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"fact-363": {
"value": "1.
Basis of
preparation
The accompanying consolidated
statements of the financial position as of
31 December, 2024, 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 31 December, 2024,
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).
",
"dimensions": {
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"language": "en",
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"fact-430": {
"value": "1. Basis of preparation The accompanying consolidated statements of the financial position as of 31 December, 2024, 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 31 December, 2024, 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 InPost Group as at 31 December, 2024 and of its consolidated financial performance and consolidated cash flows for the year then ended. 2.1.
General information about
InPost Group and its Parent
InPost S.A. (hereinafter \u201cthe Company\u201d)
was incorporated on 6 November,
2020; it 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 of
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 27
January, 2021, InPost S.A. shares have been
traded on Euronext Amsterdam, where the
Company has a credit rating of Ba2/BB.
As of the date of this report, the Company had no ultimate controlling shareholder. As of the date of these consolidated financial statements, the shareholders were: Company name Interest in the share capital PPF Group N.V. 28.75% A&R Investments LTD 12.49% Advent International Corporation 10.98% GIC Private Limited 5.05% Others 42.73% Total 100.00% 2.4. Authorisation of the consolidated financial statements These consolidated financial statements were authorised for issue by the Management Board on 27 March, 2025.",
"dimensions": {
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"language": "en",
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}
},
"fact-396": {
"value": "1. Basis of preparation The accompanying consolidated statements of the financial position as of 31 December, 2024, 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 31 December, 2024, 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 InPost Group as at 31 December, 2024 and of its consolidated financial performance and consolidated cash flows for the year then ended. 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 InPost Group will continue to operate as a going concern in the foreseeable future. As of 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.",
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"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-358": {
"value": "Luxembourg",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-360": {
"value": "soci\u00e9t\u00e9 anonyme",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-359": {
"value": "Luxembourg",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-364": {
"value": "70 route d\u2019Esch, L-1470 Luxembourg",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-476": {
"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.
7.
Significant accounting
judgements and estimates
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.
The summary of used judgements and
estimates with references to respective
notes is presented in the table below:
Note Title Significant estimates
Significant
judgements
15.3 Deferred tax assets Recognition of deferred tax assets
18 Goodwill Discount rates, Growth rates, Impairment,
Fair value adjustments
19 Interests in other
entities
Fair value adjustments Significant
influence
21 Intangible assets Amortisation, Impairment
22 Property, plant, and
equipment
Depreciation, Expected useful life,
Impairment
23 Leases Lease term, Discount rate, Purchase option Lease
definition
25 Trade and other
receivables
Impairment
29 Provisions and
employee benefits
Estimation of employee benefits
30 Share-based payment Exit date, Target EBITDA, Estimated outcome
of the programme (service and non-market
performance conditions)
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 \u2013 either from a courier, automated parcel machine, or collection point and at the point
of sending the parcel in case of the Newstrade goods. For uncollected parcels, revenue is recognised upon return to sender.
Typically, delivery takes place within 48 hours.
Parcels delivered can be collected by the recipient within 48 hours in the case of delivery to automated parcel machines, and within eight 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, and
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 (breakage) do not roll forward to the next month,
and, therefore, the Group recognises the breakage amount as revenue at 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 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, does 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.
In case of Newstrade goods the Group acts as an agent therefore the revenue is recognised as a net amount, after the Publisher compensation for its goods (net of cost of sales).
Group does not control the goods before they are transferred to Retailers, but facilitates the sale of goods between Publisher and the Retailers. Group performs the logistic
services (i.e. delivery services) for which it acts as principal.
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.
Fullfilment
services
All services comprised by a Fulfilment Service constitute one performance obligation due to the fact that these services are not distinct in the context of the contract and a
criterion in IFRS 15 par. 29 (a) is met i.e. Group provides a significant service of integrating the services promised in the contract into a bundle of services that represent the
combined output for which the Merchant has contracted (i.e. Group is using the services (warehousing, packaging and shipping services, returns management) as inputs to deliver
the combined output being a Fulfilment Service).
Other services
(marketing,
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.
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
reassesses unrecognised
deferred tax assets and
recognises them \u2013 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 Note 15.4.
Deferred tax assets have not been recognised in respect of the following items. In the Management\u2019s judgement, it was assessed that it is not probable that future taxable profit will be available, against which the Group will be able to use benefits therefrom . 2024 2023 Unrecognised deferred tax assets Gross amount Tax effect (domestic tax rates) Gross amount Tax effect (domestic tax rates) Tax losses carried forward (United Kingdom, Italy, and Luxembourg) 1,527.3 326.6 1,173.9 249.1 Total unrecognised deferred tax assets 1,527.3 326.6 1,173.9 249.1 Tax losses carried forward for which no deferred tax assets were recognised 2024 2023 Never expire 1,177.7 975.5 Will expire 2040 220.8 67.3 Will expire 2039 61.4 62.5 Will expire 2038 62.0 63.1 Will expire 2037 5.4 5.5 Total tax losses carried forward for which no deferred tax asset was recognised 1,527.3 1,173 . The differences in the amounts in respective years are due to tax corrections and exchange rates. 18.1.
Impairment testing
Significant accounting estimates
All inputs significant to the fair value
measurement are categorised within Level
3 of the fair value hierarchy. The calculation
of fair value less costs of disposal is most
sensitive 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).
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 the possibilities of
changes in customers\u2019 behaviour and
new market entrants.
The post-tax discount rate applied
to cash flow projections is 8.4% for
Mondial Relay and 8.7% for Menzies.
Cash flows beyond the five-year
period are extrapolated using a 2.0%
growth rate. In 2024, the discount rate
for Mondial Relay increased by 1.64
pp in comparison to 2023 as a result of a
higher market risk premium. The growth
rate beyond the budgeted five-year period
remained unchanged in comparison to
2023, representing the prudent approach of
the Management, taking into account only
nominal increase of cash flows generated
by CGU due to CPI changes .
Growth rate Change in growth rate -2.0 pp -1.0 pp +1.0 pp + 2.0 pp Growth rate for UK 2.0% - 1.0% 3.0% 4.0% Headroom 5,937.9 4,184.3 4,947.3 7,276.2 9,184.0 Growth rate for MR 2.0% - 1.0% 3.0% 4.0% Headroom 677.1 (506.9) 5.1 1,598.1 2,937.6 Impairment test \u2013 Mondial Relay and the UK The recoverable amount was based on a fair value less costs of disposal calculation, using discounted cash flow projections based on the financial budgets, adjusted for market conditions approved by senior Management covering a five-year period. The valuation is considered to be level 3 in the fair value hierarchy, due to unobservable inputs used in the valuation. As a result of the analysis, the Management UK* Mondial Relay Recoverable amount (fair value less costs of disposal) 7,151.6 3,735.6 Carrying amount of net assets of which: 1,213.7 3,058.5 Goodwill 163.6 1,356.1 Brand - 161.5 Headroom 5,937.9 677. 1 The following is a summary of the total recoverable amount and carrying amount at the end of the reporting period: Sensitivity analysis to discount rates: WACC ratio Change in WACC -2.0 pp -1.0 pp +1.0 pp + 2.0 pp WACC for UK 8.7% 6.7% 7.7% 9.7% 10.7% Headroom 5,937.9 10,005.9 7,605.8 4,716.4 3,786.5 WACC for MR 8.4% 6.4% 7.4% 9.4% 10.4% Headroom 677.1 3,440.1 1,792.8 (123.2) (721.6 ) did not identify an impairment of International Mondial Relay and Other International segment assets. 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 and UK 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
2029 (which is the final year of the Group\u2019s
financial plans) are very low, the risks were
not considered during the preparations of
the five-year financial plans. 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 at a Group 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 to external audit services, and
advisory costs related to 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 five-year plans due to the Management\u2019s
prudent approach to potential revenue/
volumes upsides.
*UK - disclosed as International Other Segment Significant judgements Significant influence As of 31 December, 2024, the Group has one material associate \u2013 Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) holding 30% of economic and voting rights (29.3% of issued shares) in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) was demerged by way of capital reduction of the Menzies Group. as described in note 6.4. As of 31 December, 2023, InPost Group held 30% interest in Menzies Distribution Group Limited together with the option to acquire further 70% of interest, and the Management concluded that InPost Group had significant influence but did not obtain a control. On 14 October, 2024, as part of the Share Purchase Agreement (\u201cSPA\u201d), Menzies Distribution Group Limited (MDG) was restructured to separate and demerge its two main trading operations into the companies: Menzies Distribution Limited (controlled by InPost Group as of 31.12.2024 see note 18.2 above) and Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). As of 31 December, 2024, the Management has concluded that InPost Group has significant influence but not outright control over Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). The Group has appointed two non- executive members out of Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) Board of Directors. Accordingly, the Group has classified Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) as an associate, which is included in these Consolidated 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 was made up of two basic components \u2013 intrinsic value and time value. 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 adjustments 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. It was determined that at the previous reporting date and at the option exercise date in October 2024 the valuation of option was approximate zero. 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. The estimated useful lives of intangibles assets for all presented periods are as follows: Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5\u201310 years Trademarks 30 years Software 2\u201310 years Customer relations 5-14 years Customer relations amortisation Depreciation should reflect the pattern in which the economic benefits embodied in the assets are consumed which might indicate diminishing depreciation to reflect the erosion of the acquired customer base. However, the Group decided to use straight line depreciation method mainly because of uncertainty about the future economic benefits that might arise several years in the future and the difficulty in distinguishing them from cash flows that have been generated by internally\u2013 generated assets of the business. The group decided to a straight\u2013line method over a shorter period so that at all points the amortised carrying amount of the asset is below the curve for the expected benefits. As long as the benefits expected to arise in the period after the customer relations are fully amortised are not expected to be significant, this method will give a reasonable approximation of the consumption of economic benefits. Impairment testing The Group assessed all not-yet-available for use, internally generated intangible assets at balance sheet date for impairment. For every open project (not- yet-available for use, 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 available resources in terms of employees, knowledge, and technology to complete it). Based on the analysis carried out, the Group has not recognised impairment on any of the intangible assets that are not- yet-available for use. Recoverability of internally generated intangible assets Due to the nature of the Group\u2019s operations, most intangible assets are developed internally, including software. The most significant internally generated intangible assets are: \u2022 Software: InPost Logistic Solution \u2013 operational software used in Poland; InPost Application for mobile phones; APM steering and monitoring software SZOP; Courier APP; PUDO software for international markets; \u2022 Development costs: Development Projects introducing Lean strategy in warehouses in PL and tools to monitor quality of operations; \u2022 Intangible assets in progress: outlays related to the implementation of new ERP system. The realisation of development projects and capitalisation of respective costs to intangible assets are subject to corporate approval. In order to approve the project for development, a comprehensive analysis is performed based on information provided by sales, logistics, marketing, and finance functions. To demonstrate whether the output will generate probable future economic benefits, the Group assesses the output of projects as a separate asset or in combination with other assets forming a cash-generating unit. Based on Management review, there is no impairment loss in intangible assets in progress . Type Period Buildings 10\u201340 years Technical equipment and machines 8\u201310 years Automated parcel machines 15 years Vehicles 5 years Other 2\u20137 years 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 of the reporting date, Group Management has recognised impairment on damaged APMs in the value of PLN 2.6 m. Significant accounting estimates Depreciation and estimating 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. The estimated useful lives of property, plant, and equipment for all presented periods are as follows: 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
Period
Land 12 months
Warehouses 12-24 months
Vehicles and trailers, including:
key providers 12 months
other 1\u20133 months
These consolidated financial statements
were prepared under the assumption that
InPost Group will continue to operate as a
going concern in the foreseeable future. As
of 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-395": {
"value": "As of the date of these consolidated
financial statements, the shareholders
were:
Company name Interest in the
share capital
PPF Group N.V. 28.75%
A&R Investments LTD 12.49%
Advent International
Corporation
10.98%
GIC Private Limited 5.05%
Others 42.73%
Total 100.00%
36.
Share
capital
Series Face value Number of shares as at 31-12-2024 Number of shares as at 31-12-2023 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. The following table presents the number and change in treasury shares: 31-12-2024 31-12-2023 Number of treasury shares at 1 January 182,500 358,044 Acquisition of treasury shares 2,800,000 - Treasury shares delivered (669,182) (175,544) Number of treasury shares at the end of the period 2,313,318 182,500 As at 31 December, 2024, InPost S.A. and its subsidiaries held 2,313,318 treasury shares, which will be used for the settlement of share-based programmes in the future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-422": {
"value": "As of the date of these consolidated financial statements, the shareholders were: Company name Interest in the share capital PPF Group N.V. 28.75% A&R Investments LTD 12.49% Advent International Corporation 10.98% GIC Private Limited 5.05% Others 42.73% Total 100.00% 36. Share capital Series Face value Number of shares as at 31-12-2024 Number of shares as at 31-12-2023 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. The following table presents the number and change in treasury shares: 31-12-2024 31-12-2023 Number of treasury shares at 1 January 182,500 358,044 Acquisition of treasury shares 2,800,000 - Treasury shares delivered (669,182) (175,544) Number of treasury shares at the end of the period 2,313,318 182,500 As at 31 December, 2024, InPost S.A. and its subsidiaries held 2,313,318 treasury shares, which will be used for the settlement of share-based programmes in the future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-361": {
"value": "2.2. Group\u2019s operations InPost Group offers complex logistic solutions, mostly for customers, in the e-commerce industry. The core business of InPost Group includes the following operating activities: delivery of parcels, fulfilment services, research and development works, internet portals, mobile apps applications, data processing, website management (hosting), and holding activities, including the management of InPost Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-477": {
"value": "2.3. Composition of the Group and interest in other entities These consolidated financial statements of InPost Group include the financial information of the Parent, which is InPost S.A., and of three direct subsidiaries and nineteen indirectly controlled subsidiaries of InPost S.A. Moreover, since 2023, the Group holds one associate, accounted for using the equity method. The list of the Group\u2019s subsidiaries and associates is presented in the table below. Company name Country Functional currency Shareholders as at 31-12-2024 Interest in the share capital as at 31-12-2024 Interest in the share capital as at 31-12-2023 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 Cyprus EUR InPost Paczkomaty Sp. z o.o. 0% 100% 8 Giverty Holding Limited Cyprus EUR InPost Paczkomaty Sp. z o.o. 0% 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% 13 M HOLDCO 1 Limited United Kingdom GBP InPost UK Limited 100% Not applicable 14 Menzies Distribution Group Limited United Kingdom GBP M HOLDCO 1 Limited 100% 30% 15 Menzies Distribution Holdings Limited United Kingdom GBP Menzies Distribution Group Limited 100% 30% 16 Menzies Distribution Limited United Kingdom GBP Menzies Distribution Holdings Limited 100% 30% 17 EM NEWS DISTRIBUTION (IRELAND) Limited Ireland EUR Menzies Distribution Limited 100% 30% 18 EM NEWS DISTRIBUTION (NI) Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 19 Menzies Parcel Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 20 Menzies Response Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 21 Jones, Yarrell & CO Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 22 TAKE ONE MEDIA Limited United Kingdom GBP Menzies Response Limited 100% 30% Associates 23 Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) United Kingdom GBP InPost UK Limited 30% Not applicable On 19 July, 2023, InPost Group acquired 30% of voting rights in Menzies Distribution Group. On 14 October, 2024, Menzies Distribution Group was reorganised and divided into M HOLDCO 1 Limited and Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). On 15 October, 2024, InPost Group acquired the remaining 70% through M HOLDCO 1 Limited and remained with 30% shares in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). More details in Note 6.4. On 24 February, 2024, Giverty Holding Limited was liquidated and removed from the register of entrepreneurs. More details in Note 6.2. On 10 September, 2024, Granatana Limited was liquidated and removed from the register of entrepreneurs. More details in Note 6.2. 5. Basis for consolidation and accounting for the investment in the associates Subsidiaries are entities controlled by the Group. 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. Changes in 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 the holding of 20% to 50% of the total number of votes in decision- making bodies. Investments in associates are accounted for using the equity method. A business combination achieved in stages (i.e. when an associate become a subsidiary) is accounted for using the acquisition method at the acquisition date as described above. The previously held interest is remeasured to fair value at the acquisition date, and a gain or loss is recognised in profit or loss. The detailed information about the investment in associates and business acquired in the reporting period is presented in Note 19 on significant judgements below. 6.4. Reorganisation and acquisition of the remaining shares in Menzies Distribution Group On 14 October, 2024, Menzies Distribution Group Limited (MDG) was restructured to separate and demerge its two main trading operations into the companies: Menzies Distribution Solutions Ltd and Menzies Distri- bution Limited. Menzies Distribution Solutions Limited (MDS) provides full load transport and warehouse services across Great Britain using its high cube vehicle fleet. Menzies Distribution Limited (MDL) is a regional new- spaper and magazine wholesaler that also provides final mile courier services to InPost UK Ltd, supporting its out-of-home delivery proposition across Great Britain. Following the demerger, MDL and its rela- ted companies were wholly owned by M HOLDCO 1 Limited; and MDS and its related companies were wholly owned by Menzies Distribution Solutions Group Limited (befo- re: M HOLDCO 2 Limited). The shareholder structure of both M HOLDCO 1 Limited and Menzies Distribution Solutions Group Limi- ted (before: M HOLDCO 2 Limited) exactly mirrors the original shareholder structure of MDG immediately prior to the demerger. The- refore, immediately following the demerger there was no change to the ultimate con- trolling party of both businesses as well as InPost Group retained 30% of shareholdings in both businesses. On 15 October, 2024, InPost Group acquired the remaining 70% of shares in Menzies Distribution Limited (described above as MDL). This means that InPost Group now fully owns Menzies Distribution Limited (100% control of Express and Newstrade operations) and exercises the control. The third segment, MDS (Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), responsible mainly for full load transport and warehousing was demerged from Menzies and is not part of the transac- tion. It will continue to be run by its existing management team, and InPost will retain a 30% shareholding in MDS. The purchase price for the remaining 70% of shares was GBP 60.4 million, and the entire amount was paid in cash. This move marks a significant step towards becoming the UK\u2019s leading out- -of-home delivery company. Combining the capabilities of both organisations will improve the satisfaction of InPost Group partners and customers, and will shape the e-commerce delivery market in the UK. For detailed infor- mation about the impact of this transaction on these consolidated financial statements please refer to Note 19. 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 2024 2023 Menzies Distribution Group Limited United Kingdom and Republic of Ireland Logistics Equity method (IAS 28) - 29.3% Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) United Kingdom and Republic of Ireland Logistics Equity method (IAS 28) 29.3% - InPost Group completed the acquisition of Menzies Distribution Group Limited (further information is provided in the Note 18.2). The transaction was described in Note 6.4. The control over M HOLDCO 1 was obtained on 15 October, 2024 nevertheless as the accounting using 30 September, 2024 as the date of obtaining control didn\u2019t result in material difference, the data for 9 months ended 30 September, 2024 were used to account for the share of the profit of associate. Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), responsible mainly for full load transport and warehousing, was demerged from Menzies and was not part of the transaction. The Group has no additional commitments or contingent liabilities relating to Menzies. No dividends were received from the associate during the year ended 31 December, 2024. The following is summarised financial information for Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), based on its preliminary consolidated financial statements, prepared in accordance with IFRS, and modified for fair value adjustments (preliminary) on acquisition of interest in associate in July 2023 and differences in the Group\u2019s accounting policies . Balance as at 31-12-2024 Non-current assets, including: 732.3 Goodwill 42.1 Current assets, including: 269.7 Cash and cash equivalents 21.3 Total assets 1,002.0 Non-current liabilities, including: 172.3 Non-current financial liabilities (excluding trade and other payables and provisions) 81.5 Current liabilities, including: 515.3 Current financial liabilities (excluding trade and other payables and provisions) 243.2 Total liabilities 687.6 Net assets 314.4 Period of 3 months ended 31-12-2024 Revenue 299.3 Operational costs, of which: (287.3) Depreciation and amortisation (26.3) Other operating income/costs (3.2) Net interest expense (4.1) Income tax expense (income) 1.6 Profit/(loss) from continuing operations 6.3 Profit/(loss) from discontinued operations - Other comprehensive income (1.4) Total comprehensive income 4.9 A reconciliation of the above summarised financial information to the carrying amount of the investment in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) is set out below: 2024 Opening balance of net assets of Menzies Distribution Group Limited 705.2 Carrying amount of the net assets allocated to Menzies Distribution Limited purchase of 70% remaining shares in M HOLDCO 1 Limited (460.0) Profit for the period of 9 months ended on 30-09-2024 22.7 Other comprehensive income for the 9 months ended on 30-09-2024 41.6 Net assets of Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) after reorganisation of Menzies Distribution Group Limited (including goodwill) 309.5 Profit for the period of 3 months ended on 31-12-2024 6.3 Other comprehensive income for the 3 months ended on 31-12-2024 (1.4) Closing balance of net assets 314.4 Proportion of ownership interests held by InPost Group 30.0% Carrying amount of the investment in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) 94.2 Allocation of goodwill between Menzies Distribution Limited (formerly M HOLDCO 1 Limited) and Menzies Distribution Services was carried out based on the present value as of June 30, 2023, of future discounted cash flows in accordance with the financial plans that formed the basis for the acquisition transaction of a 30% stake in 2023 ",
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"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-458": {
"value": "2.3. Composition of the Group and interest in other entities These consolidated financial statements of InPost Group include the financial information of the Parent, which is InPost S.A., and of three direct subsidiaries and nineteen indirectly controlled subsidiaries of InPost S.A. Moreover, since 2023, the Group holds one associate, accounted for using the equity method. The list of the Group\u2019s subsidiaries and associates is presented in the table below. Company name Country Functional currency Shareholders as at 31-12-2024 Interest in the share capital as at 31-12-2024 Interest in the share capital as at 31-12-2023 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 Cyprus EUR InPost Paczkomaty Sp. z o.o. 0% 100% 8 Giverty Holding Limited Cyprus EUR InPost Paczkomaty Sp. z o.o. 0% 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% 13 M HOLDCO 1 Limited United Kingdom GBP InPost UK Limited 100% Not applicable 14 Menzies Distribution Group Limited United Kingdom GBP M HOLDCO 1 Limited 100% 30% 15 Menzies Distribution Holdings Limited United Kingdom GBP Menzies Distribution Group Limited 100% 30% 16 Menzies Distribution Limited United Kingdom GBP Menzies Distribution Holdings Limited 100% 30% 17 EM NEWS DISTRIBUTION (IRELAND) Limited Ireland EUR Menzies Distribution Limited 100% 30% 18 EM NEWS DISTRIBUTION (NI) Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 19 Menzies Parcel Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 20 Menzies Response Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 21 Jones, Yarrell & CO Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 22 TAKE ONE MEDIA Limited United Kingdom GBP Menzies Response Limited 100% 30% Associates 23 Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) United Kingdom GBP InPost UK Limited 30% Not applicable On 19 July, 2023, InPost Group acquired 30% of voting rights in Menzies Distribution Group. On 14 October, 2024, Menzies Distribution Group was reorganised and divided into M HOLDCO 1 Limited and Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). On 15 October, 2024, InPost Group acquired the remaining 70% through M HOLDCO 1 Limited and remained with 30% shares in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). More details in Note 6.4. On 24 February, 2024, Giverty Holding Limited was liquidated and removed from the register of entrepreneurs. More details in Note 6.2. On 10 September, 2024, Granatana Limited was liquidated and removed from the register of entrepreneurs. More details in Note 6.2. 5. Basis for consolidation and accounting for the investment in the associates Subsidiaries are entities controlled by the Group. 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. Changes in 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 the holding of 20% to 50% of the total number of votes in decision- making bodies. Investments in associates are accounted for using the equity method. A business combination achieved in stages (i.e. when an associate become a subsidiary) is accounted for using the acquisition method at the acquisition date as described above. The previously held interest is remeasured to fair value at the acquisition date, and a gain or loss is recognised in profit or loss. The detailed information about the investment in associates and business acquired in the reporting period is presented in Note 19 on significant judgements below. 6.2.
Dissolution of Giverty Limited
and Granatana Limited
On 24 February, 2024, the Group received
confirmation that Giverty Limited had been
successfully liquidated, and the Group lost
control of this subsidiary.
On 10 September, 2024, the Group received
confirmation of the successful liquidation
of the second Cypriot company, namely
Granatana Limited, and the Group lost
control of this subsidiary.
6.4. Reorganisation and acquisition of the remaining shares in Menzies Distribution Group On 14 October, 2024, Menzies Distribution Group Limited (MDG) was restructured to separate and demerge its two main trading operations into the companies: Menzies Distribution Solutions Ltd and Menzies Distri- bution Limited. Menzies Distribution Solutions Limited (MDS) provides full load transport and warehouse services across Great Britain using its high cube vehicle fleet. Menzies Distribution Limited (MDL) is a regional new- spaper and magazine wholesaler that also provides final mile courier services to InPost UK Ltd, supporting its out-of-home delivery proposition across Great Britain. Following the demerger, MDL and its rela- ted companies were wholly owned by M HOLDCO 1 Limited; and MDS and its related companies were wholly owned by Menzies Distribution Solutions Group Limited (befo- re: M HOLDCO 2 Limited). The shareholder structure of both M HOLDCO 1 Limited and Menzies Distribution Solutions Group Limi- ted (before: M HOLDCO 2 Limited) exactly mirrors the original shareholder structure of MDG immediately prior to the demerger. The- refore, immediately following the demerger there was no change to the ultimate con- trolling party of both businesses as well as InPost Group retained 30% of shareholdings in both businesses. On 15 October, 2024, InPost Group acquired the remaining 70% of shares in Menzies Distribution Limited (described above as MDL). This means that InPost Group now fully owns Menzies Distribution Limited (100% control of Express and Newstrade operations) and exercises the control. The third segment, MDS (Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), responsible mainly for full load transport and warehousing was demerged from Menzies and is not part of the transac- tion. It will continue to be run by its existing management team, and InPost will retain a 30% shareholding in MDS. The purchase price for the remaining 70% of shares was GBP 60.4 million, and the entire amount was paid in cash. This move marks a significant step towards becoming the UK\u2019s leading out- -of-home delivery company. Combining the capabilities of both organisations will improve the satisfaction of InPost Group partners and customers, and will shape the e-commerce delivery market in the UK. For detailed infor- mation about the impact of this transaction on these consolidated financial statements please refer to Note 19. 18.2.
Acquisition of Menzies
Distribution Group
On 15 October, 2024, InPost Group
exercised the call option acquiring
the remaining 70% of shares and
increasing its shareholdings in
Menzies Distribution Limited to 100%.
As a result, InPost Group obtained a
control over Express and Newstrade
operations carried out by Menzies
Distribution Limited and its related
entities. The third segment, MDS
(Menzies Distribution Solutions
Group Limited (before: M HOLDCO
2 Limited)), responsible mainly for
full load transport and warehousing
was demerged from Menzies and is
not the part of the transaction. As
the result of the transaction, InPost
Group recognised PLN 6.5 m gain
on revaluation of previously owned
shares in associate. It will continue
to be run by its existing management
team and InPost will retain a 30%
shareholding in MDS .
Provisional fair values as at acquisition date Assets (+) Intangible assets of which: 336.0 Customer relationship 315.4 Software 20.6 Property, plant, and equipment 44.6 Right-of-use assets 225.0 Trade and other receivables 337.7 Other assets 90.6 Cash and cash equivalents 59.4 Liabilities (-) Provision for deferred tax 73.9 Loans and borrowings 71.7 Other financial liabilities 225.0 Current tax liabilities 2.6 Trade and other liabilities 496.6 Employee benefits and other provisions 5.1 The fair value of identified net assets 218.4 The fair value of identifiable net assets at the time of acquisition : Pre-existing 30% equity interest in Menzies Distribution Limited was remeasured to its fair value as at the acquisition date, which resulted in recognition of profit on remeasurement of previously held interest in the estimated amount of PLN 6.5 m (being PLN 132.4 m corresponding to fair value of pre-existing equity interest as at the acquisition date, PLN 8.8 m corresponding to valuation of pre-existing client relationships, PLN 1.7 m recycled OCI less PLN 136.4 m related to the carrying amount of the equity-accounted investee at the date of acquisition). Goodwill acquired through this business combination is fully allocated to the International Other segment. The goodwill is non-deductible for income tax purposes. From the date of acquisition, M HOLDCO 1 Limited contributed PLN 220.0 m to revenue and PLN 18.9 m to profit before tax from continuing operations of the Group. If the M HOLDCO 1 Limited acquisition had taken place at the beginning of the annual reporting period (1 January, 2024) InPost Group revenues and net profit would have been as follows: Goodwill recognised at the acquisition date: InPost Group \u2013 if M HOLDCO 1 Limited acquisition had completed on 1 January, 2024 Period of 12 months ended on 31-12-2024 (unaudited) Revenue 11,582.3 Operating profit 2,048.6 Net profit 1,407.5 Additional costs of acquisition (Legal, Advisory, etc.) were recognised as external services costs in the consolidated statement of profit and loss in the amount of PLN 13.4 m. Purchase consideration - cash outflow Purchase consideration paid in cash: 284.9 Cash and cash equivalents acquired (59.4) Acquisition of a subsidiary, net of cash acquired 225.5 Provisional fair values as at acquisition date Purchase consideration 289.2 Deferred payments 19.6 Purchase price of 70% shares 308.8 Value of pre-existing relationships (non-market contract) 8.8 Trade receivables from InPost Group (68.8) Acquisition price of 30% shares after revaluation 132.4 Purchase price of 100% shares 381.2 Minus: The fair value of identified net assets 218.4 The goodwill arising on the acquisition 162.8 ",
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
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}
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"fact-447": {
"value": "2.3. Composition of the Group and interest in other entities These consolidated financial statements of InPost Group include the financial information of the Parent, which is InPost S.A., and of three direct subsidiaries and nineteen indirectly controlled subsidiaries of InPost S.A. Moreover, since 2023, the Group holds one associate, accounted for using the equity method. The list of the Group\u2019s subsidiaries and associates is presented in the table below. Company name Country Functional currency Shareholders as at 31-12-2024 Interest in the share capital as at 31-12-2024 Interest in the share capital as at 31-12-2023 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 Cyprus EUR InPost Paczkomaty Sp. z o.o. 0% 100% 8 Giverty Holding Limited Cyprus EUR InPost Paczkomaty Sp. z o.o. 0% 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% 13 M HOLDCO 1 Limited United Kingdom GBP InPost UK Limited 100% Not applicable 14 Menzies Distribution Group Limited United Kingdom GBP M HOLDCO 1 Limited 100% 30% 15 Menzies Distribution Holdings Limited United Kingdom GBP Menzies Distribution Group Limited 100% 30% 16 Menzies Distribution Limited United Kingdom GBP Menzies Distribution Holdings Limited 100% 30% 17 EM NEWS DISTRIBUTION (IRELAND) Limited Ireland EUR Menzies Distribution Limited 100% 30% 18 EM NEWS DISTRIBUTION (NI) Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 19 Menzies Parcel Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 20 Menzies Response Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 21 Jones, Yarrell & CO Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 22 TAKE ONE MEDIA Limited United Kingdom GBP Menzies Response Limited 100% 30% Associates 23 Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) United Kingdom GBP InPost UK Limited 30% Not applicable 5. Basis for consolidation and accounting for the investment in the associates Subsidiaries are entities controlled by the Group. 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. Changes in 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 the holding of 20% to 50% of the total number of votes in decision- making bodies. Investments in associates are accounted for using the equity method. A business combination achieved in stages (i.e. when an associate become a subsidiary) is accounted for using the acquisition method at the acquisition date as described above. The previously held interest is remeasured to fair value at the acquisition date, and a gain or loss is recognised in profit or loss. The detailed information about the investment in associates and business acquired in the reporting period is presented in Note 19 on significant judgements below. 6.4. Reorganisation and acquisition of the remaining shares in Menzies Distribution Group On 14 October, 2024, Menzies Distribution Group Limited (MDG) was restructured to separate and demerge its two main trading operations into the companies: Menzies Distribution Solutions Ltd and Menzies Distri- bution Limited. Menzies Distribution Solutions Limited (MDS) provides full load transport and warehouse services across Great Britain using its high cube vehicle fleet. Menzies Distribution Limited (MDL) is a regional new- spaper and magazine wholesaler that also provides final mile courier services to InPost UK Ltd, supporting its out-of-home delivery proposition across Great Britain. Following the demerger, MDL and its rela- ted companies were wholly owned by M HOLDCO 1 Limited; and MDS and its related companies were wholly owned by Menzies Distribution Solutions Group Limited (befo- re: M HOLDCO 2 Limited). The shareholder structure of both M HOLDCO 1 Limited and Menzies Distribution Solutions Group Limi- ted (before: M HOLDCO 2 Limited) exactly mirrors the original shareholder structure of MDG immediately prior to the demerger. The- refore, immediately following the demerger there was no change to the ultimate con- trolling party of both businesses as well as InPost Group retained 30% of shareholdings in both businesses. On 15 October, 2024, InPost Group acquired the remaining 70% of shares in Menzies Distribution Limited (described above as MDL). This means that InPost Group now fully owns Menzies Distribution Limited (100% control of Express and Newstrade operations) and exercises the control. The third segment, MDS (Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), responsible mainly for full load transport and warehousing was demerged from Menzies and is not part of the transac- tion. It will continue to be run by its existing management team, and InPost will retain a 30% shareholding in MDS. The purchase price for the remaining 70% of shares was GBP 60.4 million, and the entire amount was paid in cash. This move marks a significant step towards becoming the UK\u2019s leading out- -of-home delivery company. Combining the capabilities of both organisations will improve the satisfaction of InPost Group partners and customers, and will shape the e-commerce delivery market in the UK. For detailed infor- mation about the impact of this transaction on these consolidated financial statements please refer to Note 19. 18.2. Acquisition of Menzies Distribution Group On 15 October, 2024, InPost Group exercised the call option acquiring the remaining 70% of shares and increasing its shareholdings in Menzies Distribution Limited to 100%. As a result, InPost Group obtained a control over Express and Newstrade operations carried out by Menzies Distribution Limited and its related entities. The third segment, MDS (Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited)), responsible mainly for full load transport and warehousing was demerged from Menzies and is not the part of the transaction. As the result of the transaction, InPost Group recognised PLN 6.5 m gain on revaluation of previously owned shares in associate. It will continue to be run by its existing management team and InPost will retain a 30% shareholding in MDS Provisional fair
values as at
acquisition date
Assets (+)
Intangible assets of which: 336.0
Customer relationship 315.4
Software 20.6
Property, plant, and
equipment
44.6
Right-of-use assets 225.0
Trade and other receivables 337.7
Other assets 90.6
Cash and cash equivalents 59.4
Liabilities (-)
Provision for deferred tax 73.9
Loans and borrowings 71.7
Other financial liabilities 225.0
Current tax liabilities 2.6
Trade and other liabilities 496.6
Employee benefits and
other provisions
5.1
The fair value of identified
net assets
218.4
The fair value of identifiable net
assets at the time of acquisition :
Pre-existing 30% equity interest in Menzies Distribution Limited was remeasured to its fair value as at the acquisition date, which resulted in recognition of profit on remeasurement of previously held interest in the estimated amount of PLN 6.5 m (being PLN 132.4 m corresponding to fair value of pre-existing equity interest as at the acquisition date, PLN 8.8 m corresponding to valuation of pre-existing client relationships, PLN 1.7 m recycled OCI less PLN 136.4 m related to the carrying amount of the equity-accounted investee at the date of acquisition). Goodwill acquired through this business combination is fully allocated to the International Other segment. The goodwill is non-deductible for income tax purposes. From the date of acquisition, M HOLDCO 1 Limited contributed PLN 220.0 m to revenue and PLN 18.9 m to profit before tax from continuing operations of the Group. If the M HOLDCO 1 Limited acquisition had taken place at the beginning of the annual reporting period (1 January, 2024) InPost Group revenues and net profit would have been as follows: Goodwill recognised at the acquisition date: InPost Group \u2013 if M HOLDCO 1 Limited acquisition had completed on 1 January, 2024 Period of 12 months ended on 31-12-2024 (unaudited) Revenue 11,582.3 Operating profit 2,048.6 Net profit 1,407.5 Additional costs of acquisition (Legal, Advisory, etc.) were recognised as external services costs in the consolidated statement of profit and loss in the amount of PLN 13.4 m. Purchase consideration - cash outflow Purchase consideration paid in cash: 284.9 Cash and cash equivalents acquired (59.4) Acquisition of a subsidiary, net of cash acquired 225.5 Provisional fair values as at acquisition date Purchase consideration 289.2 Deferred payments 19.6 Purchase price of 70% shares 308.8 Value of pre-existing relationships (non-market contract) 8.8 Trade receivables from InPost Group (68.8) Acquisition price of 30% shares after revaluation 132.4 Purchase price of 100% shares 381.2 Minus: The fair value of identified net assets 218.4 The goodwill arising on the acquisition 162.8 19. Investment in an associate Accounting policy Recognition and measurement Investment in an associate is accounted for under the equity method. On initial recognition, the investment is recognised at cost. If there is a negative difference between cost and share on investee\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 and Group\u2019s shares of other comprehensive income 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 As of 31 December, 2024, the Group has one material associate \u2013 Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) holding 30% of economic and voting rights (29.3% of issued shares) in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) was demerged by way of capital reduction of the Menzies Group. as described in note 6.4. As of 31 December, 2023, InPost Group held 30% interest in Menzies Distribution Group Limited together with the option to acquire further 70% of interest, and the Management concluded that InPost Group had significant influence but did not obtain a control. On 14 October, 2024, as part of the Share Purchase Agreement (\u201cSPA\u201d), Menzies Distribution Group Limited (MDG) was restructured to separate and demerge its two main trading operations into the companies: Menzies Distribution Limited (controlled by InPost Group as of 31.12.2024 see note 18.2 above) and Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). As of 31 December, 2024, the Management has concluded that InPost Group has significant influence but not outright control over Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). The Group has appointed two non- executive members out of Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) Board of Directors. Accordingly, the Group has classified Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) as an associate, which is included in these Consolidated 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 was made up of two basic components \u2013 intrinsic value and time value. 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 adjustments 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. It was determined that at the previous 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 2024 2023 Menzies Distribution Group Limited United Kingdom and Republic of Ireland Logistics Equity method (IAS 28) - 29.3% Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) United Kingdom and Republic of Ireland Logistics Equity method (IAS 28) 29.3% - reporting date and at the option exercise date in October 2024 the valuation of option was approximate zero. InPost Group completed the acquisition of Menzies Distribution Group Limited (further information is provided in the Note 18.2). The transaction was described in Note 6.4. The control over M HOLDCO 1 was obtained on 15 October, 2024 nevertheless as the accounting using 30 September, 2024 as the date of obtaining control didn\u2019t result in material difference, the data for 9 months ended 30 September, 2024 were used to account for the share of the profit of associate. Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), responsible mainly for full load transport and warehousing, was demerged from Menzies and was not part of the transaction. The Group has no additional commitments or contingent liabilities relating to Menzies. No dividends were received from the associate during the year ended 31 December, 2024. The following is summarised financial information for Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), based on its preliminary consolidated financial statements, prepared in accordance with IFRS, and modified for fair value adjustments (preliminary) on acquisition of interest in associate in July 2023 and differences in the Group\u2019s accounting policies . Balance as at 31-12-2024 Non-current assets, including: 732.3 Goodwill 42.1 Current assets, including: 269.7 Cash and cash equivalents 21.3 Total assets 1,002.0 Non-current liabilities, including: 172.3 Non-current financial liabilities (excluding trade and other payables and provisions) 81.5 Current liabilities, including: 515.3 Current financial liabilities (excluding trade and other payables and provisions) 243.2 Total liabilities 687.6 Net assets 314.4 Period of 3 months ended 31-12-2024 Revenue 299.3 Operational costs, of which: (287.3) Depreciation and amortisation (26.3) Other operating income/costs (3.2) Net interest expense (4.1) Income tax expense (income) 1.6 Profit/(loss) from continuing operations 6.3 Profit/(loss) from discontinued operations - Other comprehensive income (1.4) Total comprehensive income 4.9 A reconciliation of the above summarised financial information to the carrying amount of the investment in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) is set out below: 2024 Opening balance of net assets of Menzies Distribution Group Limited 705.2 Carrying amount of the net assets allocated to Menzies Distribution Limited purchase of 70% remaining shares in M HOLDCO 1 Limited (460.0) Profit for the period of 9 months ended on 30-09-2024 22.7 Other comprehensive income for the 9 months ended on 30-09-2024 41.6 Net assets of Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) after reorganisation of Menzies Distribution Group Limited (including goodwill) 309.5 Profit for the period of 3 months ended on 31-12-2024 6.3 Other comprehensive income for the 3 months ended on 31-12-2024 (1.4) Closing balance of net assets 314.4 Proportion of ownership interests held by InPost Group 30.0% Carrying amount of the investment in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) 94.2 Allocation of goodwill between Menzies Distribution Limited (formerly M HOLDCO 1 Limited) and Menzies Distribution Services was carried out based on the present value as of June 30, 2023, of future discounted cash flows in accordance with the financial plans that formed the basis for the acquisition transaction of a 30% stake in 2023 The following is summarised financial information for Menzies Distribution Group Limited as at 31.12.2023, based on its consolidated financial statements prepared in accordance with IFRS, modified for fair value adjustments (final) 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) 57 7.9 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 (42.5) Total comprehensive income (145.6) A reconciliation of the above summarised financial information to the carrying amount of the investment in Menzies Distribution Group Limited is set out below: 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 (42.5) Closing balance of net assets 705.2 Proportion of ownership interests held by the InPost Group 30.0% Carrying amount of the investment in Menzies Distribution Group Limited 211.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-465": {
"value": "Moreover, since 2023, the Group holds one associate, accounted for using the equity method. The list of the Group\u2019s subsidiaries and associates is presented in the table below. Company name Country Functional currency Shareholders as at 31-12-2024 Interest in the share capital as at 31-12-2024 Interest in the share capital as at 31-12-2023 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 Cyprus EUR InPost Paczkomaty Sp. z o.o. 0% 100% 8 Giverty Holding Limited Cyprus EUR InPost Paczkomaty Sp. z o.o. 0% 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% 13 M HOLDCO 1 Limited United Kingdom GBP InPost UK Limited 100% Not applicable 14 Menzies Distribution Group Limited United Kingdom GBP M HOLDCO 1 Limited 100% 30% 15 Menzies Distribution Holdings Limited United Kingdom GBP Menzies Distribution Group Limited 100% 30% 16 Menzies Distribution Limited United Kingdom GBP Menzies Distribution Holdings Limited 100% 30% 17 EM NEWS DISTRIBUTION (IRELAND) Limited Ireland EUR Menzies Distribution Limited 100% 30% 18 EM NEWS DISTRIBUTION (NI) Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 19 Menzies Parcel Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 20 Menzies Response Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 21 Jones, Yarrell & CO Limited United Kingdom GBP Menzies Distribution Limited 100% 30% 22 TAKE ONE MEDIA Limited United Kingdom GBP Menzies Response Limited 100% 30% Associates 23 Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) United Kingdom GBP InPost UK Limited 30% Not applicable Investments in associates are accounted for using the equity method. 19. Investment in an associate Accounting policy Recognition and measurement Investment in an associate is accounted for under the equity method. On initial recognition, the investment is recognised at cost. If there is a negative difference between cost and share on investee\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 and Group\u2019s shares of other comprehensive income 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 As of 31 December, 2024, the Group has one material associate \u2013 Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) holding 30% of economic and voting rights (29.3% of issued shares) in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) was demerged by way of capital reduction of the Menzies Group. as described in note 6.4. As of 31 December, 2023, InPost Group held 30% interest in Menzies Distribution Group Limited together with the option to acquire further 70% of interest, and the Management concluded that InPost Group had significant influence but did not obtain a control. On 14 October, 2024, as part of the Share Purchase Agreement (\u201cSPA\u201d), Menzies Distribution Group Limited (MDG) was restructured to separate and demerge its two main trading operations into the companies: Menzies Distribution Limited (controlled by InPost Group as of 31.12.2024 see note 18.2 above) and Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). As of 31 December, 2024, the Management has concluded that InPost Group has significant influence but not outright control over Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited). The Group has appointed two non- executive members out of Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) Board of Directors. Accordingly, the Group has classified Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) as an associate, which is included in these Consolidated 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 was made up of two basic components \u2013 intrinsic value and time value. 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
adjustments 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.
It was determined that at the previous
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
2024 2023
Menzies
Distribution
Group Limited
United Kingdom
and Republic of
Ireland
Logistics Equity
method
(IAS 28)
- 29.3%
Menzies
Distribution
Solutions
Group Limited
(before: M
HOLDCO 2
Limited)
United Kingdom
and Republic of
Ireland
Logistics Equity
method
(IAS 28)
29.3% -
reporting date and at the option exercise
date in October 2024 the valuation of
option was approximate zero.
InPost Group completed the acquisition of Menzies Distribution Group Limited (further information is provided in the Note 18.2). The transaction was described in Note 6.4. The control over M HOLDCO 1 was obtained on 15 October, 2024 nevertheless as the accounting using 30 September, 2024 as the date of obtaining control didn\u2019t result in material difference, the data for 9 months ended 30 September, 2024 were used to account for the share of the profit of associate. Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), responsible mainly for full load transport and warehousing, was demerged from Menzies and was not part of the transaction. The Group has no additional commitments or contingent liabilities relating to Menzies. No dividends were received from the associate during the year ended 31 December, 2024. The following is summarised financial information for Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited), based on its preliminary consolidated financial statements, prepared in accordance with IFRS, and modified for fair value adjustments (preliminary) on acquisition of interest in associate in July 2023 and differences in the Group\u2019s accounting policies Balance as at 31-12-2024 Non-current assets, including: 732.3 Goodwill 42.1 Current assets, including: 269.7 Cash and cash equivalents 21.3 Total assets 1,002.0 Non-current liabilities, including: 172.3 Non-current financial liabilities (excluding trade and other payables and provisions) 81.5 Current liabilities, including: 515.3 Current financial liabilities (excluding trade and other payables and provisions) 243.2 Total liabilities 687.6 Net assets 314.4 Period of 3 months ended 31-12-2024 Revenue 299.3 Operational costs, of which: (287.3) Depreciation and amortisation (26.3) Other operating income/costs (3.2) Net interest expense (4.1) Income tax expense (income) 1.6 Profit/(loss) from continuing operations 6.3 Profit/(loss) from discontinued operations - Other comprehensive income (1.4) Total comprehensive income 4.9 A reconciliation of the above summarised financial information to the carrying amount of the investment in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) is set out below: 2024 Opening balance of net assets of Menzies Distribution Group Limited 705.2 Carrying amount of the net assets allocated to Menzies Distribution Limited purchase of 70% remaining shares in M HOLDCO 1 Limited (460.0) Profit for the period of 9 months ended on 30-09-2024 22.7 Other comprehensive income for the 9 months ended on 30-09-2024 41.6 Net assets of Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) after reorganisation of Menzies Distribution Group Limited (including goodwill) 309.5 Profit for the period of 3 months ended on 31-12-2024 6.3 Other comprehensive income for the 3 months ended on 31-12-2024 (1.4) Closing balance of net assets 314.4 Proportion of ownership interests held by InPost Group 30.0% Carrying amount of the investment in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) 94.2 Allocation of goodwill between Menzies Distribution Limited (formerly M HOLDCO 1 Limited) and Menzies Distribution Services was carried out based on the present value as of June 30, 2023, of future discounted cash flows in accordance with the financial plans that formed the basis for the acquisition transaction of a 30% stake in 2023 . The following is summarised financial information for Menzies Distribution Group Limited as at 31.12.2023, based on its consolidated financial statements prepared in accordance with IFRS, modified for fair value adjustments (final) 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) 57 7.9 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 (42.5) Total comprehensive income (145.6) A reconciliation of the above summarised financial information to the carrying amount of the investment in Menzies Distribution Group Limited is set out below: 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 (42.5) Closing balance of net assets 705.2 Proportion of ownership interests held by the InPost Group 30.0% Carrying amount of the investment in Menzies Distribution Group Limited 211.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-423": {
"value": "Poland",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-397": {
"value": "On 19 July, 2023, InPost Group
acquired 30% of voting rights in
Menzies Distribution Group. On 14
October, 2024, Menzies Distribution
Group was reorganised and divided
into M HOLDCO 1 Limited and Menzies
Distribution Solutions Group Limited
(before: M HOLDCO 2 Limited). On 15
October, 2024, InPost Group acquired
the remaining 70% through M HOLDCO
1 Limited and remained with 30% shares
in Menzies Distribution Solutions Group
Limited (before: M HOLDCO 2 Limited).
More details in Note 6.4.
6.4.
Reorganisation and acquisition
of the remaining shares in
Menzies Distribution Group
On 14 October, 2024, Menzies Distribution
Group Limited (MDG) was restructured to
separate and demerge its two main trading
operations into the companies: Menzies
Distribution Solutions Ltd and Menzies Distri-
bution Limited. Menzies Distribution Solutions
Limited (MDS) provides full load transport
and warehouse services across Great Britain
using its high cube vehicle fleet. Menzies
Distribution Limited (MDL) is a regional new-
spaper and magazine wholesaler that also
provides final mile courier services to InPost
UK Ltd, supporting its out-of-home delivery
proposition across Great Britain.
Following the demerger, MDL and its rela-
ted companies were wholly owned by M
HOLDCO 1 Limited; and MDS and its related
companies were wholly owned by Menzies
Distribution Solutions Group Limited (befo-
re: M HOLDCO 2 Limited). The shareholder
structure of both M HOLDCO 1 Limited and
Menzies Distribution Solutions Group Limi-
ted (before: M HOLDCO 2 Limited) exactly
mirrors the original shareholder structure of
MDG immediately prior to the demerger. The-
refore, immediately following the demerger
there was no change to the ultimate con-
trolling party of both businesses as well as
InPost Group retained 30% of shareholdings
in both businesses.
On 15 October, 2024, InPost Group acquired
the remaining 70% of shares in Menzies
Distribution Limited (described above as
MDL). This means that InPost Group now
fully owns Menzies Distribution Limited
(100% control of Express and Newstrade
operations) and exercises the control. The
third segment, MDS (Menzies Distribution
Solutions Group Limited (before: M HOLDCO
2 Limited), responsible mainly for full load
transport and warehousing was demerged
from Menzies and is not part of the transac-
tion. It will continue to be run by its existing
management team, and InPost will retain
a 30% shareholding in MDS. The purchase
price for the remaining 70% of shares was
GBP 60.4 million, and the entire amount was
paid in cash. This move marks a significant
step towards becoming the UK\u2019s leading out-
-of-home delivery company. Combining the
capabilities of both organisations will improve
the satisfaction of InPost Group partners and
customers, and will shape the e-commerce
delivery market in the UK. For detailed infor-
mation about the impact of this transaction
on these consolidated financial statements
please refer to Note 19.
18. Goodwill The detail of this line item in the consolidated balance sheet, and of the changes there in the reporting period and in 2024, are as follows : 2024 2023 Opening balance, of which: 1,379.9 1,488.4 Subsidiary acquisition 162.8 - Effect of movements in exchange rates (23.0) (108.5) Closing balance, of which: 1,519.7 1,379.9 Mondial Relay SAS 1,356.1 1,379.9 Menzies Distribution Limited 163.6 - On 15 October, 2024, InPost Group completed the acquisition of 70% interest in Menzies Distribution Limited; goodwill acquired through this business combination (refer to note 18.2) is allocated to the UK segments, disclosed as International Other segment. UK Segment comprises that acquired operation of Menzies Distribution Limited and the pre-existing operation of Inpost Group on UK market as there are synergies expected in the whole operating segments from the acquisition of Menzies Distribution Limited. Goodwill raised through the acquisition of Mondial Relay is 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. 18.2. Acquisition of Menzies Distribution Group On 15 October, 2024, InPost Group exercised the call option acquiring the remaining 70% of shares and increasing its shareholdings in Menzies Distribution Limited to 100%. As a result, InPost Group obtained a control over Express and Newstrade operations carried out by Menzies Distribution Limited and its related entities. The third segment, MDS (Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited)), responsible mainly for full load transport and warehousing was demerged from Menzies and is not the part of the transaction. As the result of the transaction, InPost Group recognised PLN 6.5 m gain on revaluation of previously owned shares in associate. It will continue to be run by its existing management team and InPost will retain a 30% shareholding in MDS . Provisional fair values as at acquisition date Assets (+) Intangible assets of which: 336.0 Customer relationship 315.4 Software 20.6 Property, plant, and equipment 44.6 Right-of-use assets 225.0 Trade and other receivables 337.7 Other assets 90.6 Cash and cash equivalents 59.4 Liabilities (-) Provision for deferred tax 73.9 Loans and borrowings 71.7 Other financial liabilities 225.0 Current tax liabilities 2.6 Trade and other liabilities 496.6 Employee benefits and other provisions 5.1 The fair value of identified net assets 218.4 The fair value of identifiable net assets at the time of acquisition Pre-existing 30% equity interest in Menzies Distribution Limited was remeasured to its fair value as at the acquisition date, which resulted in recognition of profit on remeasurement of previously held interest in the estimated amount of PLN 6.5 m (being PLN 132.4 m corresponding to fair value of pre-existing equity interest as at the acquisition date, PLN 8.8 m corresponding to valuation of pre-existing client relationships, PLN 1.7 m recycled OCI less PLN 136.4 m related to the carrying amount of the equity-accounted investee at the date of acquisition). Goodwill acquired through this business combination is fully allocated to the International Other segment. The goodwill is non-deductible for income tax purposes. From the date of acquisition, M HOLDCO 1 Limited contributed PLN 220.0 m to revenue and PLN 18.9 m to profit before tax from continuing operations of the Group. If the M HOLDCO 1 Limited acquisition had taken place at the beginning of the annual reporting period (1 January, 2024) InPost Group revenues and net profit would have been as follows: Goodwill recognised at the acquisition date: InPost Group \u2013 if M HOLDCO 1 Limited
acquisition had completed on 1 January, 2024
Period of 12 months ended
on 31-12-2024 (unaudited)
Revenue 11,582.3
Operating profit 2,048.6
Net profit 1,407.5
Additional costs of acquisition (Legal, Advisory, etc.) were recognised as external
services costs in the consolidated statement of profit and loss in the amount of
PLN 13.4 m.
Purchase
consideration -
cash outflow
Purchase consideration paid in cash: 284.9
Cash and cash equivalents acquired (59.4)
Acquisition of a subsidiary, net of cash acquired 225.5
2.4.
Authorisation of the
consolidated financial
statements
These consolidated financial
statements were authorised for
issue by the Management Board on
27 March, 2025.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-424": {
"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. 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 primarily 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 to 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 48 hours. 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 certain 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 addition to delivery services, the Group generates revenue from the sale of goods (mainly APMs) and the 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 \u2013 either from a courier, automated parcel machine, or collection point and at the point of sending the parcel in case of the Newstrade goods. For uncollected parcels, revenue is recognised upon return to sender. Typically, delivery takes place within 48 hours. Parcels delivered can be collected by the recipient within 48 hours in the case of delivery to automated parcel machines, and within eight 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, and 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 (breakage) do not roll forward to the next month, and, therefore, the Group recognises the breakage amount as revenue at 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 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, does 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. In case of Newstrade goods the Group acts as an agent therefore the revenue is recognised as a net amount, after the Publisher compensation for its goods (net of cost of sales). Group does not control the goods before they are transferred to Retailers, but facilitates the sale of goods between Publisher and the Retailers. Group performs the logistic services (i.e. delivery services) for which it acts as principal. 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. Fullfilment services All services comprised by a Fulfilment Service constitute one performance obligation due to the fact that these services are not distinct in the context of the contract and a criterion in IFRS 15 par. 29 (a) is met i.e. Group provides a significant service of integrating the services promised in the contract into a bundle of services that represent the combined output for which the Merchant has contracted (i.e. Group is using the services (warehousing, packaging and shipping services, returns management) as inputs to deliver the combined output being a Fulfilment Service). Other services (marketing, 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. 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 operating
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 \u2013 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 Investment in an associate is accounted for under the equity method. On initial recognition, the investment is recognised at cost. If there is a negative difference between cost and share on investee\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 and Group\u2019s shares of other comprehensive income after the acquisition date. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. 20. Other financial assets Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower Fair value measurement
Fair value measurement is based on the
following fair value measurement hierarchy:
1. Quoted prices (unadjusted) in active
markets;
2. Inputs other than quoted prices that
are observable either directly (prices) or
indirectly (derived from quoted prices);
3. Inputs based on observable market data.
Valuation techniques used include the
use of recent arm\u2019s-length transactions,
reference to other instruments that
are substantially the same, statutory/
management reports and discounted cash
flow analysis.
Financial assets and liabilities measured
at amortised costs using the effective
interest method
A financial asset is measured at amortised
cost if both of the following conditions are
met:
1. The asset is held within a business model
whose objective is to hold assets in order to
collect contractual cash flows; and
2. The contractual terms of the financial
asset give rise on specified dates to cash
flows that are solely payments of principal
and interest on the principal amount
outstanding .
All financial liabilities are measured at
amortised cost, except for financial
liabilities at fair value through profit or
loss. Financial liabilities are recognised
initially at fair value net of transaction costs
incurred and are subsequently stated at
amortised cost. Any difference between
the proceeds (net of transaction costs) and
the redemption value is recognised in the
income statement over the period of the
financial liability using the effective interest
method.
21. 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. 22. 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, the initial value comprises all the costs of setting up the machine, which include agents\u2019 commissions for acquiring right to use the land, the costs of transporting the machine, and 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 profit or loss in 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 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 Note 23.1 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. 23.
Leases
Accounting policy
The Group mainly leases 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 they are
variable and depend on the 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) that
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.
25. 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 the cases 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 credit losses in relation to trade receivables for the majority of its customers. Individual approach For the biggest individual clients (i.e. Allegro, Vinted), the Group calculates ECLs based on the individual client\u2019s credit rating. In addition, on top of ECL calculated in the collective approach, the detailed individual monitoring and assessment of the trade receivables is performed, resulting in 100% expected credit loss allowance for the receivables: \u2022 past due for more than 1 year; \u2022 subject to a debt restructuring process; \u2022 subject to legal proceedings; \u2022 cancelled subscriptions . 26.
Cash and cash
equivalents
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.
29.
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, 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 provisions.
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 the 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. 30. 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 the expense (payroll costs), with a corresponding 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. 33. Financial instruments Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. 33.1. The fair value of financial instruments Fair value hierarchy Fair value Carrying amount 31-12-2024 31-12-2023 31-12-2024 31-12-2023 Financial assets measured at fair value through profit or loss Short-term financial assets: IRS Significant observable inputs (Level 2) 17.8 7.9 17.8 7.9 Short-term financial assets: VPPA Significant observable inputs (Level 2) 0.5 - 0.5 - Long-term financial assets: convertible loans Significant unobservable inputs (Level 3) 128.7 - 128.7 - Financial assets not measured at fair value Short-term financial assets: loans Significant observable inputs (Level 2) 58.1 - 58.1 - Financial liabilities not measured at fair value Current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 47.1 47.9 47.1 47.9 Non-current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 1,865.0 1,786.9 2,050.8 2,079.8 The fair value of the borrowings based on fixed rates and financial assets is presented in the table below: There were no transfers between Level 1 and Level 2 during 2024. 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 Long-term financial assets: convertible loans Income approach DCF method Discount rate Short-term financial assets: loans Income approach DCF method Discount rate Fixed-rate borrowing Income approach DCF method Discount rate ",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-400": {
"value": "5.
Basis for consolidation and accounting for
the investment in the associates
Subsidiaries are entities controlled by the Group. 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. Changes in 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 the holding of 20% to 50% of the total number of votes in decision- making bodies. Investments in associates are accounted for using the equity method. A business combination achieved in stages (i.e. when an associate become a subsidiary) is accounted for using the acquisition method at the acquisition date as described above. The previously held interest is remeasured to fair value at the acquisition date, and a gain or loss is recognised in profit or loss. The detailed information about the investment in associates and business acquired in the reporting period is presented in Note 19 on significant judgements below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-438": {
"value": "5. Basis for consolidation and accounting for the investment in the associates Subsidiaries are entities controlled by the Group. 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. Changes in 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 the holding of 20% to 50% of the total number of votes in decision- making bodies. Investments in associates are accounted for using the equity method. A business combination achieved in stages (i.e. when an associate become a subsidiary) is accounted for using the acquisition method at the acquisition date as described above. The previously held interest is remeasured to fair value at the acquisition date, and a gain or loss is recognised in profit or loss. The detailed information about the investment in associates and business acquired in the reporting period is presented in Note 19 on significant judgements below. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-365": {
"value": "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.
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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-399": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-478": {
"value": "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. 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. 31-12-2024 31-12-2023
Exchange rate at the reporting date \u2013 for assets and liabilities
EUR 4.2730 4.3480
GBP 5.1488 4.9997
Average exchange rate for the period \u2013 for P&L and cash flows
EUR 4.3042 4.5284
GBP 5.0960 5.2080
The following exchange rates
were used at the reporting dates:
14. Financial income and expenses Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Other finance income 12.2 4.3 Derivative instruments valuation 31.6 8.2 Total finance income 43.8 12.5 Accounting policy The Group classifies interests from liabilities, including the lease liabilities in Consolidated statement of cash flow, as cash flow from operating activities. Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Foreign exchange losses 9.3 168.0 Interest expense 366.0 369.6 Bank charges and commissions related to debt 3.0 2.4 Other financial costs 7.9 8.4 Total finance costs 386.2 548.4 Currency risk The Group is exposed to currency risks resulting from transactions in various foreign currencies, predominantly EUR and GBP. The tables below present the exposure to currency risk, and a sensitivity analysis of a reasonable possible strengthening (weakening) of foreign currencies, which would have affected the measurement of financial instruments denominated in a foreign currency and affected profit or loss by the amounts shown below. This analysis assumes 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 2024 is presented in the table below: 2024 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate +10% GBP/PLN exchange rate -10% EUR/PLN exchange rate +10% EUR/PLN exchange rate -10% Cash and cash equivalents 772.3 290.0 5.9 (5.9) 14.1 (14.1) Trade receivables and other 1,955.7 1,046.7 29.6 (29.6) 53.1 (53.1) Other financial assets 205.1 186.8 15.1 (15.1) - - Trade liabilities and other payables 1,671.9 1,082.3 (41.8) 41.8 (45.6) 45.6 Loans and borrowings 5,060.8 4,370.3 (24.4) 24.4 (329.6) 329.6 Other financial liabilities 2,695.4 2,209.2 (30.5) 30.5 (148.5) 148.5 Total 12,361.2 9,185.3 (46.1) 46.1 (456.5) 456.5 2023 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate +10% GBP/PLN exchange rate -10% EUR/PLN exchange rate +10% EUR/PLN exchange rate -10% Cash and cash equivalents 565.2 249.0 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 (7.7) 7.7 (42.9) 42.9 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 7,174.4 (22.3) 22.3 (419.3) 419.3 An analysis of sensitivity and exposure to currency risk in 2023 is presented in the table below: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"fact-366": {
"value": "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 the holding of 20% to 50%
of the total number of votes in decision-
making bodies. Investments in associates
are accounted for using the equity method.
A business combination achieved in
stages (i.e. when an associate become
a subsidiary) is accounted for using the
acquisition method at the acquisition date
as described above. The previously held
interest is remeasured to fair value at
the acquisition date, and a gain or loss is
recognised in profit or loss.
The detailed information about the
investment in associates and business
acquired in the reporting period is
presented in Note 19 on significant
judgements below.
19.
Investment
in an associate
Accounting policy
Recognition and measurement
Investment in an associate is accounted for
under the equity method.
On initial recognition, the investment is
recognised at cost. If there is a negative
difference between cost and share on
investee\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 and Group\u2019s shares of other
comprehensive income 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-431": {
"value": "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 the holding of 20% to 50% of the total number of votes in decision- making bodies. Investments in associates are accounted for using the equity method. A business combination achieved in stages (i.e. when an associate become a subsidiary) is accounted for using the acquisition method at the acquisition date as described above. The previously held interest is remeasured to fair value at the acquisition date, and a gain or loss is recognised in profit or loss. The detailed information about the investment in associates and business acquired in the reporting period is presented in Note 19 on significant judgements below. 19. Investment in an associate Accounting policy Recognition and measurement Investment in an associate is accounted for under the equity method. On initial recognition, the investment is recognised at cost. If there is a negative difference between cost and share on investee\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 and Group\u2019s shares of other comprehensive income 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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-367": {
"value": "6.1.
Changes in the Management
Board of InPost S.A.
On 15 January, 2024, InPost S.A.
announced that Adam Aleksandrowicz
had 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 the InPost S.A.
Management Board has been effective
since 2 April, 2024.
6.3. Changes in Supervisory Board of InPost S.A. On 1 July, 2024, the Supervisory Board of InPost S.A. announced that Mark Robertshaw had decided to step down from Company\u2019s Supervisory Board, effective 1 July, 2024. The Supervisory Board nominated Hein Pretorius as Chairman of the Supervisory Board 38. Related-party transactions 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. Entity\u2019s name (Key Management personnel) Transactions Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Purchases Consulting Services Marcin Pulchny - 0.5 F.H. Feniks Rafa\u0142 Brzoska 1.6 1.7 FINSTRAT Adam Aleksandrowicz 0.3 1.1 FRANCISCO VAN ENGELEN SOUSA 1.2 - Lidar Management Dariusz Lipi\u0144ski - 0.7 Total 3.1 4.0 Associates Transactions Balances Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 As a 31-12-2024 As a 31-12-2023 Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) and its subsidiaries Receivables - - 0.1 - Revenues 1.2 - - - Loan and related interest - - 58.1 - As at 31 December, 2024, outstanding balances of receivables and liabilities from related parties (Key Management personnel) amounted to nil. Transaction with the group listed above relates to linehaul services that Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) performed for the Group since acquisition of M HOLDCO 1 Limited. The Group has not 38.1. Key personnel remuneration Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Management Board, of which: 42.4 31.6 Short-term employee benefits 10.0 11.3 Share-based compensation 32.4 20.3 Executive Committee*, of which: - 6.1 Short-term employee benefits - 2.2 Share-based compensation - 3.9 Supervisory Board, of which: 2.4 2.7 Short-term employee benefits 2.4 2.7 Share-based compensation - - Total key personnel remuneration 44.8 40.4 *The Supervisory Board dissolved the Executive Committee in August 2023. 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), Restricted Stock Units (RSU), Earn-out agreement and performance bonuses. 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. recorded any other transactions and balances with related parties other than specified above",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-401": {
"value": "8.2.
Segment
information
For management purposes, the Group
presents results in four reportable
segments, divided into the following two
geographical regions:
\u2022 Segments outside Poland (International):
A. Mondial Relay segment, which includes
APM
6
business and PUDO
7
points in
France, Spain, Belgium, the Netherlands,
Luxembourg, and Portugal;
B. International Other segment, which
includes APM, PUDO and courier business
in the United Kingdom and Italy.
\u2022 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 are 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 all liabilities are not
allocated to those segments, as they too
are managed on a Group basis.
6
APM is Automated Parcel Machine
7
PUDO is Pick-Up and Drop-Off points
Selected data regarding the profit and loss statement,
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-368": {
"value": "8.2. Segment information For management purposes, the Group presents results in four reportable segments, divided into the following two geographical regions: \u2022 Segments outside Poland (International): A. Mondial Relay segment, which includes APM 6 business and PUDO 7 points in France, Spain, Belgium, the Netherlands, Luxembourg, and Portugal; B. International Other segment, which includes APM, PUDO and courier business in the United Kingdom and Italy. \u2022 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 are 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 all liabilities are not allocated to those segments, as they too are managed on a Group basis. 6 APM is Automated Parcel Machine 7 PUDO is Pick-Up and Drop-Off points Selected data regarding the profit and loss statement, broken down by reportable segments: Period of 12 months ended on 31-12-2024 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 8 3,079.5 1,487.7 4,907.8 1,445.7 133.1 (134.0) 10,919.8 10,920.7 External 3,024.7 1,445.9 4,907.8 1,445.7 95.7 - 10,919.8 10,824.1 Inter-segment 54.8 41.8 - - 37.4 (134.0) - 96.6 Other operating income 0.1 0.8 - - 24.5 - 25.4 0.9 Direct costs (2,348.6) (1,052.4) (1,727.2) (963.5) (152.9) 134.0 (6,110.6) (6,091.7) Logistic costs, of which: (2,000.9) (934.2) (1,579.4) (958.6) - 96.6 (5,376.5) (5,473.1) Inter-segment costs (41.8) (54.8) - - - 96.6 - (96.6) APM network, of which: (26.5) (40.3) (97.7) - - 37.4 (127.1) (164.5) Inter-segment costs (11.9) (25.5) - - - 37.4 - (37.4) PUDO points 9 (281.5) (43.2) (22.0) (4.9) - - (351.6) (351.6) Other direct costs (39.7) (34.7) (28.1) - (152.9) - (255.4) (102.5) Gross profit 731.0 436.1 3,180.6 482.2 4.7 - 4,834.6 4,829.9 8 The Group\u2019s revenue is recognised at the indicated point in time. 9 Commissions for handling parcels at collection and delivery points. The summary of revenues from external customers attributed to the entity's
country of domicile and to foreign countries is presented in the table below:
Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023
Poland 6,447.5 5,334.5
France 2,429.1 2,199.9
United Kingdom 1,128.7 437.5
Spain 348.5 322.7
Italy 285.2 200.1
Other European countries 280.8 349.0
Total 10,919.8 8,843.7
The summary of gross profit or loss,
operating EBITDA, and operating profit for
the segments is presented in
the table below:
Mondial Relay Other International Poland Total
Gross profit/(loss) 731.0 436.1 3,667.5 4,834.6
General costs, of which: (341.0) (297.5) (745.9) (1,384.4)
- Sales & Marketing (71.3) (46.8) (138.5) (256.6)
- Call Centre (40.2) (29.7) (64.5) (134.4)
- IT Maintenance (64.1) (12.4) (111.3) (187.8)
- Incentive programmes set up
by Shareholder
- - (15.1) (15.1)
- Incentive programmes set up by Group (5.7) (13.8) (56.9) (76.4)
- M&A costs - (35.0) - (35.0)
- Restructuring costs (61.5) (10.2) - (71.7)
- Other general costs (98.2) (149.6) (359.6) (607.4)
Operating EBITDA 390.0 138.6 2,921.6 3,450.2
Depreciation and amortisation (441.9) (167.4) (880.9) (1,490.2)
Operating profit (51.9) (28.8) 2,040.7 1,960.0
Mondial Relay Other International Poland Total
Operating EBITDA 390.0 138.6 2,921.6 3,450.2
- Incentive programmes set up
by Shareholder
- - 15.1 15.1
- Incentive programmes set up by Group 5.7 13.8 56.9 76.4
- M&A costs - 35.0 - 35.0
- Restructuring costs 61.5 10.2 - 71.7
Adjusted EBITDA 457.2 197.6 2,993.6 3,648.4
The summary of value of Property,
plant, and equipment and Intangible
assets for the segments is presented
in the table below:
The summary of operating EBITDA and
Adjusted EBITDA for the segments is
presented in the table below:
Mondial Relay Other International Poland Total
Property, plant, and equipment 2,054.3 1,337.7 3,138.7 6,530.7
- of which ROU 940.0 456.1 1,183.3 2,579.4
Intangible assets 587.5 344.4 481.7 1,413.6
Goodwill 1,356.2 163.5 - 1,519.7
Total 3,998.0 1,845.6 3,620.4 9,464.0
Selected data regarding the profit and loss statement broken down by operating segments: Period of 12 months ended on 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 10 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, of which: (1,941.0) (519.9) (1,316.2) (720.2) - 93.1 (4,404.2) (4,497.3) Inter-segment costs (35.3) (57.8) - - - 93.1 - (93.1) APM network, of which: (19.6) (26.7) (69.5) - - 16.2 (99.6) (115.8) Inter-segment costs (6.0) (10.2) - - - 16.2 - (16.2) PUDO points 11 (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 10 The Group\u2019s revenue is recognised at the indicated point in time. 11 PUDO points \u2013 commissions for handling parcels at collection and delivery points The summary of Gross profit or loss,
Operating EBITDA, and Operating profit
for the segments is presented in the table
below:
Mondial Relay Other International Poland Total
Operating EBITDA 293.2 (88.8) 2,443.5 2,647.9
- Incentive programmes set up
by Shareholder
- - 4.5 4.5
- Incentive programmes set up by Group 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
The summary of value of Property, plant,
and equipment and Intangible assets for
the segments, as at 31 December, 2023,
is presented in the table below:
The summary of Operating
EBITDA and Adjusted EBITDA
for the segments is presented
in the table below:
Mondial Relay Other International Poland Total
Gross profit/(loss) 555.5 69.6 3,037.7 3,662.8
General costs, of which: (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)
- Incentive programmes set up
by Shareholder
- - (4.5) (4.5)
- Incentive programmes set up by Group (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
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
Selected data regarding the profit and
loss statement broken down by operating
segments:
Period of 12 months ended
on 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
10
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, of which: (1,941.0) (519.9) (1,316.2) (720.2) - 93.1 (4,404.2) (4,497.3)
Inter-segment costs (35.3) (57.8) - - - 93.1 - (93.1)
APM network, of which: (19.6) (26.7) (69.5) - - 16.2 (99.6) (115.8)
Inter-segment costs (6.0) (10.2) - - - 16.2 - (16.2)
PUDO points
11
(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
10
The Group\u2019s revenue is recognised at the indicated point in time.
11
PUDO points \u2013 commissions for handling parcels at collection and delivery points .
9. Revenue Accounting policy The Group generates revenue primarily 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 to 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 48 hours. 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 certain 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 addition to delivery services, the Group generates revenue from the sale of goods (mainly APMs) and the 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 \u2013 either from a courier, automated parcel machine, or collection point and at the point of sending the parcel in case of the Newstrade goods. For uncollected parcels, revenue is recognised upon return to sender. Typically, delivery takes place within 48 hours. Parcels delivered can be collected by the recipient within 48 hours in the case of delivery to automated parcel machines, and within eight 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, and 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 (breakage) do not roll forward to the next month, and, therefore, the Group recognises the breakage amount as revenue at 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 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, does 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. In case of Newstrade goods the Group acts as an agent therefore the revenue is recognised as a net amount, after the Publisher compensation for its goods (net of cost of sales). Group does not control the goods before they are transferred to Retailers, but facilitates the sale of goods between Publisher and the Retailers. Group performs the logistic services (i.e. delivery services) for which it acts as principal. 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. Fullfilment services All services comprised by a Fulfilment Service constitute one performance obligation due to the fact that these services are not distinct in the context of the contract and a criterion in IFRS 15 par. 29 (a) is met i.e. Group provides a significant service of integrating the services promised in the contract into a bundle of services that represent the combined output for which the Merchant has contracted (i.e. Group is using the services (warehousing, packaging and shipping services, returns management) as inputs to deliver the combined output being a Fulfilment Service). Other services (marketing, 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. Revenues from courier services and out-of-
home services make up 98% of the Group\u2019s
revenues.
The table below contains information on
receivables and liabilities resulting from
contracts with customers:
Percentage of total revenue
Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Allegro Group 18.0% 18.5%
Vinted UAB 22.6% 21.9%
Others (<10% of total revenue per customer) 59.4% 59.6%
Total 100.0% 100.0%
Note 31-12-2024 31-12-2023
Receivables, included in
\u201cTrade and other receivables\u201d
25 1,692.4 1,215.3
Contract liability (prepaids) 32 21.3 18.7
Upon receipt of a prepayment from a
customer, the Group recognises a contract
liability in the amount of the prepayment
for its performance obligation to deliver
parcels in the future. The contract liability
is derecognised (and respective revenue
is recognised) as services are provided
to a customer. The settlement period for
prepaids generally does not exceed 12
months, whereas the majority are settled
within a few months; therefore, contract
liability from the opening balance is (in
principle) fully recognised as revenue in the
current year. There is insignificant revenue
from breakage amounts, as customers
generally exercise all their contractual rights
related to prepaids.
Customer concentration/Revenue from major customers
The table below presents revenue from
major customers as a percentage of total
revenue:
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-448": {
"value": "9. Revenue Accounting policy The Group generates revenue primarily 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 to 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 48 hours. 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 certain 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 addition to delivery services, the Group generates revenue from the sale of goods (mainly APMs) and the 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 \u2013 either from a courier, automated parcel machine, or collection point and at the point of sending the parcel in case of the Newstrade goods. For uncollected parcels, revenue is recognised upon return to sender. Typically, delivery takes place within 48 hours. Parcels delivered can be collected by the recipient within 48 hours in the case of delivery to automated parcel machines, and within eight 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, and 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 (breakage) do not roll forward to the next month, and, therefore, the Group recognises the breakage amount as revenue at 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 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, does 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. In case of Newstrade goods the Group acts as an agent therefore the revenue is recognised as a net amount, after the Publisher compensation for its goods (net of cost of sales). Group does not control the goods before they are transferred to Retailers, but facilitates the sale of goods between Publisher and the Retailers. Group performs the logistic services (i.e. delivery services) for which it acts as principal. 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. Fullfilment services All services comprised by a Fulfilment Service constitute one performance obligation due to the fact that these services are not distinct in the context of the contract and a criterion in IFRS 15 par. 29 (a) is met i.e. Group provides a significant service of integrating the services promised in the contract into a bundle of services that represent the combined output for which the Merchant has contracted (i.e. Group is using the services (warehousing, packaging and shipping services, returns management) as inputs to deliver the combined output being a Fulfilment Service). Other services (marketing, 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. Revenues from courier services and out-of- home services make up 98% of the Group\u2019s revenues. The table below contains information on receivables and liabilities resulting from contracts with customers: Percentage of total revenue Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Allegro Group 18.0% 18.5% Vinted UAB 22.6% 21.9% Others (<10% of total revenue per customer) 59.4% 59.6% Total 100.0% 100.0% Note 31-12-2024 31-12-2023 Receivables, included in \u201cTrade and other receivables\u201d 25 1,692.4 1,215.3 Contract liability (prepaids) 32 21.3 18.7 Upon receipt of a prepayment from a customer, the Group recognises a contract liability in the amount of the prepayment for its performance obligation to deliver parcels in the future. The contract liability is derecognised (and respective revenue is recognised) as services are provided to a customer. The settlement period for prepaids generally does not exceed 12 months, whereas the majority are settled within a few months; therefore, contract liability from the opening balance is (in principle) fully recognised as revenue in the current year. There is insignificant revenue from breakage amounts, as customers generally exercise all their contractual rights related to prepaids. Customer concentration/Revenue from major customers The table below presents revenue from major customers as a percentage of total revenue:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-402": {
"value": "9. Revenue Accounting policy The Group generates revenue primarily 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 to 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 48 hours. 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 certain 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 addition to delivery services, the Group generates revenue from the sale of goods (mainly APMs) and the 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 \u2013 either from a courier, automated parcel machine, or collection point and at the point of sending the parcel in case of the Newstrade goods. For uncollected parcels, revenue is recognised upon return to sender. Typically, delivery takes place within 48 hours. Parcels delivered can be collected by the recipient within 48 hours in the case of delivery to automated parcel machines, and within eight 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, and 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 (breakage) do not roll forward to the next month, and, therefore, the Group recognises the breakage amount as revenue at 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 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, does 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. In case of Newstrade goods the Group acts as an agent therefore the revenue is recognised as a net amount, after the Publisher compensation for its goods (net of cost of sales). Group does not control the goods before they are transferred to Retailers, but facilitates the sale of goods between Publisher and the Retailers. Group performs the logistic services (i.e. delivery services) for which it acts as principal. 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. Fullfilment services All services comprised by a Fulfilment Service constitute one performance obligation due to the fact that these services are not distinct in the context of the contract and a criterion in IFRS 15 par. 29 (a) is met i.e. Group provides a significant service of integrating the services promised in the contract into a bundle of services that represent the combined output for which the Merchant has contracted (i.e. Group is using the services (warehousing, packaging and shipping services, returns management) as inputs to deliver the combined output being a Fulfilment Service). Other services (marketing, 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-369": {
"value": "The Group offers rebates to customers
who are able to provide volumes of
parcels that exceed certain 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-470": {
"value": "Note 31-12-2024 31-12-2023 Receivables, included in \u201cTrade and other receivables\u201d 25 1,692.4 1,215.3 Contract liability (prepaids) 32 21.3 18.7 25. 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 the cases 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. Balance as at 31-12-2024 31-12-2023 Trade receivables 1,692.4 1,215.3 Other receivables 263.3 224.6 Total trade and other receivables 1,955.7 1,439.9 Trade receivables are non-interest-bearing and have an average maturity of 21 days. Receivables from Allegro and Vinted were responsible for 26.9% of the Group\u2019s trade receivables as of 31 December, 2024, and 34.4% of the Group\u2019s trade receivables for the 12 months ended 31 December, 2023. Balance as at 31-12-2024 31-12-2023 Trade receivables (gross) at amortised cost 1,815.9 1,319.8 Expected credit losses \u2013 individual approach (118.6) (100.3) Expected credit losses \u2013 collective approach (4.9) (4.2) Total trade receivables 1,692.4 1,215.3 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 credit losses in relation to trade receivables for the majority of its customers. Individual approach For the biggest individual clients (i.e. Allegro, Vinted), the Group calculates ECLs based on the individual client\u2019s credit rating. In addition, on top of ECL calculated in the collective approach, the detailed individual monitoring and assessment of the trade receivables is performed, resulting in 100% expected credit loss allowance for the receivables: \u2022 past due for more than 1 year; \u2022 subject to a debt restructuring process; \u2022 subject to legal proceedings; \u2022 cancelled subscriptions 31-12-2024 31-12-2023 Opening balance 104.5 93.5 Decrease: utilisation - - Expected/incurred credit losses recognised/(reversed) 18.7 9.6 Exchange rate difference 0.3 1.4 Closing balance 123.5 104.5 25.1. Other receivables Set out hereunder is the movement in the allowance for expected credit losses on trade receivables based on a collective approach and an individual approach: The expected credit loss (portfolio approach) is calculated as the expected gross carrying amount of the financial asset at default date multiplied by the expected credit loss rate, the product of probability of default index (PD) is calculated for each ageing bucket and loss given default (LGD) index. Expected credit loss in the cases of Allegro and Vinted (individual approach) was calculated as probability of default index (PD) calculated for each ageing bucket and loss given default (LGD) equal to 0%. Therefore, no bad debt was calculated for those two customers. 31-12-2024 Current 0\u201360 days 61\u2013365 days Total Expected credit loss rate 0.08% 0.29% 9.87% - Estimated gross carrying amount at defaul 794.9 126.1 40.0 961.0 Expected credit loss 0.6 0.4 3.9 4.9 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 or in the previous reporting period. Expected credit loss allowance based on the collective approach (excluding Allegro and Vinted): Balance as at 31-12-2024 31-12-2023 Rental deposits 5.4 2.2 Advance 1.9 2.3 Financial assets 7.3 4.5 Receivables from the State 248.5 215.1 Other 7.5 5.0 Non-financial assets 256.0 220.1 Total other receivables 263.3 224.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-425": {
"value": "10.
Depreciation
and amortisation
Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023
Depreciation of property, plant, and equipment 1,343.5 1,022.5
Amortisation of intangible assets 146.7 126.6
Total depreciation and amortisation 1,490.2 1,149.1
Assigned to direct cost 1,235.9 972.6
Assigned to general and administrative expenses 254.3 176.5
Total 1,490.2 1,149.1
Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023
Logistic services 4,589.5 3,926.8
PUDO points commissions 348.7 414.0
Marketing and Advertising 150.4 101.0
Advisory cost 297.2 179.7
Other 175.1 130.7
Total external services 5,560.9 4,752.2
Assigned to direct cost 4,938.2 4,340.8
Assigned to general and administrative expenses 622.7 411.4
Total 5,560.9 4,752.2
11.
External services
12. Employee benefit costs Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Payroll, of which: 1,167.5 821.5 Share-based payment 104.9 46.7 Social security contributions 289.9 224.8 Total employee benefit costs 1,457.4 1,046.3 Assigned to direct cost 671.8 545.9 Assigned to general and administrative expenses 785.6 500.4 Total 1,457.4 1,046.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-432": {
"value": "10. Depreciation and amortisation Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Depreciation of property, plant, and equipment 1,343.5 1,022.5 Amortisation of intangible assets 146.7 126.6 Total depreciation and amortisation 1,490.2 1,149.1 Assigned to direct cost 1,235.9 972.6 Assigned to general and administrative expenses 254.3 176.5 Total 1,490.2 1,149.1 Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Logistic services 4,589.5 3,926.8 PUDO points commissions 348.7 414.0 Marketing and Advertising 150.4 101.0 Advisory cost 297.2 179.7 Other 175.1 130.7 Total external services 5,560.9 4,752.2 Assigned to direct cost 4,938.2 4,340.8 Assigned to general and administrative expenses 622.7 411.4 Total 5,560.9 4,752.2 11. External services 12. Employee benefit costs 13. Other expenses Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Payroll, of which: 1,167.5 821.5 Share-based payment 104.9 46.7 Social security contributions 289.9 224.8 Total employee benefit costs 1,457.4 1,046.3 Assigned to direct cost 671.8 545.9 Assigned to general and administrative expenses 785.6 500.4 Total 1,457.4 1,046.3 Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Insurances 31.8 31.3 Delegations 30.7 22.3 Costs of damaged parcels 23.2 26.1 Non-taxable expenses 29.5 22.3 Total other expenses 115.2 102.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-440": {
"value": "10. Depreciation and amortisation Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Depreciation of property, plant, and equipment 1,343.5 1,022.5 Amortisation of intangible assets 146.7 126.6 Total depreciation and amortisation 1,490.2 1,149.1 Assigned to direct cost 1,235.9 972.6 Assigned to general and administrative expenses 254.3 176.5 Total 1,490.2 1,149.1 Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Logistic services 4,589.5 3,926.8 PUDO points commissions 348.7 414.0 Marketing and Advertising 150.4 101.0 Advisory cost 297.2 179.7 Other 175.1 130.7 Total external services 5,560.9 4,752.2 Assigned to direct cost 4,938.2 4,340.8 Assigned to general and administrative expenses 622.7 411.4 Total 5,560.9 4,752.2 11. External services 12. Employee benefit costs Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Payroll, of which: 1,167.5 821.5 Share-based payment 104.9 46.7 Social security contributions 289.9 224.8 Total employee benefit costs 1,457.4 1,046.3 Assigned to direct cost 671.8 545.9 Assigned to general and administrative expenses 785.6 500.4 Total 1,457.4 1,046.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-449": {
"value": "10. Depreciation and amortisation Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Depreciation of property, plant, and equipment 1,343.5 1,022.5 Amortisation of intangible assets 146.7 126.6 Total depreciation and amortisation 1,490.2 1,149.1 Assigned to direct cost 1,235.9 972.6 Assigned to general and administrative expenses 254.3 176.5 Total 1,490.2 1,149.1 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. The estimated useful lives of intangibles assets for all presented periods are as follows: Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5\u201310 years Trademarks 30 years Software 2\u201310 years Customer relations 5-14 years Customer relations amortisation Depreciation should reflect the pattern in which the economic benefits embodied in the assets are consumed which might indicate diminishing depreciation to reflect the erosion of the acquired customer base. However, the Group decided to use straight line depreciation method mainly because of uncertainty about the future economic benefits that might arise several years in the future and the difficulty in distinguishing them from cash flows that have been generated by internally\u2013 generated assets of the business. The group decided to a straight\u2013line method over a shorter period so that at all points the amortised carrying amount of the asset is below the curve for the expected benefits. As long as the benefits expected to arise in the period after the customer relations are fully amortised are not expected to be significant, this method will give a reasonable approximation of the consumption of economic benefitsCustomer relationship Brand Development costs Trademarks Software
Intangible assets in
progress Total
Cost at 01-01-2024 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5
Additions - - - - - 240.7 240.7
Subsidiary acquisition 315.4 - - - 20.1 - 335.5
Reclassification - - 0.9 0.4 322.5 (323.8) -
Disposal - - - - (52.6) (3.5) (56.1)
Effect of movements in exchange rates (10.1) (2.8) - - 0.8 (0.4) (12.5)
Cost at 31-12-2024 979.2 161.5 126.6 8.6 627.2 73.0 1,976.1
Accumulated amortisation at 01-01-2024 203.6 - 125.0 2.5 132.8 - 463.9
Amortisation for the period 90.0 - 0.2 56.5 - 146.7
Reclassification - - - - - - -
Disposal - - - - (44.3) - (44.3)
Effect of movements in exchange rates (4.0) - - - 0.2 - (3.8)
Accumulated amortisation at 31-12-2024 289.6 - 125.0 2.7 145.2 - 562.5
Impairment losses at 01-01-2024 - - 0.4 - 2.1 - 2.5
Impairment loss - - - - - - -
Disposal - - (0.4) - (2.1) - (2.5)
Effect of movements in exchange rates - - - - - - -
Impairment losses at 31-12-2024 - - - - - - -
Carrying amount at 31-12-2024 689.6 161.5 1.6 5.9 482.0 73.0 1,413.6
Customer relationship Brand Development 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
Type Period Buildings 10\u201340 years Technical equipment and machines 8\u201310 years Automated parcel machines 15 years Vehicles 5 years Other 2\u20137 years Depreciation and estimating 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. The estimated useful lives of property, plant, and equipment for all presented periods are as follows: Land and buildings
Machinery and
equipment Vehicles Other RoU
Assets under
construction
13
Total
Cost at 01-01-2024 55.9 3,745.6 23.2 45.2 3,259.8 395.5 7,525.2
Additions - - - - 1,683.6 1,161.4 2,845.0
Subsidiary acquisition 3.6 40.0 - - 225.0 - 268.6
Reclassification 27.6 1,041.4 14.7 22.5 (6.3) (1,099.9) -
Termination/disposal (0.1) (63.9) (0.4) (12.1) (106.8) - (183.3)
Effect of movements in exchange rates (0.7) 2.6 - - (12.8) (4.2) (15.1)
Cost at 31-12-2024 86.3 4,765.7 37.5 55.6 5,042.5 452.8 10,440.4
Accumulated depreciation at 01-01-2024 14.4 1,103.6 5.4 25.2 1,567.9 - 2,716.5
Depreciation for the period 12.1 326.8 5.2 9.2 990.2 - 1,343.5
Reclassification - 3.9 1.1 - (5.0) - -
Termination/disposal (0.1) (58.1) (0.3) (11.9) (82.5) - (152.9)
Modifications - - - - (3.2) - (3.2)
Effect of movements in exchange rates (0.3) - - - (4.3) - (4.6)
Accumulated depreciation at 31-12-2024 26.1 1,376.2 11.4 22.5 2,463.1 - 3,899.3
Impairment losses at 01-01-2024 - 1.6 - - 4.6 0.3 6.5
Impairment loss - 2.6 - - - - 2.6
Termination - (2.3) - - (4.6) - (6.9)
Effect of movements in exchange rates - - - - - - -
Impairment losses at 31-12-2024 - 1.9 - - - 0.3 2.2
Carrying amount at 31-12-2024 60.2 3,387.6 26.1 33.1 2,579.4 452.5 6,538.9
Land and buildings
Machinery and
equipment Vehicles Other RoU
Assets under
construction
14
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
Land and
buildings
Machinery and
equipment Vehicles Other Total
Cost at 01-01-2024 2,430.4 95.2 705.3 28.9 3,259.8
New leases 902.3 34.7 123.4 4.0 1,064.4
Modifications 171.4 (2.6) 114.2 - 283.0
Renewals: indefinite period 161.4 - 174.8 - 336.2
Subsidiary acquisition 180.8 - 44.2 - 225.0
Reclassification 9.4 (0.5) (8.2) (7.0) (6.3)
Termination of a contract (56.2) (16.4) (34.2) - (106.8)
Effect of movements in exchange rates (9.6) (1.5) (1.1) (0.6) (12.8)
Cost at 31-12-2024 3,789.9 108.9 1,118.4 25.3 5,042.5
Accumulated depreciation at 01-01-2024 1,029.6 24.3 511.2 2.8 1,567.9
Depreciation for the period 619.8 37.4 330.1 2.9 990.2
Modifications (1.7) (0.9) (0.6) - (3.2)
Reclassification - (3.9) (1.1) - (5.0)
Termination of a contract (49.0) (9.0) (24.5) - (82.5)
Effect of movements in exchange rates (3.6) (0.7) - - (4.3)
Accumulated depreciation at 31-12-2024 1,595.1 47.2 815.1 5.7 2,463.1
Impairment losses at 01-01-2024 - 4.6 - - 4.6
Termination - 4.6 - - 4.6
Impairment losses at 31-12-2024 - - - - -
Carrying amount at 31-12-2024 2,194.8 61.7 303.3 19.6 2,579.4
Land and
buildings
Machinery and
equipment
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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-370": {
"value": "12.
Employee
benefit costs
Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Payroll, of which: 1,167.5 821.5
Share-based payment 104.9 46.7
Social security
contributions
289.9 224.8
Total employee benefit
costs
1,457.4 1,046.3
Assigned to direct cost 671.8 545.9
Assigned to general and
administrative expenses
785.6 500.4
Total 1,457.4 1,046.3
29. 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, 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 provisions. 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 the 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 . 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 :
31-12-2024 31-12-2023
Discount rate 5.9% 5.2%
Future salary growth 5.6% for 2025 4.6% for 2024
2.7% for 2026 3.7% for 2025
2.5% for 2027 and beyond 2.5% for 2026 and beyond
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 remuneration for the 12 months prior to Listing (which took place in 2021) and the multiple, 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-leaver definitions and penalties apply if the person leaves the Group before the payment date. The last instalment of the plan was paid in April 2023. 31-12-2024 31-12-2023
Discount rate for
CBP programme
dated 2021
5.02% 5.18%
The table below shows the hypothetical
amounts of provisions (sensitivity analysis)
for bonuses subject to changes in key
assumptions:
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 Adjusted
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 eligible to receive the payment if still
employed at the time of payment.
For the purpose of determining the
provision for both of these employees\u2019
awards, the Group applied the projected
unit credit method. There was an
assumption that there will be no rotation of
employees eligible for the 2018 programme,
as it is based on the 2023 Poland EBITDA;
hence, all employees will receive the right
to the payout after publication of these
financial statements.
The following were the principal actuarial
assumptions at the reporting date:
31-12-2024 31-12-2023
Provision for
Cash Bonus Plan
9.9 15.2
Discount rate
-1%
- 0.2
Discount rate
-0.5%
- 0.1
Discount rate
+0.5%
- (0.1)
Discount rate
+1%
- (0.2)
Forecasted
EBITDA PLN
-100 million
- -
Forecasted
EBITDA PLN
+100 million
- -
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 holidays and bonuses Other provisions Total Balance as at 31-12-2023 7.1 35.3 93.3 6.9 142.6 Recognition/creation - 30.6 134.6 2.1 167.3 Subsidiary acquisition - - - 5.0 5.0 Utilisation - (35.3) (93.3) (6.5) (135.1) Foreign exchange rate impact - - (1.1) - (1.1) Balance as at 31-12-2024 7.1 30.6 133.5 7.5 178.731-12-2024 31-12-2023
Long-term Short-term Long-term Short-term
Post-mortem severance 0.9 0.1 0.7 0.1
Retirement benefit 6.1 - 6.3 -
Unused holiday provision
and bonuses
2.5 131.0 1.6 91.7
Performance bonuses - 20.7 - 20.1
Cash Bonus Plan 2.5 7.4 5.4 9.8
Total 12.0 159.2 14.0 121.7
Employee benefits
The table below presents a summary
of employee benefits:
The Group is not 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. ",
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"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-433": {
"value": "14. Financial income and expenses Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Other finance income 12.2 4.3 Derivative instruments valuation 31.6 8.2 Total finance income 43.8 12.5 Accounting policy The Group classifies interests from liabilities, including the lease liabilities in Consolidated statement of cash flow, as cash flow from operating activities. Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Foreign exchange losses 9.3 168.0 Interest expense 366.0 369.6 Bank charges and commissions related to debt 3.0 2.4 Other financial costs 7.9 8.4 Total finance costs 386.2 548.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-441": {
"value": "14. Financial income and expenses Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Other finance income 12.2 4.3 Derivative instruments valuation 31.6 8.2 Total finance income 43.8 12.5 Accounting policy The Group classifies interests from liabilities, including the lease liabilities in Consolidated statement of cash flow, as cash flow from operating activities. Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Foreign exchange losses 9.3 168.0 Interest expense 366.0 369.6 Bank charges and commissions related to debt 3.0 2.4 Other financial costs 7.9 8.4 Total finance costs 386.2 548.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-450": {
"value": "14. Financial income and expenses Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Other finance income 12.2 4.3 Derivative instruments valuation 31.6 8.2 Total finance income 43.8 12.5 Accounting policy The Group classifies interests from liabilities, including the lease liabilities in Consolidated statement of cash flow, as cash flow from operating activities. Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Foreign exchange losses 9.3 168.0 Interest expense 366.0 369.6 Bank charges and commissions related to debt 3.0 2.4 Other financial costs 7.9 8.4 Total finance costs 386.2 548.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-459": {
"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 operating activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-371": {
"value": "13.
Other expenses
Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Insurances 31.8 31.3
Delegations 30.7 22.3
Costs of damaged parcels 23.2 26.1
Non-taxable expenses 29.5 22.3
Total other expenses 115.2 102.0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-442": {
"value": "13. Other expenses Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Insurances 31.8 31.3 Delegations 30.7 22.3 Costs of damaged parcels 23.2 26.1 Non-taxable expenses 29.5 22.3 Total other expenses 115.2 102.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-372": {
"value": "Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Other finance income 12.2 4.3
Derivative instruments
valuation
31.6 8.2
Total finance income 43.8 12.5
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-453": {
"value": "Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Other finance income 12.2 4.3 Derivative instruments valuation 31.6 8.2 Total finance income 43.8 12.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-480": {
"value": "Accounting policy The Group classifies interests from liabilities, including the lease liabilities in Consolidated statement of cash flow, as cash flow from operating activities. Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Foreign exchange losses 9.3 168.0 Interest expense 366.0 369.6 Bank charges and commissions related to debt 3.0 2.4 Other financial costs 7.9 8.4 Total finance costs 386.2 548.4 Within 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 Note 23.1 below Land and buildings Machinery and equipment Vehicles Other RoU Assets under construction 13 Total Cost at 01-01-2024 55.9 3,745.6 23.2 45.2 3,259.8 395.5 7,525.2 Additions - - - - 1,683.6 1,161.4 2,845.0 Subsidiary acquisition 3.6 40.0 - - 225.0 - 268.6 Reclassification 27.6 1,041.4 14.7 22.5 (6.3) (1,099.9) - Termination/disposal (0.1) (63.9) (0.4) (12.1) (106.8) - (183.3) Effect of movements in exchange rates (0.7) 2.6 - - (12.8) (4.2) (15.1) Cost at 31-12-2024 86.3 4,765.7 37.5 55.6 5,042.5 452.8 10,440.4 Accumulated depreciation at 01-01-2024 14.4 1,103.6 5.4 25.2 1,567.9 - 2,716.5 Depreciation for the period 12.1 326.8 5.2 9.2 990.2 - 1,343.5 Reclassification - 3.9 1.1 - (5.0) - - Termination/disposal (0.1) (58.1) (0.3) (11.9) (82.5) - (152.9) Modifications - - - - (3.2) - (3.2) Effect of movements in exchange rates (0.3) - - - (4.3) - (4.6) Accumulated depreciation at 31-12-2024 26.1 1,376.2 11.4 22.5 2,463.1 - 3,899.3 Impairment losses at 01-01-2024 - 1.6 - - 4.6 0.3 6.5 Impairment loss - 2.6 - - - - 2.6 Termination - (2.3) - - (4.6) - (6.9) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2024 - 1.9 - - - 0.3 2.2 Carrying amount at 31-12-2024 60.2 3,387.6 26.1 33.1 2,579.4 452.5 6,538.9 In terms of Net Book Value, the most significant Property, plant, and equipment of the Group are machinery and equipment \u2013 namely, automated parcel machines; and assets under construction \u2013 that is, parts of automated parcel machines that are in the process of completion or assembly and have not yet been installed. 13 Assets under construction comprise mainly not-yet-deployed APMs and materials for the production of APMs Land and buildings Machinery and equipment Vehicles Other RoU Assets under construction 14 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 14 Assets under construction comprise mainly not-yet-deployed APMs and materials for the production of APMs 23. Leases Accounting policy The Group mainly leases 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 they are variable and depend on the 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) that 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. 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 Period Land 12 months Warehouses 12-24 months Vehicles and trailers, including: key providers 12 months other 1\u20133 months Lease term For each lease contract, the Group determines the lease term as the non- cancellable period of lease, which equals the period for which the contract was concluded, when it is reasonably certain that the Group will not exercise an option to terminate 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 for an indefinite period with a relatively 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 the 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 a 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 a 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 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 according to the nature of the underlying assets. The table below presents the weighted average discount rates applied for leases in 2024 and 2023 (at the commencement of the lease or at modification of lease term if revision of discount rate is required by IFRS16). 2024 2023 Maturity Currency Currency PLN EUR PLN EUR Up to 12 months 7.44% 4.48% 8.57% 4.92% 1\u20133 years 7.24% 4.11% 8.12% 4.99% 3\u20135 years 7.17% 3.72% 7.63% 4.70% 5\u20137 years 7.17% 3.60% 7.50% 4.61% 7\u201310 years 7.30% 3.60% 7.53% 4.60% over 10 years 7.40% 3.67% 7.40% 4.63% 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. Land and buildings Machinery and equipment Vehicles Other Total Cost at 01-01-2024 2,430.4 95.2 705.3 28.9 3,259.8 New leases 902.3 34.7 123.4 4.0 1,064.4 Modifications 171.4 (2.6) 114.2 - 283.0 Renewals: indefinite period 161.4 - 174.8 - 336.2 Subsidiary acquisition 180.8 - 44.2 - 225.0 Reclassification 9.4 (0.5) (8.2) (7.0) (6.3) Termination of a contract (56.2) (16.4) (34.2) - (106.8) Effect of movements in exchange rates (9.6) (1.5) (1.1) (0.6) (12.8) Cost at 31-12-2024 3,789.9 108.9 1,118.4 25.3 5,042.5 Accumulated depreciation at 01-01-2024 1,029.6 24.3 511.2 2.8 1,567.9 Depreciation for the period 619.8 37.4 330.1 2.9 990.2 Modifications (1.7) (0.9) (0.6) - (3.2) Reclassification - (3.9) (1.1) - (5.0) Termination of a contract (49.0) (9.0) (24.5) - (82.5) Effect of movements in exchange rates (3.6) (0.7) - - (4.3) Accumulated depreciation at 31-12-2024 1,595.1 47.2 815.1 5.7 2,463.1 Impairment losses at 01-01-2024 - 4.6 - - 4.6 Termination - 4.6 - - 4.6 Impairment losses at 31-12-2024 - - - - - Carrying amount at 31-12-2024 2,194.8 61.7 303.3 19.6 2,579.4 23.1.
Right-of-use assets
Right-of-use assets are presented in Property, plant, and equipment.
The table below presents a disaggregation of the right-of-use assets
by class of underlying asset.
Land and buildings Machinery and equipment 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 1,687.323.2.
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 28.
Balance as at 31-12-2024 31-12-2023
up to 1 year (current) 974.8 664.2
from 1 to 3 years (non-current) 1,000.6 642.4
from 3 to 5 years (non-current) 362.1 327.8
more than 5 years (non-current) 357.9 157.2
Total 2,695.4 1,791.6
As at 31 December, 2024, the Group had
five lease agreements that had not yet
commenced in 2024 but to which the Group
is committed. The future cash outflow
corresponding to those agreements is
equal to PLN 161.2 m. The payments equal
PLN 3.0 m in 2025, PLN 16.4 m in 2026, PLN
22.7 m in each year from 2027 to 2031, PLN
13.1 m in 2032, PLN 5.5 m in each year from
2033 to 2034, and PLN 4.3 m in 2035.
As at 31 December, 2023, the Group had
eight lease agreements that have not yet
commenced in 2023 but to which the Group
is committed. The future cash outflow
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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-471": {
"value": "Accounting policy The Group classifies interests from liabilities, including the lease liabilities in Consolidated statement of cash flow, as cash flow from operating activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-454": {
"value": "Accounting policy The Group classifies interests from liabilities, including the lease liabilities in Consolidated statement of cash flow, as cash flow from operating activities. Within 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 Note 23.1 below . 23. Leases Accounting policy The Group mainly leases 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 they are variable and depend on the 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) that 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. 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 Period Land 12 months Warehouses 12-24 months Vehicles and trailers, including: key providers 12 months other 1\u20133 months Lease term
For each lease contract, the Group
determines the lease term as the non-
cancellable period of lease, which equals
the period for which the contract was
concluded, when it is reasonably certain
that the Group will not exercise an option
to terminate 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
for an indefinite period with a relatively
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 the 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 a
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 a
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 :
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 according to the nature of the underlying assets. 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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-403": {
"value": "Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Foreign exchange losses 9.3 168.0
Interest expense 366.0 369.6
Bank charges and
commissions related to debt
3.0 2.4
Other financial costs 7.9 8.4
Total finance costs 386.2 548.4
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-455": {
"value": "Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Foreign exchange losses 9.3 168.0 Interest expense 366.0 369.6 Bank charges and commissions related to debt 3.0 2.4 Other financial costs 7.9 8.4 Total finance costs 386.2 548.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-426": {
"value": "Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Foreign exchange losses 9.3 168.0 Interest expense 366.0 369.6 Bank charges and commissions related to debt 3.0 2.4 Other financial costs 7.9 8.4 Total finance costs 386.2 548.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-404": {
"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. Deferred tax Deferred tax assets are recognised for unused tax losses and unused tax credits, and for deductible temporary differences \u2013 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-472": {
"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. Deferred tax Deferred tax assets are recognised for unused tax losses and unused tax credits, and for deductible temporary differences \u2013 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. 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 reassesses unrecognised deferred tax assets and recognises them \u2013 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 Note 15.4. 15.1. Income tax in profit or loss For the period of the 12 months ended 31 December, 2024, the effective tax rate for the Group was 23.6%, and, for the comparative period of the 12 months ended 31 December, 2023, the effective tax rate for the Group was 30.5%. In the year 2024, statutory tax rates for the Group\u2019s companies ranged from 19.0% in Poland and 25.0% in Great Britain to 31.4% in Italy. The Group is within the scope of the OECD / EU Pillar Two rules. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The Ultimate Parent Entity is located in Luxembourg. Pillar Two legislation was enacted in Luxembourg on 22 December 2023, and came into effect on 1 January 2024. Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Current income tax expense 370.6 287.9 Deferred income tax expense 15.0 (3.3) Income tax expense: continued operations 385.6 284.6 Current income tax expense - - Income tax expense: discontinued operations - - Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Profit (loss) before tax 1,632.8 932.0 Tax using the Group\u2019s domestic tax rate 24.9% 406.6 24.9% 232.1 Effect of tax rates in foreign jurisdictions (6.6%) (107.4) (17.5%) (163.4) Tax-exempt income (0.9%) (15.2) (0.5%) (4.8) R&D tax relief - - (0.1%) (1.2) Non-deductible expenses of which: 1.9% 30.5 7.8% 73.0 Share-based payments costs 0.7% 11.7 0.6% 5.4 Other non-deductible expenses 1.2% 18.8 7. 2% 67.5 Depreciation of acquisition cost capitalised for tax purposes - - (2.6%) (24.6) Deferred tax asset for tax losses not recognised 4.3% 70.1 18.3% 170.3 Tax adjustments related to previous years 0.2% 4.1 - - Losses from previous years to be utilised (0.1%) (1.9) - - Share of result in associate (0.1%) (2.2) 0.8% 7.7 Gain on revaluation (0.1%) (1.6) - - Other 0.2% 2.6 0.3% 3.2 Income tax expense 385.6 284.6 Effective tax rate 23.6% 30.5% Under the legislation, the Group is liable to pay a top-up tax for the difference between their Pillar Two effective tax rate per jurisdiction and the 15% minimum rate. The Group has performed an analysis of the Transitional Safe Harbour rules for the year ended 31 December 2024. The Group has concluded that all jurisdictions within the InPost Group satisfy at least one of the transitional safe harbour tests. As a result, for the year 2024, the Group is not expected to be subject to top-up tax under the rules. 15.2. Reconciliation of effective tax rate In 2024, income tax increased by 35.5% (PLN 101.0 m) from PLN 284.6 m in 2023 to PLN 385.6 m in 2024. This growth was driven by overall growth in business. In terms of effective tax rate, it decreased by 6.9 pp, from 30.5% to 23.6%; this change was caused mainly by the small effect of the valuation of PLN denominated debt in EUR on the level of InPost S.A., where valuation has no tax effect, and the overall improvement in operating results of the Other International segment. This reduced gross loss, whereas no tax benefit was recognized, which led to a lower effective tax rate in 2024. 15.3. Change in deferred tax assets and liabilities Balance as at 31-12-2024 Reconciliation of movements to profit or loss 2024 Subsidiary acquisition Balance as at 31-12-2023 Reconciliation of movements to profit or loss 2023 Deferred tax assets Impairment allowance for trade and other receivables and inventories 16.5 (0.3) - 16.2 (0.4) Provisions and accruals 65.8 (9.6) - 56.2 (6.3) Lease liabilities 250.5 (34.1) - 216.4 (3.6) Property, plant, equipment, and intangible assets 4.8 (0.1) (4.7) - 0.1 Deferred income - - - - 1.9 Interest accrued 0.2 (0.2) - - 4.5 Foreign exchange differences 5.2 0.6 - 5.8 (3.8) Other items 5.4 (2.6) - 2.8 (1.9) Tax losses carried forward 41.2 (19.1) (3.8) 18.2 11.2 Capitalised acquisition cost - 23.9 - 23.9 (23.9) Total 389.6 (41.6) (8.5) 339.5 (22.2) Net presentation (198.5) 34.1 - (164.4) 13.4 Net deferred tax assets 191.1 (7.5) (8.5) 175.1 (8.8) - to be settled within 12 months 57.1 - - 54.0 - - to be settled in more than 12 months 134.0 - - 121.1 - Deferred tax liability Property, plant, equipment, and intangible assets 348.8 36.9 79.6 232.3 104.5 Right-of-use assets 228.3 8.2 3.7 216.4 (93.1) Interest accrued 21.3 12.7 - 8.6 4.9 Other items 3.3 (1.2) - 4.5 2.6 Total 601.7 56.6 83.3 461.8 18.9 Net presentation (198.5) (34.1) - (164.4) (13.4) Net deferred tax liabilities 403.2 22.5 83.3 297.4 5.5 - to be settled within 12 months 84.7 - - 58.8 - - to be settled in more than 12 months 318.5 - - 238.6 - Net effect recognised in profit or loss 15.0 (3.3) 15.4. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following items. In the Management\u2019s judgement, it was assessed that it is not probable that future taxable profit will be available, against which the Group will be able to use benefits therefrom . 2024 2023 Unrecognised deferred tax assets Gross amount Tax effect (domestic tax rates) Gross amount Tax effect (domestic tax rates) Tax losses carried forward (United Kingdom, Italy, and Luxembourg) 1,527.3 326.6 1,173.9 249.1 Total unrecognised deferred tax assets 1,527.3 326.6 1,173.9 249.1 Tax losses carried forward for which no deferred tax assets were recognised 2024 2023 Never expire 1,177.7 975.5 Will expire 2040 220.8 67.3 Will expire 2039 61.4 62.5 Will expire 2038 62.0 63.1 Will expire 2037 5.4 5.5 Total tax losses carried forward for which no deferred tax asset was recognised 1,527.3 1,173 The differences in the amounts in respective years are due to tax corrections and exchange rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-373": {
"value": "Deferred tax
Deferred tax assets are recognised
for unused tax losses and unused tax
credits, and for deductible temporary
differences \u2013 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-405": {
"value": "15.1.
Income tax
in profit or loss
For the period of the 12 months ended
31 December, 2024, the effective tax
rate for the Group was 23.6%, and, for
the comparative period of the 12 months
ended 31 December, 2023, the effective tax
rate for the Group was 30.5%. In the year
2024, statutory tax rates for the Group\u2019s
companies ranged from 19.0% in Poland
and 25.0% in Great Britain to 31.4% in Italy.
The Group is within the scope of the OECD
/ EU Pillar Two rules. Pillar Two legislation
has been enacted or substantively
enacted in certain jurisdictions in which
the Group operates. The Ultimate Parent
Entity is located in Luxembourg. Pillar Two
legislation was enacted in Luxembourg on
22 December 2023, and came into effect on
1 January 2024.
Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Current income tax expense 370.6 287.9
Deferred income tax expense 15.0 (3.3)
Income tax expense: continued operations 385.6 284.6
Current income tax expense - -
Income tax expense: discontinued
operations
- -
Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Profit (loss) before tax 1,632.8 932.0
Tax using the Group\u2019s domestic tax rate 24.9% 406.6 24.9% 232.1
Effect of tax rates in foreign jurisdictions (6.6%) (107.4) (17.5%) (163.4)
Tax-exempt income (0.9%) (15.2) (0.5%) (4.8)
R&D tax relief - - (0.1%) (1.2)
Non-deductible expenses of which: 1.9% 30.5 7.8% 73.0
Share-based payments costs 0.7% 11.7 0.6% 5.4
Other non-deductible expenses 1.2% 18.8 7. 2% 67.5
Depreciation of acquisition cost capitalised for tax purposes - - (2.6%) (24.6)
Deferred tax asset for tax losses not recognised 4.3% 70.1 18.3% 170.3
Tax adjustments related to previous years 0.2% 4.1 - -
Losses from previous years to be utilised (0.1%) (1.9) - -
Share of result in associate (0.1%) (2.2) 0.8% 7.7
Gain on revaluation (0.1%) (1.6) - -
Other 0.2% 2.6 0.3% 3.2
Income tax expense 385.6 284.6
Effective tax rate 23.6% 30.5%
Under the legislation, the Group is liable to
pay a top-up tax for the difference between
their Pillar Two effective tax rate per
jurisdiction and the 15% minimum rate.
The Group has performed an analysis of
the Transitional Safe Harbour rules for the
year ended 31 December 2024. The Group
has concluded that all jurisdictions within
the InPost Group satisfy at least one of
the transitional safe harbour tests. As a
result, for the year 2024, the Group is not
expected to be subject to top-up tax under
the rules.
15.2.
Reconciliation
of effective tax rate
In 2024, income tax increased by 35.5%
(PLN 101.0 m) from PLN 284.6 m in 2023
to PLN 385.6 m in 2024. This growth was
driven by overall growth in business. In
terms of effective tax rate, it decreased by
6.9 pp, from 30.5% to 23.6%; this change
was caused mainly by the small effect of
the valuation of PLN denominated debt
in EUR on the level of InPost S.A., where
valuation has no tax effect, and the overall
improvement in operating results of the
Other International segment. This reduced
gross loss, whereas no tax benefit was
recognized, which led to a lower effective
tax rate in 2024.
15.3.
Change in deferred tax
assets and liabilities
Balance as at
31-12-2024
Reconciliation of movements to
profit or loss 2024
Subsidiary
acquisition
Balance as at
31-12-2023
Reconciliation of movements to
profit or loss 2023
Deferred tax assets
Impairment allowance for trade and other
receivables and inventories
16.5 (0.3) - 16.2 (0.4)
Provisions and accruals 65.8 (9.6) - 56.2 (6.3)
Lease liabilities 250.5 (34.1) - 216.4 (3.6)
Property, plant, equipment, and intangible assets 4.8 (0.1) (4.7) - 0.1
Deferred income - - - - 1.9
Interest accrued 0.2 (0.2) - - 4.5
Foreign exchange differences 5.2 0.6 - 5.8 (3.8)
Other items 5.4 (2.6) - 2.8 (1.9)
Tax losses carried forward 41.2 (19.1) (3.8) 18.2 11.2
Capitalised acquisition cost - 23.9 - 23.9 (23.9)
Total 389.6 (41.6) (8.5) 339.5 (22.2)
Net presentation (198.5) 34.1 - (164.4) 13.4
Net deferred tax assets 191.1 (7.5) (8.5) 175.1 (8.8)
- to be settled within 12 months 57.1 - - 54.0 -
- to be settled in more than 12 months 134.0 - - 121.1 -
Deferred tax liability
Property, plant, equipment, and intangible assets 348.8 36.9 79.6 232.3 104.5
Right-of-use assets 228.3 8.2 3.7 216.4 (93.1)
Interest accrued 21.3 12.7 - 8.6 4.9
Other items 3.3 (1.2) - 4.5 2.6
Total 601.7 56.6 83.3 461.8 18.9
Net presentation (198.5) (34.1) - (164.4) (13.4)
Net deferred tax liabilities 403.2 22.5 83.3 297.4 5.5
- to be settled within 12 months 84.7 - - 58.8 -
- to be settled in more than 12 months 318.5 - - 238.6 -
Net effect recognised in profit or loss 15.0 (3.3)
15.4. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following items. In the Management\u2019s judgement, it was assessed that it is not probable that future taxable profit will be available, against which the Group will be able to use benefits therefrom 2024 2023 Unrecognised deferred tax assets Gross amount Tax effect (domestic tax rates) Gross amount Tax effect (domestic tax rates) Tax losses carried forward (United Kingdom, Italy, and Luxembourg) 1,527.3 326.6 1,173.9 249.1 Total unrecognised deferred tax assets 1,527.3 326.6 1,173.9 249.1 Tax losses carried forward for which no deferred tax assets were recognised 2024 2023 Never expire 1,177.7 975.5 Will expire 2040 220.8 67.3 Will expire 2039 61.4 62.5 Will expire 2038 62.0 63.1 Will expire 2037 5.4 5.5 Total tax losses carried forward for which no deferred tax asset was recognised 1,527.3 1,173 . 9 The differences in the amounts in respective years are due to tax corrections and exchange rates.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-374": {
"value": "16. Earnings per share (EPS) Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023 Profit attributable to ordinary equity holders of the Parent: Continuing operations 1,247.2 647.4 Discontinued operations 0.1 - Profit attributable to ordinary equity holders of the Parent for basic EPS 1,247.3 647.4 Effect of dilution* - - Profit attributable to ordinary equity holders of the Parent, ad- justed for the effect of dilution 1,247.3 647.4 Total number of shares issued 500,000,000 500,000,000 Effect of own shares held (2,313,318.0) (182,500.0) Weighted average number of ordinary shares for basic EPS 12 499,574,235.9 499,741,030.0 Weighted average number of ordinary shares for diluted EPS 502,057,836 500,000,000 Basic earnings per share (in PLN) 2.50 1.30 Basic earnings per share (in PLN) \u2013 continuing operations 2.50 1.30 Basic earnings per share (in PLN) \u2013 discontinued operations - - Diluted earnings per share (in PLN) 2.48 1.29 Diluted earnings per share (in PLN) - continuing operations 2.48 1.29 Diluted earnings per share (in PLN) - discontinued operations - - The following table reflects the profit and share information used in the basic and diluted EPS calculations * Share-Based Incentives based on the general meeting resolution from 2022, until end of 2027 must be settled with
treasury shares. As of 31 December 2024, the Group assessed that both performance and continuing employment
conditions were met, thus there are shares would be issuable if the reporting date was the end of the contingency
period, thus this programme has dilutive effect.
12 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-375": {
"value": "17.
Dividends
paid and
proposed
for payment
In 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-456": {
"value": "18.
Goodwill
The detail of this line item in the
consolidated balance sheet, and of the
changes there in the reporting period and in
2024, are as follows :
2024 2023 Opening balance, of which: 1,379.9 1,488.4 Subsidiary acquisition 162.8 - Effect of movements in exchange rates (23.0) (108.5) Closing balance, of which: 1,519.7 1,379.9 Mondial Relay SAS 1,356.1 1,379.9 Menzies Distribution Limited 163.6 - On 15 October, 2024, InPost Group completed the acquisition of 70% interest in Menzies Distribution Limited; goodwill acquired through this business combination (refer to note 18.2) is allocated to the UK segments, disclosed as International Other segment. UK Segment comprises that acquired operation of Menzies Distribution Limited and the pre-existing operation of Inpost Group on UK market as there are synergies expected in the whole operating segments from the acquisition of Menzies
Distribution Limited. Goodwill raised
through the acquisition of Mondial Relay is
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.
Growth rate Change in growth rate -2.0 pp -1.0 pp +1.0 pp + 2.0 pp Growth rate for UK 2.0% - 1.0% 3.0% 4.0% Headroom 5,937.9 4,184.3 4,947.3 7,276.2 9,184.0 Growth rate for MR 2.0% - 1.0% 3.0% 4.0% Headroom 677.1 (506.9) 5.1 1,598.1 2,937.6 Impairment test \u2013 Mondial Relay and the UK The recoverable amount was based on a fair value less costs of disposal calculation, using discounted cash flow projections based on the financial budgets, adjusted for market conditions approved by senior Management covering a five-year period. The valuation is considered to be level 3 in the fair value hierarchy, due to unobservable inputs used in the valuation. As a result of the analysis, the Management UK* Mondial Relay Recoverable amount (fair value less costs of disposal) 7,151.6 3,735.6 Carrying amount of net assets of which: 1,213.7 3,058.5 Goodwill 163.6 1,356.1 Brand - 161.5 Headroom 5,937.9 677. The following is a summary of the total recoverable amount and carrying amount at the end of the reporting period: Sensitivity analysis to discount rates: WACC ratio Change in WACC -2.0 pp -1.0 pp +1.0 pp + 2.0 pp WACC for UK 8.7% 6.7% 7.7% 9.7% 10.7% Headroom 5,937.9 10,005.9 7,605.8 4,716.4 3,786.5 WACC for MR 8.4% 6.4% 7.4% 9.4% 10.4% Headroom 677.1 3,440.1 1,792.8 (123.2) (721.6 did not identify an impairment of International Mondial Relay and Other International segment assets. 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 and UK 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 2029 (which is the final year of the Group\u2019s financial plans) are very low, the risks were not considered during the preparations of the five-year financial plans. 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 at a Group 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 to external audit services, and advisory costs related to 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 five-year plans due to the Management\u2019s prudent approach to potential revenue/ volumes upsides. *UK - disclosed as International Other Segment
18.2. Acquisition of Menzies Distribution Group On 15 October, 2024, InPost Group exercised the call option acquiring the remaining 70% of shares and increasing its shareholdings in Menzies Distribution Limited to 100%. As a result, InPost Group obtained a control over Express and Newstrade operations carried out by Menzies Distribution Limited and its related entities. The third segment, MDS (Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited)), responsible mainly for full load transport and warehousing was demerged from Menzies and is not the part of the transaction. As the result of the transaction, InPost Group recognised PLN 6.5 m gain on revaluation of previously owned shares in associate. It will continue to be run by its existing management team and InPost will retain a 30% shareholding in MDS . Provisional fair values as at acquisition date Assets (+) Intangible assets of which: 336.0 Customer relationship 315.4 Software 20.6 Property, plant, and equipment 44.6 Right-of-use assets 225.0 Trade and other receivables 337.7 Other assets 90.6 Cash and cash equivalents 59.4 Liabilities (-) Provision for deferred tax 73.9 Loans and borrowings 71.7 Other financial liabilities 225.0 Current tax liabilities 2.6 Trade and other liabilities 496.6 Employee benefits and other provisions 5.1 The fair value of identified net assets 218.4 The fair value of identifiable net assets at the time of acquisition : Pre-existing 30% equity interest in Menzies Distribution Limited was remeasured to its fair value as at the acquisition date, which resulted in recognition of profit on remeasurement of previously held interest in the estimated amount of PLN 6.5 m (being PLN 132.4 m corresponding to fair value of pre-existing equity interest as at the acquisition date, PLN 8.8 m corresponding to valuation of pre-existing client relationships, PLN 1.7 m recycled OCI less PLN 136.4 m related to the carrying amount of the equity-accounted investee at the date of acquisition). Goodwill acquired through this business combination is fully allocated to the International Other segment. The goodwill is non-deductible for income tax purposes. From the date of acquisition, M HOLDCO 1 Limited contributed PLN 220.0 m to revenue and PLN 18.9 m to profit before tax from continuing operations of the Group. If the M HOLDCO 1 Limited acquisition had taken place at the beginning of the annual reporting period (1 January, 2024) InPost Group revenues and net profit would have been as follows: Goodwill recognised at the acquisition date: InPost Group \u2013 if M HOLDCO 1 Limited acquisition had completed on 1 January, 2024 Period of 12 months ended on 31-12-2024 (unaudited) Revenue 11,582.3 Operating profit 2,048.6 Net profit 1,407.5 Additional costs of acquisition (Legal, Advisory, etc.) were recognised as external services costs in the consolidated statement of profit and loss in the amount of PLN 13.4 m. Purchase consideration - cash outflow Purchase consideration paid in cash: 284.9 Cash and cash equivalents acquired (59.4) Acquisition of a subsidiary, net of cash acquired 225.5 Provisional fair values as at acquisition date Purchase consideration 289.2 Deferred payments 19.6 Purchase price of 70% shares 308.8 Value of pre-existing relationships (non-market contract) 8.8 Trade receivables from InPost Group (68.8) Acquisition price of 30% shares after revaluation 132.4 Purchase price of 100% shares 381.2 Minus: The fair value of identified net assets 218.4 The goodwill arising on the acquisition 162.8 21. 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. 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. The estimated useful lives of intangibles assets for all presented periods are as follows: Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5\u201310 years Trademarks 30 years Software 2\u201310 years Customer relations 5-14 years Customer relations amortisation Depreciation should reflect the pattern in which the economic benefits embodied in the assets are consumed which might indicate diminishing depreciation to reflect the erosion of the acquired customer base. However, the Group decided to use straight line depreciation method mainly because of uncertainty about the future economic benefits that might arise several years in the future and the difficulty in distinguishing them from cash flows that have been generated by internally\u2013 generated assets of the business. The group decided to a straight\u2013line method over a shorter period so that at all points the amortised carrying amount of the asset is below the curve for the expected benefits. As long as the benefits expected to arise in the period after the customer relations are fully amortised are not expected to be significant, this method will give a reasonable approximation of the consumption of economic benefits. Impairment testing The Group assessed all not-yet-available for use, internally generated intangible assets at balance sheet date for impairment. For every open project (not- yet-available for use, 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 available resources in terms of employees, knowledge, and technology to complete it). Based on the analysis carried out, the Group has not recognised impairment on any of the intangible assets that are not- yet-available for use. Recoverability of internally generated intangible assets Due to the nature of the Group\u2019s operations, most intangible assets are developed internally, including software. The most significant internally generated intangible assets are: \u2022 Software: InPost Logistic Solution \u2013 operational software used in Poland; InPost Application for mobile phones; APM steering and monitoring software SZOP; Courier APP; PUDO software for international markets; \u2022 Development costs: Development Projects introducing Lean strategy in warehouses in PL and tools to monitor quality of operations; \u2022 Intangible assets in progress: outlays related to the implementation of new ERP system. The realisation of development projects and capitalisation of respective costs to intangible assets are subject to corporate approval. In order to approve the project for development, a comprehensive analysis is performed based on information provided by sales, logistics, marketing, and finance functions. To demonstrate whether the output will generate probable future economic benefits, the Group assesses the output of projects as a separate asset or in combination with other assets forming a cash-generating unit. Based on Management review, there is no impairment loss in intangible assets in progress Customer relationship Brand Development costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2024 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5 Additions - - - - - 240.7 240.7 Subsidiary acquisition 315.4 - - - 20.1 - 335.5 Reclassification - - 0.9 0.4 322.5 (323.8) - Disposal - - - - (52.6) (3.5) (56.1) Effect of movements in exchange rates (10.1) (2.8) - - 0.8 (0.4) (12.5) Cost at 31-12-2024 979.2 161.5 126.6 8.6 627.2 73.0 1,976.1 Accumulated amortisation at 01-01-2024 203.6 - 125.0 2.5 132.8 - 463.9 Amortisation for the period 90.0 - 0.2 56.5 - 146.7 Reclassification - - - - - - - Disposal - - - - (44.3) - (44.3) Effect of movements in exchange rates (4.0) - - - 0.2 - (3.8) Accumulated amortisation at 31-12-2024 289.6 - 125.0 2.7 145.2 - 562.5 Impairment losses at 01-01-2024 - - 0.4 - 2.1 - 2.5 Impairment loss - - - - - - - Disposal - - (0.4) - (2.1) - (2.5) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2024 - - - - - - - Carrying amount at 31-12-2024 689.6 161.5 1.6 5.9 482.0 73.0 1,413.6 Customer relationship Brand Development 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 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-376": {
"value": "18. Goodwill The detail of this line item in the consolidated balance sheet, and of the changes there in the reporting period and in 2024, are as follows 2024 2023
Opening balance, of which: 1,379.9 1,488.4
Subsidiary acquisition 162.8 -
Effect of movements in exchange rates (23.0) (108.5)
Closing balance, of which: 1,519.7 1,379.9
Mondial Relay SAS 1,356.1 1,379.9
Menzies Distribution Limited 163.6 -
On 15 October, 2024, InPost Group
completed the acquisition of 70% interest
in Menzies Distribution Limited; goodwill
acquired through this business combination
(refer to note 18.2) is allocated to the UK
segments, disclosed as International Other
segment. UK Segment comprises that
acquired operation of Menzies Distribution
Limited and the pre-existing operation of
Inpost Group on UK market as there are
synergies expected in the whole operating
segments from the acquisition of Menzies Distribution Limited. Goodwill raised through the acquisition of Mondial Relay is 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. Pre-existing 30% equity interest in Menzies Distribution
Limited was remeasured to its fair value as at the
acquisition date, which resulted in recognition of profit
on remeasurement of previously held interest in the
estimated amount of PLN 6.5 m (being PLN 132.4 m
corresponding to fair value of pre-existing equity interest
as at the acquisition date, PLN 8.8 m corresponding to
valuation of pre-existing client relationships, PLN 1.7 m
recycled OCI less PLN 136.4 m related to the carrying
amount of the equity-accounted investee at the date of
acquisition).
Goodwill acquired through this business combination is fully allocated to the
International Other segment. The goodwill is non-deductible for income tax
purposes.
Goodwill recognised at
the acquisition date:
Provisional fair values
as at acquisition date
Purchase consideration 289.2
Deferred payments 19.6
Purchase price of 70% shares 308.8
Value of pre-existing relationships
(non-market contract)
8.8
Trade receivables from InPost Group (68.8)
Acquisition price of 30% shares
after revaluation
132.4
Purchase price of 100% shares 381.2
Minus:
The fair value of identified net assets 218.4
The goodwill arising on the
acquisition
162.8
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-406": {
"value": "18.1. Impairment testing Significant accounting estimates All inputs significant to the fair value measurement are categorised within Level 3 of the fair value hierarchy. The calculation of fair value less costs of disposal is most sensitive 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). 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 the possibilities of changes in customers\u2019 behaviour and new market entrants. 21. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-460": {
"value": "18.1. Impairment testing Significant accounting estimates All inputs significant to the fair value measurement are categorised within Level 3 of the fair value hierarchy. The calculation of fair value less costs of disposal is most sensitive 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). 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 the possibilities of changes in customers\u2019 behaviour and new market entrants. The post-tax discount rate applied to cash flow projections is 8.4% for Mondial Relay and 8.7% for Menzies. Cash flows beyond the five-year period are extrapolated using a 2.0% growth rate. In 2024, the discount rate for Mondial Relay increased by 1.64 pp in comparison to 2023 as a result of a higher market risk premium. The growth rate beyond the budgeted five-year period remained unchanged in comparison to 2023, representing the prudent approach of the Management, taking into account only nominal increase of cash flows generated by CGU due to CPI changes Growth rate
Change in growth rate
-2.0 pp -1.0 pp +1.0 pp + 2.0 pp
Growth rate for UK 2.0% - 1.0% 3.0% 4.0%
Headroom 5,937.9 4,184.3 4,947.3 7,276.2 9,184.0
Growth rate for MR 2.0% - 1.0% 3.0% 4.0%
Headroom 677.1 (506.9) 5.1 1,598.1 2,937.6
Impairment test
\u2013 Mondial Relay and the UK
The recoverable amount was based on a
fair value less costs of disposal calculation,
using discounted cash flow projections
based on the financial budgets, adjusted
for market conditions approved by
senior Management covering a five-year
period. The valuation is considered to be
level 3 in the fair value hierarchy, due to
unobservable inputs used in the valuation.
As a result of the analysis, the Management
UK* Mondial Relay
Recoverable amount
(fair value less costs of disposal)
7,151.6 3,735.6
Carrying amount of net assets of which: 1,213.7 3,058.5
Goodwill 163.6 1,356.1
Brand - 161.5
Headroom 5,937.9 677. 1
The following is a summary of the total
recoverable amount and carrying amount
at the end of the reporting period:
Sensitivity analysis to discount rates:
WACC ratio
Change in WACC
-2.0 pp -1.0 pp +1.0 pp + 2.0 pp
WACC for UK 8.7% 6.7% 7.7% 9.7% 10.7%
Headroom 5,937.9 10,005.9 7,605.8 4,716.4 3,786.5
WACC for MR 8.4% 6.4% 7.4% 9.4% 10.4%
Headroom 677.1 3,440.1 1,792.8 (123.2) (721.6 )
did not identify an impairment of
International Mondial Relay and Other
International segment assets.
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 and UK 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 2029 (which is the final year of the Group\u2019s financial plans) are very low, the risks were not considered during the preparations of the five-year financial plans. 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 at a Group 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 to external audit services, and advisory costs related to 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 five-year plans due to the Management\u2019s prudent approach to potential revenue/ volumes upsides. *UK - disclosed as International Other Segment Impairment testing The Group assessed all not-yet-available for use, internally generated intangible assets at balance sheet date for impairment. For every open project (not- yet-available for use, 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 available resources in terms of employees, knowledge, and technology to complete it). Based on the analysis carried out, the Group has not recognised impairment on any of the intangible assets that are not- yet-available for use. To demonstrate whether the output
will generate probable future economic
benefits, the Group assesses the output
of projects as a separate asset or in
combination with other assets forming
a cash-generating unit. Based on
Management review, there is no impairment
loss in intangible assets in progress .
Customer relationship Brand Development costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2024 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5 Additions - - - - - 240.7 240.7 Subsidiary acquisition 315.4 - - - 20.1 - 335.5 Reclassification - - 0.9 0.4 322.5 (323.8) - Disposal - - - - (52.6) (3.5) (56.1) Effect of movements in exchange rates (10.1) (2.8) - - 0.8 (0.4) (12.5) Cost at 31-12-2024 979.2 161.5 126.6 8.6 627.2 73.0 1,976.1 Accumulated amortisation at 01-01-2024 203.6 - 125.0 2.5 132.8 - 463.9 Amortisation for the period 90.0 - 0.2 56.5 - 146.7 Reclassification - - - - - - - Disposal - - - - (44.3) - (44.3) Effect of movements in exchange rates (4.0) - - - 0.2 - (3.8) Accumulated amortisation at 31-12-2024 289.6 - 125.0 2.7 145.2 - 562.5 Impairment losses at 01-01-2024 - - 0.4 - 2.1 - 2.5 Impairment loss - - - - - - - Disposal - - (0.4) - (2.1) - (2.5) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2024 - - - - - - - Carrying amount at 31-12-2024 689.6 161.5 1.6 5.9 482.0 73.0 1,413.6 Customer relationship Brand Development 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 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 of the reporting date, Group Management has recognised impairment on damaged APMs in the value of PLN 2.6 m. Land and buildings Machinery and equipment Vehicles Other RoU Assets under construction 13 Total Cost at 01-01-2024 55.9 3,745.6 23.2 45.2 3,259.8 395.5 7,525.2 Additions - - - - 1,683.6 1,161.4 2,845.0 Subsidiary acquisition 3.6 40.0 - - 225.0 - 268.6 Reclassification 27.6 1,041.4 14.7 22.5 (6.3) (1,099.9) - Termination/disposal (0.1) (63.9) (0.4) (12.1) (106.8) - (183.3) Effect of movements in exchange rates (0.7) 2.6 - - (12.8) (4.2) (15.1) Cost at 31-12-2024 86.3 4,765.7 37.5 55.6 5,042.5 452.8 10,440.4 Accumulated depreciation at 01-01-2024 14.4 1,103.6 5.4 25.2 1,567.9 - 2,716.5 Depreciation for the period 12.1 326.8 5.2 9.2 990.2 - 1,343.5 Reclassification - 3.9 1.1 - (5.0) - - Termination/disposal (0.1) (58.1) (0.3) (11.9) (82.5) - (152.9) Modifications - - - - (3.2) - (3.2) Effect of movements in exchange rates (0.3) - - - (4.3) - (4.6) Accumulated depreciation at 31-12-2024 26.1 1,376.2 11.4 22.5 2,463.1 - 3,899.3 Impairment losses at 01-01-2024 - 1.6 - - 4.6 0.3 6.5 Impairment loss - 2.6 - - - - 2.6 Termination - (2.3) - - (4.6) - (6.9) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2024 - 1.9 - - - 0.3 2.2 Carrying amount at 31-12-2024 60.2 3,387.6 26.1 33.1 2,579.4 452.5 6,538.9 In terms of Net Book Value, the most significant Property, plant, and equipment of the Group are machinery and equipment \u2013 namely, automated parcel machines; and assets under construction \u2013 that is, parts of automated parcel machines that are in the process of completion or assembly and have not yet been installed. 13 Assets under construction comprise mainly not-yet-deployed APMs and materials for the production of APMs . Land and buildings Machinery and equipment Vehicles Other RoU Assets under construction 14 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 14 Assets under construction comprise mainly not-yet-deployed APMs and materials for the production of APMs . Land and buildings Machinery and equipment Vehicles Other Total Cost at 01-01-2024 2,430.4 95.2 705.3 28.9 3,259.8 New leases 902.3 34.7 123.4 4.0 1,064.4 Modifications 171.4 (2.6) 114.2 - 283.0 Renewals: indefinite period 161.4 - 174.8 - 336.2 Subsidiary acquisition 180.8 - 44.2 - 225.0 Reclassification 9.4 (0.5) (8.2) (7.0) (6.3) Termination of a contract (56.2) (16.4) (34.2) - (106.8) Effect of movements in exchange rates (9.6) (1.5) (1.1) (0.6) (12.8) Cost at 31-12-2024 3,789.9 108.9 1,118.4 25.3 5,042.5 Accumulated depreciation at 01-01-2024 1,029.6 24.3 511.2 2.8 1,567.9 Depreciation for the period 619.8 37.4 330.1 2.9 990.2 Modifications (1.7) (0.9) (0.6) - (3.2) Reclassification - (3.9) (1.1) - (5.0) Termination of a contract (49.0) (9.0) (24.5) - (82.5) Effect of movements in exchange rates (3.6) (0.7) - - (4.3) Accumulated depreciation at 31-12-2024 1,595.1 47.2 815.1 5.7 2,463.1 Impairment losses at 01-01-2024 - 4.6 - - 4.6 Termination - 4.6 - - 4.6 Impairment losses at 31-12-2024 - - - - - Carrying amount at 31-12-2024 2,194.8 61.7 303.3 19.6 2,579.4 Land and buildings Machinery and equipment 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-377": {
"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 2024 2023 Menzies Distribution Group Limited United Kingdom and Republic of Ireland Logistics Equity method (IAS 28) - 29.3% Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) United Kingdom and Republic of Ireland Logistics Equity method (IAS 28) 29.3% - InPost Group completed the acquisition of
Menzies Distribution Group Limited (further
information is provided in the Note 18.2).
The transaction was described in Note 6.4.
The control over M HOLDCO 1 was
obtained on 15 October, 2024 nevertheless
as the accounting using 30 September,
2024 as the date of obtaining control didn\u2019t
result in material difference, the data for 9
months ended 30 September, 2024 were
used to account for the share of the profit
of associate.
Menzies Distribution Solutions Group
Limited (before: M HOLDCO 2 Limited),
responsible mainly for full load transport
and warehousing, was demerged
from Menzies and was not part of the
transaction.
The Group has no additional commitments
or contingent liabilities relating to Menzies.
No dividends were received from the
associate during the year ended 31
December, 2024.
The following is summarised financial
information for Menzies Distribution
Solutions Group Limited (before: M
HOLDCO 2 Limited), based on its
preliminary consolidated financial
statements, prepared in accordance
with IFRS, and modified for fair value
adjustments (preliminary) on acquisition
of interest in associate in July 2023 and
differences in the Group\u2019s accounting
policies .
Balance as at 31-12-2024
Non-current assets, including: 732.3
Goodwill 42.1
Current assets, including: 269.7
Cash and cash equivalents 21.3
Total assets 1,002.0
Non-current liabilities, including: 172.3
Non-current financial liabilities
(excluding trade and other payables and provisions)
81.5
Current liabilities, including: 515.3
Current financial liabilities
(excluding trade and other payables and provisions)
243.2
Total liabilities 687.6
Net assets 314.4
Period of 3 months ended 31-12-2024 Revenue 299.3 Operational costs, of which: (287.3) Depreciation and amortisation (26.3) Other operating income/costs (3.2) Net interest expense (4.1) Income tax expense (income) 1.6 Profit/(loss) from continuing operations 6.3 Profit/(loss) from discontinued operations - Other comprehensive income (1.4) Total comprehensive income 4.9 A reconciliation of the above summarised financial information to the carrying amount of the investment in Menzies Distribution Solutions Group Limited (before: M HOLDCO 2 Limited) is set out below: 2024
Opening balance of net assets of Menzies Distribution Group Limited 705.2
Carrying amount of the net assets allocated to Menzies Distribution
Limited purchase of 70% remaining shares in M HOLDCO 1 Limited
(460.0)
Profit for the period of 9 months ended on 30-09-2024 22.7
Other comprehensive income for the 9 months ended on 30-09-2024 41.6
Net assets of Menzies Distribution Solutions Group Limited (before:
M HOLDCO 2 Limited) after reorganisation of Menzies Distribution
Group Limited (including goodwill)
309.5
Profit for the period of 3 months ended on 31-12-2024 6.3
Other comprehensive income for the 3 months ended on 31-12-2024 (1.4)
Closing balance of net assets 314.4
Proportion of ownership interests held by InPost Group 30.0%
Carrying amount of the investment in Menzies Distribution Solutions
Group Limited (before: M HOLDCO 2 Limited)
94.2
Allocation of goodwill
between Menzies
Distribution Limited
(formerly M HOLDCO 1
Limited) and Menzies
Distribution Services
was carried out based
on the present value
as of June 30, 2023, of
future discounted cash
flows in accordance
with the financial plans
that formed the basis
for the acquisition
transaction of a 30%
stake in 2023 .
The following is summarised financial
information for Menzies Distribution Group
Limited as at 31.12.2023, based on its
consolidated financial statements prepared
in accordance with IFRS, modified for fair
value adjustments (final) 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)
57 7.9
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 (42.5)
Total comprehensive income (145.6)
A reconciliation of the
above summarised financial
information to the carrying
amount of the investment in
Menzies Distribution Group
Limited is set out below:
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 (42.5)
Closing balance of net assets 705.2
Proportion of ownership interests held by the InPost Group 30.0%
Carrying amount of the investment in Menzies Distribution
Group Limited
211.5
",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-443": {
"value": "20.
Other financial
assets
Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower . Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. Financial assets and liabilities measured at amortised costs using the effective interest method A financial asset is measured at amortised cost if both of the following conditions are met: 1. The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and 2. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding . 25. 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 the cases 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 credit losses in relation to trade receivables for the majority of its customers. Individual approach For the biggest individual clients (i.e. Allegro, Vinted), the Group calculates ECLs based on the individual client\u2019s credit rating. In addition, on top of ECL calculated in the collective approach, the detailed individual monitoring and assessment of the trade receivables is performed, resulting in 100% expected credit loss allowance for the receivables: \u2022 past due for more than 1 year; \u2022 subject to a debt restructuring process; \u2022 subject to legal proceedings; \u2022 cancelled subscriptions . Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. 33.1. The fair value of financial instruments ",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-466": {
"value": "20. Other financial assets Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower . Long term financial assets Short term financial assets Convertible loans valued through P&L Interest bearing loans valued at amortised cost Financial instruments valued through P&L Amount at the beginning of period - - 7.9 Proceeds from financial instruments - - (21.2) Loans granted 127.6 - - Total changes from financing cash flows 127.6 - (21.2) Subsidiary acquisition - 57.8 - Valuation at FVPL - - 31.6 Interest income - 0.1 - Effect of changes in foreign exchange rates 1.1 0.2 (0.5) Non cash movements 1.1 58.1 31.1 Amount at the end of the period 128.7 58.1 17.8 At 31 December, 2024, convertible loans valued through P&L related to loans granted by the Group to Judge Logistics Limited (owner of courier brand Yodel), loans are due in July 2029 (5 years). Loans are convertible to Judge Logistics Limited shares (starting from 1 May, 2025), which will represent 45% of total borrower equity. Loans are non-interest bearing. Management has assessed the terms and conditions of the convertible loan and concluded that it does not give a significant influence. Group used third level of hierarchy of Fair Value for valuation of this loan. At 31 December, 2024, Interest bearing loans valued at amortised cost consist of Loans between Menzies Distribution Limited (acquired under M HOLDCO 1 by InPost Group in October 2024) and Menzies Distribution Solutions Limited which after restructuring of Menzies Group described in disclosure 6.4 weren\u2019t acquired by the Group. Loans are repaid on repayment of Loans acquired with Menzies to Royal Bank of Scotland, Loans will be repaid fully until July 2025. At 31 December, 2024, financial instruments valued at FVPL consist of Interest Rate Swap agreement with PNB Paribas and Virtual Power Purchase agreement with Polenergia. Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. Financial assets and liabilities measured at amortised costs using the effective interest method A financial asset is measured at amortised cost if both of the following conditions are met: 1. The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and 2. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding All financial liabilities are measured at amortised cost, except for financial liabilities at fair value through profit or loss. Financial liabilities are recognised initially at fair value net of transaction costs incurred and are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the financial liability using the effective interest method. Balance as at 31-12-2024 31-12-2023 Trade receivables 1,692.4 1,215.3 Other receivables 263.3 224.6 Total trade and other receivables 1,955.7 1,439.9 Trade receivables are non-interest-bearing and have an average maturity of 21 days. Receivables from Allegro and Vinted were responsible for 26.9% of the Group\u2019s trade receivables as of 31 December, 2024, and 34.4% of the Group\u2019s trade receivables for the 12 months ended 31 December, 2023. Balance as at 31-12-2024 31-12-2023 Trade receivables (gross) at amortised cost 1,815.9 1,319.8 Expected credit losses \u2013 individual approach (118.6) (100.3) Expected credit losses \u2013 collective approach (4.9) (4.2) Total trade receivables 1,692.4 1,215.3 31-12-2024 31-12-2023 Opening balance 104.5 93.5 Decrease: utilisation - - Expected/incurred credit losses recognised/(reversed) 18.7 9.6 Exchange rate difference 0.3 1.4 Closing balance 123.5 104.5 Set out hereunder is the movement in the allowance for expected credit losses on trade receivables based on a collective approach and an individual approach: The expected credit loss (portfolio approach) is calculated as the expected gross carrying amount of the financial asset at default date multiplied by the expected credit loss rate, the product of probability of default index (PD) is calculated for each ageing bucket and loss given default (LGD) index. Expected credit loss in the cases of Allegro and Vinted (individual approach) was calculated as probability of default index (PD) calculated for each ageing bucket and loss given default (LGD) equal to 0%. Therefore, no bad debt was calculated for those two customers. 31-12-2024 Current 0\u201360 days 61\u2013365 days Total Expected credit loss rate 0.08% 0.29% 9.87% - Estimated gross carrying amount at defaul 794.9 126.1 40.0 961.0 Expected credit loss 0.6 0.4 3.9 4.9 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 or in the previous reporting period. Expected credit loss allowance based on the collective approach (excluding Allegro and Vinted): 27. Loans and borrowings Short term loans and borrowings consist of accrued interest and revolving facilities. Most loans and all bonds are paid as a lump sum on due date. Balance as at 31-12-2024 31-12-2023 Bank loans 268.4 33.1 Bonds 41.7 44.7 Loans secured by fixed assets 10.8 9.8 Total current liabilities 320.9 87.6 Bank loans 2,167.2 2,157.6 Bonds 2,572.7 2,600.7 Loans secured by fixed assets - 10.9 Total non-current liabilities 4,739.9 4,769.2 Total 5,060.8 4,856.8 Lenders Type Currency Agreement Purpose Additional information Interest rate Nominal value Carrying amount 2024 Due date Covenants Banks 15 Term facility PLN Agreement of 25-01-2021 IPO Facilities Agreement Not specified n/a WIBOR 1M + 2% PLN 1,950.0 m PLN 1,971.7 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 63.2 m PLN 63.2 m SONIA 6M + 2% GBP 43.0 m PLN 228.6 m (GBP 44.4 m) WIBOR 1M + 1.5% PLN 100.0 m PLN 100.4 m Term loan GBP RBS Debt refinancing SONIA plus margin of 1.7% GBP 14.0 m (72.1 m PLN) 71.7 m PLN (GBP 13.9 m) 22.07.2025 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 2.097.9 m (EUR 490.9 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 516.5 m 29.07.2027 Consolidated Net Leverage Ratio max. 4.25x 15 Bank Handlowy w Warszawie S.A., Bank Pekao S.A., BNP Paribas Bank Polski S.A., Goldman Sachs Bank Europe SE, JP Morgan AG, mBank S.A., PKO BP S.A., Barclays Bank Ireland PLC, DNB Bank Polska S.A., Erste Group Bank AG, ING Bank \u015al\u0105ski S.A., Credit Agricole Bank Polska S.A. \u2013 Term Facility. InPost Group is obliged to comply with
covenants twice a year on 30 June and 31
December.
Collaterals for loans and borrowing are
presented in Note 33.3 .
The table below shows the details of loans and borrowings in 2024: The covenants for the above loans and borrowings were complied with during the reporting period ended 31 December, 2024 and 31 December, 2023. The sensitivity of Loans and Borrowings to changes in floating interest rates is presented in Note 37.1 33. Financial instruments Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. 33.1. The fair value of financial instruments Fair value hierarchy Fair value Carrying amount 31-12-2024 31-12-2023 31-12-2024 31-12-2023 Financial assets measured at fair value through profit or loss Short-term financial assets: IRS Significant observable inputs (Level 2) 17.8 7.9 17.8 7.9 Short-term financial assets: VPPA Significant observable inputs (Level 2) 0.5 - 0.5 - Long-term financial assets: convertible loans Significant unobservable inputs (Level 3) 128.7 - 128.7 - Financial assets not measured at fair value Short-term financial assets: loans Significant observable inputs (Level 2) 58.1 - 58.1 - Financial liabilities not measured at fair value Current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 47.1 47.9 47.1 47.9 Non-current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 1,865.0 1,786.9 2,050.8 2,079.8 The fair value of the borrowings based on fixed rates and financial assets is presented in the table below: There were no transfers between Level 1 and Level 2 during 2024. 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 Long-term financial assets: convertible loans Income approach DCF method Discount rate Short-term financial assets: loans Income approach DCF method Discount rate Fixed-rate borrowing Income approach DCF method Discount rate 33.2. Financial instruments by category Category under IFRS 9 Carrying amount 31-12-2024 31-12-2023 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,692.4 1,215.3 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 44.1 26.6 Cash and cash equivalents at amortised cost 772.3 565.2 Short-term financial assets: loans and borrowings at amortised cost 58.1 - Financial assets measured at fair value through profit or loss Short-term financial assets: IRS at fair value through profit and loss 17.8 7.9 Short-term financial assets: VPPA at fair value through profit and loss 0.5 - Long-term financial assets: long-term loan at fair value through profit and loss 128.7 - Total financial assets 2,718.4 1,819.5 Category under IFRS 9 Carrying amount 31-12-2024 31-12-2023 Financial liabilities not measured at fair value Current loans and borrowings at amortised cost 320.9 87.6 Non-current loans and borrowings at amortised cost 4,739.9 4,769.2 Trade and other payables at amortised cost 1,650.6 1,056.0 Non-current lease liabilities outside of the scope of IFRS 9 1,720.6 1,127.4 Current lease liabilities outside of the scope of IFRS 9 974.8 664.2 Total financial liabilities 9,406.8 7,704.4 33.3. Guarantees and other securities As at 31 December, 2024, the total amount of granted bank guarantees on behalf of the companies from the Group amounted to PLN 162.9 m (as at 31 December, 2023, it amounted to PLN 142.9 m). Bank guarantees are a collateral for the obligations from contracts signed by the Group. They relate to warehouses rental agreements entirely and are required by landlords.",
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"fact-457": {
"value": "20. Other financial assets Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower . Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. Financial assets and liabilities measured at amortised costs using the effective interest method A financial asset is measured at amortised cost if both of the following conditions are met: 1. The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and 2. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding . All financial liabilities are measured at amortised cost, except for financial liabilities at fair value through profit or loss. Financial liabilities are recognised initially at fair value net of transaction costs incurred and are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the financial liability using the effective interest method. 25. 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 the cases 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 credit losses in relation to trade receivables for the majority of its customers. Individual approach For the biggest individual clients (i.e. Allegro, Vinted), the Group calculates ECLs based on the individual client\u2019s credit rating. In addition, on top of ECL calculated in the collective approach, the detailed individual monitoring and assessment of the trade receivables is performed, resulting in 100% expected credit loss allowance for the receivables: \u2022 past due for more than 1 year; \u2022 subject to a debt restructuring process; \u2022 subject to legal proceedings; \u2022 cancelled subscriptions . Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. 33.1. The fair value of financial instruments ",
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"fact-473": {
"value": "20. Other financial assets Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower . Long term financial assets Short term financial assets Convertible loans valued through P&L Interest bearing loans valued at amortised cost Financial instruments valued through P&L Amount at the beginning of period - - 7.9 Proceeds from financial instruments - - (21.2) Loans granted 127.6 - - Total changes from financing cash flows 127.6 - (21.2) Subsidiary acquisition - 57.8 - Valuation at FVPL - - 31.6 Interest income - 0.1 - Effect of changes in foreign exchange rates 1.1 0.2 (0.5) Non cash movements 1.1 58.1 31.1 Amount at the end of the period 128.7 58.1 17.8 At 31 December, 2024, convertible loans valued through P&L related to loans granted by the Group to Judge Logistics Limited (owner of courier brand Yodel), loans are due in July 2029 (5 years). Loans are convertible to Judge Logistics Limited shares (starting from 1 May, 2025), which will represent 45% of total borrower equity. Loans are non-interest bearing. Management has assessed the terms and conditions of the convertible loan and concluded that it does not give a significant influence. Group used third level of hierarchy of Fair Value for valuation of this loan. At 31 December, 2024, Interest bearing loans valued at amortised cost consist of Loans between Menzies Distribution Limited (acquired under M HOLDCO 1 by InPost Group in October 2024) and Menzies Distribution Solutions Limited which after restructuring of Menzies Group described in disclosure 6.4 weren\u2019t acquired by the Group. Loans are repaid on repayment of Loans acquired with Menzies to Royal Bank of Scotland, Loans will be repaid fully until July 2025. At 31 December, 2024, financial instruments valued at FVPL consist of Interest Rate Swap agreement with PNB Paribas and Virtual Power Purchase agreement with Polenergia. Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. All financial liabilities are measured at amortised cost, except for financial liabilities at fair value through profit or loss. Financial liabilities are recognised initially at fair value net of transaction costs incurred and are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the financial liability using the effective interest method. 33.1. The fair value of financial instruments Fair value hierarchy Fair value Carrying amount 31-12-2024 31-12-2023 31-12-2024 31-12-2023 Financial assets measured at fair value through profit or loss Short-term financial assets: IRS Significant observable inputs (Level 2) 17.8 7.9 17.8 7.9 Short-term financial assets: VPPA Significant observable inputs (Level 2) 0.5 - 0.5 - Long-term financial assets: convertible loans Significant unobservable inputs (Level 3) 128.7 - 128.7 - Financial assets not measured at fair value Short-term financial assets: loans Significant observable inputs (Level 2) 58.1 - 58.1 - Financial liabilities not measured at fair value Current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 47.1 47.9 47.1 47.9 Non-current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 1,865.0 1,786.9 2,050.8 2,079.8 The fair value of the borrowings based on fixed rates and financial assets is presented in the table below: There were no transfers between Level 1 and Level 2 during 2024. 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 Long-term financial assets: convertible loans Income approach DCF method Discount rate Short-term financial assets: loans Income approach DCF method Discount rate Fixed-rate borrowing Income approach DCF method Discount rate Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. 33.2. Financial instruments by category Category under IFRS 9 Carrying amount 31-12-2024 31-12-2023 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,692.4 1,215.3 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 44.1 26.6 Cash and cash equivalents at amortised cost 772.3 565.2 Short-term financial assets: loans and borrowings at amortised cost 58.1 - Financial assets measured at fair value through profit or loss Short-term financial assets: IRS at fair value through profit and loss 17.8 7.9 Short-term financial assets: VPPA at fair value through profit and loss 0.5 - Long-term financial assets: long-term loan at fair value through profit and loss 128.7 - Total financial assets 2,718.4 1,819.5 Category under IFRS 9 Carrying amount 31-12-2024 31-12-2023 Financial liabilities not measured at fair value Current loans and borrowings at amortised cost 320.9 87.6 Non-current loans and borrowings at amortised cost 4,739.9 4,769.2 Trade and other payables at amortised cost 1,650.6 1,056.0 Non-current lease liabilities outside of the scope of IFRS 9 1,720.6 1,127.4 Current lease liabilities outside of the scope of IFRS 9 974.8 664.2 Total financial liabilities 9,406.8 7,704.4 ",
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"fact-479": {
"value": "20. Other financial assets Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower Long term financial assets Short term financial assets Convertible loans valued through P&L Interest bearing loans valued at amortised cost Financial instruments valued through P&L Amount at the beginning of period - - 7.9 Proceeds from financial instruments - - (21.2) Loans granted 127.6 - - Total changes from financing cash flows 127.6 - (21.2) Subsidiary acquisition - 57.8 - Valuation at FVPL - - 31.6 Interest income - 0.1 - Effect of changes in foreign exchange rates 1.1 0.2 (0.5) Non cash movements 1.1 58.1 31.1 Amount at the end of the period 128.7 58.1 17.8 At 31 December, 2024, convertible loans valued through P&L related to loans granted by the Group to Judge Logistics Limited (owner of courier brand Yodel), loans are due in July 2029 (5 years). Loans are convertible to Judge Logistics Limited shares (starting from 1 May, 2025), which will represent 45% of total borrower equity. Loans are non-interest bearing. Management has assessed the terms and conditions of the convertible loan and concluded that it does not give a significant influence. Group used third level of hierarchy of Fair Value for valuation of this loan. At 31 December, 2024, Interest bearing loans valued at amortised cost consist of Loans between Menzies Distribution Limited (acquired under M HOLDCO 1 by InPost Group in October 2024) and Menzies Distribution Solutions Limited which after restructuring of Menzies Group described in disclosure 6.4 weren\u2019t acquired by the Group. Loans are repaid on repayment of Loans acquired with Menzies to Royal Bank of Scotland, Loans will be repaid fully until July 2025. At 31 December, 2024, financial instruments valued at FVPL consist of Interest Rate Swap agreement with PNB Paribas and Virtual Power Purchase agreement with Polenergia. Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. All financial liabilities are measured at amortised cost, except for financial liabilities at fair value through profit or loss. Financial liabilities are recognised initially at fair value net of transaction costs incurred and are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the financial liability using the effective interest method. 33.1. The fair value of financial instruments Fair value hierarchy Fair value Carrying amount 31-12-2024 31-12-2023 31-12-2024 31-12-2023 Financial assets measured at fair value through profit or loss Short-term financial assets: IRS Significant observable inputs (Level 2) 17.8 7.9 17.8 7.9 Short-term financial assets: VPPA Significant observable inputs (Level 2) 0.5 - 0.5 - Long-term financial assets: convertible loans Significant unobservable inputs (Level 3) 128.7 - 128.7 - Financial assets not measured at fair value Short-term financial assets: loans Significant observable inputs (Level 2) 58.1 - 58.1 - Financial liabilities not measured at fair value Current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 47.1 47.9 47.1 47.9 Non-current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 1,865.0 1,786.9 2,050.8 2,079.8 The fair value of the borrowings based on fixed rates and financial assets is presented in the table below: There were no transfers between Level 1 and Level 2 during 2024. 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 Long-term financial assets: convertible loans Income approach DCF method Discount rate Short-term financial assets: loans Income approach DCF method Discount rate Fixed-rate borrowing Income approach DCF method Discount rate Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. 33.2. Financial instruments by category Category under IFRS 9 Carrying amount 31-12-2024 31-12-2023 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,692.4 1,215.3 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 44.1 26.6 Cash and cash equivalents at amortised cost 772.3 565.2 Short-term financial assets: loans and borrowings at amortised cost 58.1 - Financial assets measured at fair value through profit or loss Short-term financial assets: IRS at fair value through profit and loss 17.8 7.9 Short-term financial assets: VPPA at fair value through profit and loss 0.5 - Long-term financial assets: long-term loan at fair value through profit and loss 128.7 - Total financial assets 2,718.4 1,819.5 Category under IFRS 9 Carrying amount 31-12-2024 31-12-2023 Financial liabilities not measured at fair value Current loans and borrowings at amortised cost 320.9 87.6 Non-current loans and borrowings at amortised cost 4,739.9 4,769.2 Trade and other payables at amortised cost 1,650.6 1,056.0 Non-current lease liabilities outside of the scope of IFRS 9 1,720.6 1,127.4 Current lease liabilities outside of the scope of IFRS 9 974.8 664.2 Total financial liabilities 9,406.8 7,704.4 ",
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"fact-481": {
"value": "20. Other financial assets Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower Long term financial assets Short term financial assets Convertible loans valued through P&L Interest bearing loans valued at amortised cost Financial instruments valued through P&L Amount at the beginning of period - - 7.9 Proceeds from financial instruments - - (21.2) Loans granted 127.6 - - Total changes from financing cash flows 127.6 - (21.2) Subsidiary acquisition - 57.8 - Valuation at FVPL - - 31.6 Interest income - 0.1 - Effect of changes in foreign exchange rates 1.1 0.2 (0.5) Non cash movements 1.1 58.1 31.1 Amount at the end of the period 128.7 58.1 17.8 At 31 December, 2024, convertible loans valued through P&L related to loans granted by the Group to Judge Logistics Limited (owner of courier brand Yodel), loans are due in July 2029 (5 years). Loans are convertible to Judge Logistics Limited shares (starting from 1 May, 2025), which will represent 45% of total borrower equity. Loans are non-interest bearing. Management has assessed the terms and conditions of the convertible loan and concluded that it does not give a significant influence. Group used third level of hierarchy of Fair Value for valuation of this loan. At 31 December, 2024, Interest bearing loans valued at amortised cost consist of Loans between Menzies Distribution Limited (acquired under M HOLDCO 1 by InPost Group in October 2024) and Menzies Distribution Solutions Limited which after restructuring of Menzies Group described in disclosure 6.4 weren\u2019t acquired by the Group. Loans are repaid on repayment of Loans acquired with Menzies to Royal Bank of Scotland, Loans will be repaid fully until July 2025. At 31 December, 2024, financial instruments valued at FVPL consist of Interest Rate Swap agreement with PNB Paribas and Virtual Power Purchase agreement with Polenergia. Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. All financial liabilities are measured at amortised cost, except for financial liabilities at fair value through profit or loss. Financial liabilities are recognised initially at fair value net of transaction costs incurred and are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the financial liability using the effective interest method. 33.1. The fair value of financial instruments Fair value hierarchy Fair value Carrying amount 31-12-2024 31-12-2023 31-12-2024 31-12-2023 Financial assets measured at fair value through profit or loss Short-term financial assets: IRS Significant observable inputs (Level 2) 17.8 7.9 17.8 7.9 Short-term financial assets: VPPA Significant observable inputs (Level 2) 0.5 - 0.5 - Long-term financial assets: convertible loans Significant unobservable inputs (Level 3) 128.7 - 128.7 - Financial assets not measured at fair value Short-term financial assets: loans Significant observable inputs (Level 2) 58.1 - 58.1 - Financial liabilities not measured at fair value Current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 47.1 47.9 47.1 47.9 Non-current borrowings Fixed-rate borrowing Significant observable inputs (Level 2) 1,865.0 1,786.9 2,050.8 2,079.8 The fair value of the borrowings based on fixed rates and financial assets is presented in the table below: There were no transfers between Level 1 and Level 2 during 2024. 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 Long-term financial assets: convertible loans Income approach DCF method Discount rate Short-term financial assets: loans Income approach DCF method Discount rate Fixed-rate borrowing Income approach DCF method Discount rate Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. 33.2. Financial instruments by category Category under IFRS 9 Carrying amount 31-12-2024 31-12-2023 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,692.4 1,215.3 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 44.1 26.6 Cash and cash equivalents at amortised cost 772.3 565.2 Short-term financial assets: loans and borrowings at amortised cost 58.1 - Financial assets measured at fair value through profit or loss Short-term financial assets: IRS at fair value through profit and loss 17.8 7.9 Short-term financial assets: VPPA at fair value through profit and loss 0.5 - Long-term financial assets: long-term loan at fair value through profit and loss 128.7 - Total financial assets 2,718.4 1,819.5 ",
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"fact-378": {
"value": "Accounting Policies
Derivative financial instruments
InPost Group uses derivative financial
instruments, such as forward currency
contracts, interest rate swaps to
economically hedge its foreign currency
risks and interest rate risks. Such derivative
financial instruments are initially recognised
at fair value on the date on which a
derivative contract is entered into and are
subsequently remeasured at fair value.
",
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},
"fact-461": {
"value": "Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower . Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. 33.1. The fair value of financial instruments Accounting policy
The Management assessed that the fair
values of cash and short-term deposits,
trade, and other short-term financial
receivables, trade payables, bank
overdrafts, and other current liabilities
approximate their carrying amounts largely
due to the short-term maturities of these
instruments.
The fair values of the Group\u2019s interest-
bearing 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 insignificant. Based on
the analysis performed, the Management
assessed that the carrying amounts of
the long-term loans and borrowings are
reasonable approximations of fair values
(except for Loans and Borrowings with
fixed interest rates); the fair value of
borrowings which are at the variable rate
is classified to the level 2 in fair value
hierarchy.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-407": {
"value": "Accounting Policies Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-483": {
"value": "Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. At 31 December, 2024, financial instruments valued at FVPL consist of Interest Rate Swap agreement with PNB Paribas and Virtual Power Purchase agreement with Polenergia. 33.2. Financial instruments by category Category under IFRS 9 Carrying amount 31-12-2024 31-12-2023 Financial assets not measured at fair value through profit or loss Trade receivables at amortised cost 1,692.4 1,215.3 Other receivables: current at amortised cost 4.5 4.5 Other receivables: non-current at amortised cost 44.1 26.6 Cash and cash equivalents at amortised cost 772.3 565.2 Short-term financial assets: loans and borrowings at amortised cost 58.1 - Financial assets measured at fair value through profit or loss Short-term financial assets: IRS at fair value through profit and loss 17.8 7.9 Short-term financial assets: VPPA at fair value through profit and loss 0.5 - Long-term financial assets: long-term loan at fair value through profit and loss 128.7 - Total financial assets 2,718.4 1,819.5 An analysis of sensitivity and exposure to currency risk in 2024 is presented in the table below: 2024 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate +10% GBP/PLN exchange rate -10% EUR/PLN exchange rate +10% EUR/PLN exchange rate -10% Cash and cash equivalents 772.3 290.0 5.9 (5.9) 14.1 (14.1) Trade receivables and other 1,955.7 1,046.7 29.6 (29.6) 53.1 (53.1) Other financial assets 205.1 186.8 15.1 (15.1) - - Trade liabilities and other payables 1,671.9 1,082.3 (41.8) 41.8 (45.6) 45.6 Loans and borrowings 5,060.8 4,370.3 (24.4) 24.4 (329.6) 329.6 Other financial liabilities 2,695.4 2,209.2 (30.5) 30.5 (148.5) 148.5 Total 12,361.2 9,185.3 (46.1) 46.1 (456.5) 456.5 2023 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate +10% GBP/PLN exchange rate -10% EUR/PLN exchange rate +10% EUR/PLN exchange rate -10% Cash and cash equivalents 565.2 249.0 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 (7.7) 7.7 (42.9) 42.9 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 7,174.4 (22.3) 22.3 (419.3) 419.3 An analysis of sensitivity and exposure to currency risk in 2023 is presented in the table below: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-451": {
"value": "Derivative financial instruments InPost Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps to economically hedge its foreign currency risks and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Loans measured at fair value through profit and loss As part of strategic projects InPost Group enters loan agreements, which contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (the return is linked to the value of the equity instrument). These loans fail the SPPI test, thus are measured at fair value through profit and loss. For a valuation of such loans the Group uses discounted cashflows associated with strategic projects for which the sea loans were granted. Future cashflows are discounted using relevant floating rates adjusted by margins on InPost Group\u2019s debt and by credit risk of the borrower . Long term financial
assets
Short term financial
assets
Convertible loans
valued through P&L
Interest bearing
loans valued at
amortised cost
Financial
instruments valued
through P&L
Amount at the beginning
of period
- - 7.9
Proceeds from financial
instruments
- - (21.2)
Loans granted 127.6 - -
Total changes from
financing cash flows
127.6 - (21.2)
Subsidiary acquisition - 57.8 -
Valuation at FVPL - - 31.6
Interest income - 0.1 -
Effect of changes in
foreign exchange rates
1.1 0.2 (0.5)
Non cash movements 1.1 58.1 31.1
Amount at the end
of the period
128.7 58.1 17.8
At 31 December, 2024, convertible loans
valued through P&L related to loans
granted by the Group to Judge Logistics
Limited (owner of courier brand Yodel),
loans are due in July 2029 (5 years).
Loans are convertible to Judge Logistics
Limited shares (starting from 1 May,
2025), which will represent 45% of total
borrower equity. Loans are non-interest
bearing. Management has assessed the
terms and conditions of the convertible
loan and concluded that it does not give a
significant influence. Group used third level
of hierarchy of Fair Value for valuation of
this loan.
At 31 December, 2024, Interest bearing
loans valued at amortised cost consist
of Loans between Menzies Distribution
Limited (acquired under M HOLDCO 1 by
InPost Group in October 2024) and Menzies
Distribution Solutions Limited which after
restructuring of Menzies Group described
in disclosure 6.4 weren\u2019t acquired by the
Group. Loans are repaid on repayment of
Loans acquired with Menzies to Royal Bank
of Scotland, Loans will be repaid fully until
July 2025.
At 31 December, 2024, financial
instruments valued at FVPL consist of
Interest Rate Swap agreement with PNB
Paribas and Virtual Power Purchase
agreement with Polenergia.
Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. 33.1. The fair value of financial instruments Fair value hierarchy
Fair value Carrying amount
31-12-2024 31-12-2023 31-12-2024 31-12-2023
Financial assets measured at fair value through profit or loss
Short-term financial assets: IRS Significant observable inputs (Level 2) 17.8 7.9 17.8 7.9
Short-term financial assets: VPPA Significant observable inputs (Level 2) 0.5 - 0.5 -
Long-term financial assets: convertible loans Significant unobservable inputs (Level 3) 128.7 - 128.7 -
Financial assets not measured at fair value
Short-term financial assets: loans Significant observable inputs (Level 2) 58.1 - 58.1 -
Financial liabilities not measured at fair value
Current borrowings
Fixed-rate borrowing Significant observable inputs (Level 2) 47.1 47.9 47.1 47.9
Non-current borrowings
Fixed-rate borrowing Significant observable inputs (Level 2) 1,865.0 1,786.9 2,050.8 2,079.8
The fair value of the borrowings based
on fixed rates and financial assets is
presented in the table below:
There were no transfers between
Level 1 and Level 2 during 2024.
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
Long-term financial assets:
convertible loans
Income approach DCF method Discount rate
Short-term financial assets: loans Income approach DCF method Discount rate
Fixed-rate borrowing Income approach DCF method Discount rate
Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. 33.2.
Financial instruments
by category
Category under IFRS 9
Carrying amount
31-12-2024 31-12-2023
Financial assets not measured at fair value through profit or loss
Trade receivables at amortised cost 1,692.4 1,215.3
Other receivables: current at amortised cost 4.5 4.5
Other receivables: non-current at amortised cost 44.1 26.6
Cash and cash equivalents at amortised cost 772.3 565.2
Short-term financial assets: loans and borrowings at amortised cost 58.1 -
Financial assets measured at fair value through profit or loss
Short-term financial assets: IRS at fair value through profit and loss 17.8 7.9
Short-term financial assets: VPPA at fair value through profit and loss 0.5 -
Long-term financial assets: long-term loan at fair value through profit and loss 128.7 -
Total financial assets 2,718.4 1,819.5
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-434": {
"value": "Fair value measurement Fair value measurement is based on the following fair value measurement hierarchy: 1. Quoted prices (unadjusted) in active markets; 2. Inputs other than quoted prices that are observable either directly (prices) or indirectly (derived from quoted prices); 3. Inputs based on observable market data. Valuation techniques used include the use of recent arm\u2019s-length transactions, reference to other instruments that are substantially the same, statutory/ management reports and discounted cash flow analysis. 33.1. The fair value of financial instruments Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-379": {
"value": "21.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-474": {
"value": "21. 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. 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. The estimated useful lives of intangibles assets for all presented periods are as follows: Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5\u201310 years Trademarks 30 years Software 2\u201310 years Customer relations 5-14 years Customer relations amortisation Depreciation should reflect the pattern in which the economic benefits embodied in the assets are consumed which might indicate diminishing depreciation to reflect the erosion of the acquired customer base. However, the Group decided to use straight line depreciation method mainly because of uncertainty about the future economic benefits that might arise several years in the future and the difficulty in distinguishing them from cash flows that have been generated by internally\u2013 generated assets of the business. The group decided to a straight\u2013line method over a shorter period so that at all points the amortised carrying amount of the asset is below the curve for the expected benefits. As long as the benefits expected to arise in the period after the customer relations are fully amortised are not expected to be significant, this method will give a reasonable approximation of the consumption of economic benefits. Impairment testing The Group assessed all not-yet-available for use, internally generated intangible assets at balance sheet date for impairment. For every open project (not- yet-available for use, 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 available resources in terms of employees, knowledge, and technology to complete it). Based on the analysis carried out, the Group has not recognised impairment on any of the intangible assets that are not- yet-available for use. Recoverability of internally generated intangible assets Due to the nature of the Group\u2019s operations, most intangible assets are developed internally, including software. The most significant internally generated intangible assets are: \u2022 Software: InPost Logistic Solution \u2013 operational software used in Poland; InPost Application for mobile phones; APM steering and monitoring software SZOP; Courier APP; PUDO software for international markets; \u2022 Development costs: Development Projects introducing Lean strategy in warehouses in PL and tools to monitor quality of operations; \u2022 Intangible assets in progress: outlays related to the implementation of new ERP system. The realisation of development projects and capitalisation of respective costs to intangible assets are subject to corporate approval. In order to approve the project for development, a comprehensive analysis is performed based on information provided by sales, logistics, marketing, and finance functions. To demonstrate whether the output will generate probable future economic benefits, the Group assesses the output of projects as a separate asset or in combination with other assets forming a cash-generating unit. Based on Management review, there is no impairment loss in intangible assets in progress . Customer relationship Brand Development costs Trademarks Software Intangible assets in progress Total Cost at 01-01-2024 673.9 164.3 125.7 8.2 336.4 160.0 1,468.5 Additions - - - - - 240.7 240.7 Subsidiary acquisition 315.4 - - - 20.1 - 335.5 Reclassification - - 0.9 0.4 322.5 (323.8) - Disposal - - - - (52.6) (3.5) (56.1) Effect of movements in exchange rates (10.1) (2.8) - - 0.8 (0.4) (12.5) Cost at 31-12-2024 979.2 161.5 126.6 8.6 627.2 73.0 1,976.1 Accumulated amortisation at 01-01-2024 203.6 - 125.0 2.5 132.8 - 463.9 Amortisation for the period 90.0 - 0.2 56.5 - 146.7 Reclassification - - - - - - - Disposal - - - - (44.3) - (44.3) Effect of movements in exchange rates (4.0) - - - 0.2 - (3.8) Accumulated amortisation at 31-12-2024 289.6 - 125.0 2.7 145.2 - 562.5 Impairment losses at 01-01-2024 - - 0.4 - 2.1 - 2.5 Impairment loss - - - - - - - Disposal - - (0.4) - (2.1) - (2.5) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2024 - - - - - - - Carrying amount at 31-12-2024 689.6 161.5 1.6 5.9 482.0 73.0 1,413.6 Customer relationship Brand Development 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 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-380": {
"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. The estimated useful lives of intangibles assets for all presented periods are as follows: Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5\u201310 years Trademarks 30 years Software 2\u201310 years Customer relations 5-14 years Customer relations amortisation Depreciation should reflect the pattern in which the economic benefits embodied in the assets are consumed which might indicate diminishing depreciation to reflect the erosion of the acquired customer base. However, the Group decided to use straight line depreciation method mainly because of uncertainty about the future economic benefits that might arise several years in the future and the difficulty in distinguishing them from cash flows that have been generated by internally\u2013 generated assets of the business. The group decided to a straight\u2013line method over a shorter period so that at all points the amortised carrying amount of the asset is below the curve for the expected benefits. As long as the benefits expected to arise in the period after the customer relations are fully amortised are not expected to be significant, this method will give a reasonable approximation of the consumption of economic benefits. Impairment testing The Group assessed all not-yet-available for use, internally generated intangible assets at balance sheet date for impairment. For every open project (not- yet-available for use, 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 available resources in terms of employees, knowledge, and technology to complete it). Based on the analysis carried out, the Group has not recognised impairment on any of the intangible assets that are not- yet-available for use. Type Period Buildings 10\u201340 years Technical equipment and machines 8\u201310 years Automated parcel machines 15 years Vehicles 5 years Other 2\u20137 years 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. Significant accounting estimates Depreciation and estimating 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. The estimated useful lives of property, plant, and equipment for all presented periods are as follows: ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-462": {
"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. The estimated useful lives of intangibles assets for all presented periods are as follows: Type Period Brand (\u201cMondial Relay\u201d) Indefinite Development costs 5\u201310 years Trademarks 30 years Software 2\u201310 years Customer relations 5-14 years Customer relations amortisation Depreciation should reflect the pattern in which the economic benefits embodied in the assets are consumed which might indicate diminishing depreciation to reflect the erosion of the acquired customer base. However, the Group decided to use straight line depreciation method mainly because of uncertainty about the future economic benefits that might arise several years in the future and the difficulty in distinguishing them from cash flows that have been generated by internally\u2013 generated assets of the business. The group decided to a straight\u2013line method over a shorter period so that at all points the amortised carrying amount of the asset is below the curve for the expected benefits. As long as the benefits expected to arise in the period after the customer relations are fully amortised are not expected to be significant, this method will give a reasonable approximation of the consumption of economic benefits. Type Period Buildings 10\u201340 years Technical equipment and machines 8\u201310 years Automated parcel machines 15 years Vehicles 5 years Other 2\u20137 years Depreciation and estimating 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. The estimated useful lives of property, plant, and equipment for all presented periods are as follows: ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-435": {
"value": "Impairment testing The Group assessed all not-yet-available for use, internally generated intangible assets at balance sheet date for impairment. For every open project (not- yet-available for use, 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 available resources in terms of employees, knowledge, and technology to complete it). Based on the analysis carried out, the Group has not recognised impairment on any of the intangible assets that are not- yet-available for use. Based on Management review, there is no impairment loss in intangible assets in progress . 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 of the reporting date, Group Management has recognised impairment on damaged APMs in the value of PLN 2.6 m. 25. 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 the cases 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 credit losses in relation to trade receivables for the majority of its customers. Individual approach For the biggest individual clients (i.e. Allegro, Vinted), the Group calculates ECLs based on the individual client\u2019s credit rating. In addition, on top of ECL calculated in the collective approach, the detailed individual monitoring and assessment of the trade receivables is performed, resulting in 100% expected credit loss allowance for the receivables: \u2022 past due for more than 1 year; \u2022 subject to a debt restructuring process; \u2022 subject to legal proceedings; \u2022 cancelled subscriptions . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-408": {
"value": "Impairment testing The Group assessed all not-yet-available for use, internally generated intangible assets at balance sheet date for impairment. For every open project (not- yet-available for use, 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 available resources in terms of employees, knowledge, and technology to complete it). Based on the analysis carried out, the Group has not recognised impairment on any of the intangible assets that are not- yet-available for use. 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 of the reporting date, Group Management has recognised impairment on damaged APMs in the value of PLN 2.6 m. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-381": {
"value": "22.
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, the initial
value comprises all the costs of setting
up the machine, which include agents\u2019
commissions for acquiring right to use the
land, the costs of transporting the machine,
and 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 profit or loss in 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 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 Note 23.1 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-475": {
"value": "22. 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, the initial value comprises all the costs of setting up the machine, which include agents\u2019 commissions for acquiring right to use the land, the costs of transporting the machine, and 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 profit or loss in 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 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 Note 23.1 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. Type Period Buildings 10\u201340 years Technical equipment and machines 8\u201310 years Automated parcel machines 15 years Vehicles 5 years Other 2\u20137 years 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 of the reporting date, Group Management has recognised impairment on damaged APMs in the value of PLN 2.6 m. Significant accounting estimates Depreciation and estimating 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. The estimated useful lives of property, plant, and equipment for all presented periods are as follows: Land and buildings Machinery and equipment Vehicles Other RoU Assets under construction 13 Total Cost at 01-01-2024 55.9 3,745.6 23.2 45.2 3,259.8 395.5 7,525.2 Additions - - - - 1,683.6 1,161.4 2,845.0 Subsidiary acquisition 3.6 40.0 - - 225.0 - 268.6 Reclassification 27.6 1,041.4 14.7 22.5 (6.3) (1,099.9) - Termination/disposal (0.1) (63.9) (0.4) (12.1) (106.8) - (183.3) Effect of movements in exchange rates (0.7) 2.6 - - (12.8) (4.2) (15.1) Cost at 31-12-2024 86.3 4,765.7 37.5 55.6 5,042.5 452.8 10,440.4 Accumulated depreciation at 01-01-2024 14.4 1,103.6 5.4 25.2 1,567.9 - 2,716.5 Depreciation for the period 12.1 326.8 5.2 9.2 990.2 - 1,343.5 Reclassification - 3.9 1.1 - (5.0) - - Termination/disposal (0.1) (58.1) (0.3) (11.9) (82.5) - (152.9) Modifications - - - - (3.2) - (3.2) Effect of movements in exchange rates (0.3) - - - (4.3) - (4.6) Accumulated depreciation at 31-12-2024 26.1 1,376.2 11.4 22.5 2,463.1 - 3,899.3 Impairment losses at 01-01-2024 - 1.6 - - 4.6 0.3 6.5 Impairment loss - 2.6 - - - - 2.6 Termination - (2.3) - - (4.6) - (6.9) Effect of movements in exchange rates - - - - - - - Impairment losses at 31-12-2024 - 1.9 - - - 0.3 2.2 Carrying amount at 31-12-2024 60.2 3,387.6 26.1 33.1 2,579.4 452.5 6,538.9 In terms of Net Book Value, the most significant Property, plant, and equipment of the Group are machinery and equipment \u2013 namely, automated parcel machines; and assets under construction \u2013 that is, parts of automated parcel machines that are in the process of completion or assembly and have not yet been installed. 13 Assets under construction comprise mainly not-yet-deployed APMs and materials for the production of APMs Land and buildings Machinery and equipment Vehicles Other RoU Assets under construction 14 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 14 Assets under construction comprise mainly not-yet-deployed APMs and materials for the production of APMs ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-409": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-410": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-382": {
"value": "24.
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 31-12-2024 31-12-2023
Policies, other insurance 2.1 -
Prepaid services 6.9 4.0
Prepayments for property, plant, equipment, and intangible assets 38.7 39.3
Non-current 47.7 43.3
Policies, other insurance 1.0 0.9
Prepaid services 92.1 50.7
Current 93.1 51.6
Total other assets 140.8 94.9
25.
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 the cases 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 credit losses in relation
to trade receivables for the majority of its
customers.
Individual approach
For the biggest individual clients (i.e.
Allegro, Vinted), the Group calculates ECLs
based on the individual client\u2019s credit rating.
In addition, on top of ECL calculated in the
collective approach, the detailed individual
monitoring and assessment of the trade
receivables is performed, resulting in 100%
expected credit loss allowance for the
receivables:
\u2022 past due for more than 1 year;
\u2022 subject to a debt restructuring process;
\u2022 subject to legal proceedings;
\u2022 cancelled subscriptions .
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-463": {
"value": "25. 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 the cases 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 credit losses in relation to trade receivables for the majority of its customers. Individual approach For the biggest individual clients (i.e. Allegro, Vinted), the Group calculates ECLs based on the individual client\u2019s credit rating. In addition, on top of ECL calculated in the collective approach, the detailed individual monitoring and assessment of the trade receivables is performed, resulting in 100% expected credit loss allowance for the receivables: \u2022 past due for more than 1 year; \u2022 subject to a debt restructuring process; \u2022 subject to legal proceedings; \u2022 cancelled subscriptions . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-467": {
"value": "25. 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 the cases 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 credit losses in relation to trade receivables for the majority of its customers. Individual approach For the biggest individual clients (i.e. Allegro, Vinted), the Group calculates ECLs based on the individual client\u2019s credit rating. In addition, on top of ECL calculated in the collective approach, the detailed individual monitoring and assessment of the trade receivables is performed, resulting in 100% expected credit loss allowance for the receivables: \u2022 past due for more than 1 year; \u2022 subject to a debt restructuring process; \u2022 subject to legal proceedings; \u2022 cancelled subscriptions . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-452": {
"value": "Balance as at 31-12-2024 31-12-2023
Trade receivables (gross) at amortised cost 1,815.9 1,319.8
Expected credit losses \u2013 individual approach (118.6) (100.3)
Expected credit losses \u2013 collective approach (4.9) (4.2)
Total trade receivables 1,692.4 1,215.3
31-12-2024 31-12-2023
Opening balance 104.5 93.5
Decrease: utilisation - -
Expected/incurred credit
losses recognised/(reversed)
18.7 9.6
Exchange rate difference 0.3 1.4
Closing balance 123.5 104.5
Set out hereunder is the movement in the
allowance for expected credit losses on
trade receivables based on a collective
approach and an individual approach:
The expected credit loss (portfolio
approach) is calculated as the expected
gross carrying amount of the financial asset
at default date multiplied by the expected
credit loss rate, the product of probability
of default index (PD) is calculated for each
ageing bucket and loss given default (LGD)
index.
Expected credit loss in the cases of Allegro
and Vinted (individual approach) was
calculated as probability of default index
(PD) calculated for each ageing bucket
and loss given default (LGD) equal to 0%.
Therefore, no bad debt was calculated for
those two customers.
31-12-2024 Current 0\u201360 days 61\u2013365 days Total
Expected credit loss rate 0.08% 0.29% 9.87% -
Estimated gross carrying
amount at defaul
794.9 126.1 40.0 961.0
Expected credit loss 0.6 0.4 3.9 4.9
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 or in the
previous reporting period.
Expected credit loss allowance
based on the collective
approach (excluding Allegro
and Vinted):
Cash in bank accounts meet the SPPI test and the business model test \u201cheld to collect\u201d, so they are 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. The whole cash balance is classified to Stage 1 of the impairment model (i.e. the financial instruments that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-468": {
"value": "25.1.
Other receivables
Balance as at 31-12-2024 31-12-2023
Rental deposits 5.4 2.2
Advance 1.9 2.3
Financial assets 7.3 4.5
Receivables from the State 248.5 215.1
Other 7.5 5.0
Non-financial assets 256.0 220.1
Total other receivables 263.3 224.6
31. Other liabilities Balance as at 31-12-2024 31-12-2023 Payroll liabilities 76.5 52.9 Liabilities to the State 139.2 97.0 Total current other liabilities (non- financial liabilities) 215.7 149.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-413": {
"value": "26. Cash and cash equivalents 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. Balance as at 31-12-2024 31-12-2023 Cash in bank and on hand 772.3 565.2 Including cash in VAT accounts (restricted) 10.1 5.7 Total cash 772.3 565.2 Including in currency: 290.0 249.0 Cash in EUR, converted to PLN 92.0 17 7.1 Cash in GBP, converted to PLN 196.0 70.8 Cash in USD, converted to PLN 2.0 1.1 Cash in bank accounts meet the SPPI test and the business model test \u201cheld to collect\u201d, so they are 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. The whole cash balance is classified to Stage 1 of the impairment model (i.e. the financial instruments that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date). Rating
Amount as at
31-12-2024
Amount as at
31-12-2023 Fitch Ratings
Moody\u2019s Investors
Service
Bank 1 AAA baa1 17.2 3.8
Bank 2 A+ n/a 397.6 329.6
Bank 3 AA- n/a 4.0 72.0
Bank 4 BBB- baa3 80.3 55.1
Bank 5 A A3 202.5 70.8
Bank 6 A- A3 36.1 25.3
Bank 7 AA- baa2 7.5 3.7
Bank 8 BBB- Baa2 3.9 0.5
Bank 9 A- A2 3.0 3.9
Bank 10 n/a n/a 0.1 0.2
Bank 11 n/a A1 20.0 -
Total cash in bank 772.2 564.9
Cash at hand 0.1 0.3
Total cash in bank and at hand 772.3 565.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-464": {
"value": "26. Cash and cash equivalents 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-383": {
"value": "Balance as at 31-12-2024 31-12-2023
Cash in bank and on hand 772.3 565.2
Including cash in VAT accounts (restricted) 10.1 5.7
Total cash 772.3 565.2
Including in currency: 290.0 249.0
Cash in EUR, converted to PLN 92.0 17 7.1
Cash in GBP, converted to PLN 196.0 70.8
Cash in USD, converted to PLN 2.0 1.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-428": {
"value": "27.
Loans and
borrowings
Short term loans and
borrowings consist of
accrued interest and
revolving facilities.
Most loans and all
bonds are paid as a
lump sum on due date.
Balance as at 31-12-2024 31-12-2023
Bank loans 268.4 33.1
Bonds 41.7 44.7
Loans secured by fixed assets 10.8 9.8
Total current liabilities 320.9 87.6
Bank loans 2,167.2 2,157.6
Bonds 2,572.7 2,600.7
Loans secured by fixed assets - 10.9
Total non-current liabilities 4,739.9 4,769.2
Total 5,060.8 4,856.8
Lenders Type Currency Agreement Purpose
Additional
information Interest rate Nominal value
Carrying amount
2024 Due date Covenants
Banks
15
Term facility
PLN
Agreement of
25-01-2021 IPO
Facilities Agreement
Not specified n/a
WIBOR 1M + 2% PLN 1,950.0 m PLN 1,971.7 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 63.2 m PLN 63.2 m
SONIA 6M + 2% GBP 43.0 m PLN 228.6 m
(GBP 44.4 m)
WIBOR 1M + 1.5% PLN 100.0 m PLN 100.4 m
Term loan GBP RBS Debt refinancing SONIA plus
margin of 1.7%
GBP 14.0 m
(72.1 m PLN)
71.7 m PLN
(GBP 13.9 m)
22.07.2025
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 2.097.9 m
(EUR 490.9 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 516.5 m 29.07.2027 Consolidated Net Leverage Ratio
max. 4.25x
15
Bank Handlowy w Warszawie S.A., Bank Pekao S.A., BNP Paribas Bank Polski S.A., Goldman Sachs Bank
Europe SE, JP Morgan AG, mBank S.A., PKO BP S.A., Barclays Bank Ireland PLC, DNB Bank Polska S.A.,
Erste Group Bank AG, ING Bank \u015al\u0105ski S.A., Credit Agricole Bank Polska S.A. \u2013 Term Facility.
InPost Group is obliged to comply with covenants twice a year on 30 June and 31 December. Collaterals for loans and borrowing are presented in Note 33.3 The table below shows
the details of loans and
borrowings in 2024:
The covenants for the above loans and borrowings were complied with during the reporting period ended 31 December, 2024 and 31 December, 2023. The sensitivity of Loans and Borrowings to changes in floating interest rates is presented in Note 37.1 . Lenders Type Currency Agreement Purpose Additional information Interest rate Nominal value Carrying amount 2023 Due date Covenants Banks 16 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 16 Bank Handlowy w Warszawie S.A., Bank Pekao S.A., BNP Paribas Bank Polski S.A., Goldman Sachs Bank Europe SE, JP Morgan AG, mBank S.A., PKO BP S.A., Barclays Bank Ireland PLC, DNB Bank Polska S.A., Erste Group Bank AG, ING Bank \u015al\u0105ski S.A., Credit Agricole Bank Polska S.A. \u2013 Term Facility. The table below shows the details of loans and borrowings in 2023: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-414": {
"value": "27. Loans and borrowings Short term loans and borrowings consist of accrued interest and revolving facilities. Most loans and all bonds are paid as a lump sum on due date. Balance as at 31-12-2024 31-12-2023 Bank loans 268.4 33.1 Bonds 41.7 44.7 Loans secured by fixed assets 10.8 9.8 Total current liabilities 320.9 87.6 Bank loans 2,167.2 2,157.6 Bonds 2,572.7 2,600.7 Loans secured by fixed assets - 10.9 Total non-current liabilities 4,739.9 4,769.2 Total 5,060.8 4,856.8 Lenders Type Currency Agreement Purpose Additional information Interest rate Nominal value Carrying amount 2024 Due date Covenants Banks 15 Term facility PLN Agreement of 25-01-2021 IPO Facilities Agreement Not specified n/a WIBOR 1M + 2% PLN 1,950.0 m PLN 1,971.7 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 63.2 m PLN 63.2 m SONIA 6M + 2% GBP 43.0 m PLN 228.6 m (GBP 44.4 m) WIBOR 1M + 1.5% PLN 100.0 m PLN 100.4 m Term loan GBP RBS Debt refinancing SONIA plus margin of 1.7% GBP 14.0 m (72.1 m PLN) 71.7 m PLN (GBP 13.9 m) 22.07.2025 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 2.097.9 m (EUR 490.9 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 516.5 m 29.07.2027 Consolidated Net Leverage Ratio max. 4.25x 15 Bank Handlowy w Warszawie S.A., Bank Pekao S.A., BNP Paribas Bank Polski S.A., Goldman Sachs Bank Europe SE, JP Morgan AG, mBank S.A., PKO BP S.A., Barclays Bank Ireland PLC, DNB Bank Polska S.A., Erste Group Bank AG, ING Bank \u015al\u0105ski S.A., Credit Agricole Bank Polska S.A. \u2013 Term Facility. InPost Group is obliged to comply with covenants twice a year on 30 June and 31 December. Collaterals for loans and borrowing are presented in Note 33.3 . The table below shows the details of loans and borrowings in 2024: The covenants for the above loans and borrowings were complied with during the reporting period ended 31 December, 2024 and 31 December, 2023. The sensitivity of Loans and Borrowings to changes in floating interest rates is presented in Note 37.1 The table below shows the details of
loans and borrowings in 2023:
Lenders Type Currency Agreement Purpose
Additional
information
Interest
rate
Nominal
value
Carrying
amount 2023 Due date Covenants
Banks
16
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
16
Bank Handlowy w Warszawie S.A., Bank Pekao S.A., BNP Paribas Bank Polski S.A., Goldman Sachs Bank
Europe SE, JP Morgan AG, mBank S.A., PKO BP S.A., Barclays Bank Ireland PLC, DNB Bank Polska S.A.,
Erste Group Bank AG, ING Bank \u015al\u0105ski S.A., Credit Agricole Bank Polska S.A. \u2013 Term Facility.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-415": {
"value": "27.1.
Assets pledged as
security for liabilities
As of the financial year ended 31
December, 2024, and also for the financial
year ended 31 December, 2023, the Group
had no assets pledged nor securities for
liabilities.
33.3.
Guarantees and
other securities
As at 31 December, 2024, the total amount
of granted bank guarantees on behalf of
the companies from the Group amounted
to PLN 162.9 m (as at 31 December,
2023, it amounted to PLN 142.9 m).
Bank guarantees 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-416": {
"value": "28. Reconciliation of movements of liabilities to cash flows arising from financing activities 31-12-2024 Loans and borrowings Lease liabilities Amount at the beginning of period 4,856.8 1,791.6 Proceeds from loans and borrowings 163.1 - Payment of principal portion of the lease liability - (976.3) Repayment of loans and credits (9.6) - Repayment of interest and commission on the loan (263.8) (89.7) Total changes from financing cash flows (110.3) (1,066.0) Lease additions: new leases and renewals for indefinite period - 1,400.6 Subsidiary acquisition 71.7 225.0 Interest cost 269.3 90.8 Contract termination and modifications - 268.3 Effect of changes in foreign exchange rates (26.7) (14.9) Total liability-related other changes 314.3 1,969.8 Amount at the end of the period 5,060.8 2,695.4 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 and renewals for indefinite period - 655.1 Interest cost 307.3 63.8 Contract termination and modifications - 245.0 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 35.
Explanations
to the Statement
of cash flows
31-12-2024 31-12-2023
Change in trade and other receivables in the consolidated
statement of financial position
(533.3) (195.2)
Subsidiary acquisition 438.9 -
Trade and other receivables impairment losses (18.7) (9.6)
Compensation of VAT returns with CIT liabilities 1.8 (12.6)
Advances for materials for the production of parcel machines
(included in investment flows)
- 0.1
Exchange differences (12.0) 10.3
Other - 0.2
Change in trade and other receivables (123.3) (206.8)
31-12-2024 31-12-2023
Change in other assets in the consolidated statement of
financial position
(45.9) (13.9)
Prepayments for materials used in the manufacture of automated
parcel machines
0.6 5.4
Change in other assets (45.3) (8.5)
31-12-2024 31-12-2023
Change in trade payables and other payables in the
consolidated statement of financial position
597.2 82.0
Subsidiary acquisition (516.2) -
Change in liabilities due to capital expenditures (10.1) 30.9
Exchange differences (10.3) 7.1
Change in presentation for financial liabilities - 4.3
Change in trade payables and other payables 60.6 124.3
31-12-2024 31-12-2023
Change in employee benefits, provisions, and government
grants in the consolidated statement of financial position
36.1 32.4
Subsidiary acquisition (5.0) -
Other (3.9) -
Change in employee benefits, provisions, and government grants 27.2 32.4
31-12-2024 31-12-2023
Change in other liabilities in the consolidated statement of
financial position
65.8 13.1
Exchange differences (0.2) 0.2
Change in other liabilities 65.6 13.3
31-12-2024 31-12-2023
Total net finance cost 342.4 535.9
Foreign exchange differences realised on working capital (1.4) (28.5)
Bank fees paid (3.0) (2.4)
Penalty interest paid (4.1) (1.8)
Interest received from bank deposits 12.0 4.0
Other (0.2) 0.2
Finance costs/(income) adjustment 345.7 507.4
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-437": {
"value": "29. 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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-482": {
"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 provisions. 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 the 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 The table below shows the hypothetical amounts of provisions (sensitivity analysis) for bonuses subject to changes in key assumptions: 31-12-2024 31-12-2023 Provision for Cash Bonus Plan 9.9 15.2 Discount rate -1% - 0.2 Discount rate -0.5% - 0.1 Discount rate +0.5% - (0.1) Discount rate +1% - (0.2) Forecasted EBITDA PLN -100 million - - Forecasted EBITDA PLN +100 million - - 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 holidays and bonuses Other provisions Total Balance as at 31-12-2023 7.1 35.3 93.3 6.9 142.6 Recognition/creation - 30.6 134.6 2.1 167.3 Subsidiary acquisition - - - 5.0 5.0 Utilisation - (35.3) (93.3) (6.5) (135.1) Foreign exchange rate impact - - (1.1) - (1.1) Balance as at 31-12-2024 7.1 30.6 133.5 7.5 178.7 31-12-2024 31-12-2023 Long-term Short-term Long-term Short-term Post-mortem severance 0.9 0.1 0.7 0.1 Retirement benefit 6.1 - 6.3 - Unused holiday provision and bonuses 2.5 131.0 1.6 91.7 Performance bonuses - 20.7 - 20.1 Cash Bonus Plan 2.5 7.4 5.4 9.8 Total 12.0 159.2 14.0 121.7 Employee benefits The table below presents a summary of employee benefits: The Group is not 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:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-444": {
"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 provisions. 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 the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-469": {
"value": "Other provisions Other provisions include mainly: \u2022 litigations provision; \u2022 restructuring provision; \u2022 other provisions. 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 the 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 . The table below shows the hypothetical amounts of provisions (sensitivity analysis) for bonuses subject to changes in key assumptions: 31-12-2024 31-12-2023 Provision for Cash Bonus Plan 9.9 15.2 Discount rate -1% - 0.2 Discount rate -0.5% - 0.1 Discount rate +0.5% - (0.1) Discount rate +1% - (0.2) Forecasted EBITDA PLN -100 million - - Forecasted EBITDA PLN +100 million - - 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
holidays and
bonuses
Other
provisions
Total
Balance as at 31-12-2023 7.1 35.3 93.3 6.9 142.6
Recognition/creation - 30.6 134.6 2.1 167.3
Subsidiary acquisition - - - 5.0 5.0
Utilisation - (35.3) (93.3) (6.5) (135.1)
Foreign exchange rate impact - - (1.1) - (1.1)
Balance as at 31-12-2024 7.1 30.6 133.5 7.5 178.7
34. Contingent assets and liabilities The Group had no significant contingent assets and liabilities in the reporting period",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-384": {
"value": "30.
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
the expense (payroll costs), with a
corresponding 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 31-12-2024 31-12-2023
Management
Incentive Plan
Exit date: Exit date:
2021 \u2013 40% 2021 \u2013 40%
2024 \u2013 30% 2024 \u2013 30%
2025 \u2013 30% 2025 \u2013 30%
Attrition rate 50% 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.
31-12-2024 31-12-2023
Management Incentive Plan 4.4 4.5
Exit date 1 year later (1.0) (1.0)
Exit date 1 year earlier 2.2 2.2
Attrition rate +10% (1.0) (1.0)
Attrition rate -10% 1.0 1.0
Long-Term Incentive Plan expenses
recognised
72.5 34.4
Target EBITDA/EBIT realisation 92% (11.8) (10.1)
Target EBITDA/EBIT realisation 109% 23.6 20.2
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-417": {
"value": "30. 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 the expense (payroll costs), with a corresponding 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 31-12-2024 31-12-2023 Management Incentive Plan Exit date: Exit date: 2021 \u2013 40% 2021 \u2013 40% 2024 \u2013 30% 2024 \u2013 30% 2025 \u2013 30% 2025 \u2013 30% Attrition rate 50% 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. 31-12-2024 31-12-2023 Management Incentive Plan 4.4 4.5 Exit date 1 year later (1.0) (1.0) Exit date 1 year earlier 2.2 2.2 Attrition rate +10% (1.0) (1.0) Attrition rate -10% 1.0 1.0 Long-Term Incentive Plan expenses recognised 72.5 34.4 Target EBITDA/EBIT realisation 92% (11.8) (10.1) Target EBITDA/EBIT realisation 109% 23.6 20.2 30.1. Earn-out agreement On 19 November, 2024 one of the shareholders (PPF Group) and the CEO of InPost Group have entered into earn-out agreement setting out the rules of incentives for the CEO resulting from any potential exit from the investment in InPost S.A. shares by PPF Group. The earnout is triggered only if PPF Group realizes at exit more than 2x of the PPF Group\u2019s entry costs. In case this initial criterion is met, CEO shall be entitled to a percentage of any proceeds distributable to PPF Group. Share of the earn-out amount in the total exit proceeds received by PPF Group varies and becomes greater if the total cash-on-cash return and IRR extends the set levels. Additionally, the earn-out value varies depending on the time of the disinvestment made by PPF Group. In case no exit occurs prior to the expiry of the earn-out scheme, CEO can be entitled to an earn-out in case the initial criterion of cash- on-cash return greater than 2 is met. As earn-out agreement contains service conditions for CEO to remain in his role, PPF is InPost S.A. Shareholder and future cash payment will be based on InPost S.A. share price in the future criteria to recognize agreement under IFRS 2 as share-based payment has been met. Group has assessed - fair value of the incentive at the time of granting. Considering the fact that Exit by PPF is assessed as probable, the value of the grant will be recognised over the period of 66 months (until agreement expires) as cost of additional services received by the Group from the CEO on one hand and as equity increase received from the shareholder on the other. Nov-2024 Earn-out valuation parameters InPost S.A. share volatility (historical one year) 30% Risk free rate 2,53% InPost S.A. share price as of grant date 17,43 EUR Block discount 10% Exit dates 2028 - 10% 2029 - 85% 2030 - 5% Model used BSM formula and lattice model The expense recognised during the year is as follows: 31-12-2024 31-12-2023 Expense arising from Earn-out agreement 10.7 - Total expense 10.7 - 30.2.
Management
Incentive Plan
The Management Incentive Plan is a legacy
plan set up in 2018, 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)
\u2013 of the granted shares, 40% vested in
2021, and a further 30% in 2024. As of
the balance sheet date, the Management
assumes that the remaining 30% of granted
shares will vest by the end of 2025.
The model of shares valuation of the
Management Incentive Plan (MIP) did not
change in 2024 in comparison to 2023.
The grants under this Programme ended
in January 2021, and no new grants are
possible.
Shares will be provided to entitled
employees by the 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:
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
The following table presents the number
and change in MIP shares during the year:
31-12-2024 31-12-2023
MIP shares granted MIP shares granted
Outstanding at 1 January 1,054,759 1,054,759
Granted during the year - -
Forfeited during the year - -
Exercised during the year 527,379 -
Expired during the year - -
Outstanding but not exercisable at the end of the period 527,380 1,054,759
Weighted average exercise price during the
period of 2024 was EUR 11.85 per share.
The expense recognised
during the year is as follows:
31-12-2024 31-12-2023
Expense arising from MIP 4.4 4.5
Total expense 4.4 4.5
LTIP valuation parameters 2024 2023 2022 2021
Fair value of LTIP share (EUR)
as of grant date
14.45 8.09 5.34 15.90
Number of shares granted 726,714 1,077,538 1,410,901 360,068
Expiration date April 2027 April 2026 April 2025 April 2024
30.3.
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 employees may receive no shares
(if Target EBITDA is below the minimum
target) or receive between 50% and 200%
of the shares. The conditions for the LTIP
realisation changed in 2024, grants are
based on Target EBIT realisation in the last
year of the programme.
The grant date, fair market value (FMV) at the grant date, service period, and vesting date for the LTIP are visualised below:
SBP plan 31 Dec
2020
31 Dec
2021
31 Dec
2022
31 Dec
2023
31 Dec
2024
31 Dec
2025
31 Dec
2026
31 Dec
2027
As of 31 December, 2024, 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
exercise price.
During the Annual General Meeting of
Shareholders dated 19 May, 2022, it
was decided that shares granted will be
purchased from the Market by InPost S.A.
or its subsidiaries when the programme
is settled. The granted share value is
calculated as the average price of InPost
S.A. shares on Euronext stock exchange
over the 60-day period prior to granting.
2021 - 2024
grant date
FMV PLN 32.9
performance period vesting
date
2022 - 2025
grant date
FMV PLN 31.7
performance period vesting
date
2023 - 2026
grant date
FMV PLN 40.6
performance period vesting
date
2024 - 2027
grant date
FMV PLN 40.1
performance period vesting
date
The following table presents the number and
change in LTIP shares during the year:
31-12-2024 31-12-2023
LTIP shares granted LTIP shares granted
Outstanding at 1 January 2,966,663 1,765,355
Granted during the year 726,714 1,077,538
Forfeited during the year - -
Exercised during the year 430,577 -
Expired during the year 42,033 -
Unvested during the year - -
Performance adjustment 1,416,515 123,770
Outstanding but not exercisable
at the end of the period
4,637,282 2,966,663
The expense recognised during the year is as follows:
31-12-2024 31-12-2023
LTIP 2021 3.2 14.2
LTIP 2022 44.5 10.5
LTIP 2023 13.7 9.7
LTIP 2024 11.1 -
Total expense 72.5 34.4
The Management determined the value of shares
granted based on the parameter set out below:
30.4.
Performance
bonuses
Annual performance bonuses are partially
paid in shares. Senior Management who are
entitled to receive performance bonuses
are divided into three groups: the 1st and
2nd group of participants will receive 50%
and 33%, respectively, of their annual
performance bonus in shares. Performance
bonuses for the year 2023 that vested on
31 March, 2024 were settled in April 2024,
and entitled employees received 190,944
shares, with a value of EUR 15.13 per share
at settlement date. Shares did not and will
not have an exercise price. Performance
bonuses were settled using treasury
shares.
Performance bonuses valuation parameters Granted 31 March, 2024
Fair value of performance bonus shares (EUR) 14.29
Number of shares granted 183,783
Expiration date 31-03-2025
Fair value of shares was calculated as the average price of
InPost S.A. shares on Euronext stock exchange over 60-day
period prior to granting
The following table presents the number
and change in performance bonus shares
during the year:
31-12-2024 31-12-2023
Performance bonus shares granted Performance bonus shares granted
Outstanding at 1 January 195,627 214,357
Granted during the year 183,783 195,627
Forfeited during the year - -
Exercised during the year 190,944 175,544
Expired during the year 4,683 38,813
Outstanding but not exercisable
at the end of the period
183,783 195,627
31-12-2024 31-12-2023
Expense arising from performance
bonuses paid in shares
13.4 7.8
Total expense 13.4 7.8
The expense
recognised during the
year is as follows:
30.5.
Restricted Stock Units
Newly hired senior managers are entitled
to Restricted Stock Units (RSU).
The programme was introduced in June
2024, settlement terms are agreed
individually (between one month and three
years). As of 31 December, 2024, the
assumption is that no managers will leave
the Group before the shares vest.
The following table presents the number
and change in RSU shares during the year:
31-12-2024 31-12-2023
RSU shares granted RSU shares granted
Outstanding at 1 January - -
Granted during the year 136,301 -
Exercised during the year 29,401 -
Expired during the year 17,450 -
Outstanding but not exercisable
at the end of the period
89,450 -
The shares that will vest under the plan will
not have an exercise price. Restricted Stock
Units are settled using treasury shares.
The expense recognised during
the year is as follows:
31-12-2024 31-12-2023
Expense arising from RSU 3.9 -
Total expense 3.9 -
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-386": {
"value": "31.
Other
liabilities
Balance as at 31-12-2024 31-12-2023
Payroll liabilities 76.5 52.9
Liabilities to the State 139.2 97.0
Total current other
liabilities (non-
financial liabilities)
215.7 149.9
",
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}
},
"fact-418": {
"value": "31. Other liabilities Balance as at 31-12-2024 31-12-2023 Payroll liabilities 76.5 52.9 Liabilities to the State 139.2 97.0 Total current other liabilities (non- financial liabilities) 215.7 149.9",
"dimensions": {
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"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-429": {
"value": "31. Other liabilities Balance as at 31-12-2024 31-12-2023 Payroll liabilities 76.5 52.9 Liabilities to the State 139.2 97.0 Total current other liabilities (non- financial liabilities) 215.7 149.9",
"dimensions": {
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"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-385": {
"value": "32.
Trade and
other payables
Balance as at 31-12-2024 31-12-2023
Trade payables
(to third parties)
1,501.1 931.8
Contract liability (prepaids) 21.3 18.7
Liabilities from the settlement of
the cash-on-delivery option
24.4 16.8
Investment liabilities 78.7 65.2
Other 46.4 42.2
Other payables 170.8 142.9
Total trade and other liabilities
(financial liabilities)
1,671.9 1,074.7
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": {
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"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-419": {
"value": "33.1.
The fair value of
financial instruments
Accounting policy The Management assessed that the fair values of cash and short-term deposits, trade, and other short-term financial receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the Group\u2019s interest- bearing 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 insignificant. Based on the analysis performed, the Management assessed that the carrying amounts of the long-term loans and borrowings are reasonable approximations of fair values (except for Loans and Borrowings with fixed interest rates); the fair value of borrowings which are at the variable rate is classified to the level 2 in fair value hierarchy. ",
"dimensions": {
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"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-387": {
"value": "34.
Contingent assets
and liabilities
The Group had no significant contingent
assets and liabilities in the reporting period.
",
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"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-420": {
"value": "34. Contingent assets and liabilities The Group had no significant contingent assets and liabilities in the reporting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-388": {
"value": "The following table presents the number
and change in treasury shares:
31-12-2024 31-12-2023
Number of treasury shares at 1 January 182,500 358,044
Acquisition of treasury shares 2,800,000 -
Treasury shares delivered (669,182) (175,544)
Number of treasury shares
at the end of the period
2,313,318 182,500
As at 31 December, 2024, InPost S.A.
and its subsidiaries held 2,313,318
treasury shares, which will be used for the
settlement of share-based programmes in
the future.
",
"dimensions": {
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"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-389": {
"value": "37.
Capital
management
The Management seeks to maintain a
balance between the higher returns that
might be possible with higher levels of
borrowing and the advantages and security
afforded by a sound capital position. The
capital of the Group comprises debt,
including loans and borrowings (presented
in Note 27), lease liabilities (presented
in Note 23.2), and capital attributable to
shareholders (including shares issued,
capital reserve, and retained earnings).
The Group monitors capital using a
leverage ratio, which is a ratio of Net debt
to Adjusted EBITDA. Net debt is defined
and calculated as the total of Loans,
Borrowings, and Other Financial Liabilities
less Cash and Cash equivalents, less
interest rate SWAP and less derivative
assets. 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 ratios as at 31
December, 2024 and 31 December, 2023
were as follows:
31-12-2024 31-12-2023
Total loans and borrowings 5,060.8 4,856.8
Total other financial liabilities 2,695.4 1,791.6
Less: Cash and cash equivalents (772.3) (565.2)
Less: Interest Rate SWAP (17.8) (7.9)
Net debt 6,966.1 6,075.3
Adjusted EBITDA 3,648.4 2,733.1
Leverage 1.9x 2.2x
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"fact-445": {
"value": "37.1. 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 analyses of financial risks and taking appropriate 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 resulting from transactions in various foreign currencies, predominantly EUR and GBP. The tables below present the exposure to currency risk, and a sensitivity analysis of a reasonable possible strengthening (weakening) of foreign currencies, which would have affected the measurement of financial instruments denominated in a foreign currency and affected profit or loss by the amounts shown below. This analysis assumes 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 2024 is presented in the table below: 2024 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate +10% GBP/PLN exchange rate -10% EUR/PLN exchange rate +10% EUR/PLN exchange rate -10% Cash and cash equivalents 772.3 290.0 5.9 (5.9) 14.1 (14.1) Trade receivables and other 1,955.7 1,046.7 29.6 (29.6) 53.1 (53.1) Other financial assets 205.1 186.8 15.1 (15.1) - - Trade liabilities and other payables 1,671.9 1,082.3 (41.8) 41.8 (45.6) 45.6 Loans and borrowings 5,060.8 4,370.3 (24.4) 24.4 (329.6) 329.6 Other financial liabilities 2,695.4 2,209.2 (30.5) 30.5 (148.5) 148.5 Total 12,361.2 9,185.3 (46.1) 46.1 (456.5) 456.5 2023 Carrying amount Amount exposed to risk GBP/PLN EUR/PLN Financial result after tax Financial result after tax GBP/PLN exchange rate +10% GBP/PLN exchange rate -10% EUR/PLN exchange rate +10% EUR/PLN exchange rate -10% Cash and cash equivalents 565.2 249.0 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 (7.7) 7.7 (42.9) 42.9 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 7,174.4 (22.3) 22.3 (419.3) 419.3 An analysis of sensitivity and exposure to currency risk in 2023 is presented in the table below: Interest 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 SONIA floating rates, which will be changed in the future following WIBOR reform in Poland. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. An analysis of sensitivity and exposure to interest rate risk in 2024 is presented in the table below: 2024 Carrying amount Amount exposed to risk Change in financial result after tax Rate +1.0 pp Rate -1.0 pp Other financial assets: IRS 17.8 1,950.0 15.8 (15.8) Other financial assets: loans and borrowings 58.1 - - - Total financial assets 75.9 (1,950.0) 15.8 (15.8) Loans and borrowings 5,060.8 2,771.4 (22.4) 22.4 Total financial liabilities 5,060.8 2,771.4 (22.4) 22.4 An analysis of sensitivity and exposure to interest rate risk in 2023 is presented in the table below: 2023 Carrying amount Amount exposed to risk Change in financial result after tax Rate +1.0 pp Rate -1.0 pp Other financial assets: IRS 7.9 1,950.0 15.8 (15.8) Total financial assets 7.9 1,950.0 15.8 (15.8) Loans and borrowings 4,856.7 2,665.0 (21.6) 21.6 Total financial liabilities 4,856.7 2,665.0 (21.6) 21.6 Credit risk: Trade receivables The Group is exposed to a significant risk resulting from sales with deferred payment (from 14 to 90 days). The credit 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. 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 assessment 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 proceedings, bankruptcy, etc.). For detailed information about the credit risk exposure on the Group\u2019s trade receivables, please refer to Note 25. 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 31 December, 2024 and 31 December, 2023 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 26. Other financial assets: Loans The Group is exposed to credit risk associated with the loans granted. As part of M&A activities, the Group searches for potential companies to acquire or collaborate with to expand its operations in new or underdeveloped markets. Under investment agreements, the Group may provide loans to external companies, which are primarily non-interest-bearing loans with the option to convert into equity. In valuing these loans at fair value, the Group considers credit risk by including expected credit loss rate into overall discount rate, which is used to discount future cash flows to determine the current fair value of these loans. 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 incurring unacceptable losses or risking damage 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 800.0 m. As at 31 December, 2024, the use of revolving loans amounted to PLN 392.2 m (222.6 m in 2023). Taking into account the positive cash flow and cash balance, the actual and planned results, the long-term nature of loans and liabilities (mainly related to leasing or purchase of fixed assets), and the available 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 contractual maturity date as at the balance sheet date. The amounts presented in the table below are contractual undiscounted cash flows. 2024 <1 year 1\u20133 years 3\u20135 years >5 years Contractual cash flows total Carrying amount Variable interest 332.3 2,961.5 - - 3,293.8 2,962.9 Loans and borrowings 332.3 2,961.5 - - 3,293.8 2,962.9 Fixed interest 1,061.4 3,222.5 383.3 372.4 5,039.6 4,793.3 Loans and borrowings 47.1 2,188.0 - - 2,235.1 2,097.9 Leases 1,014.3 1,034.5 383.3 372.4 2,804.5 2,695.4 Non-interest-bearing 1,671.9 - - - 1,671.9 1,671.9 Trade and other payables 1,671.9 - - - 1,671.9 1,671.9 Total 3,065.6 6,184.0 383.3 372.4 10,005.3 9,428.1 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",
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}
},
"fact-390": {
"value": "Market risks:
Currency risk
The Group is exposed to currency risks
resulting from transactions in various
foreign currencies, predominantly EUR and
GBP.
The tables below present the exposure to
currency risk, and a sensitivity analysis
of a reasonable possible strengthening
(weakening) of foreign currencies, which
would have affected the measurement
of financial instruments denominated in
a foreign currency and affected profit or
loss by the amounts shown below. This
analysis assumes 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 2024 is presented in the table below:
2024
Carrying
amount
Amount
exposed to risk
GBP/PLN EUR/PLN
Financial result after tax Financial result after tax
GBP/PLN
exchange rate
+10%
GBP/PLN
exchange rate
-10%
EUR/PLN
exchange rate
+10%
EUR/PLN
exchange rate
-10%
Cash and cash equivalents 772.3 290.0 5.9 (5.9) 14.1 (14.1)
Trade receivables and other 1,955.7 1,046.7 29.6 (29.6) 53.1 (53.1)
Other financial assets 205.1 186.8 15.1 (15.1) - -
Trade liabilities and other payables 1,671.9 1,082.3 (41.8) 41.8 (45.6) 45.6
Loans and borrowings 5,060.8 4,370.3 (24.4) 24.4 (329.6) 329.6
Other financial liabilities 2,695.4 2,209.2 (30.5) 30.5 (148.5) 148.5
Total 12,361.2 9,185.3 (46.1) 46.1 (456.5) 456.5
2023
Carrying
amount
Amount
exposed to risk
GBP/PLN EUR/PLN
Financial result after tax Financial result after tax
GBP/PLN
exchange rate
+10%
GBP/PLN
exchange rate
-10%
EUR/PLN
exchange rate
+10%
EUR/PLN
exchange rate
-10%
Cash and cash equivalents 565.2 249.0 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 (7.7) 7.7 (42.9) 42.9
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 7,174.4 (22.3) 22.3 (419.3) 419.3
An analysis of sensitivity and exposure to currency risk in 2023 is presented in the table below:
Interest 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 SONIA
floating rates, which will be changed
in the future following WIBOR reform in
Poland. This analysis assumes that all other
variables, in particular foreign currency
exchange rates, remain constant.
An analysis of sensitivity and exposure to
interest rate risk in 2024 is presented in the
table below:
2024
Carrying
amount
Amount
exposed
to risk
Change in financial result after tax
Rate
+1.0 pp
Rate
-1.0 pp
Other financial assets: IRS 17.8 1,950.0 15.8 (15.8)
Other financial assets: loans and borrowings 58.1 - - -
Total financial assets 75.9 (1,950.0) 15.8 (15.8)
Loans and borrowings 5,060.8 2,771.4 (22.4) 22.4
Total financial liabilities 5,060.8 2,771.4 (22.4) 22.4
An analysis of sensitivity and exposure to
interest rate risk in 2023 is presented in the
table below:
2023
Carrying
amount
Amount
exposed
to risk
Change in financial result after tax
Rate
+1.0 pp
Rate
-1.0 pp
Other financial assets: IRS 7.9 1,950.0 15.8 (15.8)
Total financial assets 7.9 1,950.0 15.8 (15.8)
Loans and borrowings 4,856.7 2,665.0 (21.6) 21.6
Total financial liabilities 4,856.7 2,665.0 (21.6) 21.6
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-391": {
"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 credit 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.
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
assessment 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
proceedings, bankruptcy, etc.).
For detailed information about the credit
risk exposure on the Group\u2019s trade
receivables, please refer to Note 25.
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 31 December, 2024
and 31 December, 2023 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 26.
Other financial assets: Loans
The Group is exposed to credit risk
associated with the loans granted. As part
of M&A activities, the Group searches
for potential companies to acquire or
collaborate with to expand its operations
in new or underdeveloped markets. Under
investment agreements, the Group may
provide loans to external companies, which
are primarily non-interest-bearing loans
with the option to convert into equity. In
valuing these loans at fair value, the Group
considers credit risk by including expected
credit loss rate into overall discount rate,
which is used to discount future cash flows
to determine the current fair value of these
loans.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-392": {
"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 incurring unacceptable losses or
risking damage 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 800.0 m.
As at 31 December, 2024, the use of
revolving loans amounted to PLN 392.2 m
(222.6 m in 2023).
Taking into account the positive cash flow
and cash balance, the actual and planned
results, the long-term nature of loans
and liabilities (mainly related to leasing or
purchase of fixed assets), and the available
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 contractual
maturity date as at the balance sheet date.
The amounts presented in the table below
are contractual undiscounted cash flows.
2024 <1 year 1\u20133 years 3\u20135 years >5 years Contractual cash flows total Carrying amount
Variable interest 332.3 2,961.5 - - 3,293.8 2,962.9
Loans and borrowings 332.3 2,961.5 - - 3,293.8 2,962.9
Fixed interest 1,061.4 3,222.5 383.3 372.4 5,039.6 4,793.3
Loans and borrowings 47.1 2,188.0 - - 2,235.1 2,097.9
Leases 1,014.3 1,034.5 383.3 372.4 2,804.5 2,695.4
Non-interest-bearing 1,671.9 - - - 1,671.9 1,671.9
Trade and other payables 1,671.9 - - - 1,671.9 1,671.9
Total 3,065.6 6,184.0 383.3 372.4 10,005.3 9,428.1
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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-421": {
"value": "38.
Related-party
transactions
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.
Entity\u2019s name
(Key Management personnel)
Transactions
Period of 12 months ended 31-12-2024 Period of 12 months ended 31-12-2023
Purchases
Consulting Services Marcin Pulchny - 0.5
F.H. Feniks Rafa\u0142 Brzoska 1.6 1.7
FINSTRAT Adam Aleksandrowicz 0.3 1.1
FRANCISCO VAN ENGELEN SOUSA 1.2 -
Lidar Management Dariusz Lipi\u0144ski - 0.7
Total 3.1 4.0
Associates
Transactions Balances
Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
As a
31-12-2024
As a
31-12-2023
Menzies Distribution Solutions Group Limited
(before: M HOLDCO 2 Limited) and its subsidiaries
Receivables - - 0.1 -
Revenues 1.2 - - -
Loan and related interest - - 58.1 -
As at 31 December, 2024,
outstanding balances of
receivables and liabilities
from related parties (Key
Management personnel)
amounted to nil.
Transaction with the group listed above
relates to linehaul services that Menzies
Distribution Solutions Group Limited
(before: M HOLDCO 2 Limited) performed
for the Group since acquisition of M
HOLDCO 1 Limited. The Group has not
38.1.
Key personnel
remuneration
Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Management Board, of which: 42.4 31.6
Short-term employee benefits 10.0 11.3
Share-based compensation 32.4 20.3
Executive Committee*, of which: - 6.1
Short-term employee benefits - 2.2
Share-based compensation - 3.9
Supervisory Board, of which: 2.4 2.7
Short-term employee benefits 2.4 2.7
Share-based compensation - -
Total key personnel remuneration 44.8 40.4
*The Supervisory Board dissolved the
Executive Committee in August 2023.
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), Restricted Stock Units (RSU),
Earn-out agreement and performance
bonuses.
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.
recorded any other transactions and
balances with related parties other than
specified above.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-393": {
"value": "39.
Employment
structure
The employment
structure of the Group
is as follows (total
number of employees
at the period end):
31-12-2024 31-12-2023
Management Board 3 3
Management 1,486 1,098
White-collar employees 3,992 3,716
Blue-collar employees 4,634 2,250
Total employment 10,115 7,067
The average number
of staff employed by
the Group during the
financial year 2024,
broken down by
companies:
Management
White-collar
employees
Blue-collar
employees
InPost S.A. 3 - -
Integer.pl S.A. 11 25 12
InPost Technology 21 203 -
Integer France SAS - 4 -
Mondial Relay SAS 37 996 1,331
InPost Sp. z o.o. 850 934 936
Locker InPost Italia Srl 29 82 -
InPost UK Limited 36 108 -
Integer Group Services Sp. z o.o. 245 1,339 218
M HOLDCO 1 Limited and its subsidiaries 76 200 1,178
Total employment 1,308 3,891 3,675
The companies excluded from the table above
had no employees during the year 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-394": {
"value": "40.
Auditors\u2019
remuneration
Period of 12 months
ended 31-12-2024
Period of 12 months
ended 31-12-2023
Fees for legal audit of consolidated financial
statements and annual accounts
4.1 2.9
Fees for half-year review services 0.6 0.8
Other assurance services 0.6 0.6
CSRD other assurance services 1.0 -
Total auditor\u2019s remuneration 6.3 4.3
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-446": {
"value": "41.
Events after
the balance
sheet date
41.1.
Change in debt
refinancing
On 3 March, 2025, InPost S.A. successfully
refinanced its existing debt. The total financing
increased from PLN 2,75 billion to PLN 4,20 bn.
The structure of the debt includes a PLN 2,70
bn Revolving Credit Facility (RCF), up from PLN
0,80 bn previously, and a PLN 1,50 bn Term Loan,
replacing the previous term loan of PLN 1,95 bn.
The financing is for a 5-year term with two optional
1-year extensions for the RCF. The margin depends
on Group leverage and is currently 1.5% plus a
floating interest rate based on WIBOR 3M or 6M.
The financing structure includes a Sustainability-
Linked Loan mechanism to be launched within 12
months. Overall refinancing was conducted on more
favourable conditions compared to the previous
loan.
41.2.
Convertible
loans
After the balance sheet date, InPost
extended additional convertible
loans to Judge Logistics Limited
under terms similar to those
described in Note 20, consistent
with its business strategy. InPost is
currently evaluating the accounting
impact of these new arrangements.
These arrangements will be
accounted for in the consolidated
financial statements for 2025.
",
"dimensions": {
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"language": "en",
"entity": "scheme:2221003M23QLERR89585",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}