Inpost S.A.

Earnings Release • Mar 30, 2021

Press release

30 March 2021

InPost S.A. announces record full year 2020 financial results and provides 2021 outlook

Luxembourg, Luxembourg – 30 March 2021. InPost S.A¹ ("InPost", the "Company" or together with its subsidiaries "the Group"), announces full year results for Integer.pl² for the 12 months ending 31 December 2020.

Full Year 2020 Financial Highlights

Full Year 2020 Operational Highlights

• Revenue increased by 104% to PLN 2,532 million (2019: PLN 1,243 million) • Operating EBITDA increased by 184% to PLN 994 million (2019: PLN 350 million) • Operating EBITDA margin expanded by ~1100 bps to 39.3% (2019: 28.2%) • Adjusted EBITDA increased by 186% to PLN 1,004 million (2019: PLN 352 million) • Capex increased by 68% to PLN 537 million (2019: PLN 320 million) • Free Cashflow increased by ~10x to PLN 380 million (2019: PLN 35 million) supported by improved cash conversion Ended the year with pro-forma net leverage of 2.4x3 •

Generated more than 180,000 tons4 of CO2 • savings • Parcel volumes increased by 115% to 310 million (2019: 144 million) • Total Automated Parcel Machine (APM) network increased by 47% to 12,254 machines (2019: 8,352) • Total number of lockers in Poland increased by 78% to almost 1.5 million • More than 5.7 million active users of the InPost mobile app in Poland at the end of 2020 • Rolled out contactless APM deliveries and label-less returns in Poland • Accelerated International expansion strategy, with fourth quarter volume growth of 400% in the UK

Rafał Brzoska, Group Chief Executive Officer of InPost:

"Against the backdrop of the ongoing COVID-19 pandemic, which has fast-tracked the structural shift to the digital economy, InPost had an outstanding 2020. We took multiple steps to accelerate our pan-European growth strategy and delivered exceptional financial results.

Parcel volumes more than doubled, the deployment of our APM network continued to gather pace and we rolled out innovations such as our mobile app, contactless deliveries and labelless returns. Our consumer-centric approach to re-defining last mile deliveries has seen us revolutionize the e-commerce ecosystem, continuously deliver new consumer experiences, while also generating significant value for e-tailers. APMs are also the most sustainable form of delivery. Over the course of the year, we generated more than 180,000 tons of CO2 savings to the environment, while simultaneously reducing traffic and noise pollution.

¹ InPost as the context dictates also refers to Integer.pl SA and its subsidiaries which from completion of the IPO is a full subsidiary of InPost S.A.

² The presented results are those of Integer.pl, a fully-owned subsidiary of InPost S.A., which encompasses all of the material operating entities of the InPost group in Poland and other geographies

³ Pro-forma financial information is based on the consolidated financial information of InPost S.A. and Integer.pl adjusted by the effect of "Reorganisation and Refinancing Transactions" which took place in January 2021 as described in the IPO Prospectus

⁴ Compared to to-door deliveries, calculated on the basis of the Company's estimate that 100 million parcels delivered to APMs saves 73K tons of CO2, when compared to to-door deliveries

In response to the many challenges that COVID-19 placed on our communities, InPost's APMs quickly became the safest form of parcel pickups for tens of millions of consumers, as we made contactless deliveries and remote locker opening more widely available. Looking ahead, we plan to accelerate the flywheel effect in Poland and internationally, further enhancing our value proposition to consumers, and supporting our long-term growth ambitions.

We delivered exceptional financial results in 2020. Revenues more than doubled, adjusted EBITDA surpassed PLN 1 billion, and free cash flow increased ten-fold, while we still continued to increase our investments in Poland and the UK. This strong momentum has continued into the early parts of 2021, and we are well positioned to have another year of strong growth.

2021 has also seen us achieve two important milestones. First, we completed a successful listing on Euronext Amsterdam, Europe's largest ever technology IPO. Second, we announced the proposed acquisition of Mondial Relay - which would accelerate our international expansion strategy, giving us an immediate footprint in one of Europe's largest e-commerce markets and providing multiple levers to create shareholder value. Combined with our rapid rollout in the UK, we would become Europe's leading out-ofhome automated solution for e-commerce.

Finally, I would like to thank our employees for their dedication and passion, as well as our customers, partners and investors for their ongoing support. Through our combined efforts and clear mission, we continue to look forward to the future with confidence."

Conference call and audio webcast

Rafal Brzoska (Founder and CEO) and Adam Aleksandrowicz (Group CFO) will host a conference call for analysts and institutional investors at 10.00 am CET on Tuesday 30 March 2021 via the following link:

Audio webcast: https://webcasting.brrmedia.co.uk/broadcast/6051dfc3cbd99d5cefbc0bc2

Conference call details:

Netherlands dial-in:	+31 (0)20 703 8211
Poland dial-in	+48 (0)22 206 9996
France dial-in	+33 (0)1 70 72 25 50
UK dial-in:	+44 (0)330 336 9126
Access code:	5530692

Important events

On 13 January 2021, InPost S.A. announced its intention to proceed with an offering and listing of its ordinary shares on Euronext Amsterdam. Due to significant investor demand, the offering period was accelerated and the Company's ordinary shares began trading under the symbol "INPST" on 27 January 2021. The total issued and outstanding share capital consists of 500,000,000 ordinary shares. The number of ordinary shares offered in the offering, which included full exercise of the Over-Allotment Option, was 201,250,000, representing 40.3% of the total shares.

On 15 March 2021, InPost S.A. announced the proposed acquisition of Mondial Relay, the French out-of-home parcel delivery provider, for a transaction value of €565 million (approximately PLN 2.5 billion), in cash. The proposed acquisition, subject to its completion, will be financed through a committed 12 month bridge facility, provided by a consortium of seven banks, with the option to extend the facility for an additional 12 months at the discretion of the Company. The proposed acquisition is subject to consultation with the Workers' Council of Mondial Relay and the subsequent signing of the transaction agreement. The Company currently expects the transaction to be completed by the end of the second quarter of 2021, subject to customary closing conditions, including the receipt of regulatory approvals. The proposed acquisition would allow InPost to take a major step in its ambition to become Europe's leading out-of-home automated solution for e-commerce.

Press releases related to both announcements are available on the investor relations website of the company (www.inpost.eu)

Financial and Operational Review for FY 2020

Unless stated otherwise, the following discussion sets out the financial and operational performance of the Group⁵ and its reportable segments for the twelve months ended 31 December 2020, compared to the twelve months ended 31 December 2019.

PLN million unless otherwise specified	FY 2020	FY 2019	YoY growth
Revenue	2,532.1	1,242.6	104%
Of which Poland	2,514.4	1,235.6	103%
Of which International	17.7	7.0	153%
Operating EBITDA	994.3	350.1	184%
Of which Poland	1,038.4	375.6	176%
Of which International	(44.1)	(25.5)
Operating EBITDA Margin	39.3%	28.2%	+1110bps
Adjusted EBITDA6	1,004.4	351.8	186%
Of which Poland	1,048.5	377.3	178%
Of which International	(44.1)	(25.5)
Adjusted EBITDA margin	39.7%	28.3%	+1140bps
Capex	536.5	319.7	68%
% revenue	21.2%	25.7%
Free Cash Flow7	379.8	34.9	988%
Cash Conversion8	38%	10%
Net Leverage9	2.4x	2.2x

APMs and Parcel Volumes

	FY 2020	FY 2019	YoY growth
Number of APMs	12,254	8,352	47%
Poland	10,776	7,186	50%
International	1,478	1,166	27%
Total Parcel Volumes (in millions)	310.0	144.0	115%
Poland APM	247.2	103.1	140%
Poland to-door	60.5	40.4	50%
International	2.2	0.5	340%

⁵Pro-forma financial information is based on the consolidated financial information of InPost S.A. and Integer.pl adjusted by the effect of "Reorganisation and Refinancing Transactions" which took place in January 2021 as described in the IPO Prospectus

⁶ Defined as Operating EBITDA adjusted for share based compensation

⁷ Defined as Operating EBITDA – Change in Net Working Capital – Maintenance and Expansion Capex, before IFRS-16 lease payments

⁸ Defined as Operating EBITDA – Change in Net Working Capital – Maintenance and Expansion Capex, before IFRS-16 lease payments/Operating EBITDA

⁹ Defined as Pro-forma Net Debt ÷ Operating EBITDA

Revenue and other operating income

PLN million unless otherwise specified	FY 2020	FY 2019	YoY growth
Poland	2,514.4	1,235.6	103%
APM segment	1,815.3	776.4	134%
To-door segment	634.9	420.1	51%
Other	66.8	71.4	(6)%
Inter-segment elimination	(2.7)	(32.3)
International	17.7	7.0	153%
Total	2,532.1	1,242.6	104%

For the year ended 31 December 2020, total revenue and other operating income reached PLN 2,532.1 million, an increase of PLN 1,289.5 million, or 104% versus the prior year. The increase was driven by strong growth in Poland and, to a lesser extent, growth in the International segment.

Poland

As of 31 December 2020, the Company had 10,776 Automated Parcel Machines (APMs) in Poland, an increase of 3,590, or 50%, versus the prior year. The Company believes that increasing the scale and density of its network to increase population coverage with new APM rollouts is a key element of its strategy to continuously improve the user experience for both merchant and consumers. As of 31 December 2020, 50% of the Polish population was located within a 7 minute walk of an InPost APM, compared to 43% at the end of prior year. As of 31 December 2020, InPost had 1.2 million lockers in urban areas and more than 0.30 million lockers in rural areas.

For the year ended 31 December 2020, the Company's total parcel volume in Poland reached 307.8 million, an increase of 164.3 million, or 114%, versus the prior year. Total APM parcel volumes in Poland reached 247.2 million in 2020, an increase of 144.1 million, or 140%, versus the prior year. This increase is due to the acceleration of e-commerce penetration in Poland as a result of the COVID-19 pandemic, the increase in APM network size and density, InPost's unique consumer experience, as well as the increasing popularity of APMs as the preferred delivery method for consumers.

Total to-door parcel volumes in Poland amounted to 60.5 million in 2020, an increase of 20.1 million, or 50%, versus the prior year.

Revenue and other operating income of PLN 2,514.4 million in Poland increased by PLN 1,278.8 million, or 103%, versus the prior year, driven by strong growth in both the APM and to-door segments. APM revenue of PLN 1,815.3 million increased by PLN 1,038.9 million, or 134%, versus the prior year. The increase in APM revenue was driven by the 140% increase in APM parcel volumes, partially offset by lower average prices per parcel. The lower average price per parcel was primarily due to a higher proportion of sales from larger and strategic customers with whom the Company has agreed lower average prices per parcel, as well as a higher share of international customers.

To-door revenue of PLN 634.9 million increased by PN 214.8 million, or 51%, versus the prior year. The increase in todoor revenue in Poland was driven by 50% to-door parcel volume growth, as well as relatively flat average prices per parcel.

International

As of 31 December 2020, the Company had a network of 1,478 APMs outside of Poland (1,134 in UK and 344 in Italy). The number of APMs outside of Poland increased by 312, or 27%, versus the prior year. All new APMs outside of Poland were installed in the UK, where APMs increased by 38% versus the prior year.

For the year ended 31 December 2020, the Company's international parcel volumes reached 2.2 million, an increase of 1.7 million, or 340%, versus the prior year. All parcels were delivered to APMs. The increase in parcel volume in the UK is primarily driven by the ongoing expansion of the Company's merchant base, as well as the increase in APM network coverage. Through the onboarding of new merchants and services in the UK, weekly parcel volume increased from approximately 6,000 weekly parcels in January 2020 to approximately 65,000 weekly parcels in the first week of November 2020 and ultimately reached over 100,000 weekly parcels during the holiday season peak in December 2020.

For the year ended 31 December 2020, Revenue and other operating income of PLN 17.7 million, increased by 10.7 million, or 153%, versus the prior year.

PLN million unless otherwise specified	FY 2020	FY 2019	YoY growth
Poland	1,333.0	560.1	138%
Gross margin (%)	53.0%	45.3%	1,230bps
APM segment	1,074.0	418.9	156%
Gross margin (%)	59.2%	54.0%	520bps
To-door segment	198.3	106.6	86%
Gross margin (%)	31.2%	25.4%	580bps
Other10	62.1	50.2	24%
Inter-segment elimination11	(1.4)	(15.6)
International	(9.8)	(7.4)
Gross margin (%)	(55.4%)	(105.7%)
Total	1,323.2	552.7	139%
Gross margin (%)	52.3%	44.5%	780bps

Gross Profit

For the year ended 31 December 2020, Gross Profit reached PLN 1,323.2 million, an increase of PLN 770.5 million, or 139%, versus the prior year. This was driven by strong Gross Profit growth in Poland. International segment Gross Profit decreased modestly. For the year ended 31 December 2020, Gross Margin increased to 52.3% or a 780 basis points increase versus the prior year.

Poland

For the year ended 31 December 2020, Gross Profit in Poland reached PLN 1,333 million, an increase of PLN 772.9 million, or 138% versus the prior year. Gross margin increased to 53% for the year ended 31 December 2020, an increase of 1,230 basis points versus the year ended 31 December 2019. The increase in Gross Profit was driven by strong growth in both the APM and To-Door segments. APM Gross Profit of PLN 1,074 million increased by PLN 655.1 million, or 156% versus the prior year. This resulted in APM Gross Margin of 59.2%, for the year ended 31 December 2020, or 520 basis points higher versus the prior year level. This improvement was driven by strong volume growth, resulting in a higher utilization rate of APMs, economies of scale benefits and increased middle-mile automation, resulting in lower costs per parcel.

¹⁰ Other consists mainly of APM production & sale (to third parties) and marketing and IT services (to third parties)

¹¹ Transactions between segments are eliminated upon consolidation and reflected in the 'inter-segment elimination' row.

For the year ended 31 December 2020, the average APM utilization rate in Poland increased to 86% across the year, compared to an average of 65% for the prior year.

To-door gross profit of PLN 198.3 million increased by PLN 91.7 million, or 86% versus the prior year. This resulted in to-door gross margin of 31.2%, some 580 basis points higher versus the prior year level. This improvement was driven by strong volume growth, increased courier efficiency and greater middle-mile automation.

International

For the year ended 31 December 2020, Gross profit for the international segment was a loss of PLN 9.8 million, compared to a loss of PLN 7.4 million for the prior year. The higher loss was driven by higher logistics costs per parcel as a result of a new contract with the Group's courier partner, which more than offset higher revenues. Over the medium term, the Company expects its logistics costs per parcel for the International segment to decline as parcel volumes increase.

Operating EBITDA

PLN million unless otherwise specified	FY 2020	FY 2019	YoY growth
Poland	1,038.4	375.6	176%
Operating EBITDA margin (%)	41.3%	30.4%	1090 bps
International	(44.1)	(25.5)	nm
Operating EBITDA margin (%)	nm	nm
Total	994.3	350.1	184%
Operating EBITDA margin (%)	39.3%	28.2%

For the year ended 31 December 2020, Operating EBITDA reached PLN 994.3 million, an increase of PLN 644.2 million, or 184%. This increase was driven by strong Operating EBITDA growth in Poland versus the prior year. International segment Operating EBITDA declined by PLN 19 million versus the prior year. This resulted in an Operating EBITDA margin of 39.3%, an increase of approximately 1100 basis points versus the prior year level. This increase was driven by a higher proportion of APM segment revenue, which have lower logistics costs per parcel compared to the to-door segment, as well as overall productivity gains driven by the Company's enhanced scale. In addition, Operating EBITDA margin benefitted from operating leverage as general costs decreased as a percentage of revenue.

Poland

For the year ended 31 December 2020, Operating EBITDA in Poland reached PLN 1,038 million, an increase of PLN 663 million, or 176%, versus the prior year. This resulted in an Operating EBITDA margin of 41.3% for the year ended 31 December 2020, an increase of 1090 basis points versus the prior year level. This increase was driven by an increase in the proportion of APM segment revenue, which has lower logistics costs per parcel compared to to-door segment. In addition, Operating EBITDA margin benefitted from operating leverage as general costs decreased as a percentage of revenue.

International

For the year ended 31 December 2020, Operating EBITDA for the international segment was a loss of PLN 44.1 million, a decrease of PLN 18.6 million versus the prior year. This was primarily due to higher logistics costs per parcel as a result of a new contract with the Group's courier partner, as well as significantly higher general costs as the Company continued to invest in headcount and marketing initiatives to support its growth. In addition, Operating EBITDA was impacted by unfavorable exchange rates.

Summary of Cash Flows and Capital Expenditure

PLN million unless otherwise specified	FY 2020	FY 2019	YoY growth
Operating EBITDA	994.3	350.1	184%
Changes in Working Capital	(78.0)	4.5
Free Cash Flow From Operations12	916.3	354.6	153%
Capital Expenditure	(536.5)	(319.7)	68%
Free Cash Flow	379.8	34.9	988%
Free Cash Flow Conversion Ratio13	38%	10%

For the year ended 31 December 2020, the Company's Free Cash Flow From Operations totaled PLN 916.3 million, an increase of PLN 561.7 million, or 153%, versus the prior year. The increase was due to strong Operating EBITDA growth, partially offset by cash out flows from working capital. Compared to the prior year, working capital was impacted by one-time changes in payment terms with some of its larger customers.

Capital Expenditure totaled PLN 536.5 million for the year ended 31 December 2020, an increase of PLN 216.8 million, or 68%, versus the prior year. The increase in Capital Expenditure was primarily to support the expansion of the Company's APM network in Poland and the U.K. In addition, the increase in Capital Expenditure was related to investments to expand sorting capacity and logistics depots, as well as the broader implementation of automation across its depot network.

For the year ended 31 December 2020, the Company's Free Cash Flow (defined as Operating EBITDA adjusted for Changes in Working Capital and Capital Expenditure) totaled PLN 379.8 million, an increase of PLN 344.9 million versus the prior year. This resulted in a Free Cash Flow conversion ratio of 38%, versus 10% in the prior year

Balance sheet

PLN million unless otherwise specified	FY 2020	FY 2019	YoY growth
Pro-forma Debt	2,535.1	894.9	183%
Cash and Cash Equivalents	139.4	113.0	24%
Pro-forma Net debt14	2,395.7	781.9	206%
Pro-forma Net leverage15	2.4x	2.2x

¹² Defined as Operating EBITDA adjusted for changes in Working Capital

¹³ Defined as Operating EBITDA – Change in Net Working Capital – Maintenance and Expansion Capex. Before IFRS-16 lease payments)/Operating EBITDA

¹⁴ Pro-forma financial information is based on the consolidated financial information of InPost S.A. and Integer.pl adjusted by the effect of "Reorganisation and Refinancing Transactions" which took place in January 2021 as described in the IPO Prospectus

¹⁵ Defined as Pro-forma Net Debt ÷ Operating EBITDA.

Outlook 2021

See below the Company's outlook for full year 2021. This outlook updates the near-term outlook for the Poland segment as provided by the Company in its IPO prospectus dated 20 January 2021 and the updated near-term outlook for the International segment as provided in the 15 March 2021 press release regarding the proposed acquisition of Mondial Relay. Note that the Company's pro-forma metrics includes the actual unaudited FY 2020 and expected FY 2021E contributions from the proposed acquisition of Mondial Relay (as outlined in its press release dated 15 March 2021).

Outlook: InPost

			FY2020A	FY 2021E
PLN million unless specified	FY 2020A	FY2021E	(pro-forma) 16	(pro-forma) 17
Number of APMs (#)	12,254	16.5k-18.5k	12,254	16.5k-18.5k
Parcel Volumes (millions)	310	445-465	441	615-645
Revenue	2,532	3,460-3,610	4,498	5,665-5,910
Adjusted EBITDA margin %	39.7%	Low 40s	28.3%	Low 30s
Total Capex	537	700-745	609	850-945
Cash Conversion %	38%	Mid 40s18	43%	Mid 40s19

Outlook: Poland Segment

PLN million unless specified	FY 2020A	FY 2021E
Number of APMs (#)	10,776	14,500-15,500
APM parcel volumes /growth	247.2 million	45-50% YoY
To-Door parcel volumes/ growth	60.5 million	25-30% YoY
APM revenue/growth	PLN 1,815.3	40-45% YoY
To-Door revenue/growth	PLN 634.9	25-30% YoY
Adjusted EBITDA margin	41.7%	43-45%
Total Capex	PLN 507	PLN 600-625

Outlook: International Segment

			FY 2020A	FY 2021E
PLN million unless specified	FY 2020A	FY 2021E	(pro forma) 20	(pro forma)21
Number of APMs (#)	1,478	2k-3k	1,478	2k-3k
Parcel volume (millions)	2.2	10-15	133	180-195
Total revenue	17.7	60-80	1,984	2,260-2,380
		Break-even
Adjusted EBITDA margin	(249%)	by mid-2022	11.4%	Low teens
Total Capex	29.5	100-120	102	250-320

^16,17,21,22 Assumes full year contribution of Mondial Relay for 2021

^{18,19, 20} Defined as Adjusted EBITDA – Change in Net Working Capital – Maintenance and Expansion Capex. Before IFRS-16 lease payments)/Adjusted EBITDA

Consolidated Financial Information

The following tables set forth selected consolidated financial information of Integer.pl²² as of the dates and for the periods indicated.

Selected Consolidated Statement of Profit or Loss and Other Income of Integer.pl

	Year ended		Three months ended
	31December			31 December
	2020	2019	2020	2019
Revenue	2,517.8	1,232.0	851.6	399.5
Other operating income	14.3	10.6	3.5	3.9
Depreciation and amortization	356.1	221.5	113.2	74.2
Raw materials and consumables	43.5	40.2	12.6	25.3
External services	1,233.7	685.6	397.8	197.4
Taxes and charges	1.9	2.3	0.5	0.5
Payroll	191.2	107.1	29.6	38
Social security and other benefits	42.1	27.8	13.0	11.2
Other expenses	12.5	11.3	1.9	3.8
Cost of goods and materials sold	10.2	8.6	3.8	2.6
Other operating expenses	6.7	13.1	3.0	4.2
Impairment (gain) loss on trade and other receivables	(3.9)	(3.5)	4.3	0.3
Total operating expenses	1,893.9	1,114.0	609.6	357,5
Operating profit	638.2	128.6	245.5	45.9
Finance income	0.1	20.9	0.0	15.7
Finance costs	164.5	62.8	48.0	14.1
Profit from the sale of an organized part of the enterprise	1.9	-	-
Profit before tax	475.7	86.7	197.5	47,5
Income tax expense	113.1	32.7	44.8	13.8
Profit from continuing operations	362.6	54.0	152.7	33.7
Loss from discontinued operations	(1.2)	(3.2)	-	(7.4)
Net profit	361.4	50.8	152.7	26.3
Other comprehensive income
Exchange differences from translation of foreign operations	(0.1)	(10.1)	(10.6)	(1.2)
Exchange differences from investments in subsidiaries	-	-
Other comprehensive income, net of tax	(0,1)	(10.1)	(10.6)	(1.2)
Total comprehensive income	361.3	40.7	142.1	25.1
Net profit (loss), attributable to:
Owners of Integer.pl	361.4	50.8	152.7	26.3
Non-controlling interests
Total comprehensive income, attributable to:
Owners of Integer.pl	361.3	40.7	142.1	25.1
Non-controlling interests
Basic/diluted earnings per share (in PLN)	20.2	2.7	8.6	1.4
Basic/diluted earnings per share (in PLN) Continuing
operations	20.3	2.9	8.6	1.8
Basic/diluted earnings per share (in PLN) Discontinued
operations	(0.1)	(0.2)	-	(0.4)

²² The presented consolidated financial information is that of Integer.pl, a fully-owned subsidiary of InPost S.A., which encompasses all of the material operating entities of the InPost group in Poland and other geographies.

Selected Consolidated Statement of Financial Position

	As of 31 December
	2020	2019
Non-current assets	1,828.5	1,201.5
Intangible assets	147.5	122.0
Property, plant and equipment	1,564.4	998.0
Other receivables	6.0	3.2
Other financial assets	-	-
Deferred tax assets	109.9	78.1
Other assets	0.8	0.2
Current assets	658.3	368.3
Inventory	5.7	2.2
Other financial assets	-	2.5
Trade and other receivables	443.0	215.8
Income tax asset	-	6.2
Other assets	70.2	28.6
Cash and cash equivalents	139.3	113.0
Non-current assets held for sale	-	-
Total Assets	2,486.8	1,569.8
Equity attributable to owners of Integer.pl	631.6	389.6
Share capital	17.5	18.6
Reserve capital	651.4	944.5
Retained earnings/ (accumulated losses)	(44.8)	(571.1)
Reserves	7.5	(2.4)
Non-controlling interests	-	(0.2)
Non-controlling interests	-	(0.2)
Total equity	631.6	389.3
Loans and borrowings	743.4	613.3
Employee benefits and provisions	13.9	10.6
Government grants	9.2	11.2
Deferred tax liability	35.0	16.8
Other financial liabilities	304.0	124.4
Other liabilities	-	-
Total non-current liabilities	1,105.5	776.3
Trade and other payables	310.2	191.3
Loans and borrowings	23.7	4.9
Government grants	4.2	3.2
Current tax liabilities	22.4	3.4
Employee benefits and provisions	40.3	18.8
Other financial liabilities	232.7	152.3
Other liabilities	116.2	30.3
Total current liabilities	749.7	404.2
Total liabilities	1,855.2	1,180.5
Total equity and liabilities	2,486.8	1,569.8

Consolidated Statement of Cash Flows
--------------------------------------	--	--	--

	Year Ended 31 December			Three months ended
			31 December
	2020	2019	2020	2019
Net profit (loss)	361.4	50.8	152.7	26.3
Adjustments:	636.8	294.8	223.0	70.8
Income tax expense	113.2	33.5	44.9	14.6
Finance cost	173.7	40.1	60.0	(9.8)
(Gain)/ loss on sale of property, plant and equipment	(7.6)	0.5	(0.4)	0.7
Depreciation and amortization	356.1	221.5	113.2	74.2
Impairment losses	(6.7)	(2.3)	(1.6)	(10.6)
Gain loss on sale of subsidiaries/OPE	(1.9)	(0.2)	0.0	-
Group settled share-based payments	10.1	1.7	7.0	1.7
Changes in working capital:	(78.0)	4.5	(89.8)	26.5
Trade and other receivables	(231.6)	(30.6)	(161.6)	(44.8)
Inventories	(3.5)	-	0.2	0.6
Other assets	(2.6)	(2.4)	(17.4)	19.8
Financial liabilities other than loans and borrowings	49.9	22.1	78.9	58.9
Employee benefits, provisions and contract liabilities	23.9	5.5	18.2	2.6
Other liabilities	85.9	9.9	(8.1)	(10.6)
Cash generated from (used in) operating activities	920.2	350.1	285.9	123.6
Interest paid	(74.7)	(43.4)	(16.0)	(12,9)
Income tax paid	(102.9)	(13.9)	(43.8)	(8.5)
Net cash generated from (used in) operating activities	742.6	292.8	226.1	102.2
Purchase of property, plant and equipment	(483.4)	(288.2)	(122.5)	(93.3)
Purchase of intangible assets	(53.1)	(31.5)	(21.0)	(11.0)
Proceeds from sale of assets held for sale	-	4.5	-	-
Proceeds from financial leases	4.0	-	(0.3)
Proceeds from sale of OPE	16.7	-	-
Net cash used in investing activities	(515.9)	(315.2)	(143.9)	(104.3)
Proceeds from loans and borrowings	84.9	182.8	17.3	2.5
Repayment of principal portion of loans and borrowings	(8.8)	-	(3.2)	-
Proceeds from issue of debt financial instruments	-	14.7	-	5.4
Payment of principal portion of lease liability	(204.2)	(136.5)	(60.0)	(39.5)
Proceeds from issue of share capital	(73.1)	-	-
Government grants	-	2.4	-	1.6
Net cash generated from financing activities	(201.2)	63.4	(45.9)	(30.0)
Net increase in cash and cash equivalents	25.5	52.2	36.4	(20.9)
Cash and cash equivalents at beginning of period	113.0	61.5	102.8	134.3
Effect of movements in exchange rates on cash held	0.8	(0.7)	0.1	(0.4)
Cash and cash equivalents at 31 December	139.3	113.0	139.3	113.0

About InPost S.A.

In-Post SA ("InPost") is the leading e-commerce enablement platform. Founded in 1999 by Rafal Brzoska in Poland, InPost provides delivery services through its network of more than 12,000 Automated Parcel Machines ("APMs"), including over 1,100 in the UK, as well as to-door couriers and fulfilment services to e-commerce merchants. In 2020, InPost handled 249 million parcel deliveries through its APMs, working with over 26,000 merchants. Strategically positioned in the fast-growing e-commerce ecosystems, InPost benefits from supportive market trends which drives further APM adoption. APMs provide consumers with a lower cost, flexible, convenient, environmentally friendly and contactless delivery option. Through its APM delivery services, InPost is creating a greener solution for e-commerce, as locker delivery results in a reduction of CO2 emissions by two-third compared to to-door deliveries in urban areas and 90% in rural areas as well as significant reduction in congestion. In addition, APMs provide a more convenient solution to parcel delivery for consumers, allowing for 24/7 access without the need for consumers to remain at home. Highly efficient IT infrastructure and rapid adoption of new technology underpin InPost's operations and growth. InPost's mobile application 'InPost Mobile' is one of the most successful apps in Poland with approximately 5.7 million active users.

Disclaimer

This press release contains inside information relating to the Company within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains forward-looking statements. Other than reported financial results and historical information, all statements included in this press release, including, without limitation, those regarding our financial position, business strategy and management plans and objectives for future operations, are, or may be deemed to be, forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ''believes'', ''estimates'', ''plans'', ''projects'', ''anticipates'', ''expects'', ''intends'', ''may'', ''will'' or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements are based on the Company's beliefs, assumptions and expectations regarding future events and trends that affect the Company's future performance, taking into account all information currently available to the Company, and are not guarantees of future performance. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and the Company cannot guarantee the accuracy and completeness of forwardlooking statements. A number of important factors, not all of which are known to the Company or are within the Company's control, could cause actual results or outcomes to differ materially from those expressed in any forwardlooking statement as a result of risks and uncertainties facing the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be traded, we have no intention or obligation to update forward-looking statements.

This press release contains an outlook for the full year 2021. The Company's ability to meet these objectives is based on various assumptions and it may be unable to achieve these objectives.

The reported financial results are presented in Polish Zloty (PLN) and all values are rounded to the nearest million unless otherwise stated. As a consequence, rounded amounts may not add up to the rounded total in all cases.

Enquiries:

InPost Sherief Bakr, Investor Relations sbakr@inpost.pl +44 7756 205 027

Wojciech Kądziołka, Spokesman wkadziolka@inpost.pl +48 725 25 09 85

Powerscourt James White and Elly Williamson inpost@powerscourt-group.com +44 7855 432 699 / +44 7970 246 725