356,313 Forfeited during the year - - Exercised during the year 175,544 141,956 Expired during the year 38,813 - Outstanding but not exercisable at the end of the period 195,627 214,357 The following table presents the number and change in Performance Bonus Shares during the year: 31-12-2023 31-12-2022 Expense arising from performance bonuses paid in shares 7.8 6.4 Total expense 7.8 6.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-397": {
"value": "30.
OTHER LIABILITIES
Balance as at 31-12-2023 31-12-2022
Payroll liabilities 52.9 41.4
Liabilities to the state 97.0 95.4
Total current other liabilities (non-financial liabilities) 149.9 136.8
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-465": {
"value": "30. OTHER LIABILITIES Balance as at 31-12-2023 31-12-2022 Payroll liabilities 52.9 41.4 Liabilities to the state 97.0 95.4 Total current other liabilities (non-financial liabilities) 149.9 136.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-449": {
"value": "30. OTHER LIABILITIES Balance as at 31-12-2023 31-12-2022 Payroll liabilities 52.9 41.4 Liabilities to the state 97.0 95.4 Total current other liabilities (non-financial liabilities) 149.9 136.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-28": {
"value": "31. TRADE AND OTHER PAYABLES Balance as at 31-12-2023 31-12-2022 Trade payables (to third parties) 931.8 861.3 Contract liability (prepaids) 18.7 8.3 Liabilities from the settlement of the cash-on-delivery option 16.8 6.5 Investment liabilities 65.2 95.7 Other 42.2 20.9 Other payables 142.9 131.4 Total trade and other liabilities (financial liabilities) 1,074.7 992.7 Terms and conditions of the above financial liabilities: \u2022 Trade payables are non-interest bearing (unless in default) liabilities for the goods and services purchased in the course of ordinary business operations from suppliers and are normally settled on 30-day terms. \u2022 Cash-on-delivery collected from recipients of parcels is passed on to the sender shortly after receipt ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-451": {
"value": "32.1. THE FAIR VALUE OF FINANCIAL INSTRUMENTS ACCOUNTING POLICY The Management assessed that the fair val- ues of cash and short-term deposits, trade and other short-term financial receivables, trade payables, bank overdrafts and other current liabilities approximate their carry- ing amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest-bear- ing loans and borrowings are determined by using the DCF method using a discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as of the reporting date was assessed to be insignifi- cant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans are reason- able approximations of fair values (except for Loans and Borrowings with fixed inter- est rates) The fair value of the borrowings based on fixed rates and financial assets is presented in the table below ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-429": {
"value": "32.1. THE FAIR VALUE OF FINANCIAL INSTRUMENTS ACCOUNTING POLICY The Management assessed that the fair val- ues of cash and short-term deposits, trade and other short-term financial receivables, trade payables, bank overdrafts and other current liabilities approximate their carry- ing amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest-bear- ing loans and borrowings are determined by using the DCF method using a discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as of the reporting date was assessed to be insignifi- cant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans are reason- able approximations of fair values (except for Loans and Borrowings with fixed inter- est rates) The fair value of the borrowings based on fixed rates and financial assets is presented in the table below ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-455": {
"value": "32.1. THE FAIR VALUE OF FINANCIAL INSTRUMENTS ACCOUNTING POLICY The Management assessed that the fair val- ues of cash and short-term deposits, trade and other short-term financial receivables, trade payables, bank overdrafts and other current liabilities approximate their carry- ing amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest-bear- ing loans and borrowings are determined by using the DCF method using a discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as of the reporting date was assessed to be insignifi- cant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans are reason- able approximations of fair values (except for Loans and Borrowings with fixed inter- est rates) The fair value of the borrowings based on fixed rates and financial assets is presented in the table below ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-441": {
"value": "32.1. THE FAIR VALUE OF FINANCIAL INSTRUMENTS ACCOUNTING POLICY The Management assessed that the fair val- ues of cash and short-term deposits, trade and other short-term financial receivables, trade payables, bank overdrafts and other current liabilities approximate their carry- ing amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest-bear- ing loans and borrowings are determined by using the DCF method using a discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as of the reporting date was assessed to be insignifi- cant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans are reason- able approximations of fair values (except for Loans and Borrowings with fixed inter- est rates) The fair value of the borrowings based on fixed rates and financial assets is presented in the table below . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-398": {
"value": "32.2.
FINANCIAL INSTRUMENTS BY CATEGORY
Category under IFRS 9 Carrying amount
31-12-2023 31-12-2022
Financial assets not measured at fair value through profit or loss
Trade receivables at amortised cost 1,215.3 1,066.9
Other receivables: current at amortised cost 4.5 4.5
Other receivables: non-current at amortised cost 26.6 26.1
Cash and cash equivalents at amortised cost 565.2 435.8
Financial assets measured at fair value through profit or loss
Long term financial assets: call
option
at fair value through profit
and loss
- -
Short term financial assets: IRS at fair value through profit
and loss
7.9 -
Total financial assets 1,819.5 1,533.3
Category under IFRS 9 Carrying amount
31-12-2023 31-12-2022
Financial liabilities not measured at fair value
Current loans and borrowings At amortised cost 87.6 338.8
Non-current loans and borrowings At amortised cost 4,769.2 4,717.1
Trade and other payables At amortised cost 1,074.7 992.7
Non-current lease liabilities Other financial liabilities 1,127.4 1,091.3
Current lease liabilities Other financial liabilities 664.2 552.3
Total financial liabilities 7,723.1 7,692.2
245
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-450": {
"value": "32.2. FINANCIAL INSTRUMENTS BY CATEGORY Category under IFRS 9 Carrying amount 31-12-2023 31-12-2022 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,215.3 1,066.9 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 26.6 26.1 Cash and cash equivalents at amortised cost 565.2 435.8 Financial assets measured at fair value through profit or loss Long term financial assets: call option at fair value through profit and loss - - Short term financial assets: IRS at fair value through profit and loss 7.9 - Total financial assets 1,819.5 1,533.3 Category under IFRS 9 Carrying amount 31-12-2023 31-12-2022 Financial liabilities not measured at fair value Current loans and borrowings At amortised cost 87.6 338.8 Non-current loans and borrowings At amortised cost 4,769.2 4,717.1 Trade and other payables At amortised cost 1,074.7 992.7 Non-current lease liabilities Other financial liabilities 1,127.4 1,091.3 Current lease liabilities Other financial liabilities 664.2 552.3 Total financial liabilities 7,723.1 7,692.2 245 2023 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate \u2018+10%\u2019 GBP/PLN exchange rate \u2018-10%\u2019 EUR/PLN exchange rate \u2018+10%\u2019 EUR/PLN exchange rate \u2018-10%\u2019 Cash and cash equivalents 565.2 249.1 5.7 (5.7) 14.3 (14.3) Trade receivables and other 1,439.9 622.7 7.3 (7.3) 41.7 (41.7) Trade liabilities and other payables 1,074.7 624.2 (7.8) 7.8 (42.8) 42.8 Loans and borrowings 4,856.8 4,318.5 (18.0) 18.0 (331.8) 331.8 Other financial liabilities 1,791.6 1,360.0 (9.6) 9.6 (100.6) 100.6 Total 9,728.2 7,174.5 (22.4) 22.4 (419.2) 419.2 An analysis of sensitivity and exposure to currency risk in 2023 is presented in the table below : 36.1. FINANCIAL RISK MANAGEMENT OBJECTIVES The Group\u2019s operations are exposed to a variety of financial risks. The Management Board of the Parent is responsible for risk management by conducting ongoing anal- yses of financial risks and taking appropri- ate decisions in this regard. The Group\u2019s risk management policy aims to minimise the potential impact of unfavourable financial risks on the financial results. MARKET RISKS: Currency risk The Group is exposed to currency risks re- sulting from transactions in various foreign currencies, predominantly EUR and GBP. The tables below present the exposure to currency risk and sensitivity analysis of a reasonable possible strengthening (weak- ening) of foreign currencies, which would have affected the measurement of finan- cial instruments denominated in a foreign currency and affected profit or loss by the amounts shown below. This analysis as- sumes that all other variables (in particular interest rates) remain constant and ignores any impact of changes on sales forecasts and purchases . An analysis of sensitivity and exposure to currency risk in 2022 is presented in the table below: 2022 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate \u2018+10%\u2019 GBP/PLN exchange rate \u2018-10%\u2019 EUR/PLN exchange rate \u2018+10%\u2019 EUR/PLN exchange rate \u2018-10%\u2019 Cash and cash equivalents 435.8 196.8 2.3 (2.3) 13.2 (13.2) Trade receivables and other 1,245.2 555.2 5.2 (5.2) 39.4 (39.4) Trade liabilities and other payables 992.7 600.2 (4.5) 4.5 (44.1) 44.1 Loans and borrowings 5,055.9 4,307.6 - - (348.9) 348.9 Other financial liabilities 1,643.6 1,256.8 (6.4) 6.4 (95.4) 95.4 Total 9,373.2 6,916.6 (3.4) 3.4 (435.8) 435.8 248 2023 Carrying amount Amount exposed to risk Change in financial result after tax Rate Rate +1.0 pp -1.0 pp Other financial assets 7.9 1,950.0 15.8 (15.8) Total financial assets 7.9 1,950.0 15.8 (15.8) Loans and borrowings 4,856.8 2,665.0 (21.6) 21.6 Total financial liabilities 4,856.8 2,665.0 (21.6) 21.6 An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below . I nterest rate risk The interest rate risk arises on bank loans, bonds, leases, and loans granted by changing their future cash flows. The Group assesses the impact of interest rate fluctuations on profit and loss on an ongoing basis and adjusts the structure of debt instruments when necessary. Amounts of loans and borrowings exposed to risk are based on WIBOR and EURIBOR floating rates, which will be changed in the future following EURIBOR and WIBOR reform in the UE. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. The tables below present the profile of the Group\u2019s interest-bearing financial instruments and sensitivity analysis. 2022 Carrying amount Amount exposed to risk Change in financial result after tax Rate Rate +1.0 pp -1.0 pp Loans and borrowings 5,055.9 2,768.4 (22.4) 22.4 Total financial liabilities 5,055.9 2,768.4 (22.4) 22.4 An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below . CREDIT RISK: Trade receivables The Group is exposed to a significant risk resulting from sales with deferred payment (from 14 to 90 days). The cred- it quality of each customer is assessed, and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored, and trade receivables are generally cov- ered by letters of credit or other forms of credit insurance obtained from financial institutions. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. An impairment analysis is performed for trade receivables measured at amortised cost at each reporting date. The Group classifies for individual assess- ment purposes receivables that are past due for more than one year, as well as those that have other reasons to be fully written off (e.g., subject to legal proceed- ings, bankruptcy, etc.). For detailed information about the credit risk exposure on the Group\u2019s trade receiv- ables, please refer to Note 24. Cash and cash equivalents Credit risk from balances with banks and financial institutions is limited, because the Group\u2019s business partners are banks with a high credit rating granted by international rating agencies. The Group\u2019s maximum exposure to credit risk for the components of the statement of financial position at December 31, 2023 and December 31, 2022 is their carrying amount. The expected credit loss relating to cash and short-term deposits of the Group is insignificant. For details, please refer to Note 25. LIQUIDITY RISK: Liquidity risk management of the Group assumes maintaining an adequate level of liquid assets or available overdrafts to meet its liabilities when they are due, under both normal and stressed conditions, without in- curring unacceptable losses or risking dam- age to the Group\u2019s reputation. Additionally, the Group intends to maintain flexibility of financing under the available funds. The current cash flow enables the Group to settle its obligations in a timely manner as they arise. The Group also has access to a revolving borrowing facility of PLN 800 m. As at December 31, 2023, the use of revolv- ing loans amounted to PLN 222.6 m (240.5 m in 2022) . Taking into account the positive cash flow
and cash balance, actual and planned
results, the long-term nature of loans
and liabilities (mainly related to leasing
or purchase of fixed assets), and availa-
ble overdraft facilities, the Management
Board believes that the liquidity risk has
been limited.
The table below presents an analysis of
the Group\u2019s financial liabilities based on
the period remaining until the contractu-
al maturity date as at the balance sheet
date. The amounts presented in the table
below are contractual undiscounted cash
flows.
2023 <1 year 1\u20133 years 3\u20135 years >5 years Contractual
cash flows
total
Carrying
amount
Variable interest 228.7 2,472.9 545.8 - 3,247.4 2,729.0
Loans and borrowings 228.7 2,472.9 545.8 - 3,247.4 2,729.0
Fixed interest 736.8 762.2 2,518.5 163.0 4,180.5 3,919.4
Loans and borrowings 47.9 95.9 2,178.5 - 2,322.3 2,127.8
Leases 688.9 666.3 340.0 163.0 1,858.2 1,791.6
Non-interest-bearing 1,074.7 - - - 1,074.7 1,074.7
Trade and other payables 1,074.7 - - - 1,074.7 1,074.7
Total 2,040.2 3,235.1 3,064.3 163.0 8,502.6 7,723.1
2022 <1 year 1\u20133 years 3\u20135 years >5 years Contractual
cash flows
total
Carrying
amount
Variable interest 261.9 507.0 2,540.6 - 3,309.5 2,768.4
Loans and borrowings 261.9 507.0 2,540.6 - 3,309.5 2,768.4
Fixed interest 611.6 648.1 2,730.7 220.4 4,210.7 3,931.1
Loans and borrowings 59.2 118.5 2,389.4 - 2,567.1 2,287.5
Leases 552.3 529.6 341.3 220.4 1,643.6 1,643.6
Non-interest-bearing 992.7 - - - 992.7 992.7
Trade and other payables 992.7 - - - 992.7 992.7
Total 1,866.1 1,155.1 5,271.3 220.4 8,512.9 7,692.2
250
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-440": {
"value": "32.2. FINANCIAL INSTRUMENTS BY CATEGORY Category under IFRS 9 Carrying amount 31-12-2023 31-12-2022 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,215.3 1,066.9 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 26.6 26.1 Cash and cash equivalents at amortised cost 565.2 435.8 Financial assets measured at fair value through profit or loss Long term financial assets: call option at fair value through profit and loss - - Short term financial assets: IRS at fair value through profit and loss 7.9 - Total financial assets 1,819.5 1,533.3 Category under IFRS 9 Carrying amount 31-12-2023 31-12-2022 Financial liabilities not measured at fair value Current loans and borrowings At amortised cost 87.6 338.8 Non-current loans and borrowings At amortised cost 4,769.2 4,717.1 Trade and other payables At amortised cost 1,074.7 992.7 Non-current lease liabilities Other financial liabilities 1,127.4 1,091.3 Current lease liabilities Other financial liabilities 664.2 552.3 Total financial liabilities 7,723.1 7,692.2 245 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-428": {
"value": "32.2. FINANCIAL INSTRUMENTS BY CATEGORY Category under IFRS 9 Carrying amount 31-12-2023 31-12-2022 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,215.3 1,066.9 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 26.6 26.1 Cash and cash equivalents at amortised cost 565.2 435.8 Financial assets measured at fair value through profit or loss Long term financial assets: call option at fair value through profit and loss - - Short term financial assets: IRS at fair value through profit and loss 7.9 - Total financial assets 1,819.5 1,533.3 Category under IFRS 9 Carrying amount 31-12-2023 31-12-2022 Financial liabilities not measured at fair value Current loans and borrowings At amortised cost 87.6 338.8 Non-current loans and borrowings At amortised cost 4,769.2 4,717.1 Trade and other payables At amortised cost 1,074.7 992.7 Non-current lease liabilities Other financial liabilities 1,127.4 1,091.3 Current lease liabilities Other financial liabilities 664.2 552.3 Total financial liabilities 7,723.1 7,692.2 245 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-29": {
"value": "2.2. FINANCIAL INSTRUMENTS BY CATEGORY Category under IFRS 9 Carrying amount 31-12-2023 31-12-2022 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,215.3 1,066.9 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 26.6 26.1 Cash and cash equivalents at amortised cost 565.2 435.8 Financial assets measured at fair value through profit or loss Long term financial assets: call option at fair value through profit and loss - - Short term financial assets: IRS at fair value through profit and loss 7.9 - Total financial assets 1,819.5 1,533.3 Category under IFRS 9 Carrying amount 31-12-2023 31-12-2022 Financial liabilities not measured at fair value Current loans and borrowings At amortised cost 87.6 338.8 Non-current loans and borrowings At amortised cost 4,769.2 4,717.1 Trade and other payables At amortised cost 1,074.7 992.7 Non-current lease liabilities Other financial liabilities 1,127.4 1,091.3 Current lease liabilities Other financial liabilities 664.2 552.3 Total financial liabilities 7,723.1 7,692.2 245 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-399": {
"value": "33.
CONTINGENT ASSETS
AND LIABILITIES
The Group had no significant contigent assets and liabilities in the reporting period",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-30": {
"value": "33. CONTINGENT ASSETS AND LIABILITIES The Group had no significant contigent assets and liabilities in the reporting period",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-400": {
"value": "34.
EXPLANATIONS TO
THE CASH FLOW
STATEMENT
31-12-2023 31-12-2022
Change in trade and other receivables in the consolidated
statement of financial position
(195.2) (312.8)
Trade and other receivables impairment losses (9.6) (9.8)
Compensation of VAT returns with CIT liabilities (12.6) (9.6)
Advances for materials for the production of parcel
machines (included in investment flows)
0.1 (0.2)
Exchange differences 10.3 28.4
Other 0.2 -
Change in trade and other receivables (206.8) (304.0)
31-12-2023 31-12-2022
Change in other assets in the consolidated statement of
financial position
(13.9) 6.9
Prepayments for materials used in the manufacture of auto-
mated parcel machines
5.4 (19.5)
Change in other assets (8.5) (12.6)
31-12-2023 31-12-2022
Change in trade payables and other payables in the
consolidated statement of financial position
82.0 207.0
Change in liabilities due to capital expenditures 30.9 2.4
Exchange differences 7.1 34.7
Change in presentation for financial liabilities 4.3 -
Change in trade payables and other payables 124.3 244.1
31-12-2023 31-12-2022
Change in employee benefits, provisions and government
grants in the consolidated statement of financial position
32.4 (26.2)
Other - (0.1)
Change in employee benefits, provisions and government
grants
32.4 (26.3)
31-12-2023 31-12-2022
Change in other liabilities in the consolidated statement of
financial position
13.1 15.6
Exchange differences 0.2 0.8
Change in other liabilities 13.3 16.4
31-12-2023 31-12-2022
Total net finance cost 535.9 273.3
Foreign exchange differences realised on working capital (28.5) (43.7)
Bank fees paid (2.4) 2.9
Penalty interest paid (1.8) -
Interest received from bank deposits 4.0 -
Other 0.2 2.8
Finance cost/(income) adjustment 507.4 235.3
246
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-430": {
"value": "35. SHARE CAPITAL Series Face value Number of shares as at 31-12-2023 Number of shares as at 31-12-2022 Ordinary shares EUR 0.01 each 500,000,000 500,000,000 500,000,000 500,000,000 Share premium and retained earnings are available to shareholders distribution ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-31": {
"value": "The following table presents the number and change in treasury shares. 31-12-2023 31-12-2022 Number of treasury shares at 1 January 358,044 500,000 Acquisition of treasury shares - - Treasury shares delivered (175,544) (141,956) Number of treasury shares at the end of the period 182,500 358,044 As at 31 December, 2023, In Post S.A. and its subsidiaries held 182,500 treasury shares, which will be used for settlement of share- based programmes in future",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-401": {
"value": "36.
CAPITAL
MANAGEMENT
The Management seeks to maintain a
balance between the higher returns that
might be possible with the higher levels of
borrowing and the advantages and security
afforded by a sound capital position. The
capital of the Group comprises debt includ-
ing loans and borrowings (presented in
Note 26), lease liabilities (presented in Note
22.2) and capital attributable to sharehold-
ers (including shares issued, capital reserve,
and retained earnings).
The Group monitors capital using a lev-
erage ratio, which is a ratio of Net debt to
Adjusted EBITDA. Net debt is defined and
calculated as total of Loans, Borrowings,
and Other Financial Liabilities less Cash and
Cash equivalents. The Management aims
to keep the leverage ratio below 4.0 with a
goal ratio of 2.0. Leverage ratio is monitored
four times a year, which includes an analysis
of the cost of capital and respective risks
associated with each source of the capital.
The Group\u2019s capital management also aims
to ensure that the Group meets financial
covenants attached to the interest-bearing
loans and borrowings. (There have been
no breaches in the presented periods.) The
Group\u2019s Leverage ratio as at December 31,
2023 and December 31, 2022 was as follows.
31-12-2023 31-12-2022
Total loans and borrowings 4,856.8 5,055.9
Total other financial liabilities 1,791.6 1,643.6
Less: cash and cash equivalents (565.2) (435.8)
Net debt 6,083.2 6,263.7
Adjusted EBITDA 2,733.1 1,961.4
Leverage 2.2x 3.2x
247
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-32": {
"value": "2023 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate \u2018+10%\u2019 GBP/PLN exchange rate \u2018-10%\u2019 EUR/PLN exchange rate \u2018+10%\u2019 EUR/PLN exchange rate \u2018-10%\u2019 Cash and cash equivalents 565.2 249.1 5.7 (5.7) 14.3 (14.3) Trade receivables and other 1,439.9 622.7 7.3 (7.3) 41.7 (41.7) Trade liabilities and other payables 1,074.7 624.2 (7.8) 7.8 (42.8) 42.8 Loans and borrowings 4,856.8 4,318.5 (18.0) 18.0 (331.8) 331.8 Other financial liabilities 1,791.6 1,360.0 (9.6) 9.6 (100.6) 100.6 Total 9,728.2 7,174.5 (22.4) 22.4 (419.2) 419.2 An analysis of sensitivity and exposure to currency risk in 2023 is presented in the table below : 36.1. FINANCIAL RISK MANAGEMENT OBJECTIVES The Group\u2019s operations are exposed to a variety of financial risks. The Management Board of the Parent is responsible for risk management by conducting ongoing anal- yses of financial risks and taking appropri- ate decisions in this regard. The Group\u2019s risk management policy aims to minimise the potential impact of unfavourable financial risks on the financial results. MARKET RISKS: Currency risk The Group is exposed to currency risks re- sulting from transactions in various foreign currencies, predominantly EUR and GBP. The tables below present the exposure to currency risk and sensitivity analysis of a reasonable possible strengthening (weak- ening) of foreign currencies, which would have affected the measurement of finan- cial instruments denominated in a foreign currency and affected profit or loss by the amounts shown below. This analysis as- sumes that all other variables (in particular interest rates) remain constant and ignores any impact of changes on sales forecasts and purchases . An analysis of sensitivity and exposure to currency risk in 2022 is presented in the table below: 2022 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate \u2018+10%\u2019 GBP/PLN exchange rate \u2018-10%\u2019 EUR/PLN exchange rate \u2018+10%\u2019 EUR/PLN exchange rate \u2018-10%\u2019 Cash and cash equivalents 435.8 196.8 2.3 (2.3) 13.2 (13.2) Trade receivables and other 1,245.2 555.2 5.2 (5.2) 39.4 (39.4) Trade liabilities and other payables 992.7 600.2 (4.5) 4.5 (44.1) 44.1 Loans and borrowings 5,055.9 4,307.6 - - (348.9) 348.9 Other financial liabilities 1,643.6 1,256.8 (6.4) 6.4 (95.4) 95.4 Total 9,373.2 6,916.6 (3.4) 3.4 (435.8) 435.8 248 2023 Carrying amount Amount exposed to risk Change in financial result after tax Rate Rate +1.0 pp -1.0 pp Other financial assets 7.9 1,950.0 15.8 (15.8) Total financial assets 7.9 1,950.0 15.8 (15.8) Loans and borrowings 4,856.8 2,665.0 (21.6) 21.6 Total financial liabilities 4,856.8 2,665.0 (21.6) 21.6 An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below . I nterest rate risk The interest rate risk arises on bank loans, bonds, leases, and loans granted by changing their future cash flows. The Group assesses the impact of interest rate fluctuations on profit and loss on an ongoing basis and adjusts the structure of debt instruments when necessary. Amounts of loans and borrowings exposed to risk are based on WIBOR and EURIBOR floating rates, which will be changed in the future following EURIBOR and WIBOR reform in the UE. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. The tables below present the profile of the Group\u2019s interest-bearing financial instruments and sensitivity analysis. 2022 Carrying amount Amount exposed to risk Change in financial result after tax Rate Rate +1.0 pp -1.0 pp Loans and borrowings 5,055.9 2,768.4 (22.4) 22.4 Total financial liabilities 5,055.9 2,768.4 (22.4) 22.4 An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below . CREDIT RISK: Trade receivables The Group is exposed to a significant risk resulting from sales with deferred payment (from 14 to 90 days). The cred- it quality of each customer is assessed, and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored, and trade receivables are generally cov- ered by letters of credit or other forms of credit insurance obtained from financial institutions. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. An impairment analysis is performed for trade receivables measured at amortised cost at each reporting date. The Group classifies for individual assess- ment purposes receivables that are past due for more than one year, as well as those that have other reasons to be fully written off (e.g., subject to legal proceed- ings, bankruptcy, etc.). For detailed information about the credit risk exposure on the Group\u2019s trade receiv- ables, please refer to Note 24. Cash and cash equivalents Credit risk from balances with banks and financial institutions is limited, because the Group\u2019s business partners are banks with a high credit rating granted by international rating agencies. The Group\u2019s maximum exposure to credit risk for the components of the statement of financial position at December 31, 2023 and December 31, 2022 is their carrying amount. The expected credit loss relating to cash and short-term deposits of the Group is insignificant. For details, please refer to Note 25. LIQUIDITY RISK: Liquidity risk management of the Group assumes maintaining an adequate level of liquid assets or available overdrafts to meet its liabilities when they are due, under both normal and stressed conditions, without in- curring unacceptable losses or risking dam- age to the Group\u2019s reputation. Additionally, the Group intends to maintain flexibility of financing under the available funds. The current cash flow enables the Group to settle its obligations in a timely manner as they arise. The Group also has access to a revolving borrowing facility of PLN 800 m. As at December 31, 2023, the use of revolv- ing loans amounted to PLN 222.6 m (240.5 m in 2022) Taking into account the positive cash flow and cash balance, actual and planned results, the long-term nature of loans and liabilities (mainly related to leasing or purchase of fixed assets), and availa- ble overdraft facilities, the Management Board believes that the liquidity risk has been limited. The table below presents an analysis of the Group\u2019s financial liabilities based on the period remaining until the contractu- al maturity date as at the balance sheet date. The amounts presented in the table below are contractual undiscounted cash flows. 2023 <1 year 1\u20133 years 3\u20135 years >5 years Contractual cash flows total Carrying amount Variable interest 228.7 2,472.9 545.8 - 3,247.4 2,729.0 Loans and borrowings 228.7 2,472.9 545.8 - 3,247.4 2,729.0 Fixed interest 736.8 762.2 2,518.5 163.0 4,180.5 3,919.4 Loans and borrowings 47.9 95.9 2,178.5 - 2,322.3 2,127.8 Leases 688.9 666.3 340.0 163.0 1,858.2 1,791.6 Non-interest-bearing 1,074.7 - - - 1,074.7 1,074.7 Trade and other payables 1,074.7 - - - 1,074.7 1,074.7 Total 2,040.2 3,235.1 3,064.3 163.0 8,502.6 7,723.1 2022 <1 year 1\u20133 years 3\u20135 years >5 years Contractual cash flows total Carrying amount Variable interest 261.9 507.0 2,540.6 - 3,309.5 2,768.4 Loans and borrowings 261.9 507.0 2,540.6 - 3,309.5 2,768.4 Fixed interest 611.6 648.1 2,730.7 220.4 4,210.7 3,931.1 Loans and borrowings 59.2 118.5 2,389.4 - 2,567.1 2,287.5 Leases 552.3 529.6 341.3 220.4 1,643.6 1,643.6 Non-interest-bearing 992.7 - - - 992.7 992.7 Trade and other payables 992.7 - - - 992.7 992.7 Total 1,866.1 1,155.1 5,271.3 220.4 8,512.9 7,692.2 250",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-402": {
"value": "MARKET RISKS: Currency risk The Group is exposed to currency risks re- sulting from transactions in various foreign currencies, predominantly EUR and GBP. The tables below present the exposure to currency risk and sensitivity analysis of a reasonable possible strengthening (weak- ening) of foreign currencies, which would have affected the measurement of finan- cial instruments denominated in a foreign currency and affected profit or loss by the amounts shown below. This analysis as- sumes that all other variables (in particular interest rates) remain constant and ignores any impact of changes on sales forecasts and purchases . An analysis of sensitivity and exposure to currency risk in 2022 is presented in the table below: 2022 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate \u2018+10%\u2019 GBP/PLN exchange rate \u2018-10%\u2019 EUR/PLN exchange rate \u2018+10%\u2019 EUR/PLN exchange rate \u2018-10%\u2019 Cash and cash equivalents 435.8 196.8 2.3 (2.3) 13.2 (13.2) Trade receivables and other 1,245.2 555.2 5.2 (5.2) 39.4 (39.4) Trade liabilities and other payables 992.7 600.2 (4.5) 4.5 (44.1) 44.1 Loans and borrowings 5,055.9 4,307.6 - - (348.9) 348.9 Other financial liabilities 1,643.6 1,256.8 (6.4) 6.4 (95.4) 95.4 Total 9,373.2 6,916.6 (3.4) 3.4 (435.8) 435.8 248 2023 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate \u2018+10%\u2019 GBP/PLN exchange rate \u2018-10%\u2019 EUR/PLN exchange rate \u2018+10%\u2019 EUR/PLN exchange rate \u2018-10%\u2019 Cash and cash equivalents 565.2 249.1 5.7 (5.7) 14.3 (14.3) Trade receivables and other 1,439.9 622.7 7.3 (7.3) 41.7 (41.7) Trade liabilities and other payables 1,074.7 624.2 (7.8) 7.8 (42.8) 42.8 Loans and borrowings 4,856.8 4,318.5 (18.0) 18.0 (331.8) 331.8 Other financial liabilities 1,791.6 1,360.0 (9.6) 9.6 (100.6) 100.6 Total 9,728.2 7,174.5 (22.4) 22.4 (419.2) 419.2 An analysis of sensitivity and exposure to currency risk in 2023 is presented in the table below 2023 Carrying amount Amount exposed to risk Change in financial result after tax Rate Rate +1.0 pp -1.0 pp Other financial assets 7.9 1,950.0 15.8 (15.8) Total financial assets 7.9 1,950.0 15.8 (15.8) Loans and borrowings 4,856.8 2,665.0 (21.6) 21.6 Total financial liabilities 4,856.8 2,665.0 (21.6) 21.6 An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below nterest rate risk The interest rate risk arises on bank loans, bonds, leases, and loans granted by changing their future cash flows. The Group assesses the impact of interest rate fluctuations on profit and loss on an ongoing basis and adjusts the structure of debt instruments when necessary. Amounts of loans and borrowings exposed to risk are based on WIBOR and EURIBOR floating rates, which will be changed in the future following EURIBOR and WIBOR reform in the UE. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. The tables below present the profile of the Group\u2019s interest-bearing financial instruments and sensitivity analysis. 2022 Carrying amount Amount exposed to risk Change in financial result after tax Rate Rate +1.0 pp -1.0 pp Loans and borrowings 5,055.9 2,768.4 (22.4) 22.4 Total financial liabilities 5,055.9 2,768.4 (22.4) 22.4 An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-403": {
"value": "CREDIT RISK: Trade receivables The Group is exposed to a significant risk resulting from sales with deferred payment (from 14 to 90 days). The cred- it quality of each customer is assessed, and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored, and trade receivables are generally cov- ered by letters of credit or other forms of credit insurance obtained from financial institutions. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. An impairment analysis is performed for trade receivables measured at amortised cost at each reporting date. The Group classifies for individual assess- ment purposes receivables that are past due for more than one year, as well as those that have other reasons to be fully written off (e.g., subject to legal proceed- ings, bankruptcy, etc.). For detailed information about the credit risk exposure on the Group\u2019s trade receiv- ables, please refer to Note 24. Cash and cash equivalents Credit risk from balances with banks and financial institutions is limited, because the Group\u2019s business partners are banks with a high credit rating granted by international rating agencies. The Group\u2019s maximum exposure to credit risk for the components of the statement of financial position at December 31, 2023 and December 31, 2022 is their carrying amount. The expected credit loss relating to cash and short-term deposits of the Group is insignificant. For details, please refer to Note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-404": {
"value": "LIQUIDITY RISK: Liquidity risk management of the Group assumes maintaining an adequate level of liquid assets or available overdrafts to meet its liabilities when they are due, under both normal and stressed conditions, without in- curring unacceptable losses or risking dam- age to the Group\u2019s reputation. Additionally, the Group intends to maintain flexibility of financing under the available funds. The current cash flow enables the Group to settle its obligations in a timely manner as they arise. The Group also has access to a revolving borrowing facility of PLN 800 m. As at December 31, 2023, the use of revolv- ing loans amounted to PLN 222.6 m (240.5 m in 2022) Taking into account the positive cash flow and cash balance, actual and planned results, the long-term nature of loans and liabilities (mainly related to leasing or purchase of fixed assets), and availa- ble overdraft facilities, the Management Board believes that the liquidity risk has been limited. The table below presents an analysis of the Group\u2019s financial liabilities based on the period remaining until the contractu- al maturity date as at the balance sheet date. The amounts presented in the table below are contractual undiscounted cash flows. 2023 <1 year 1\u20133 years 3\u20135 years >5 years Contractual cash flows total Carrying amount Variable interest 228.7 2,472.9 545.8 - 3,247.4 2,729.0 Loans and borrowings 228.7 2,472.9 545.8 - 3,247.4 2,729.0 Fixed interest 736.8 762.2 2,518.5 163.0 4,180.5 3,919.4 Loans and borrowings 47.9 95.9 2,178.5 - 2,322.3 2,127.8 Leases 688.9 666.3 340.0 163.0 1,858.2 1,791.6 Non-interest-bearing 1,074.7 - - - 1,074.7 1,074.7 Trade and other payables 1,074.7 - - - 1,074.7 1,074.7 Total 2,040.2 3,235.1 3,064.3 163.0 8,502.6 7,723.1 2022 <1 year 1\u20133 years 3\u20135 years >5 years Contractual cash flows total Carrying amount Variable interest 261.9 507.0 2,540.6 - 3,309.5 2,768.4 Loans and borrowings 261.9 507.0 2,540.6 - 3,309.5 2,768.4 Fixed interest 611.6 648.1 2,730.7 220.4 4,210.7 3,931.1 Loans and borrowings 59.2 118.5 2,389.4 - 2,567.1 2,287.5 Leases 552.3 529.6 341.3 220.4 1,643.6 1,643.6 Non-interest-bearing 992.7 - - - 992.7 992.7 Trade and other payables 992.7 - - - 992.7 992.7 Total 1,866.1 1,155.1 5,271.3 220.4 8,512.9 7,692.2 250",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-33": {
"value": "The services rendered to the Group by related parties (Key Management personnel) consist of the following: management, quality control, marketing, distribution, advertising, legal, or consulting. All related party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions. All transactions with related parties (Key Management personnel) are part of remuneration subject to agreements between Key Management personnel and the Supervisory Board. As at December 31, 2023, the amount of outstanding balances of receivables and liabilities from related parties (Key Management personnel) amounted to nil. 37. RELATED-PARTY TRANSACTIONS Entity\u2019s name (Key Management personnel) Transactions Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Purchases Consulting Services Marcin Pulchny 0.5 0.5 F.H. Feniks Rafa\u0142 Brzoska 1.7 2.5 Lidar Management Dariusz Lipi\u0144ski 0.7 0.7 FINSTRAT Adam Aleksandrowicz 1.1 1.6 QUANTUM Damian Niewiadomski - 0.4 Total 4.0 5.7 Entity\u2019s name (Key Management personnel) Transactions Balances Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 As at 31-12-2023 As at 31-12-2022 Menzies Distribution Group Limited (associate) 165.5 - 33.2 - Liabilities - - 33.2 - Operational costs 165.5 - - - Advent International Corporation (shareholder) - - - 0.8 Liabilities - - - 0.8 The Group has not recorded any other transactions and balances with related parties other than specified above. 37.1. KEY PERSONNEL REMUNERATION Short-term employee benefits include all compensation: gross salaries including the variable component, bonuses, attendance fees, and unused holiday compensation. Share-based compensation includes equity- settled plans: Management Incentive Plan (MIP), Long-Term Incentive Plan (LTIP) and performance Bonuses. Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Management Board, of which: 31.6 21.3 Short-term employee benefits 11.3 11.4 Share-based compensation 20.3 9.9 Executive Committee, of which: 6.1 9.5 Short-term employee benefits 2.2 3.7 Share-based compensation 3.9 5.8 Supervisory Board, of which: 2.7 2.9 Short-term employee benefits 2.7 2.9 Share-based compensation - - Total key personnel remuneration 40.4 33.7 Apart from the transactions mentioned above, the Group is not aware of any other material transactions between the Group and Members of the Management Board, Executive Committee, or Supervisory Boards ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-405": {
"value": "The services rendered to the Group by related parties (Key Management personnel) consist of the following: management, quality control, marketing, distribution, advertising, legal, or consulting. All related party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions. All transactions with related parties (Key Management personnel) are part of remuneration subject to agreements between Key Management personnel and the Supervisory Board. As at December 31, 2023, the amount of outstanding balances of receivables and liabilities from related parties (Key Management personnel) amounted to nil. 37. RELATED-PARTY TRANSACTIONS Entity\u2019s name (Key Management personnel) Transactions Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Purchases Consulting Services Marcin Pulchny 0.5 0.5 F.H. Feniks Rafa\u0142 Brzoska 1.7 2.5 Lidar Management Dariusz Lipi\u0144ski 0.7 0.7 FINSTRAT Adam Aleksandrowicz 1.1 1.6 QUANTUM Damian Niewiadomski - 0.4 Total 4.0 5.7 Entity\u2019s name (Key Management personnel) Transactions Balances Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 As at 31-12-2023 As at 31-12-2022 Menzies Distribution Group Limited (associate) 165.5 - 33.2 - Liabilities - - 33.2 - Operational costs 165.5 - - - Advent International Corporation (shareholder) - - - 0.8 Liabilities - - - 0.8 The Group has not recorded any other transactions and balances with related parties other than specified above. 37.1. KEY PERSONNEL REMUNERATION Short-term employee benefits include all compensation: gross salaries including the variable component, bonuses, attendance fees, and unused holiday compensation. Share-based compensation includes equity- settled plans: Management Incentive Plan (MIP), Long-Term Incentive Plan (LTIP) and performance Bonuses. Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Management Board, of which: 31.6 21.3 Short-term employee benefits 11.3 11.4 Share-based compensation 20.3 9.9 Executive Committee, of which: 6.1 9.5 Short-term employee benefits 2.2 3.7 Share-based compensation 3.9 5.8 Supervisory Board, of which: 2.7 2.9 Short-term employee benefits 2.7 2.9 Share-based compensation - - Total key personnel remuneration 40.4 33.7 Apart from the transactions mentioned above, the Group is not aware of any other material transactions between the Group and Members of the Management Board, Executive Committee, or Supervisory Boards . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-34": {
"value": "38. EMPLOYMENT STRUCTURE 31-12-2023 31-12-2022 Management Board 3 3 Management 1,098 928 White-collar employees 3,716 3,084 Blue-collar employees 2,250 2,148 Total employment 7,067 6,163 Management White-collar employees Blue-collar employees InPost S.A. 3 2 - Integer.pl S.A. 9 25 15 InPost Technology 23 218 - Mondial Relay SAS 10 906 1,043 InPost Sp. z o.o. 760 886 923 Locker InPost Italia Srl 18 62 - InPost UK Limited 33 76 - Integer Group Services Sp. z o.o. 176 1,228 219 Total employment 1,032 3,403 2,200 The average number of staff employed by the Group during the financial year 2023 and broken down by companies: The companies excluded from the table above had no employees during the year 2023. The employment structure of the Group is as follows (total number of employees at the period end).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-36": {
"value": "40.1. Change in the Management Board of InPost S.A. On January 15, 2024, InPost S.A. announced that Adam Aleksandrowicz has decided to step down from his role as Group Chief Financial Officer. Supervisory Board appointed Francisco Javier van Engelen Sousa as Group Chief Financial Officer, the change in InPost S.A. Management Board will be effective April 2, 2024. 40. EVENTS AFTER THE BALANCE SHEET DATE 40.2. Dissolution of Giverty Ltd in Liquidation On February 24, 2024, Group has received confirmation that Giverty Ltd has been successfully liquidated, and group lost the control of this subsidiary. Financial effect of dissolution of Giverty Ltd will be visible in 2024 Consolidated Financial Statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-35": {
"value": "39. AUDITORS\u2019 REMUNERATION Period of 12 months ended 31-12-2023 Period of 12 months ended 31-12-2022 Fees for legal audit of consolidated financial statements and annual accounts 2.9 2.8 Fees for half-year review services 0.8 0.5 Other assurance services 0.6 - Total auditor\u2019s remuneration 4.3 3.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fid-ab592f01-c54e-494e-87f2-955f7627df66": {
"value": "The Group reorganisation, which took place at the beginning of 2021, impacted the current Group\u2019s structure significantly. On January 26, 2021, the general meeting of shareholders adopted a resolution to increase the share capital to EUR 5,000,000. On January 26, 2021, AI Prime Bidco S.\u00e0 r.l., a related party of the Company, contributed 100% of the shares held respectively in Integer.pl S.A. and InPost Technology S.\u00e0 r.l. to InPost S.A. for a total amount of EUR 7,995,747,974 to cover the value of shares issued.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "fid-ab592f01-c54e-494e-87f2-955f7627df66",
"language": "en"
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},
"fid-c77ca0fe-e75f-4117-89d0-425d66d7c026": {
"value": "Translation reserve includes exchange differences from the translation of foreign operations",
"dimensions": {
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"noteId": "fid-c77ca0fe-e75f-4117-89d0-425d66d7c026",
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"fid-656e62ef-840b-4bec-8f38-e2173b8883b3": {
"value": "Other reserves include equity-settled share-based payment programme reserve",
"dimensions": {
"concept": "xbrl:note",
"noteId": "fid-656e62ef-840b-4bec-8f38-e2173b8883b3",
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}