2221003M23QLERR89585 2024-01-01 2024-12-31 iso4217:PLN 2221003M23QLERR89585 2023-01-01 2023-12-31 iso4217:PLN xbrli:shares 2221003M23QLERR89585 2024-12-31 2221003M23QLERR89585 2023-12-31 2221003M23QLERR89585 2022-12-31 2221003M23QLERR89585 2022-12-31 ifrs-full:IssuedCapitalMember 2221003M23QLERR89585 2022-12-31 ifrs-full:SharePremiumMember 2221003M23QLERR89585 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2221003M23QLERR89585 2022-12-31 ifrs-full:TreasurySharesMember 2221003M23QLERR89585 2022-12-31 ifrs-full:MergerReserveMember 2221003M23QLERR89585 2022-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 2221003M23QLERR89585 2022-12-31 ifrs-full:RetainedEarningsMember 2221003M23QLERR89585 2023-01-01 2023-12-31 ifrs-full:IssuedCapitalMember 2221003M23QLERR89585 2023-01-01 2023-12-31 ifrs-full:SharePremiumMember 2221003M23QLERR89585 2023-01-01 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2221003M23QLERR89585 2023-01-01 2023-12-31 ifrs-full:TreasurySharesMember 2221003M23QLERR89585 2023-01-01 2023-12-31 ifrs-full:MergerReserveMember 2221003M23QLERR89585 2023-01-01 2023-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 2221003M23QLERR89585 2023-01-01 2023-12-31 ifrs-full:RetainedEarningsMember 2221003M23QLERR89585 2023-12-31 ifrs-full:IssuedCapitalMember 2221003M23QLERR89585 2023-12-31 ifrs-full:SharePremiumMember 2221003M23QLERR89585 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2221003M23QLERR89585 2023-12-31 ifrs-full:TreasurySharesMember 2221003M23QLERR89585 2023-12-31 ifrs-full:MergerReserveMember 2221003M23QLERR89585 2023-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 2221003M23QLERR89585 2023-12-31 ifrs-full:RetainedEarningsMember 2221003M23QLERR89585 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 2221003M23QLERR89585 2024-01-01 2024-12-31 ifrs-full:SharePremiumMember 2221003M23QLERR89585 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2221003M23QLERR89585 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember 2221003M23QLERR89585 2024-01-01 2024-12-31 ifrs-full:MergerReserveMember 2221003M23QLERR89585 2024-01-01 2024-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 2221003M23QLERR89585 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 2221003M23QLERR89585 2024-12-31 ifrs-full:IssuedCapitalMember 2221003M23QLERR89585 2024-12-31 ifrs-full:SharePremiumMember 2221003M23QLERR89585 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2221003M23QLERR89585 2024-12-31 ifrs-full:TreasurySharesMember 2221003M23QLERR89585 2024-12-31 ifrs-full:MergerReserveMember 2221003M23QLERR89585 2024-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 2221003M23QLERR89585 2024-12-31 ifrs-full:RetainedEarningsMember
186
InPost Group
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 | 10 ,919. 8 | 8, 843. 7 | be reclassified to profit or loss |  |  |
Other operating income |  | 25.4 | 1 9.0 | Exchange differences from the translation of |  | (6 .3) | 138.4
Depreciation and amortisation | 10 | 1 ,490.2 | 1 , 149. 1 | foreign operations, net of tax |  |  |
Raw materials and consumables |  | 248 .5 | 237 .8 | Share of other comprehensive income/(loss) of |  | 12. 1 | (7 .5)
External services | 11 | 5, 560.9 | 4, 752.2 | Associates, accounted for using the equity method |  |  |
Taxes and charges |  | 15. 6 | 11 .5 | Other comprehensive income, net of tax |  | 5.8 | 130. 9
|  |  |  | Total comprehensive income attributable |  | 1 ,253. 1 | 7 78.3
Payroll | 12 | 1 , 167 .5 | 821.5 | to the owners of the parent 2 |  |  |
Social security and other benefits | 12 | 289. 9 | 224 .8 | Net profit (loss) attributable to owners of the parent company: |  |  |
Other expenses | 13 | 115.2 | 102.0 | From continued operations: |  | 1 ,247 .2 | 647 .4
Cost of goods and materials sold |  | 10.4 | 36. 6 | From discontinued operations: |  | 0 .1 | -
Other operating expenses |  | 68. 3 | 18. 8 | Total comprehensive income attributable to owners |  |  |
Impairment (gain)/loss on trade and other receivables | 25 | 18. 7 | 9.6 | of the parent company: |  |  |
Total operating expenses |  | 8, 985.2 | 7 , 363.9 | From continued operations |  | 1 ,253. 1 | 7 7 8.2
Operating profit |  | 1 ,960 .0 | 1 ,498.8 | From discontinued operations |  | - | 0 .1
Finance income | 14 | 43. 8 | 12.5 | Basic earnings per share (in PLN) | 16 | 2.50 | 1.3 0
Finance costs | 14 | 386 .2 | 548.4 | Basic earnings per share (in PLN) – continuing operations | 16 | 2.50 | 1. 3 0
Share of results from associates, accounted for using | 19 | 8.7 | (30. 9) | Basic earnings per share (in PLN) – discontinued operations | 16 | - | -
the equity method |  |  |  | Diluted earnings per share (in PLN) | 16 | 2.48 | 1.29
Gain on revaluation of previously owned shares | 18.2 | 6.5 | - |  |  |  |
in acquired entities |  |  |  | Diluted earnings per share (in PLN) – continuing operations | 16 | 2.48 | 1 .29
Profit before tax |  | 1 ,632. 8 | 932.0 | Diluted earnings per share (in PLN) – discontinued operations | 16 | - | -
Income tax expense | 15 | 385. 6 | 28 4.6 |  |  |  |
Profit from continuing operations |  | 1,247 .2 | 647 .4 |  |  |  |
Profit (loss) from discontinued operations 1 |  | 0 .1 | - |  |  |  |
Net profit |  | 1,247 .3 | 647 .4 |  |  |  |

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 | 1 ,519 .7 | 1 ,379 .9 |  | Share capital | 36 | 22.7 | 22.7
Intangible assets | 21 | 1 ,413. 6 | 1, 002. 1 |  | Share premium |  | 35, 122.4 | 35, 122.4
Property, plant, and equipment | 22 | 6 ,538.9 | 4 ,802.2 |  | Retained earnings/(accumulated losses) |  | 2,798 .3 | 1,54 1.4
Investments in associates, accounted for | 19 | 94.2 | 211 .5 |  | Reserves |  | (35,487 .4) | (35, 392.5)
using the equity method |  |  |  |  | Total equity (attributable to owners) |  | 2,456 .0 | 1 ,294. 0
Other receivables |  | 44. 1 | 26 .6 |  | Loans and borrowings | 27 | 4,73 9. 9 | 4, 769 .2
Other financial assets | 33.2 | 128. 7 | - |  | Employee benefits and other provisions | 29 | 11 .9 | 1 4.0
Deferred tax assets | 15.3 | 191 . 1 | 175 . 1 |  | Government grants |  | 1.0 | 1 .1
Other assets | 24 | 47 .7 | 43. 3 |  | Deferred tax liability | 15.3 | 403.2 | 297 .4
Non-current assets |  | 9,97 8.0 | 7 , 640. 7 |  | Other financial liabilities | 23.2 | 1, 720. 6 | 1 , 127 .4
Inventory |  | 12.0 | 13. 0 |  | Total non-current liabilities |  | 6,8 76.6 | 6,209 . 1
Other financial assets | 20 | 76 .4 | 7. 9 |  | Trade payables and other payables | 32 | 1 ,671 .9 | 1,074.7
Trade and other receivables | 25 | 1 ,955. 7 | 1,439 .9 |  | Loans and borrowings | 27 | 320 .9 | 87 .6
Income tax asset |  | 5.3 | 14. 5 |  | Current tax liabilities |  | 210. 1 | 12 4. 7
Other assets | 24 | 93. 1 | 51 .6 |  | Employee benefits and other provisions | 29 | 166 .8 | 128. 6
Cash and cash equivalents | 26 | 7 72.3 | 565.2 |  | Other financial liabilities | 23.2 | 9 74 . 8 | 664 .2
Current assets |  | 2,914. 8 | 2, 092. 1 |  | Other liabilities | 31 | 215. 7 | 149. 9
TOTAL ASSETS |  | 12, 892.8 | 9, 732. 8 |  |  |  |  |
|  |  |  |  | Total current liabilities |  | 3,560 .2 | 2,229. 7
|  |  |  |  | TOTAL EQUITY AND LIABILITIES |  | 12, 892.8 | 9, 732. 8
|  |  |  | 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 |  | 1 ,247 .3 | 647 .4 | Purchase of property, plant, and equipment |  | (1 , 173. 8) | (881.4)
Adjustments: |  | 2,355 .4 | 2, 028.4 | Purchase of intangible assets |  | (226 .0) | (138.2)
Income tax expense | 15 | 385. 6 | 284. 6 | Acquisition of shares in associated company | 19 | - | (255.2)
Financial cost/(income) | 35 | 345 .7 | 50 7 .4 | Proceeds from financial instruments |  | 21 .2 | -
(Gain)/loss on sale of property, plant, and equipment |  | 2.5 | 0 .1 | Acquisition of a subsidiary, net of cash acquired | 18.2 | (225.5) | -
Depreciation and amortisation | 10 | 1,490 .2 | 1 , 149. 1 | Loans granted | 20 | (127 .6) | -
Impairment losses |  | 41.7 | 9.6 | Net cash from investing activities |  | (1 , 731 .7) | (1 ,27 4.8)
Share-based payments | 30 | 104.9 | 46.7 | Cash flows from financing activities |  |  |
Gain on revaluation of previously owned shares |  | (6 .5) | - | Proceeds from loans and borrowings | 28 | 163. 1 | -
in acquired entities |  |  |  | Repayment of the principal portion of loans | 28 | (9.6) | (24. 3)
Share of results of associates | 19 | (8. 7) | 30 .9 | and borrowings |  |  |
Changes in working capital: |  | (14 .3) | (43 .9) | Payment of principal portion of the lease liability | 28 | (97 6. 3) | (657 . 1)
Trade and other receivables | 35 | (123 .3) | (206 .8) | Acquisition of treasury shares |  | (196 .0) | -
Inventories |  | 0.9 | 1.4 | Net cash from financing activities |  | (1 ,018 .8) | (681 .4)
Other assets | 35 | (45 .3) | (8.5) | Net increase/(decrease) in cash and cash equivalents |  | 206 .6 | 11 9.6
Trade payables and other payables | 35 | 60.6 | 124. 3 | Cash and cash equivalents as at 1 January |  | 565.2 | 435. 8
Employee benefits, provisions, and contract liabilities | 35 | 27 .2 | 32.4 | Effect of movements in exchange rates on cash held |  | 0.5 | 9.8
Other liabilities | 35 | 65 .6 | 13. 3 | Cash and cash equivalents as at 31 December |  | 772.3 | 565.2
Cash generated from operating activities |  | 3,588 .4 | 2,631 .9 |  |  |  |
Interest and commissions paid |  | (353. 5) | (365. 3) |  |  |  |
Income tax paid |  | (277 .8) | (190.8) |  |  |  |
Net cash from operating activities |  | 2,957 . 1 | 2 ,07 5.8 |  |  |  |

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 | 22.7 | 35, 122.4 | (29 .2) | (8. 7) | (35, 656 .3) | 126 . 1 | 892.0 | 4 6 9.0
Net profit | - | - | - | - | - | - | 647 .4 | 647 .4
Other comprehensive income – exchange | - | - | 138.4 | - | - | - | - | 138.4
differences from translation of subsidiaries |  |  |  |  |  |  |  |
Share in other comprehensive income/(loss) | - | - | (7 .5) | - | - | - | - | (7 .5)
of associates |  |  |  |  |  |  |  |
Total comprehensive income for the period | - | - | 130.9 | - | - | - | 647 .4 | 7 7 8.3
Share-based payment (equity-settled) | - | - | - | - | - | 4 6.7 | - | 4 6.7
Acquisition of treasury shares | - | - | - | - | - | - | - | -
Treasury shares delivered | - | - | - | 4.2 | - | (6 .2) | 2.0 | -
Balance as at 31-12-2023 | 22.7 | 35, 122.4 | 101. 7 | (4.5) | (35 , 656. 3) | 16 6.6 | 1 ,541 .4 | 1 ,294. 0
Net profit | - | - | - | - | - | - | 1,247 .3 | 1 ,247 . 3
Other comprehensive income – exchange | - | - | (6 .3) | - | - | - | - | (6. 3)
differences from translation of subsidiaries |  |  |  |  |  |  |  |
Share in other comprehensive income/(loss) | - | - | 12. 1 | - | - | - | - | 12. 1
of associates |  |  |  |  |  |  |  |
Total comprehensive income for the period | - | - | 5.8 | - | - | - | 1,247 .3 | 1 ,253. 1
Share-based payment (equity-settled) | - | - | - | - | - | 104.9 | - | 104 .9
Acquisition of treasury shares | - | - | - | (196. 0) | - | - | - | (196 .0)
Treasury shares delivered | - | - | - | 35. 1 | - | (44.7) | 9.6 | -
Balance as at 31-12-2024 | 22.7 | 35, 122.4 | 107 .5 | (165.4) | (35 ,656 .3) | 226. 8 | 2,798 .3 | 2,456. 0

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
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.
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
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
“consolidated financial statements”),
have been prepared in accordance with
International Financial Reporting Standards
and IFRS IC interpretations as adopted by
the European Union (hereinafter referred to
as “IFRS”).
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 “the Company”)
was incorporated on 6 November,
2020; it is organised under the laws of
Luxembourg as a “société anonyme” for
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
70 route d’Esch, L-1470 Luxembourg.
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.
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.
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:
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
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’s
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.à 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.
2.4.
Authorisation of the
consolidated financial
statements
These consolidated financial
statements were authorised for
issue by the Management Board on
27 March, 2025.
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
4.
Foreign
currency
5.
Basis for consolidation and accounting for
the investment in the associates
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’s 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.
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
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’s 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.
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.
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’s
Supervisory Board, effective 1 July, 2024.
The Supervisory Board nominated Hein
Pretorius as Chairman of the Supervisory
Board .
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’s 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.
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
8.2.
Segment
information
For management purposes, the Group
presents results in four reportable
segments, divided into the following two
geographical regions:
• 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.
• 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’s-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’s 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:
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
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’s revenue is recognised at the indicated point in time.
11
PUDO points – commissions for handling parcels at collection and delivery points .
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
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
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 – 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 – 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 “pay-as-you-go” 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 – delivery of parcels – 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 – delivery of a parcel – 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 – 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.
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
Revenues from courier services and out-of-
home services make up 98% of the Group’s
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
“Trade and other receivables”
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.
10.
Depreciation
and amortisation
Customer concentration/Revenue from major customers
The table below presents revenue from
major customers as a percentage of total
revenue:
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
212
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
12.
Employee
benefit costs
14.
Financial income
and expenses
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
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
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’s entities operate and
generate taxable income or losses.
Deferred tax
Deferred tax assets are recognised
for unused tax losses and unused tax
credits, and for deductible temporary
differences – to the extent that it is
probable that future taxable profit will
be available, against which they can be
utilised.
Deferred tax is measured at the tax
rates that are expected to be applied
to the temporary differences when
they reverse, using tax rates enacted
or substantially enacted at the
reporting date, taking into account any
uncertainties related to income taxes.
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 – 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.
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
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’s
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’s 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.
214
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
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)
215
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
15.4.
Unrecognised deferred
tax assets
Deferred tax assets have not been
recognised in respect of the following
items. In the Management’s 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
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) – continuing operations 2.50 1.30
Basic earnings per share (in PLN) – 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.
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.
12
The weighted average number of shares takes into account the weighted average effect of changes in shares during the year.
The differences in the amounts in respective years are due to tax corrections and exchange rates.
216
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
Disclosures to Consolidated
Statement of Financial Position
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
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:
• Discount rates
• 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’s 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’ 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 .
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 “Mondial Relay” brand is allocated
entirely to the International Mondial Relay
segment.
217
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
– 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
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
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:
• Increased operating expenditure due
to introduction of a carbon tax and/or
a cap-and-trade system on transport
sector and buildings – 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’s
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;
• Risk of being accused of greenwashing
in marketing communication to customers
regarding the Group’s impact on the climate
– 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;
• Potential opportunities related to climate
changes – for instance, an increase in
consumer preference to use out-of-home
deliveries as a more environmentally
friendly form of parcel deliveries – were not
taken into account during the preparation
of five-year plans due to the Management’s
prudent approach to potential revenue/
volumes upsides.
*UK - disclosed as International Other Segment
218
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
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 – 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
219
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
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’s 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’s share on investee’s net
profit or loss and Group’s 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 – 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 (“SPA”), 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’ 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 – 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’
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.
220
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
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’t
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’s 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 .
221
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
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’s 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
222
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
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’s 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’t 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’s-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.
223
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
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’s own employees’
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 “Mondial Relay” 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 (“Mondial Relay”) Indefinite
Development costs 5–10 years
Trademarks 30 years
Software 2–10 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–
generated assets of the business. The
group decided to a straight–line 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’s operations,
most intangible assets are developed
internally, including software.
The most significant internally generated
intangible assets are:
• Software: InPost Logistic Solution –
operational software used in Poland;
InPost Application for mobile phones;
APM steering and monitoring software
SZOP; Courier APP; PUDO software for
international markets;
• Development costs: Development
Projects introducing Lean strategy in
warehouses in PL and tools to monitor
quality of operations;
• 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 .
224
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
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
225
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
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
226
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
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’
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 – 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 10–40 years
Technical equipment
and machines
8–10 years
Automated parcel
machines
15 years
Vehicles 5 years
Other 2–7 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:
227
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
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
– namely, automated parcel machines; and
assets under construction – 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 .
228
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
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 .
229
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
23.
Leases
Accounting policy
The Group mainly leases the following
underlying assets:
• equipment, mostly automated parcel
machines and sorting equipment;
• land on which automated parcel machines
are installed;
• warehouses and offices;
• 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 1–3 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’s 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’s current strategy and
the irrevocable lease term, as specified
below :
230
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
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’s 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’s 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%
1–3 years 7.24% 4.11% 8.12% 4.99%
3–5 years 7.17% 3.72% 7.63% 4.70%
5–7 years 7.17% 3.60% 7.50% 4.61%
7–10 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.
231
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
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
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 1,687.3
232
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
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.
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
233
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
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 “held to collect”
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’s trade
receivables as of 31 December, 2024, and
34.4% of the Group’s 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 – individual approach (118.6) (100.3)
Expected credit losses – 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’s 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:
• past due for more than 1 year;
• subject to a debt restructuring process;
• subject to legal proceedings;
• cancelled subscriptions .
234
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
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
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 0–60 days 61–365 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 0–60 days 61–365 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
235
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
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 “held
to collect”, 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’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
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
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×
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
– 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’s needs and the market
conditions at the time of pricing
Senior
Secured
Bonds
PLN Agreement dated
11-05-2021 –
InPost’s 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 Śląski S.A., Credit Agricole Bank Polska S.A. – 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 .
237
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
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× 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
– 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’s needs
and the market conditions at
the time of pricing
Senior
Secured
Bonds
PLN Agreement
dated
11-05-2021
– InPost’s
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 Śląski S.A., Credit Agricole Bank Polska S.A. – Term Facility.
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.
The table below shows the details of
loans and borrowings in 2023:
238
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
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
239
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
29.
Employee benefits
and other provisions
Accounting policy
Defined benefit plan
The Group’s 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’s 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:
• litigations provision;
• restructuring provision;
• 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’s companies is used for
determining the present value of estimated
future cash outflow in relation to these
benefits. 
240
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
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’
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 7.5 178.7
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.
241
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.
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 – 40% 2021 – 40%
2024 – 30% 2024 – 30%
2025 – 30% 2025 – 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’s 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 -
242
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
30.2.
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
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
30.4.
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
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
30.5.
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 -
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
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
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
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’s interest-
bearing loans and borrowings are
determined by using the DCF method,
using a discount rate that reflects the
issuer’s 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
247
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
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.
34.
Contingent assets
and liabilities
The Group had no significant contingent
assets and liabilities in the reporting period.
248
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
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
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) /
GROUP’S CAPITAL AND RISKS
36.
Share
capital
Group’s capital
and risks
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.
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
250
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) /
GROUP’S CAPITAL AND RISKS
37.1.
Financial risk
management objectives
The Group’s 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’s 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.
251
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) /
GROUP’S CAPITAL AND RISKS
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’s 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’s business partners are banks with
a high credit rating, granted by international
rating agencies.
The Group’s 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.
252
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) /
GROUP’S CAPITAL AND RISKS
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’s 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’s 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 1–3 years 3–5 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 1–3 years 3–5 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
253
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) /
GROUP’S CAPITAL AND RISKS
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’s-
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’s 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 Rafał Brzoska 1.6 1.7
FINSTRAT Adam Aleksandrowicz 0.3 1.1
FRANCISCO VAN ENGELEN SOUSA 1.2 -
Lidar Management Dariusz Lipiński - 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.
254
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) /
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
255
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) /
GROUP’S CAPITAL AND RISKS
41.
Events after
the balance
sheet date
Luxembourg,27March,2025
Rafał Brzoska
President
oftheManagementBoard
Francisco Javier
van Engelen Sousa
VicePresident
oftheManagementBoard
Michael Rouse
VicePresident
oftheManagementBoard
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.