Inpost S.A.

Interim / Quarterly Report • Sep 6, 2023

T : +352 494848 1, F : +352 494848 2900, www.pwc.lu R.C.S. Luxembourg B 65 477 - TVA LU25482518

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union.

PricewaterhouseCoopers, Société coopérative Represented by

Luxembourg, 5 September 2023

Electronically signed by:
Brieuc Malherbe

1

Brieuc Malherbe

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS of InPost S.A. and its subsidiaries

for the period of 6 months ended June 30, 2023

Registered office:

R.C.S. Luxembourg

70 route d'Esch L-1470 Luxembourg B 248669

• Luxembourg, September 5, 2023 -

Table of contents

RESPONSIBILITY STATEMENT
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
1. Additional information note and explanations
1.1. General information about the InPost Group and its Parent
1.2. Group's operations
1.3. Composition of the Group
1.4. Basis of preparation and changes to the Group's accounting policies
1.5. New and amended standards and interpretations
2. Important events within H1 2023 period
3. Information on material accounting estimates,
4. Group's performance and segment information
4.1. Alternative performance measures: Gross Profit, Operating EBITDA and Adjusted EBITDA. 9
4.2. Segment information
5. Revenue
6. Seasonality of operations
7. External services
8. Financial income and expenses
9. Income tax
9.1. Income tax in profit or loss
9.2. Unrecognised deferred tax assets
10. Earnings per share (EPS)
11. Dividends paid and proposed for payment
12. Goodwill
13. Intangible assets
14. Property, plant and equipment
15. Leases	23
15.1. Leasing liabilities
16. Other assets
17. Trade and other receivables
18. Cash and cash equivalents
19. Loans and borrowings
20. Reconciliation of movements of liabilities to cash flows arising from financing activities
21. Provisions and accruals
22. Share-based payment
22.1. Management Incentive Plan
22.2. Long-Term Incentive Plan

22.3. Performance bonuses
23. Other liabilities
24. Trade and other payables
25. Financial instruments
25.1. Financial instruments by category
25.2. Guarantees and other securities
26. Contingent assets and liabilities
27. Share capital
27.1. Financial risk management objectives
28. Related-party transactions
28.1. Key personnel remuneration
29. Events after the balance sheet date

RESPONSIBILITY STATEMENT

InPost S.A. 70, route d'Esch L-1470 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg: B248669

The Management Board and Supervisory Board confirm that, to the best of their knowledge:

These Interim Condensed Consolidated Financial Statements of InPost Group for the period of 6 months ended on 30 June 2023 prepared in accordance with the International Financial Reporting Standards as adopted by the European Union 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 Director's 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.

Approved by the boards on their behalves by:

Mark Robertshaw

Rafał Brzoska

Chairperson of the Supervisory Board

President of the Management Board

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Note	Period of 6 months ended on 30-06-2023	Period of 3 months ended on 30-06-2077	Period of 6 months ended on 30-06-2072	Period of 3 months ended on 30-06-2022
Continued operations
Revenue	5	4,121.7	2,134.1	3,221.9	1,685.2
Other operating income		14.7	6.4	16.7	11.3
Depreciation and amortisation		568.1	290.3	443.7	237.2
Raw materials and consumables		138.1	73.1	80.8	40.2
External services	7	2,187.8	1,089.9	1,790.0	921.8
Taxes and charges		8.6	5.2	10.0	3.8
Payroll		384.6	198.5	300.8	149.0
Social security and other benefits		115.6	52.2	85.7	43.5
Other expenses		43.7	29.4	31.8	19.0
Cost of goods and materials sold		18.4	8.5	20.9	ਰ ਰ
Other operating expenses		10.6	6.2	6.9	2.1
Impairment (gain)/loss on trade and other receivables	17	7.7	1.7	25	1.3
Total operating expenses		3,483.2	1,755.0	2,175.1	1,427.8
Operating profit		653.2	385.5	465.5	268.7
Finance income	8	1.3	0.9	48.4	46.5
Finance costs	8	272.0	178.1	1275	43.2
Profit before tax		3825	208.3	386.4	272.0
Income tax expense	9	1386	80.3	100.1	55.1
Profit from continuing operations		243.9	128.0	286.3	216.9
Profit (loss) from discontinued operations				(1.0)	(0.4)
Net profit		2449	128.0	2:35 :5	216.5
Other comprehensive income
Exchange differences from the translation of foreign operations, net of tax - Item that may be reclassified to profit or loss		78.8	80.2	(44.5)	(30.8)
Other comprehensive income, net of tax		78.8	80.2	(44.5)	(30.8)
Total comprehensive income1		5922-31	208.2	240.8	185.7
Net profit (loss) attributable to owners:
From continued operations:		243.9	128.0	286.3	216.9
From discontinued operations:				(1.0)	(0.4)
Total comprehensive income attributable to owners:
From continued operations:		522.7	208.2	242.8	187.1
From discontinued operations:				(2.0)	(1.4)
Basic/diluted earnings per share (in PLN)	10	0.49	0.26	0.57	0.45
Basic/diluted earnings per share (in PLN) - Continuing operations	10	0.49	0.26	0.57	0.45
Basic/diluted earnings per share (in PLN) - Discontinued operations	10

¹ The Net profit for the period and Total comprehensive income is attributable to the owners only.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS	Note	Balance as at 30-06-2023	Balance as at 31-12-2022
Goodwill	12	1,412.4	1,488.4
Intangible assets	13	1,002.4	1,043.0
Property, plant and equipment	14	4,462.7	4,226.6
Other receivables		26.5	26.1
Deferred tax assets		175.6	166.3
Other assets	16	34.3	37.6
Non-current assets		7,113.9	6,988.0
Inventory		12.8	14.4
Trade and other receivables	17	1,227.1	1,245.2
Income tax asset		38.0	28.5
Other assets	16	942	43.4
Cash and cash equivalents	18	504.0	435.8
Current assets		1,876,1	1,767.3
TOTAL ASSETS		8,990.0	8,755.3
EQUITY AND LIABILITIES	Note	Balance as at 30-06-2023	Balance as at 31-12-2022
Share capital	27	22.7	22.7
Share premium		35,122.4	35,122.4
Retained earnings/ (accumulated losses)		1,137.8	892.0
Reserves		(35,474.1)	(35,568.1)
Total equity		803.8	469.0
Loans and borrowings	19	4,601.4	4,717.1
Employee benefits and other provisions	21	17.1	15.2
Government grants		1.1	1.1
Deferred tax liability		354.1	291.9
Other financial liabilities	15.1, 20	1,125.6	1,091.3
Total non-current liabilities		6,099.3	6,116.6
Trade payables and other payables	24	863.2	992.7
Loans and borrowings	19	368.7	338.8
Current tax liabilities		27.3	54.1
Employee benefits and other provisions	21	925	95.0
Other financial liabilities	15.1, 20	577.7	552.3
Other liabilities	25	152.5	136.8
Total current liabilities		2,081.9	2,169.7
TOTAL EQUITY AND LIABILITIES		8,990.0	8,755.3

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	Note	Period of 6 months ended on 30-06-2023	Period of 6 months ended on 30-06-2022
Cash flows from operating activities
Net profit		243.9	285.3
Adjustments:		974.5	684.0
Income tax expense	9	1386	100.1
Financial (cost)/income	8	240.6	126.6
Gain/(loss) on sale of property, plant and equipment			(0.3)
Depreciation and amortisation		568.1	443.7
Impairment losses		10.1	26
Group settled share-based payments	22	17.1	11.3
Changes in working capital:		(136.0)	(152.4)
Trade and other receivables	17	0.7	(71.4)
Inventories		1.5	(1.3)
Other assets	16	(40.1)	(12.1)
Trade payables and other payables	24	(113.3)	(35.9)
Employee benefits, provisions and contract liabilities	21	(0.5)	(22.3)
Other liabilities	23	15.7	(9.4)
Cash generated from operating activities		1,082.4	816.9
Interest and commissions paid		(179.8)	(96.1)
Income tax paid		(98.3)	(116.0)
Net cash from operating activities		804.3	604.8
Cash flows from investing activities
Purchase of property, plant and equipment		(399.1)	(524.9)
Purchase of intangible assets		(68.0)	(56.9)
Net cash from investing activities		(467.1)	(581.8)
Cash flows from financing activities
Proceeds from loans and borrowings	20	45.8	62.5
Repayment of the principal portion of loans and borrowings	20	(8.8)	(9.9)
Payment of principal portion of the lease liability	20	(306.7)	(227.8)
Acquisition of treasury shares			(12.1)
Net cash from financing activities		(269.7)	(187.3)
Net increase/(decrease) in cash and cash equivalents		67.5	(164.3)
Cash and cash equivalents at 1 January		435.8	493.2
Effect of movements in exchange rates on cash held		0.7	(0.3)
Cash and cash equivalents at 30 June		504.0	3286

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

				Reserves
	capital Share	premium Share	Translation reserve-	treasury shares Reserve for	(reorganisation) Reserve capital	reserves3 Other	(accumulated earnings/ Retained losses)	equity Total
Balance as at 01-01-2022 Restated4	22.7	35 22.4	0.4		(35,656.3)	104.3	435.6	29.1
Net profit							285.3	285.3
Other comprehensive income for the period	-		(44.5)	-				(44.5)
Total comprehensive income for the period	I		44.5)	I			285.3	240.8
Share-based payment (equity-settled	l					11.3		11:3
Acquisition of treasury shares	-			12.1)				(12.1)
Treasury shares celivered	-			3.4		(3.4)
Balance as at 30-06-2022	22.7	35 22.4	(44.1)	(8.7)	(35,656.3)	112.2	720.9	269.1
Balance as at 01-01-2023	22.7	35, 22.4	(29.2)	(8.7)	(35,656.3)	126.1	892.0	469.0
Net profit						-	243.9	243.9
Other comprehensive income for the period	-		78.8	-		-		78.8
Total comprehensive income for the period	I		78.8			-	243.9	322.7
Share-based payment (equity-settled	-		1			17.1		17.
Acquisition of treasury shares	l		I	-
I reasury shares delivered				4.3		(6.2)	1.9
Balance as at 30-06-2023	22.7	35.122.4	49.6	(4.4)	(35,656.3)	15770	1,137.8	803 8

^? Translation reserve includes exchange differences from the translation of foreign operations.

³ Other reserves include equity-settled share-based payment programme reserve.

⁴ Details described in note 17.2 in the annual consolidated financial statements of the InPost Group for 2022.

1. Additional information note and explanations

1.1. General information about the InPost Group and its Parent

InPost S.A. (hereinafter 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 nº 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 in the 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 interim condensed consolidated financial statements. Since January 27, 2021, InPost S.A. shares have been traded on Euronext Amsterdam, where the Company is part of the AEX Index and has a credit rating of Ba2/BB.

As at the date of this report, the Company had no ultimate controlling shareholder.

As of the date of these interim condensed consolidated financial statements, the shareholders were:

Company name	Interest in the share capital as at 30-06-2023
Advent International Corporation	30.33%
PPF Group N.V.	16 75%
A&R Investments LTD	12.45%
The Capital Group Companies Inc.	6.26%
GIC Private Limited, Singapore	5.01%
Others	29.20%
Total	100.00%

1.2. Group's operations

The InPost Group offers complex logistic solutions mostly for customers from the e-commerce industry. The core business of the InPost Group includes the following operating activities: automated parcel machines services, courier services, fulfilment services, production and sale of automated parcel machines, research and development works, internet portals, data processing, website management (hosting), and holding activities including the management of the InPost Group.

1.3. Composition of the Group

These interim condensed consolidated financial statements of the InPost Group include the financial information of the Parent, which is InPost S.A., and of 3 direct subsidiaries and 9 indirectly controlled subsidiaries of InPost S.A. The list of the Group's entities is presented in the table below.

	Company name	Country	Functional currency	Shareholders as at 30-06-2023	Interest in the share capital as at 30-06-2023
	Direct subsidiaries
T	Integer.pl S.A.	Poland	PIN	InPost S.A.	100%
2	InPost Technology S.à r.l.	Luxembourg	EUR	InPost S.A.	100%
3	Integer France SAS	France	EUR	InPost S.A.	100%
	Indirect subsidiaries
4	Mondial Relay SAS	France	FUR	Integer France SAS	100%
5	InPost Sp. z o.o.	Poland	PLN	Integer Group Services Sp. z o.o.	100%
6	I ocker In Post Italia Srl	Italy	FUR	InPost Paczkomaty Sp. z o.o.	100%
7	Granatana Limited in liquidation	Cyprus	FUR	InPost Paczkomaty Sp. z o.o.	100%
8	Giverty Holding Limited in liquidation	Cyprus	FUR	InPost Paczkomaty Sp. z o.o.	100%
9	InPost UK I imited	United Kingdom	GBP	InPost Paczkomaty Sp. z o.o.	100%
10	InPost Paczkomaty Sp. z o.o.	Poland	PLN	Integer.pl S.A.	100%
רו	Integer Group Services Sp. z o.o.	Poland	PLN	Integer.pl S.A.	38.35%
				InPost Paczkomaty Sp. z o.o.	61.65%
12	M.P.S.L. Modern Postal Services Ltd in liquidation	Cyprus	FUR	Integer.pl S.A.	100%

After the balance sheet date on July 19, 2023, InPost Group announced acquisition of a 30% voting rights in Menzies Distribution Group. More details in note 29.

1.4. Basis of preparation and changes to the Group's accounting policies

The interim condensed consolidated financial statements of InPost Group for the six months ended June 30, 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements. Thus, these interim condensed consolidated financial statements should be read in conjunction with the InPost Group's annual consolidated financial statements as at December 31, 2022, as they include the entirety of information about Group activities and a full description of accounting policies applied in preparing these interim condensed consolidated financial statements. The same accounting policies, methods of computation and presentation have been followed.

These interim condensed consolidated financial statements were prepared under the assumption that the InPost Group will continue to operate as a going concern in the foreseeable future. As at the date of approval of the interim condensed 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.

1.5. New and amended standards and interpretations

The new and amended standards and interpretations that are issued but not yet effective up to the date of issuance of the Group's interim condensed consolidated financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.

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
Amendments to IAS 12: International Tax Reform - Pillar Two Model Rules	23-05-2023	01-01-2023	not endorsed yet	Assessment in progress
Amendments to IFRS 16: Lease Liability in a Sale and I easeback	77-09-2027	01-01-2024	not endorsed yet	Assessment in progress
Amendments to IAS 7 and IFRS 7: Disclosures: Supplier Finance Arrangements	25-05-2023	01-01-2024	not endorsed yet	Assessment in progress
Amendments to IAS 1. · Classification of Liabilities as Current or Non-current: · 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	not endorsed yet	Insignificant impact
IFRS 14 Regulatory Deferral Accounts	30-01-2014	01-01-2016	not endorsed yet	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

The EC has decided not to launch the endorsement process of the interim standard IFRS 14 Regulatory Deferral Accounts (issued on 30 January 2014) and to wait for the final IFRS Standard.

Standards and interpretations approved by IASB and have come into a force for the financial periods starting from January 1, 2023:

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 IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9- Comparative Information	09-12-2021	01-01-2023	01-01-2023	Insignificant impact
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction	07-05-2021	01-01-2023	01-01-2023	Insignificant impact
Amendments to IAS ] Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies	12-02-2021	01-01-2023	01-01-2023	Insignificant impact
Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates	12-02-2021	01-01-2023	01-01-2023	Insignificant impact
IFRS 17 Insurance Contracts; including Amendments to IFRS 17	25-05-2020	01-01-2022	01-01-2023	Insignificant impact

2. Important events within H1 2023 period

There were no significant events in the reporting period.

3. Information on material accounting estimates

The preparation of the interim condensed consolidated financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the Group's accounting policies. Estimations and judgements are being constantly verified and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The significant judgments made by Management in applying the Group's accounting policies were described in detail in the InPost Croup's consolidated financial statements for 2022 and remain relevant for the preparation of these interim condensed consolidated financial statements.

4. Group's performance and segment information

4.1. Alternative performance measures: Gross Profit, Operating EBITDA and Adjusted EBITDA

The Group reports on the following alternative performance measures of the Group's performance that are derived from the consolidated statement of comprehensive income or statement of cash flows: 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 means of evaluating a company's operating performance.

However, those are not recognised measures of 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, which takes into account only revenue and other operating income related to deliveries, as well as 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 profits 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 interim condensed consolidated financial statements prepared under IFRS is included in note 4.2 on segment reporting.

Operating EBITDA facilitates the comparisons 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 profits of equity-accounted investees, finance costs and income, as well as depreciation and amortisation.

Adjusted EBITDA facilitates the comparisons 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 profits of equity-accounted investees, finance costs and income, depreciation and amortisation adjusted with non-cash (Share-based payments) and one-off costs (IPO, Restructuring and Acquisition costs).

CAPEX is defined as the total of Purchase of property, plant and equipment and Purchase of intangible assets presented in Cashflow Statement. This measure is used to assess the total amount of cash outflows invested in the Group's non-current assets.

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:

	Period of 6 months ended on 30-06-2023	Period of 6 months ended on 30-06-2022
Net profit from continuing operations	2439	2:36.3
Income tax	1386	100.1
Profit from continuing operations before tax	3825	386.4
adjusted by:
- net financial costs	270.7	79.7
- depreciation	5681	4437
Operating EBITDA	1,221.3	909.2
MIP valuation -	2.2	22
- TIP valuation	10.4	42
- Restructuring costs	13.5	45
Adjusted EBITDA	1,247.4	920-1

The following table reconciles CAPEX for the periods indicated:

	30-06-2023	30-06-2022
Purchase of property, plant and equipment	399.7	5249
Purchase of intangible assets	68.0	56.9
Total CAPEX	467.1	581.8

The following table reconciles Operating EBITDA margin for the periods indicated:

	30-06-2023	30-06-2022
Revenue and other operating income	4,136.4	3,258.6
Operating EBITDA	1,221.3	909.2
Operating EBITDA margin	29.5%	28.1%

The following table reconciles Adjusted EBITDA margin for the periods indicated:

	30-06-2023	30-06-2022
Revenue and other operating income	4,136.4	3,258.6
Adjusted EBITDA	1.247.4	920.1
Adjusted EBITDA margin	30,2%	28.4%

4.2. Segment information

For management purposes, the Group presents results in four reportable segments divided into two following geographical regions:

• · Segments outside Poland:
  • A. Mondial Relay segment, which includes APM business and PUDC points in France, Spain, Belgium, the Netherlands, Luxembourg and Portugal,
  • B. International Other segment, which includes APM and PUDO 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 (deliveries of FMCG goods), 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 reflected in the Inter-segment eliminations column.

General cost, depreciation, 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 liabilities are not allocated to those segments, as they are also managed on a group basis.

⁵ APM is Automated Parcel Machine.

⁶ PUDO is Fick-Up and Drop-Off points.

Period of 6	International		Poland
months ended on 30-06-2022	Mondial Relay	Other	APM	To-Door	Other	Inter- segment elimination	Total	Total reportable segments
	A	B	C	D				A+B+C+D
Revenue and other operating income	1,459.1	250.0	1,865.7	5243	90.2	(52.9)	4,136.4	4,099.1
External	1,432.1	2344	1.865.7	524.3	79.9		4,136.4	4,056.5
Inter-segment	27.0	15.6			10.3	(52.9)		42.6
Direct costs	(1,165.9)	(256.4)	(660.8)	(555.1)	(65.8)	52.9	(2,431.1)	(2,418.2)
Logistic costs	(945.0)	(214.4)	(601-1)	(525.0)	-	42.6	(2,041.5)	(2,084.1)
External costs	(929.4)	(187.4)	(601.7)	(323.0)	-		(2,041.5)	(2,041.5)
Inter-segment costs	(15.6)	(27.0)			-	42.6		(42.6)
APM network	(7.5)	(15.0)	(28.9)	-	-	10.3	(40.9)	(51.2)
External costs	(3.6)	(8.4)	(28.9)	-	-		(40.9)	(40.9)
Inter-segment costs	(3.7)	(6.6)				10.3		(10.3)
PUDO points	(189.9)	(15.3)	(7.6)	(2.0)	-	-	(214.8)	(214.8)
Other direct costs	(23.7)	(11.7)	(22.6)	(10.1)	(65.8)	-	(133.9)	(68.1)
Gross profit	293,2	(6.4)	1,204.9	189.2	24.4	-	1,705.3	1,680.9

	Mondial Relay	Other international	Poland	Total
Gross profit/(loss)	293,2	(6.4)	1,418.5	1,705.3
General costs	(141.1)	(65.6)	(277.3)	(484.0)
- Sales & marketing	(29.5)	(10.3)	(48.4)	(88.2)
Call centre	(18.9)	(12.3)	(23.5)	(54.7)
IT maintenance	(22.9)	(17.5)	(45.5)	(85.9)
MIP valuation			(2.2)	(2.2)
LTIP valuation	(1.2)	(1.8)	(7.4)	(10.4)
- Restructuring costs	(13.5)			(13.5)
Other general costs	(55.1)	(23.7)	(150.3)	(229.1)
Operating EBITDA	1592.1	(72.0)	1,141.2	1,221.3
Depreciation and amortisation	(130.0)	(49.1)	(389.0)	(568.1)
Operating profit	22.1	(121.1)	7522	6532

	Mondial Relay	Other international	Poland	Total
Operating EBITDA	152.1	(72.0)	1,141.2	1,221.3
- MIP valuation			2.2	2.2
- TIP valuation	1.2	1.8	7.4	10.4
- Restructuring costs	13.5			13.5
Adjusted EBITDA	166.8	(70.2)	1,150.8	1,247.4

⁷ The Group's revenue is recognised at the point in time.

⁸ PUDO points – commissions for handling parcels at collection and delivery points.

The summary of value of property, plant and equipment and intangible assets for the segments is presented in the table below:

	Mondial Relay	Other international	Poland	Total
Property, plant and equipment	1.165.8	504.9	2,792.0	4.462.7
- of which ROU	498.0	116.8	984.5	1.599.3
Intangible assets	720.6	9.7	272.1	1,002.4
Goodwill	1.412.4			1.412.4
Total	3,298.8	514.6	3,064.1	6,877.5

Period of 6 months	International		Poland					Total
ended on 30-06- 20772	Mondial Relay	Other	APM	To-Door	Other	Inter- segment elimination	Total	reportable segments
	A	B	C	D				A+B+C+D
Revenue and other operating income9	1,245.9	872	1,459.2	445	67.0	(15.0)	3,238.6	3,186.6
External	1,245.9	76.9	14392	4 4.3	623		3,238.6	3,176.3
Inter-segment		10.3			47	(15.0)		103
Direct costs	(970.4)	(144.0)	(560.0)	(298.4)	(51.2)	15.0	(2,009.0)	(1,972.8)
Logistic costs	(152.5)	(108.3)	(507.8)	(287.3)	-	10.3	(1,625.6)	(1,635.9)
External costs	(722.2)	(108.3)	(507.8	(287.3)			(1,625.6)	(1,625.6)
Inter-segment costs	(10.3)					103		(10.3)
APM network	(4.8)	(21.0)	(25.4)	-	-	4.7	(46.5)	(51.2)
External costs	(4.8)	(16.3)	(25.4)				(46.5)	(46.5)
Inter-segment costs		(4.7)				4.7		(4.7)
PUDO points10	(183.4)	(2.5)	(7.2)	(2.2)		-	(195.3)	(195.3)
Other direct costs	(49.7)	(12.2)	(19.6)	(8.9)	(51.2)	-	(141.6)	(90.4)
Gross profit	2155	(56.8)	879.2	TIE 9	15.8	-	1,229.6	1,213.8

	Mondial Relay	Other international	Poland	Total
Gross profit/(loss)	275.5	(56.8)	1,010.9	1,229.6
General costs	(100.7)	(32.3)	(187.4)	(320.4)
- Sales & marketing	(23.3)	(8.8)	(36.3)	(68.4)
Call centre	(10.5)	(8.4)	(18.7)	(37.6)
IT maintenance	(28.5)	(1.0)	(29.0)	(58.5)
- MIP valuation			(2.2)	(2.2)
LTIP valuation	(1.2)	(0.8)	(2.2)	(4.2)
Restructuring costs	(4.5)			(45)
Other general costs	(32.7)	(13.3)	(99.0)	(145.0)
Operating EBITDA	1748	(89.1)	825.5	9092
Depreciation and amortisation	(97.6)	(32.3)	(313.8)	(443.7)
Operating profit	772	(121.4)	509.7	4655

⁹ The Group's revenue is recognised at the point in time.

¹⁰ Commissions for handling parcels at collection and delivery points.