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Integrated Annual Report 2024
Consolidated
Financial
Statements
Registered office: 70 route d’Esch
L-1470 Luxembourg
R.C.S. Luxembourg B 248669
Luxembourg, 27 March, 2025
of InPost S.A. and its subsidiaries
for the period of 12 months
ended 31 December, 2024
187
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
RESPONSIBILITY STATEMENT
Responsibility
statement
InPost S.A.
70, route d’Esch
L-1470 Luxembourg
Grand Duchy of Luxembourg
R.C.S. Luxembourg: B248669
These Consolidated Financial Statements of InPost Group for the
period of 12 months ended on 31 December, 2024 prepared in
accordance with the International Financial Reporting Standards as
adopted by the European Union and Standalone Financial Statements,
prepared in accordance with Generally Accepted Accounting
Principles in Luxembourg, give a true and fair view of the assets,
liabilities, financial position, and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole, and that
the Management report includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they face.
The Management Board and Supervisory Board
confirm that, to the best of their knowledge:
Hein Pretorius
Chairperson of the
Supervisory Board
Approved by the Board on its behalf by:
Rafał Brzoska
Chief Executive
Officer
188
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
AUDIT REPORT
Report on the audit
of the consolidated
financial statements
Audit report
To the Shareholders of
InPost S.A.
Our opinion
In our opinion, the accompanying
consolidated financial statements give
a true and fair view of the consolidated
financial position of InPost S.A. (the
“Company”) and its subsidiaries (the
“Group”) as at 31 December 2024, and
of its consolidated financial performance
and its consolidated cash flows for the
year then ended in accordance with IFRS
Accounting Standards as adopted by the
European Union.
Our opinion is consistent with our
additional report to the Audit Committee or
equivalent.
What we have audited
The Group’s consolidated financial
statements comprise:
• the consolidated statement of financial
position as at 31 December, 2024;
• the consolidated statement of profit or
loss and other comprehensive income for
the year then ended;
• the consolidated statement of cash flows
for the year then ended;
• the consolidated statement of changes in
equity for the year then ended; and
• the notes to the consolidated financial
statements, including material accounting
policy information and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with
the EU Regulation No 537/2014, the Law of
23 July 2016 on the audit profession (Law
of 23 July 2016) and with International
Standards on Auditing (ISAs) as adopted
for Luxembourg by the “Commission
de Surveillance du Secteur Financier”
(CSSF). Our responsibilities under the EU
Regulation No 537/2014, the Law of 23 July
2016 and ISAs as adopted for Luxembourg
by the CSSF are further described in
the “Responsibilities of the “Réviseur
d’entreprises agréé” for the audit of the
consolidated financial statements” section
of our report.
We believe that the audit evidence we have
obtained is sufficient and appropriate to
provide a basis for our opinion.
We are independent of the Group in
accordance with the International Code
of Ethics for Professional Accountants,
including International Independence
Standards, issued by the International
Ethics Standards Board for Accountants
(IESBA Code) as adopted for Luxembourg
by the CSSF together with the ethical
requirements that are relevant to our
audit of the consolidated financial
statements. We have fulfilled our other
ethical responsibilities under those ethical
requirements.
To the best of our knowledge and belief,
we declare that we have not provided
non-audit services that are prohibited
under Article 5(1) of the EU Regulation No
537/2014.
The non-audit services that we have
provided to the Company and its controlled
undertakings, if applicable, for the year
then ended, are disclosed in Note 40 to the
consolidated financial statements.
189
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
AUDIT REPORT
Key audit matters are those matters that, in our professional judgment, were of
most significance in our audit of the consolidated financial statements of the
current period. These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Key audit matters
Key audit matter
Risk of fraud in revenue recognition
Revenue is one of the key figures
reflecting the results of operations
and market share, which is of the
key importance for the Group’s
development.
Therefore there is a risk of
misstatement of the consolidated
financial statements as a result
of intentional overestimate of
revenues in the consolidated
financial statements. Since the
Group’s revenue is composed of
high volumes of very low value
individual transactions we have
narrowed the risk of intentional
misstatements to the recognition
of fictitious sales.
The disclosures related to
revenue, including the accounting
policies are included in Note 9
of the consolidated financial
statements.
How our audit addressed
the key audit matter
Our testing procedures included
in particular:
• Understanding the internal
control system and analysing the
principles adopted by the Group in
terms of recognizing revenue from
contracts with customers;
• Conducting, on a sample basis,
tests of selected internal controls,
important for determining
the occurrence of revenue
transactions and the correct value
of revenues from contracts with
customers;
• Understanding and validating
types of documents used for
accounting of revenues and
identification of types of journal
entries outside standard operating
activity of the Group;
• Testing of the selected non-
standard journal entries of
revenue accounts that have
impacted revenue for the year by
understanding the rationale for
these journals.
Key audit matter
Accounting for business
combination - acquisition of
Menzies Distribution Limited
As described in Note 6.4 and
18.2 to the consolidated financial
statements, on 15 October 2024
the Group exercised the call
option acquiring the remaining
70% of shares and increasing
its shareholdings in Menzies
Distribution Limited to 100%. The
purchase price for the remaining
70% of shares was PLN 308.8
million (GBP 60.3 million) and was
paid mainly in cash.
The business combination
achieved in stages was accounted
for according to IFRS 3 Business
combinations.
The provisional fair value of net
identifiable assets of Menzies
Distribution Limited amounts
to PLN 218.4 million, including
PLN 315.4 million relating to
customer relationships. 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 gain
on revaluation of previously
held interest in the amount of
PLN 6.5 million. As a result of
the provisional accounting for
a business combination the
How our audit addressed the
key audit matter
Our testing procedures included in
particular:
• receipt and analysis of the
documentation supporting the
accounting treatment applied by
the management for the business
combination;
• evaluation of management’s
assessment that the acquisition
of Menzies Distribution Limited
should be accounted for as a
business combination achieved in
stages in accordance with IFRS 3;
• assessment of the Group’s
analysis of the date of obtaining
control;
• assessment of the
appropriateness of the
identification of identifiable assets
acquired and liabilities assumed at
the acquisition date by reviewing
the supporting documentation
provided by the Management;
• verification of management’s
procedure for determining the
fair value of the identifiable asset
and liabilities; in particular, we
assessed whether the valuation
techniques and key assumptions
(i.e. discount rates) used by the
management are appropriate and
reasonable. We also assessed how
Group recognised a goodwill at
provisional amount of PLN 162.8
million.
This is a significant focus area for
our audit due to the significance
of management’s judgements and
estimates involved in accounting
for this business combination
achieved in stages. The key
judgements and estimates related
to:
- Measurement using equity
method of the carrying amount
of the investment in associate
that was: (i) derecognised due
to obtaining control and (ii)
retained considering the demerger
of Menzies Distribution Group
Limited into Menzies Distribution
Solutions Ltd and Menzies
Distribution Limited,
- Measurement of identifiable
assets and liabilities of Menzies
Distribution Limited at fair values,
- Measurement of the
consideration, including fair value
of previously held interest, impact
of the settlement of pre-existing
relationship between acquirer and
acquiree, and impact of the pre-
existing call option on 70% interest
in acquiree.
management has addressed the
estimation of uncertainty in making
the accounting estimate;
• evaluation of the method used
to allocate the net assets and the
goodwill relating to the Menzies
Distribution Group Limited due to
demerger into the two companies:
Menzies Distribution Solutions Ltd
and Menzies Distribution Limited;
• evaluation of the method used
to remeasure the previously held
interest;
• evaluation of the competency and
objectivity of the external expert
engaged by the management
to determine the fair value of
the identifiable assets acquired
and liabilities assumed; we also
involved our internal valuation
experts to support us in our audit
work;
•evaluation of the adequacy and
completeness of the disclosures.
190
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
AUDIT REPORT
Responsibilities of the Board of Directors
and those charged with governance for
the consolidated financial statements
The Board of Directors is responsible for
the preparation and fair presentation of
the consolidated financial statements
in accordance with IFRS Accounting
Standards as adopted by the European
Union, and for such internal control as the
Board of Directors determines is necessary
to enable the preparation of consolidated
financial statements that are free from
material misstatement, whether due to
fraud or error.
In preparing the consolidated financial
statements, the Board of Directors is
responsible for assessing the Group’s ability
to continue as a going concern, disclosing,
as applicable, matters related to going
concern and using the going concern basis
of accounting unless the Board of Directors
either intends to liquidate the Group or
to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are
responsible for overseeing the Group’s
financial reporting process.
The Board of Directors is responsible for
presenting and marking up the consolidated
financial statements in compliance with
the requirements set out in the Delegated
Regulation 2019/815 on European Single
Electronic Format (“ESEF Regulation”).
Responsibilities of the “Réviseur
d’entreprises agréé” for the audit of the
consolidated financial statements
The objectives of our audit are to obtain
reasonable assurance about whether the
consolidated financial statements as a
whole are free from material misstatement,
whether due to fraud or error, and to issue
an audit report that includes our opinion.
Reasonable assurance is a high level of
assurance, but is not a guarantee that an
audit conducted in accordance with the
EU Regulation No 537/2014, the Law of
23 July 2016 and with ISAs as adopted for
Luxembourg by the CSSF will always detect
a material misstatement when it exists.
Misstatements can arise from fraud or error
and are considered material if, individually
or in the aggregate, they could reasonably
be expected to influence the economic
decisions of users taken on the basis of
these consolidated financial statements.
As part of an audit in accordance with the
EU Regulation No 537/2014, the Law of
23 July 2016 and with ISAs as adopted
for Luxembourg by the CSSF, we exercise
professional judgment and maintain
professional scepticism throughout the
audit. We also:
• identify and assess the risks of material
misstatement of the consolidated financial
statements, whether due to fraud or error,
design and perform audit procedures
responsive to those risks, and obtain audit
evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk
of not detecting a material misstatement
resulting from fraud is higher than for one
resulting from error, as fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the override of
internal control;
• obtain an understanding of internal
control relevant to the audit in order
to design audit procedures that are
appropriate in the circumstances, but not
for the purpose of expressing an opinion
on the effectiveness of the Group’s internal
control;
• evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting estimates
and related disclosures made by the Board
of Directors;
• conclude on the appropriateness of
the Board of Directors’ use of the going
concern basis of accounting and, based
on the audit evidence obtained, whether a
material uncertainty exists related to events
or conditions that may cast significant
doubt on the Group’s ability to continue
as a going concern. If we conclude that a
material uncertainty exists, we are required
to draw attention in our audit report to the
related disclosures in the consolidated
financial statements or, if such disclosures
are inadequate, to modify our opinion.
Our conclusions are based on the audit
Other information
The Board of Directors is responsible
for the other information. The other
information comprises the information
stated in the consolidated management
report and the Corporate Governance
Statement but does not include the
consolidated financial statements and our
audit report thereon.
Our opinion on the consolidated financial
statements does not cover the other
information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the
consolidated financial statements,
our responsibility is to read the other
information identified above and, in
doing so, consider whether the other
information is materially inconsistent with
the consolidated financial statements
or our knowledge obtained in the audit,
or otherwise appears to be materially
misstated. If, based on the work we have
performed, we conclude that there is
a material misstatement of this other
information, we are required to report that
fact. We have nothing to report in this
regard.
evidence obtained up to the date of our
audit report. However, future events or
conditions may cause the Group to cease to
continue as a going concern;
• evaluate the overall presentation,
structure and content of the consolidated
financial statements, including the
disclosures, and whether the consolidated
financial statements represent the
underlying transactions and events in a
manner that achieves fair presentation;
• plan and perform the group audit to
obtain sufficient appropriate audit evidence
regarding the financial information of the
entities and business units within the Group
as a basis for forming an opinion on the
consolidated financial statements. We are
responsible for the direction, supervision
and review of the audit work performed
for purposes of the group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged
with governance regarding, among other
matters, the planned scope and timing of
the audit and significant audit findings,
including any significant deficiencies in
internal control that we identify during our
audit.
191
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
AUDIT REPORT
Report on other
legal and regulatory
requirements
The consolidated management report is
consistent with the consolidated financial
statements and has been prepared
in accordance with applicable legal
requirements.
The Corporate Governance Statement is
included in the consolidated management
report. The information required by Article
68ter Paragraph (1) Letters c) and d) of
the Law of 19 December, 2002 on the
commercial and companies register and
on the accounting records and annual
accounts of undertakings, as amended, is
consistent with the consolidated financial
statements and has been prepared
in accordance with applicable legal
requirements.
We have been appointed as “Réviseur
d’Entreprises Agréé” by the General
Meeting of the Shareholders on 16 May,
2024 and the duration of our uninterrupted
engagement, including previous renewals
and reappointments, is 4 years.
We have checked the compliance of the
consolidated financial statements of the
Group as at 31 December, 2024 with
relevant statutory requirements set out in
the ESEF Regulation that are applicable to
consolidated financial statements.
For the Group it relates to the requirement
that:
• the consolidated financial statements are
prepared in a valid XHTML format;
• the XBRL markup of the consolidated
financial statements uses the core
taxonomy and the common rules on
markups specified in the ESEF Regulation.
In our opinion, the consolidated financial
statements of the Group as at 31
December, 2024 have been prepared, in
all material respects, in compliance with
the requirements laid down in the ESEF
Regulation.
PricewaterhouseCoopers,
Société coopérative
Represented by
Brieuc Malherbe
Luxembourg, 27 March, 2025
We also provide those charged with
governance with a statement that we have
complied with relevant ethical requirements
regarding independence, and communicate
to them all relationships and other matters
that may reasonably be thought to bear on
our independence, and where applicable,
actions taken to eliminate threats or
safeguards applied.
From the matters communicated with
those charged with governance, we
determine those matters that were of most
significance in the audit of the consolidated
financial statements of the current period
and are therefore the key audit matters. We
describe these matters in our audit report
unless law or regulation precludes public
disclosure about the matter.
We assess whether the consolidated
financial statements have been prepared,
in all material respects, in compliance with
the requirements laid down in the ESEF
Regulation.
192
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
TABLE OF CONTENTS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 194
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 195
CONSOLIDATED STATEMENT OF CASH FLOWS 196
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 197
DISCLOSURES TO CONSOLIDATED FINANCIAL STATEMENTS 198
1. Basis of preparation 198
2. Introduction to the consolidated financial statements 198
2.1. General information about InPost Group and its Parent 198
2.2. Group’s operations 198
2.3. Composition of the Group and interest in other entities 199
2.4. Authorisation of the consolidated financial statements 199
3. New and amended standards and interpretations 200
4. Foreign currency 201
4.1. Foreign operations treatment 201
4.2. Reporting foreign currency transactions 201
5. Basis for consolidation and accounting for the investment in the associates 201
6. Important events within the 2024 period 202
6.1. Changes in the Management Board of InPost S.A. 202
6.2. Dissolution of Giverty Limited and Granatana Limited 202
6.3. Changes in Supervisory Board of InPost S.A. 202
6.4. Reorganisation and acquisition of the remaining shares in Menzies Distribution Group 202
7. Significant accounting judgements and estimates 202
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 203
8. Group’s performance and segment information 203
8.1. Alternative performance measures: Gross Profit, Operating EBITDA, Adjusted EBITDA 203
8.2. Segment information 206
9. Revenue 210
10. Depreciation and amortisation 211
11. External services 211
12. Employee benefit costs 212
13. Other expenses 212
14. Financial income and expenses 212
15. Income tax 212
15.1. Income tax in profit or loss 213
15.2. Reconciliation of effective tax rate 213
15.3. Change in deferred tax assets and liabilities 214
15.4. Unrecognised deferred tax assets 215
16. Earnings per share (EPS) 215
17. Dividends paid and proposed for payment 215
193
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
TABLE OF CONTENTS
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION 216
18. Goodwill 216
18.1. Impairment testing 216
18.2. Acquisition of Menzies Distribution Group 218
19. Investment in an associate 219
20. Other financial assets 222
21. Intangible assets 223
22. Property, plant, and equipment 226
23. Leases 229
23.1. Right-of-use assets 231
23.2. Leasing liabilities 232
24. Other assets 232
25. Trade and other receivables 233
25.1. Other receivables 234
26. Cash and cash equivalents 235
27. Loans and borrowings 236
27.1. Assets pledged as security for liabilities 237
28. Reconciliation of movements of liabilities to cash flows arising from financing activities 238
29. Employee benefits and other provisions 239
30. Share-based payment 241
30.1. Earn-out agreement 241
30.2. Management Incentive Plan 242
30.3. Long-Term Incentive Plan 243
30.4. Performance bonuses 244
30.5. Restricted Stock Units 245
31. Other liabilities 245
32. Trade and other payables 245
33. Financial instruments 246
33.1. The fair value of financial instruments 246
33.2. Financial instruments by category 247
33.3. Guarantees and other securities 247
34. Contingent assets and liabilities 247
35. Explanations to the Statement of cash flows 248
GROUP’S CAPITAL AND RISKS 249
36. Share capital 249
37. Capital management 249
37.1. Financial risk management objectives 250
38. Related-party transactions 253
38.1. Key personnel remuneration 253
39. Employment structure 254
40. Auditors’ remuneration 254
41. Events after the balance sheet date 255
41.1. Change in debt refinancing 255
41.2. Convertible loans 255
194
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Consolidated statement of profit or loss
and other comprehensive income
| Period of 12 | Period of 12 | Period of 12 | Period of 12 | ||||
| months ended | months ended | months ended | months ended | ||||
| Note | 31-12-2024 | 31-12-2023 | Note | 31-12-2024 | 31-12-2023 | ||
| Continued operations | Other comprehensive income – item that may | ||||||
Revenue | 9 | be reclassified to profit or loss | |||||
Other operating income | Exchange differences from the translation of | ( | |||||
Depreciation and amortisation | 10 | foreign operations, net of tax | |||||
Raw materials and consumables | Share of other comprehensive income/(loss) of | ( | |||||
External services | 11 | Associates, accounted for using the equity method | |||||
Taxes and charges | Other comprehensive income, net of tax | ||||||
| Total comprehensive income attributable | |||||||
Payroll | 12 | to the owners of the parent 2 | |||||
Social security and other benefits | 12 | Net profit (loss) attributable to owners of the parent company: | |||||
Other expenses | 13 | From continued operations: | |||||
Cost of goods and materials sold | From discontinued operations: | ||||||
Other operating expenses | Total comprehensive income attributable to owners | ||||||
Impairment (gain)/loss on trade and other receivables | 25 | of the parent company: | |||||
Total operating expenses | From continued operations | ||||||
Operating profit | From discontinued operations | ||||||
Finance income | 14 | Basic earnings per share (in PLN) | 16 | ||||
Finance costs | 14 | Basic earnings per share (in PLN) – continuing operations | 16 | ||||
| Share of results from associates, accounted for using | 19 | ( | Basic earnings per share (in PLN) – discontinued operations | 16 | |||
| the equity method | Diluted earnings per share (in PLN) | 16 | |||||
| Gain on revaluation of previously owned shares | 18.2 | ||||||
| in acquired entities | Diluted earnings per share (in PLN) – continuing operations | 16 | |||||
Profit before tax | Diluted earnings per share (in PLN) – discontinued operations | 16 | |||||
Income tax expense | 15 | ||||||
Profit from continuing operations | |||||||
Profit (loss) from discontinued operations 1 | |||||||
Net profit |
The above consolidated financial statements should be read in conjunction with the accompanying notes.
1
Profit (loss) from discontinued operations related to liquidation of Giverty Holding Limited and Granatana Limited
2
The Net profit for the period and Total comprehensive income are attributable to the owners of the parent company only
195
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Consolidated statement
of financial position
| Balance as at | Balance as at | Balance as at | Balance as at | |||||
ASSETS | Note | 31-12-2024 | 31-12-2023 | EQUITY AND LIABILITIES | Note | 31-12-2024 | 31-12-2023 | |
Goodwill | 18 | Share capital | 36 | |||||
Intangible assets | 21 | Share premium | ||||||
Property, plant, and equipment | 22 | Retained earnings/(accumulated losses) | ||||||
| Investments in associates, accounted for | 19 | Reserves | ( | ( | ||||
| using the equity method | Total equity (attributable to owners) | |||||||
Other receivables | Loans and borrowings | 27 | ||||||
Other financial assets | 33.2 | Employee benefits and other provisions | 29 | |||||
Deferred tax assets | 15.3 | Government grants | ||||||
Other assets | 24 | Deferred tax liability | 15.3 | |||||
Non-current assets | Other financial liabilities | 23.2 | ||||||
Inventory | Total non-current liabilities | |||||||
Other financial assets | 20 | Trade payables and other payables | 32 | |||||
Trade and other receivables | 25 | Loans and borrowings | 27 | |||||
Income tax asset | Current tax liabilities | |||||||
Other assets | 24 | Employee benefits and other provisions | 29 | |||||
Cash and cash equivalents | 26 | Other financial liabilities | 23.2 | |||||
Current assets | Other liabilities | 31 | ||||||
TOTAL ASSETS | ||||||||
Total current liabilities | ||||||||
TOTAL EQUITY AND LIABILITIES | ||||||||
| The above consolidated financial statements should be read in conjunction with the accompanying notes. |
196
Note
| InPost Group | |||||||
| Integrated Annual Report 2024 | |||||||
| CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) / | |||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
| Consolidated statement | |||||||
| of cash flows | Period of 12 months | Period of 12 months | Period of 12 months | Period of 12 months | |||
| Note | ended 31-12-2024 | ended 31-12-2023 | ended 31-12-2024 | ended 31-12-2023 | |||
| Cash flows from operating activities | Cash flows from investing activities | ||||||
Net profit | Purchase of property, plant, and equipment | ( | ( | ||||
Adjustments: | Purchase of intangible assets | ( | ( | ||||
Income tax expense | 15 | Acquisition of shares in associated company | 19 | ( | |||
Financial cost/(income) | 35 | Proceeds from financial instruments | |||||
(Gain)/loss on sale of property, plant, and equipment | Acquisition of a subsidiary, net of cash acquired | 18.2 | ( | ||||
Depreciation and amortisation | 10 | Loans granted | 20 | ( | |||
Impairment losses | Net cash from investing activities | ( | ( | ||||
Share-based payments | 30 | Cash flows from financing activities | |||||
| Gain on revaluation of previously owned shares | ( | Proceeds from loans and borrowings | 28 | ||||
| in acquired entities | Repayment of the principal portion of loans | 28 | ( | ( | |||
Share of results of associates | 19 | ( | and borrowings | ||||
Changes in working capital: | ( | ( | Payment of principal portion of the lease liability | 28 | ( | ( | |
Trade and other receivables | 35 | ( | ( | Acquisition of treasury shares | ( | ||
Inventories | Net cash from financing activities | ( | ( | ||||
Other assets | 35 | ( | ( | Net increase/(decrease) in cash and cash equivalents | |||
Trade payables and other payables | 35 | Cash and cash equivalents as at 1 January | |||||
Employee benefits, provisions, and contract liabilities | 35 | Effect of movements in exchange rates on cash held | |||||
Other liabilities | 35 | Cash and cash equivalents as at 31 December | |||||
Cash generated from operating activities | |||||||
Interest and commissions paid | ( | ( | |||||
Income tax paid | ( | ( | |||||
Net cash from operating activities |
The above consolidated financial statements should be read in conjunction with the accompanying notes.
197
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Reserves | ||||||||
Share capital | Share premium | Translation reserve 3 | Treasury shares | Reserve capital | Other reserves 5 | Retained earnings/ | Total equity | |
(reorganisation) 4 | (accumulated losses) | (attributable to owners) | ||||||
Balance as at 01-01-2023 | ( | ( | ( | |||||
Net profit | ||||||||
| Other comprehensive income – exchange | ||||||||
| differences from translation of subsidiaries | ||||||||
| Share in other comprehensive income/(loss) | ( | ( | ||||||
| of associates | ||||||||
Total comprehensive income for the period | ||||||||
Share-based payment (equity-settled) | ||||||||
Acquisition of treasury shares | ||||||||
Treasury shares delivered | ( | |||||||
Balance as at 31-12-2023 | ( | ( | ||||||
Net profit | ||||||||
| Other comprehensive income – exchange | ( | ( | ||||||
| differences from translation of subsidiaries | ||||||||
| Share in other comprehensive income/(loss) | ||||||||
| of associates | ||||||||
Total comprehensive income for the period | ||||||||
Share-based payment (equity-settled) | ||||||||
Acquisition of treasury shares | ( | ( | ||||||
Treasury shares delivered | ( | |||||||
Balance as at 31-12-2024 | ( | ( |
Consolidated statement
of changes in equity
3
Translation reserve includes exchange differences from the translation of foreign operations.
4
The Group reorganisation, which took place at the beginning of 2021, impacted the current Group’s structure significantly. On 26 January, 2021, the general meeting of
shareholders adopted a resolution to increase the share capital to EUR 5,000,000. On 26 January, 2021, AI Prime Bidco S.à r.l., a related party of the Company, contributed 100%
of the shares held respectively in Integer.pl S.A. and InPost Technology S.à r.l. to InPost S.A. for a total amount of EUR 7,995,747,974 to cover the value of shares issued.
5
Other reserves include equity-settled share-based payment programme reserve.
The above consolidated financial
statements should be read in conjunction
with the accompanying notes.
198
2.
Introduction to the consolidated
financial statements
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED FINANCIAL STATEMENTS
2.1.
General information about
InPost Group and its Parent
was incorporated on 6 November,
2020; it is organised under the laws of
an unlimited period and is registered with
the Luxembourg Register of Commerce
and Companies under n° B 248669. The
address of InPost S.A. registered office is
InPost S.A. is the Parent Company of
InPost Group (hereinafter “the Group”).
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.
2.2.
Group’s 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.
Disclosures to consolidated
financial statements
199
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED FINANCIAL STATEMENTS
200
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED FINANCIAL STATEMENTS
3.
New and amended
standards and
interpretations
Certain amendments to accounting
standards (disclosed below) have been
published; these are not mandatory for the
31 December, 2024 reporting period and
have not been early adopted by the Group.
New standard or amendment Issued on
Effective for annual periods
beginning on or after Effective date in EU
Group’s assessment of the impact on
financial statements
IFRS 19 Subsidiaries without Public Accountability: Disclosures 09-05-2024 01-01-2027 not yet endorsed not applicable for the Group
IFRS 18 Presentation and Disclosure in Financial Statements 09-04-2024 01-01-2027 not yet endorsed assessment in progress
Annual Improvements Volume 11 18-07-2024 01-01-2026 not yet endorsed assessment in progress
Amendments to the Classification and Measurement of Financial
Instruments (IFRS 9 and IFRS 7)
30-05-2024 01-01-2026 not yet endorsed assessment in progress
Amendments to IAS 21: Lack of Exchangeability 15-08-2023 01-01-2025 01-01-2025 no impact
Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets
Between an Investor and its Associate or Joint Venture
11-09-2014 deferred indefinitely by IASB postponed no impact
Contracts Referencing Nature-dependent Electricity –
Amendments to IFRS 9 and IFRS 7
18-12-2024 01-01-2026 not yet endorsed assessment in progress
New standard or amendment Issued on
Effective for annual periods
beginning on or after Effective date in EU Group’s assessment of the regulation
Amendments to IAS 7: Supplier Finance Arrangements 25-05-2023 01-01-2024 01-01-2024
no impact
(not applicable to the Group)
Amendments to IAS 1:
• Classification of Liabilities as Current or Non-current – Date;
• Classification of Liabilities as Current or Non-current – Deferral
of Effective Date;
• Non-current Liabilities with Covenants
23-01-2020
15-07-2020
31-10-2022
01-01-2024 01-01-2024
insignificant impact
(reflected in the note 27)
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback 22-09-2022 01-01-2024 01-01-2024 no impact
IFRIC agenda decision: Disclosure of Revenues and Expenses
for Reportable Segments (IFRS 8 Operating Segments)
July 2024 01-01-2024 01-01-2024
insignificant impact
(reflected in the note 8)
The Group applied the following standards
and interpretations that have come into
force for the financial periods starting from
1 January, 2024:
201
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED FINANCIAL STATEMENTS
31-12-2024 31-12-2023
Exchange rate at the reporting date – for assets and liabilities
EUR 4.2730 4.3480
GBP 5.1488 4.9997
Average exchange rate for the period – 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:
202
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED FINANCIAL STATEMENTS
6.
Important events
within the 2024 period
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.
6.2.
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.
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’s
accounting policies. These policies and
the significant judgements made by the
Management in applying the Group’s
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)
203
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Disclosures to consolidated
statement of profit or loss and
other comprehensive income
8.
Group’s
performance
and segment
information
The Group reports on the following
alternative performance measures
of the Group’s performance: Gross
Profit, Operating EBITDA, and Adjusted
EBITDA. The Group believes that these,
and similar measures, are used in the
industry in which the Group operates as a
means of evaluating a Group’s operating
performance.
However, these are not recognised
measures of financial performance,
financial condition, or liquidity under IFRS.
In addition, not all companies may calculate
Gross Profit, Operating EBITDA, and
Adjusted EBITDA in the same manner or on
a consistent basis. As a result, this measure
may not be comparable to measures used
by other companies under the same or
similar names. Accordingly, undue reliance
should not be placed on these measures,
and they should not be considered in
isolation or as a substitute for profit for the
year, cash flow, expenses or other financial
measures computed in accordance with
IFRS.
Gross Profit represents a margin realised on
deliveries to clients, and takes into account
only revenue and other operating income
related to deliveries, and costs directly
attributable to such deliveries. Gross
Profit is defined as net profit for the period
adjusted for profit/(loss) from discontinued
operations, income tax expense, profit on
sales of an organised part of an enterprise,
the share of results of equity-accounted
investees, finance costs and income,
depreciation and amortisation, and general
costs. The numerical reconciliation of
Gross Profit to the numbers included in the
consolidated financial statements prepared
under IFRS is included in Note 8.2 on
segment reporting.
8.1.
Alternative performance
measures: Gross Profit,
Operating EBITDA,
Adjusted EBITDA
Operating EBITDA facilitates the comparison
of the Group’s operating results from period
to period and between segments by removing
the impact of, among other things, its capital
structure, asset base, and tax consequences.
Operating EBITDA is defined as net profit
for the period, adjusted for profit/(loss) from
discontinued operations, income tax expense
(benefit), profit on sales of an organised part
of an enterprise, share of result of equity-
accounted investees, finance costs and income,
as well as depreciation and amortisation.
204
Period of 12 months ended
31-12-2024
Period of 12 months ended
31-12-2023
Net profit from continuing operations 1,247.2 647.4
Income tax 385.6 284.6
Profit from continuing operations before tax 1,632.8 932.0
adjusted by:
- Net financial costs 342.4 535.9
- Depreciation 1,490.2 1,149.1
- Share of result from associates (8.7) 30.9
- Gain on revaluation of previously owned shares in acquired entities (6.5) -
Operating EBITDA 3,450.2 2,647.9
- Incentive programmes set up by Shareholder 15.1 4.5
- Incentive programmes set up by Group 76.4 34.4
- M&A costs 35.0 12.0
- Restructuring costs 71.7 34.3
Adjusted EBITDA 3,648.4 2,733.1
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Adjusted EBIT is defined as the operating
profit for the period, adjusted for one off/
non cash costs described in Adjusted
EBITDA definition and adjusted by
amortisation of customer relationship and
trademarks acquired during M&A process.
In Management opinion elimination of
amortisation of intangibles identified
during purchase price allocation allows to
eliminate the costs of assets which cannot
be recreated at any point in the future of
the group.
Adjusted Profit before tax is defined as the
profit before tax, adjusted for non-cash and
one-off costs described in Adjusted EBITDA
paragraph, amortisation of trademarks and
customer relationships acquired during
M&A process, it also includes adjustments
for exchange rate differences related to
debt denominated in PLN valuated in EUR
on InPost S.A. level.
Adjusted Net Profit is defined as the net
profit or loss for the period, adjusted for
non-cash and one-off costs described in
Adjusted EBITDA paragraph, amortisation
of trademarks and customer relationships
acquired during M&A process, it also
includes adjustments for exchange rate
differences related to debt denominated
in PLN valuated in EUR on InPost S.A. level
and the tax effects of these adjustments.
CAPEX is defined as the total of Purchase
of property, plant, and equipment and
Purchase of intangible assets, presented in
the Statement of cash flows. This measure
is used to assess the total amount of cash
outflows invested in the Group’s non-
current assets.
Adjusted EBITDA facilitates the comparison
of the Group’s operating results from
period to period and between segments
by removing the impact of, among other
things, its capital structure, asset base
and tax consequences and one-off and
non-cash costs not related to its day-
to-day operations. Adjusted EBITDA is
defined as net profit/(loss) for the period,
adjusted for profit/(loss) from discontinued
operations, income tax expense/(benefit),
profit on sales of an organised part of
an enterprise, share of result of equity-
accounted investees, gain/(loss) on
revaluation of previously owned shares in
acquired entities, finance costs and income,
depreciation and amortisation, adjusted
with non-cash (share-based payments),
and one-off costs (mainly Restructuring
and Acquisition costs). Restructuring
costs refer to the legal and advisory
costs of the standardisation of operating,
administration, and business processes
of acquired companies to align them with
group standards. Acquisition costs refer
to the legal and advisory costs connected
with potential and actual acquisition
projects.
Operating EBITDA Margin is defined as
Operating EBITDA divided by the total of
Revenue and Other operating income.
Adjusted EBITDA Margin is defined as
Adjusted EBITDA divided by the total of
Revenue and Other operating income.
The above-mentioned measures are
used to evaluate the profitability of each
reportable segment.
The following table reconciles net profit to
Operating EBITDA and Adjusted EBITDA for
the periods indicated:
205
Period of 12 months ended
31-12-2024
Period of 12 months ended
31-12-2023
Purchase of property, plant, and equipment 1,173.8 881.4
Purchase of intangible assets 226.0 138.2
Total CAPEX 1,399.8 1,019.6
Period of 12 months ended
31-12-2024
Period of 12 months ended
31-12-2023
Revenue and other operating income 10,945.2 8,862.7
Operating EBITDA 3,450.2 2,647.9
Operating EBITDA margin 31.5% 29.9%
Period of 12 months ended
31-12-2024
Period of 12 months ended
31-12-2023
Adjusted EBITDA 3,648.4 2,733.1
Depreciation and amortisation (1,490.2) (1,149.1)
Elimination of amortisation of trademarks and customer
relationship acquired through subsidiary acquisition
91.5 85.0
Adjusted EBIT 2,249.7 1,669.0
Net financial costs (342.4) (535.9)
Adjustment on the FX on revaluation 30.8 223.3
Share of results from associates, accounted
for using the equity method
8.7 (30.9)
Adjusted Profit before tax 1,946.8 1,325.5
Income tax (385.6) (284.6)
Tax effect of the above adjustments (39.4) (30.8)
Adjusted Net Profit 1,521.8 1,010.1
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
The following table reconciles Adjusted Net
Profit for the periods indicated:
The following table reconciles CAPEX
for the periods indicated:
The following table reconciles Operating EBITDA
margin for the periods indicated:
Period of 12 months ended
31-12-2024
Period of 12 months ended
31-12-2023
Revenue and other operating income 10,945.2 8,862.7
Adjusted EBITDA 3,648.4 2,733.1
Adjusted EBITDA margin 33.3% 30.8%
The following table reconciles Adjusted EBITDA
margin for the periods indicated:
206
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
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
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:
207
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
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
208
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
209
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
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
210
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
211
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
212
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Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
213
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
214
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
215
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Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
* 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.
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.
216
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Disclosures to Consolidated
Statement of Financial Position
217
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
221
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
222
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
223
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
224
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
225
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
226
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
227
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
228
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
229
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
230
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
231
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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.
232
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
23.2.
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.
233
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
234
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
235
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Rating
Amount as at
31-12-2024
Amount as at
31-12-2023 Fitch Ratings
Moody’s 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
236
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
237
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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.
238
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
239
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
240
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
241
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CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
242
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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 “Exit”, which
means the sale of shares by the major
shareholder Advent International (which,
before the IPO, was the sole shareholder)
– 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 – 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
243
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
InPost Group
Integrated Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS OF INPOST GROUP FOR THE PERIOD OF 12 MONTHS ENDED ON 31 DECEMBER, 2024 (IN MILLIONS PLN) /
DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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:
244
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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:
245
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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 -
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:
• 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;
• Cash-on-delivery
collected from
recipients of parcels
is passed on to the
sender shortly after
receipt.
246
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
247
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
248
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DISCLOSURES TO CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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
249
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GROUP’S CAPITAL AND RISKS
Group’s capital
and risks
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’s 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’s 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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GROUP’S CAPITAL AND RISKS
251
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GROUP’S CAPITAL AND RISKS
252
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GROUP’S CAPITAL AND RISKS
253
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GROUP’S CAPITAL AND RISKS
254
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GROUP’S CAPITAL AND RISKS
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.
40.
Auditors’
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’s remuneration 6.3 4.3
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GROUP’S CAPITAL AND RISKS
41.
Events after
the balance
sheet date
Luxembourg,27March,2025
Rafał Brzoska
President
oftheManagementBoard
Francisco Javier
van Engelen Sousa
VicePresident
oftheManagementBoard
Michael Rouse
VicePresident
oftheManagementBoard
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.