Inpost S.A.

Annual Report (ESEF) • Mar 28, 2024

STANDALONE FINANCIAL STATEMENTS of InPost S.A. for the financial year ended December 31, 2023 Registered office: 70 route d’Esch, L-1470 Luxembourg R.C.S. Luxembourg: B248669 The accompanying notes are an integral part of these annual accounts . 2 CONTENTS 1 Management report ------------------------------------------------------------------------------------ 3 Important events within the 2023 period -----------------------------------------------------------3 Shares buyback --------------------------------------------------------------------------------------- 3 Russian invasion on Ukraine ----------------------------------------------------------------------- 3 Review of the Company’s business, financial position and future developments--------- 4 Share capital of the Company ------------------------------------------------------------------------ 4 Principal risks and uncertainties --------------------------------------------------------------------- 4 Research and development ----------------------------------------------------------------------------5 Corporate governance -----------------------------------------------------------------------------------5 Audit report ----------------------------------------------------------------------------------------------- 7 Balance Sheet -------------------------------------------------------------------------------------------- 12 Profit & Loss ---------------------------------------------------------------------------------------------- 14 2 Notes to the annual accounts as at December 31, 2023 ------------------------------------ 15 2.1 General information ------------------------------------------------------------------------------ 15 2.2 Summary of significant accounting policies ------------------------------------------------ 15 2.3 Formation expenses ------------------------------------------------------------------------------17 2.4 Financial assets ------------------------------------------------------------------------------------17 2.5 Debtors --------------------------------------------------------------------------------------------- 18 2.6 Capital and reserves ----------------------------------------------------------------------------- 18 2.7 Creditors-------------------------------------------------------------------------------------------- 19 2.8 Other operating income ------------------------------------------------------------------------ 19 2.9 Other external expenses ------------------------------------------------------------------------ 20 2.10 Staff costs ------------------------------------------------------------------------------------------ 20 2.11 Other operating expenses --------------------------------------------------------------------- 20 2.12 Income from participating Interests ---------------------------------------------------------- 21 2.13 Other interest receivable and similar income ---------------------------------------------- 21 2.14 Interest payable and similar expenses ------------------------------------------------------- 21 2.15 Tax on profit or loss ------------------------------------------------------------------------------- 21 2.16 Off-balance sheet commitments -------------------------------------------------------------- 21 2.17 Related party transactions --------------------------------------------------------------------- 22 2.18 Subsequent events ------------------------------------------------------------------------------ 22 The accompanying notes are an integral part of these annual accounts . 3 1 Management report The Board of Directors of InPost S.A. (‘The Company’) presents the annual report along with standalone annual accounts of InPost S.A. The Company was incorporated on November 6, 2020 and 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. On March 1st, 2021, the registered office of the Company was transferred from 2-4 rue Beck, L-1222 Luxembourg to 70 route d’Esch, L-1470 Luxembourg. InPost S.A. is the parent company of the InPost Group (“The Group”) – a leading e-commerce enabler with businesses in Poland, France, the UK, Spain, Italy and Benelux. The Company is a public interest entity. The Company has no branches. Important events within the 2023 period Shares buyback In accordance with article 430-15 of the Luxembourg law of 10 August 1915 on commercial companies, as amended, it is proposed to the shareholders that an authorization and a delegation of all necessary powers be granted to the Board of Directors to acquire ordinary shares of the Company. During Annual General Meeting held at May 19, 2022 Shareholders has authorized Company’s Management to acquire ordinary shares of the Company up to maximal amount of 10% of outstanding shares. As at June 3, 2022, the Board of Directors of the company decided to repurchase a maximum number of 500,000 own shares in its share capital listed and traded on Euronext Amsterdam with a market price of EUR 5.17 for the purpose of remuneration of the key management of the company. As at June 23, 2022, the Company agreed to sell 152,338 its own shares at a price of EUR 5.17 to Integer.PL. As at May 8, 2023, the Company agreed to sell 165,162 its own shares at a price of EUR 7.79 to Integer.PL. The allocation to the reserve for Own shares account from the Share Premium account will be approved by the Shareholders together with the Financial Statements and the allocation of the financial result. Russian invasion on Ukraine On February 24, 2022 Russia launched a large-scale invasion of Ukraine. The Company and its subsidiaries has undertaken a number of activities aimed at providing support to its employees of Ukrainian nationality, their families and relatives and all other people in need of help. The Company and its subsidiaries has been actively engaged in helping Ukrainians by using the subsidiaries huge transport fleet to help deliver large amounts of products collected, as part of campaigns and collections organised throughout Poland to the Ukrainians. During the year ended December 31, 2023, the Company has not been directly affected by the military conflict, as it does not conduct any operations and does not have any assets located in either Russia, Belarus or Ukraine. The Company and its subsidiaries have not identified the risk of interrupting continuity of deliveries due to the lack of employees or for any other reason. The accompanying notes are an integral part of these annual accounts . 4 On February 28, 2022 InPost S.A. communicated that it will not acquire any goods or services from those companies whose shareholding is above 5% Russian or Belarusian. This decision in itself did not have significant negative impact on the Group’s business as the sourcing was focused on mainly local markets and some on China. The situation in Ukraine has caused, and potentially will continue to cause, negative effects for the Polish national economy, as well as the regional and world economy, both in the short and long term, such as: a rise in petroleum prices, changes in exchange rates and an increase in the inflation rate, which negatively affected Group’s financial results. The Management Board of the InPost constantly monitors the impact of the political and economic situation in Ukraine on the activities of the Company and its subsidiaries and on the financial results in the perspective of subsequent periods, adjusting the Group’s financial plans accordingly. Review of the Company’s business, financial position and future developments The main position on the Company’s balance sheet are the shares held in its subsidiaries for a total of EUR 8,214 billion and loan receivables due by subsidiaries for a total of EUR 528.1 million as of 31 December 2023. The Company has issued bonds for a total of EUR 615.5 million and has a bank debt of EUR 455.2 million. The other operating income of EUR 1.7 million for the year 2023 mainly relates to recharge of commissions to group companies. The net result for the financial year ended 31 December 2023 is a profit amounting to EUR 308.6 million. As at 31 December 2023, the Company holds 182 500 of own shares for a total amount of EUR 943,873.09. KPI, summary of Group financial instruments and exposure to liquidity, interest rate and exchange rate risks are described in depth in InPost Group Annual Report. Share capital of the Company As at 31 December 2023, the subscribed capital amounts to EUR 5 million represented by 500,000,000 shares having a nominal value of EUR 0.01. As at the date of this report, the share capital of the Company is owned by Advent International Corporation (25.03%), PPF Group N.V. (21.75%), A&R Investments Limited (12.49%), the Capital Group Companies Inc (6.26%), GIC Private Limited, Singapore (5.01%), Treasury shares (0.04%) and Others (29.43%). Principal risks and uncertainties The principal risk for the holding Company is the valuation of its assets – which are Integer.pl S.A. in Poland, InPost Technology in Luxembourg and InPost France SAS in France. The accompanying notes are an integral part of these annual accounts . 5 Based on InPost S.A. market capitalization which at the 31.12.2023 amounted EUR 6,255 million InPost S.A. management performed impairment test for the financial assets held by the company (Shares and Participations in InPost S.A. subsidiaries). Impairment tests were based on discounted cash flows projections based on financial budgets covering five-year period for Integer France SAS (which includes plans for Mondial Relay SASU which is a direct subsidiary of Integer France SAS), and for Integer.pl S.A. subgroup (covering business activities in Poland, United Kingdom and Italy). Based on calculations performed Management decided to derecognize impairment in amount of EUR 316.5 million on Integer.pl S.A. shares. Impairment recognized in 2022 was mainly result of uncertain and inflationary economic environment which has been reflected by growing risk free rates and significant changes in translation rates between EUR and PLN. Decreased Risk-Free Rates directly impacted Weighted Average Cost of Capital (WACC) which was used as discount factor for the future cash flows, the increase of Risk-Free Rates was offset by lower unlevered Beta factors based on analysis of peer group – in comparison to year 2022 WACC has decreased by 159 basis points (1.59 percentage points) from 11.28% in 2022 to 9.69% in 2023. One percentage point change in WACC is affecting current enterprise value of Integer.pl S.A. subgroup by ~1,320 million EUR. Second factor that affected current value of Integer.pl S.A. value was translation rate between EUR and PLN – in year 2022 1 EUR was equal to 4.70 PLN and in year 2023 1 EUR is equal to 4.35 PLN, this decrease increased the current value of the Integer.pl subgroup by ~608 million EUR. Management is confident that in future with further development of the group and stabilisation of economic environment (reduction of inflation, stabilisation of translation rates) the impairment risk will decrease further. The day-to-day operations and future prospects of the subsidiaries and their subsidiaries are closely monitored by the Supervisory Board and the Management Board of the Company. Research and development The Company did not have expenditure related to research and development in 2023 and 2022, however R&D activities are performed by the Company’s subsidiaries which is reflected in the annual report. Corporate governance In 2023, we will continue to set basis of compliance including ESG and to strengthen the integrated, ethical, and values-driven corporate culture. The system has been described in the annual report in detail. As at December 31, 2023 and the date of issuance of these Financial Statements the composition of the Supervisory Board of InPost was as follows: The accompanying notes are an integral part of these annual accounts . 6 Composition of the Supervisory Board Name Age Nationality Position Independence Committee Member since Term Mark Robertshaw 5 5 UK Chair of the Supervisory Board/ Supervisory Board member Yes Audit Committee / Selection, Appointment and Remuneration Committee 2021 2024 Mike Roth 5 7 German & US Supervisory Board member Yes Selection, Appointment and Remuneration Committee 2021 2024 Ranjan Sen 5 4 German Supervisory Board member No Selection, Appointment and Remuneration Committee 2021 2025 Ralf Huep 6 2 German Supervisory Board member Yes ESG Committee 2021 202 7 Marieke Bax 6 3 Dutch Supervisory Board member Yes Chair of the Audit Committee ,ESG Committee 2021 2025 Cristina Berta - Jones 4 7 Romanian Supervisory Board member Yes Chair of the ESG Committee 2021 2025 Jiří Šmejc 5 3 Czech Supervisory Board member No n/a 2023 2027 Magdalena Dziewguć 4 6 Polish Supervisory Board member Yes Chair of the Selection, Appointment and Remuneration Committee 2023 2027 PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu 7 Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 Audit report Audit report To the Shareholders of InPost S.A. Report on the audit of the annual accounts Our opinion In our opinion, the accompanying annual accounts give a true and fair view of the financial position of InPost S.A. (the “Company”) as at 31 December 2023, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts. Our opinion is consistent with our additional report to the Audit Committee or equivalent. What we have audited The Company’s annual accounts comprise:  the balance sheet as at 31 December 2023;  the profit and loss account for the year then ended; and  the notes to the annual accounts, which include a summary of significant accounting policies. 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 annual accounts” 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 Company 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 annual accounts. 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 2.9 to the annual accounts. The accompanying notes are an integral part of these annual accounts . 8 Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Recoverability of Investments in shares and loans to affiliated undertakings Refer to Note 2.4 to the annual accounts. Investments in shares and loans to affiliated undertakings (financial fixed assets) amount to 8,743 million EUR or approximately 99% of the total assets of the Company at the year-end. The most significant investments are the holding of 100% in Integer.pl S.A. (carrying amount of 7,996 million EUR), Integer France SAS (carrying amount of 215 million EUR) and the most significant loans are with Integer.pl S.A. (carrying amount of 128 million EUR, including accrued interests), and Integer France SAS (carrying amount of 335 million EUR, including accrued interests), representing separately 93% and 5.2% and in total 98.2% of the total assets of the Company at the year-end. The recoverable amount can be determined through different valuation techniques; the most regularly used by Management being the discounted cash flow (DCF) model. Management performed an annual impairment test to assess whether the recoverable amount of each of those financial assets is at least equal to their respective carrying value. As a result of an annual impairment test performed by Management, the Board of Directors assessed that the impairment of 316.5 million EUR recorded in 2022 in value adjustments in respect of financial assets and investments held as current assets, is not durable anymore and it was reversed accordingly. Our procedures over the valuation of the financial fixed assets include, but are not limited to: • Gaining an understanding of the Management's process and controls related to the identification of the impairment indicators and the impairment test of the investments and loans to affiliated undertakings (financial fixed assets); • Assessing the Company's ability to reliably determine the recoverable amount of its financial fixed assets, notably the method for determining the future discounted cash flows; • Assessing key assumptions used by the Management in the impairment tests by reference to the budgets approved by the Board of Directors, data external to the Group and our understanding of the historical data and performance of the Group; • Involving valuation specialists to test discount rates and long term growth rate retained by Management and to assess the appropriateness of the methodology used; • Verification of the mathematical accuracy of the model; • Evaluating the adequacy of the related disclosure. The accompanying notes are an integral part of these annual accounts . 9 This matter was of a particular significance to our audit as Management's assessment of the recoverable amount required estimation and judgment, such as future expected cash flows generated by the financial assets, the discounting factor and other key assumptions of the DCF model. Other information The Board of Directors is responsible for the other information. The other information comprises the information stated in the management report and the Corporate Governance Statement but does not include the annual accounts and our audit report thereon. Our opinion on the annual accounts does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the annual accounts, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the annual accounts 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. Responsibilities of the Board of Directors and those charged with governance for the annual accounts The Board of Directors is responsible for the preparation and fair presentation of the annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts, and for such internal control as the Board of Directors determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, the Board of Directors is responsible for assessing the Company’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 Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. The Board of Directors is responsible for presenting and marking up the annual accounts 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 annual accounts The objectives of our audit are to obtain reasonable assurance about whether the annual accounts 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 The accompanying notes are an integral part of these annual accounts . 10 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 annual accounts. 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 annual accounts, 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 Company’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 Company’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 annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Company to cease to continue as a going concern;  evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation. 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. 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 annual accounts of the current period and are therefore the The accompanying notes are an integral part of these annual accounts . 11 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 annual accounts have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation. Report on other legal and regulatory requirements The management report is consistent with the annual accounts and has been prepared in accordance with applicable legal requirements. The Corporate Governance Statement is included in the 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 annual accounts 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 17 May 2023 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 3 years. We have checked the compliance of the annual accounts of the Company as at 31 December 2023 with relevant statutory requirements set out in the ESEF Regulation that are applicable to annual accounts. For the Company it relates to the requirement that:  the annual accounts are prepared in a valid XHTML format;  the XBRL markup of the annual accounts uses the core taxonomy and the common rules on markups specified in the ESEF Regulation. In our opinion, the annual accounts of the Company as at 31 December 2023 have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation. PricewaterhouseCoopers, Société coopérative Represented by @esig @esig Brieuc Malherbe Luxembourg, 27 March 2024 The accompanying notes are an integral part of these annual accounts . 12 Balance Sheet ASSETS 202 3 202 2 A. Subscribed capital unpaid – – I. Subscribed capital not called – – II. Subscribed capital called but unpaid – – B. Formation expenses Note 2.3 8,292,819.71 11.848.953,05 C. Fixed assets 8, 74 3 , 1 37,886 .06 8,393,028,640.02 I. Intangible assets – – 1. Costs of development – – 2. Concessions, patents, licences, trademarks and similar rights and assets, if they were – – a) acquired for valuable consideration and need not be shown under C.I.3 – – b) created by the undertaking itself – – 3. Goodwill, to the extent that it was acquired for valuable consideration – – 4. Payments on account and intangible assets under development – – II. Tangible assets – – 1. Land and buildings – – 2. Plant and machinery – – 3. Other fixtures and fittings, tools and equipment – – 4. Payments on account and tangible assets in the course of construction – – III. Financial assets Note 2.4 8,743,137,886.06 8,393,028,640.02 1. Shares in affiliated undertakings 8,214,969,001.00 7,898,469,001.00 2. Loans to affiliated undertakings 528,168,885.06 494,559,639.02 3. Participating interests – – 4. Loans to undertakings with which the undertaking is linked by virtue of participating interest – – 5. Investments held as fixed assets – – 6. Other loans – – D. Current assets 77,721,536.24 21,287,988.29 I. Stocks – – 1. Raw materials and consumables – – 2. Work in progress – – 3. Finished goods and goods for resale – – 4. Payments on account – – II. Debtors Note 2.5 989,300.98 17,941,684.45 1. Trade debtors 399,075 . 39 406,388.00 a) becoming due and payable within one year 399,075.39 406,388.00 b) becoming due and payable after more than one year – – 2. Amounts owed by affiliated undertakings – 17,091,095.54 a) becoming due and payable within one year – 17,091,095.54 b) becoming due and payable after more than one year – – 3. Amounts owed by undertakings with which the undertaking is linked by virtue of participating interests – – a) becoming due and payable within one year – – b) becoming due and payable after more than one year – – 4. Other debtors 590,225.59 444,200.91 a) becoming due and payable within one year 590,225.59 444,200.91 b) becoming due and payable after more than one year – – III. Investments 943,873.09 1,798,075.66 1. Shares in affiliated undertakings – – 2. Own shares 943,873.09 1,798,075.66 3. Other investments – – IV. Cash at bank and in hand 75,788,362,17 1,548,228.18 E. Prepayments - – TOTAL ASSETS 8, 829,152,242.01 8,426,165,581.36 The accompanying notes are an integral part of these annual accounts . 13 Financial year from 01.01.2023 to 31.12.2023 (in EUR) 202 3 202 2 A. Capital and reserves Note 2.6 7 ,672,674,017.02 7,364,079,628.97 I. Subscribed capital 5,000,000.00 5,000,000.00 II. Share premium account 7,721,822,268.24 7,720,968,065.67 III. Revaluation reserve – – IV. Reserves – – 1. Legal reserve – – 2. Reserve for own shares 943,873.09 1,798,075.66 3. Reserves provided for by the articles of association – – 4. Other reserves, including the fair value reserve – – a) other available reserves for distribution – – b) other non available reserves – – V. Profit or loss brought forward - 363,686,51 2 .36 - 23,247,892.41 VI. Profit or loss for the financial year 308,594,388.05 - 340,438,619.95 VII. Interim dividends – – VIII. Capital investment subsidies – – B. Provisions 5 8,125.00 500,255.39 1. Provisions for pensions and similar obligations – – 2. Provisions for taxation 4,815.00 – 3. Other provisions 5 3 , 310 .00 500,255.39 C. Creditors Note 2.7 1,155,593,907.83 1,060,344,127.60 1. Debenture loans 61 5,507,379.28 610,031,867.73 a) Convertible loans 615,5 0 7,379.28 610,031,867.73 i) becoming due and payable within one year 10,2 8 6,731. 7 4 10,151,4 1 7.66 ii) becoming due and payable after more than 1 year 605,220,647.54 599,880,450.07 b) Non convertible loans – – i) becoming due and payable within one year – – ii) becoming due and payable after more than 1 year – – 2. Amounts owed to credit institutions 4 5 5,231,882.08 446,705,940.97 a) becoming due and payable within one year 5,871,356.93 – b) becoming due and payable after more than 1 year 449,360,52 5 .15 446,705,940.97 3. Payments received on account of orders in so far as they are not shown separately as deductions from stocks – – a) becoming due and payable within one year – – b) becoming due and payable after more than one year – – 4. Trade creditors 3,003,482.53 3,070,381.70 a) becoming due and payable within one year 3,003,482.53 3,070,381.70 b) becoming due and payable after more than one year – – 5. Bills of exchange payable – – a) becoming due and payable within one year – – b) becoming due and payable after more than one year – – 6. Amounts owed to affiliated undertakings 81,844,879.29 1.00 a) becoming due and payable within one year 81,844,879.29 1.00 b) becoming due and payable after more than one year – – 7. Amounts owed to undertakings with which the undertaking is linked by virtue of participating interests – – a) becoming due and payable within one year – – b) becoming due and payable after more than one year – – 8. Other creditors 6,284.65 535,936.20 a) Tax authorities 533,697.08 b) Social security authorities 6,284.65 2,239.12 c) Other creditors – – i) becoming due and payable within one year – – ii) becoming due and payable after more than one year – – D. Deferred income 826,192.16 1,241,569.40 TOTAL (CAPITAL, RESERVES, AND LIABILITIES) 8, 829,152,242.01 8,426,165,581.36 The accompanying notes are an integral part of these annual accounts . 14 Profit & Loss Financial year from 01.01.2023 to 31.12.2023 (in EUR) PROFIT AND LOSS ACCOUNT 202 3 2022 1. Net turnover – – 2. Variation in stocks of finished goods and in work in progress – – 3. Work performed by the undertaking for its own purposes and capitalised purposes and capitalised – – 4. Other operating income Note 2.8 1,7 1 4,986,95 1,275,253.29 5. Raw materials and consumables and other external expenses - 7 ,207,589.16 - 7,690,210.51 a) Raw materials and consumables b) Other external expenses Note 2.9 - 7, 207,589.16 - 7,690,210.51 6. Staff costs Note 2.10 - 1 24,959.29 - 106,690.71 a) Wages and salaries - 110,446.52 - 94,245.36 b) Social security costs - 1 4 , 512,77 - 12,445.35 i) relating to pensions - 1 4 , 512,77 - 12,445.35 ii) other social security costs – – c) Other staff costs – – 7. Value adjustments – – a) in respect of formation expenses and of tangible and intangible fixed assets – – b) in respect of current assets – – 8. Other operating expenses Note 2.11 - 1,311,237.50 - 2,034,980.59 9. Income from participating interests Note 2.12 57,519,160.43 17,371,289.60 a) derived from affiliated undertakings – – b) other income from participating interests 57,519,160.43 17,371,289.60 10. Income from other investments and loans forming part of the fixed assets 431,583.60 – a) derived from affiliated undertakings – – b) other income not included under a) 431,583.60 – 11. Other interest receivable and similar income Note 2.13 35,965,99 4 . 8 7 18,950,751.53 a) derived from affiliated undertakings 26,725,219.24 18,644,657.47 b) other interest and similar income 9,240,775. 6 3 306,094.05 12. Share of profit or loss of undertakings accounted for under the equity method – – 13. Value adjustments in respect of financial assets and of investments held as current assets 316,500,000.00 - 316,500,000.00 14. Interest payable and similar expenses Note 2.14 - 9 4 , 888,736.85 - 51,698,682.56 a) concerning affiliated undertakings - 844,26 6 .00 - 3,327,640.34 b) other interest and similar expenses - 9 4,044,470.85 - 48,371,042.22 15. Tax on profit or loss Note 2.15 – – 16. Profit or loss after taxation 308,599,203.05 - 340,433,269.95 17. Other taxes not shown under items 1 to 16 - 4,815.00 - 5,350.00 18. Profit or loss for the financial year 308,594,388.05 - 340,438,619.95 The accompanying notes are an integral part of these annual accounts . 15 2 Notes to the annual accounts as at December 31, 2023 2.1 General information InPost S.A., (The “Company”) was incorporated on November 6, 2020 and 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 registered office of the Company is at 70 route d'Esch, L-1470 Luxembourg. The financial year of the Company runs from January 1st up to December 31st of each year. In general, the Company may conduct any commercial, industrial or financial transactions that it considers useful for the achievement and development of its corporate purpose. The Company also prepares consolidated accounts, which are subject to publication as prescribed by the Luxembourg Law. 2.2 Summary of significant accounting policies General The annual accounts have been prepared in accordance with generally accepted accounting principles and in agreement with the laws and regulations in force in the Grand-Duchy of Luxembourg. Accounting policies and valuation rules are, besides the ones laid down by the Law of 19 December 2002, as amended, determined and applied by the Board of Directors. The preparation of the annual accounts requires the use of certain critical accounting estimates. It also requires the Board of Directors to exercise its judgement in the process of applying the accounting policies. Changes in assumptions may have a significant impact on the annual accounts in the period in which the assumptions changed. Management believes that the underlying assumptions are appropriate and that the annual accounts therefore present the financial position and results fairly. The management should assess whether the going concern assumption is appropriate. Management should take into account all available information about events within at least twelve months of the end of the reporting period. The annual accounts have been prepared under the going concern assumption in accordance with Luxembourg legal regulatory requirements. Formation expenses Formation expenses (including loan issuance expenses) are amortized on a straight-line basis. Foreign exchange The Company maintains its accounting records in euro (EUR) and the balance sheet and the profit and loss accounts are expressed in this currency. The accompanying notes are an integral part of these annual accounts . 16 During the year, all of the Company's transactions were expressed in euro (EUR). At the balance sheet date:  The acquisition price of participations shown under Financial fixed assets as well as loans granted to them, expressed in a currency other than EUR remain converted at the rate of exchange applicable as at the date of the transaction.  All other assets expressed in a currency other than EUR are converted individually at the lower of the historical value or the value determined on the basis of the exchange rate applicable as at the year-end.  All liabilities which are not economically related to the financial fixed assets, expressed in a currency other than EUR, are valued individually at the higher of the historical value or the value determined on the basis of the exchange rate applicable.  All liabilities which are economically related to the financial fixed assets, expressed in a currency other than EUR remain converted at the rate of exchange applicable as at the date of the transaction.  Income and expenses expressed in currencies other than EUR are converted at the exchange rate applicable at the date of the transactions. Consequently, only realised exchange gains and all exchange losses are taken into account in the profit and loss account. The realised exchange gains are recorded in the profit and loss account at the moment of their realisation. Derivative financial instruments The Company may enter into derivative financial instruments such as options, swaps, futures or foreign exchange contracts. These derivative financial instruments are initially recorded at cost. At each balance sheet date, unrealised losses are recognised in the profit and loss accounts whereas gains are accounted when realized. Financial fixed assets Shares in affiliated undertakings and loans to these undertakings held as fixed assets are valued at purchase price / nominal value (loans) including the expenses incidental thereto. In the case of durable depreciation in value according to the opinion of the Board of Directors, value adjustments are made in respect of financial fixed assets, so that they are valued at the lower figure to be attributed to them at the balance sheet date. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply. Debtors Receivables are valued at their nominal value. They are subject to value adjustments where their recovery is compromised. These value adjustments are not continued if the reasons for which they were made have ceased to apply. Creditors Debts are recorded at their reimbursement value. Where the amount repayable on account is greater than the amount received, the difference is shown as an asset and is written off over the period of the debt based on a linear method. The accompanying notes are an integral part of these annual accounts . 17 2.3 Formation expenses This item amounting to EUR 8.3 million is composed by the following expenses:  EUR 2.6 million are expenses related to the issuance a bank debt. The amortization is done on a straight-line basis over a period of 5 years.  EUR 5.7 million are expenses related to the issuance of EUR and PLN bonds. The amortization is done on a straight-line basis over a period of 5 years. 2.4 Financial assets Shares in affiliated undertakings Name of the company Registered office % Net book value as at 01.01.2023 (EUR) Additions/ (disposals) for the year (EUR) (Value adjustment/ reversal) allocations for the year (EUR) Net book value as at 31.12.2023 (EUR) Last balance sheet date Net equity at the B/S date (In local currency) Results of the last financial year (In local currency) InPost Technology S.à r.l. 70 route d’Esch L-1470 Luxembourg 100% 4,221,026 - - 4 , 221 , 026 31.12.202 3 EUR 8,707,315.84 1 EUR 2,525,606.03 1 Integer.pl Spółka Akcyjna Pana Tadeusza 4, 30-727 Kraków, Poland 100% 7, 679,247,974 - 316,500,000 7,995,747,974 31.12.202 3 PLN 1,190,526,315.39 PLN 391,908,202.39 Integer France SAS 3 boulevard de Sébastopol 75001 Paris France 100% 215,000,001 - - 215 , 000 , 001 31.12.202 3 EUR 185,821,306.22 1 EUR (2,640,679.67) 1 Total 7,898,469,001 - 316,500,000 8,214,969,001 The Board of Directors reviewed the valuation of the above shares at year end and decided to:  maintain the value of of InPost Technology S.à r.l. and Integer France SAS at their historical acquisition cost and therefore not to record any value adjustments considering the performance of the underline business.  derecognize the impairment in amount of EUR 316.5 million on Integer.pl S.A. shares (the valuation used is fully described under section “Principal risks and uncertainties” on page 4). When assessing if the value adjustment is durable or not, the management determines the Fair value of the underlined investments through a Discount Cash flow model. Loans to affiliated companies Name of the company Registered office Loans in principal (EUR) Accrued interests as at 31.12.2023 (EUR) Integer.pl Spółka Akcyjna 4 ul. Pana Tadeusza 30 - 727 Kraków, Poland 126,248,143.64 1,805,448.11 Integer France SAS 3 boulevard de Sébastopol 75001 Paris France 314 , 473 , 026.83 20,011,608.99 Mondial Relay SASU 1 Avenue de l’horizon 59650 Villeneuve d’Ascq 62,000,000.00 3,630,657.49 Total 502,721,170.47 25,447,714.59 1 Unaudited annual accounts The accompanying notes are an integral part of these annual accounts . 18 Details on loans to Integer.PL The principal amount of EUR 93,880,205.32 (PLN 423,803,742.78) bears an interest of 7.7618% as from October 28, 2023. The maturity date is January 28, 2026. The principal amount of EUR 32,367,938.32 (PLN 147,264,408.98) bears an interest of 7.8218% as from October 09, 2023. The maturity date is December 31, 2025. Details on loans to Integer France SAS The principal amount of EUR 312,973,026.83 bears an interest of 2.25% + 0.25%. The maturity date is December 31, 2025. The principal amount of EUR 1,500,000.00 bears an interest of 2.25% + Euribor. The maturity date is December 31, 2025. Details on loans to Mondial Relay SASU The principal amount of EUR 50,000,000.00 bears an interest of 2% + Euribor 6 months + 0.25%. The maturity date is December 31, 2023. The principal amount of EUR 12,000,000.00 bears an interest of 2% + Euribor 6 months + 0.4%. The maturity date is December 31, 2025. The Board of Directors has considered the recovery of the loans and no value adjustment is needed. 2.5 Debtors Total debtors amounting to EUR 989,300.98 is mainly composed by trade debtors and other receivables from the Tax Administration. 2.6 Capital and reserves Subscribed capital The subscribed capital, amounting to EUR 5,000,000 is represented by 500,000,000 ordinary shares with a nominal value of EUR 0.01 each, fully paid. Share premium The share premium account amounts to EUR 7,721,822,268.24. Legal reserve In accordance with Luxembourg company law, the Company is required to transfer a minimum of 5% of its net profit for each financial year to a legal reserve. This requirement ceases to be necessary once the balance on the legal reserve reaches 10% of the issued share capital. The legal reserve is not available for distribution to the shareholders. The movements in capital and reserves for the year are as follow: The accompanying notes are an integral part of these annual accounts . 19 Legal reserve Results brought forward Result for the year As at the beginning of the year - - 23,247,892.41 - 340,438,619.95 Allocation of the prior year’s result - - 3 40,438,619.95 340,438,619.95 Result for the year - - 308,594,388.05 Other movements - - As at the end of the year - - 363,686,512.36 308,594,388.05 2.7 Creditors Convertible loans Convertible loans amount to EUR 615,507,379.28 (accrued interests included) is composed by EUR Bonds issued for EUR 490,000,000 bearing an interest of 2.250% with maturity date on July 2027 and PLN Bonds issued for PLN 500,000,000 bearing an interest of 9.42% with maturity date on June 2027. Bank debt The total of EUR 455,231,882.08 (accrued interests included) is a debt denominated in PLN for a total of PLN 1,950,000,000 bearing an interest of 7,5700% as from October 30, 2023. The maturity date is January 28, 2026. Trade creditors The total of EUR 3,003,482.53 is mainly composed by trade debts due to group companies (EUR 2,832,392.52), external suppliers (EUR 137,303.82) and provision for invoices to be received (EUR 33,789.19). Cash Pooling (bank transactions) payable In 2023, the Company entered into cash pooling transaction with ING. The Company is the “Master account holder” and entered into a Zero-balancing agreement with group companies meaning that cash balances are held by the Company on behalf of group companies. The result of this Zero- balancing process is 81,844,879.29, which is represented by payable to the group companies for EUR 136,2999,919.99 and receivable to the group companies for EUR 54,455,041.70. 2.8 Other operating income The other operating income items amounting to EUR 1,714,986.85 is composed by recharge of commissions and D&O (Director’s and Officer’s insurances) policies to group companies. The accompanying notes are an integral part of these annual accounts . 20 2.9 Other external expenses 202 3 2022 Office rent 29,160.00 27,000.00 Other expenses - 599.00 IT services 1,080.00 4,500.00 Loans’ issuance expenses 1,228,929.66 644,221.43 Fees & commission – bond issuance 2,327,203.68 2,516,309.21 Bank charges and commissions 566,757.99 858,261.02 Legal, litigation and similar fees 410,875.06 684,649.15 Accounting and tax fees 51,631.38 73,820.43 Fees paid to the statutory auditor and its network - Legal a udit 172,277.54 230,528.49 - Half year review 39,605.50 59,098.50 - Other assurance services 23,659.50 34.34 Other professional fees: - Advisory fees – General 84,495.77 579,736.01 - Advisory fees – Project Concert - 406.58 - Advisory fees – Project Q - 27,728.89 - Consulting fees 81,015.92 607,449.21 - Cash Pooling 23,122.08 - - Supervisory fees - 1,464.61 - Other fees 1, 248 ,275.17 201,555.35 - HR Projects - Ergon Zehnder - 65,520.00 Notarial and similar fees - - Oth er r emun eration of intermediaries & prof essional fees 76,357.86 77,415.55 Other Insurance 1,298.34 1,275.43 Insurance premiums 785,414.74 795,098.93 Marketing and advertising costs 11,232.55 179,216.24 Travel Costs 6,260.96 - Telecommunication costs 26,030.31 - Supplies and small equipment 12,555.15 44,317.42 Contributions to professional associations 350.00 10,004.72 7, 207 ,589.16 7,690,210.51 2.10 Staff costs During the financial year, the Company employed three part time employees. As of December 31, 2023, the company has a total of 2 part-time employees and one full-time employee. The employees are composed by one treasury specialist, one administrative assistant and one accountant. 2.11 Other operating expenses This item is composed by:  Director fees of EUR 628,425.90 (EUR 162,414.71 to the members of the management board and EUR 466,011.19 to the supervisory board committees);  Non-Refundable VAT of EUR 533,285.05 ;  registration fees (EURONEXT, CSSF, etc.) of EUR 149,526.55. The accompanying notes are an integral part of these annual accounts . 21 2.12 Income from participating Interests This item is composed by participating interests from Integer PL for an amount of EUR 57,519,160.43. 2.13 Other interest receivable and similar income This item amounting to EUR 35,965,994.87 is composed by:  Accrued interests on loans due by subsidiaries of EUR 22,479,329.86  Other interest related to Cash Pooling of EUR 852,912.17  Realized exchange gains of EUR 8.387.863,46  Reversal of unrealized exchange losses from previous years of EUR 4,245,889.38 2.14 Interest payable and similar expenses This item amounting to EUR 94,888,736.85 is composed by:  Interests on convertible bonds of EUR 21,571,592.48  Interests on bank debt of EUR 39,245,912.96  Realized exchange losses of EUR 33,226,571.72  Other interest related to Cash Pooling of EUR 844,266.50  Other of EUR 393.19 As of December 31 st , 2023 Company had one derivative financial instrument – Interest Rate Swap securing Term Loan Facility (1,950,000,000.00 PLN Loan). The floating rate based on WIBOR 6m was swapped for constant rate of 4.715%. As of Balance sheet date the valuation of this instrument amounted to 1,812,725.39 EUR, but as unrealized gain it wasn’t recognized in Profit and Loss accounts. 2.15 Tax on profit or loss The company is subject in Luxembourg to the applicable general tax regulations. The Company is within the scope of the OECD Pillar Two model rules. Under the legislation, the Company is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate. Pillar Two legislation was enacted in Luxembourg on December 20, 2023 and will come into effect from January 1, 2024. Since the Pillar Two legislation was not effective at the reporting date, the Company has not estimated current tax exposure. The Company has started analysis to estimate the impact of Pillar Two Legislation, but, due to the complexity of the reform, the Company is not able to estimate the possibility nor the amount of the legislation’s impact on 2024 tax expenses. The first year that it is possible to pay additional top-up taxes in Luxembourg is 2024, with payment and tax computation made until end of June 2026. 2.16 Off-balance sheet commitments There are no material off-balance sheet transactions, arrangements, obligations (including contingent obligations) or liabilities to be disclosed in the annual accounts. The accompanying notes are an integral part of these annual accounts . 22 2.17 Related party transactions During the financial year, significant transactions entered in to with related parties have been disclosed in the financial statement (note 2.4). 2.18 Subsequent events Change in the Management Board of InPost S.A. On January 15, 2024, InPost S.A. announced that Adam Aleksandrowicz has decided to step down from his role as Group Chief Financial Officer. Supervisory Board appointed Francisco Javier van Engelen Sousa as Group Chief Financial Officer, the change in InPost S.A. 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