4.5 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OF THE POŠTA SLOVENIJE GROUP
4.5.1 Non-current assets
Note 1: Intangible assets
Year 2020
In EUR
Property rights
Other intangible assets
Goodwill
Intangible assets under construction
Total
Historical cost
Balance as at 31 December 2019
1,381,795
11,688,180
1,443,796
543,159
15,056,930
Balance as at 1 January 2020
1,381,795
11,688,180
1,443,796
543,159
15,056,930
Purchases
-
-
-
1,493,319
1,493,319
Adjustment of fair value acquired in a business combination
-44,915
2,306
-
-450
-43,059
Activation
707,376
1,379,460
-
-2,086,836
-
Sale
-
-342,590
-
-
-342,590
Write-off
-4,386
-471,335
-
-
-475,721
Impairment
-
-54,000
-
-
-54,000
Transfers between groups
-265,162
265,352
-
52,767
52,957
Balance as at 31 December 2020
1,774,708
12,467,373
1,443,796
1,959
15,687,836
Value adjustment
Balance as at 31 December 2019
674,404
8,607,916
-
-
9,282,320
Balance as at 1 January 2020
674,404
8,607,916
-
-
9,282,320
Amortisation
279,528
957,354
-
-
1,236,881
Adjustment of fair value acquired in a business combination
-22,388
-18,053
-
-
-40,441
Sale
-
-295,548
-
-
-295,548
Write-off
-3,327
-466,704
-
-
-470,031
Impairment
-
-46,457
128,116
-
81,659
Transfers between groups
-182,411
185,396
-
-
2,985
Balance as at 31 December 2020
745,806
8,923,904
128,116
-
9,797,826
Carrying amount
Balance as at 31 December 2019
707,391
3,080,264
1,443,796
543,159
5,774,610
Balance as at 1 January 2020
707,391
3,080,264
1,443,796
543,159
5,774,610
Balance as at 31 December 2020
1,028,902
3,543,469
1,315,680
1,959
5,890,010
Year 2019
In EUR
Property rights
Other intangible assets
Goodwill
Intangible assets under construction
Total
Historical cost
Balance as at 31 December 2018
822,421
8,948,593
1,443,796
66,124
11,280,934
Balance as at 1 January 2019
822,421
8,948,593
1,443,796
66,124
11,280,934
Purchases
-
21,860
-
860,918
882,778
Increase due to business combination
445,461
2,360,539
-
475,000
3,281,000
Activation
18,046
794,837
-
-812,883
-
Sale
46,000
-
-
-46,000
-
Write-off
-2,872
-349
-
-
-3,221
Impairment
-
-437,300
-
-
-437,300
Transfers between groups
51,739
-
-
-
51,739
Exchange rate differences
1,000
-
-
-
1,000
Balance as at 31 December 2019
1,381,795
11,688,180
1,443,796
543,159
15,056,930
Value adjustment
Balance as at 31 December 2018
527,300
8,014,089
-
-
8,541,389
Balance as at 1 January 2019
527,300
8,014,089
-
-
8,541,389
Amortisation
155,847
812,583
-
-
968,430
Write-off
-2,872
-286
-
-
-3,158
Impairment
-
-225,341
-
-
-225,341
Transfers between groups
-6,871
6,871
-
-
-
Exchange rate differences
1,000
-
-
-
1,000
Balance as at 31 December 2019
674,404
8,607,916
-
-
9,282,320
Carrying amount
Balance as at 31 December 2018
295,121
934,504
1,443,796
66,124
2,739,545
Balance as at 1 January 2019
295,121
934,504
1,443,796
66,124
2,739,545
Balance as at 31 December 2019
707,391
3,080,264
1,443,796
543,159
5,774,610
Licences connected with computer software, in 2020 primarily with the new business and information system, are disclosed in property rights. The value of different software is disclosed in other intangible assets.
Liabilities for the acquisition of intangible assets
In EUR
31. 12. 2020
31. 12. 2019
Liabilities to suppliers for intangible assets
102,640
156,000
Rate of amortisation of intangible assets
In EUR
31. 12. 2020
31. 12. 2019
Historical cost of intangible assets whose carrying amount is equal to EUR 0
11,042,460
8,306,043
Percentage of amortisation
70.40%
55.16%
The historical cost of intangible assets whose carrying amount is equal to zero primarily comprises different software programmes purchased between 2004 and 2017. As at 31 December 2020, those intangible assets accounted for 70.4% of the historical cost of all intangible assets.
The Pošta Slovenije Group based its assessment of the impairment of goodwill on the future cash flows of cash-generating units that can be separated in terms of items of goodwill. Two valuations were compiled by certified business valuers to verify the potential impairment of goodwill, which the Group companies APS PLUS d. o. o. and EPPS, d. o. o. disclose in their books of account from the merging other companies in previous years. The impairment of goodwill was recognised in the amount of EUR 128.116.
The Group did not pledge intangible assets as collateral for its liabilities.
Note 2: Property, plant and equipment
In EUR
31. 12. 2020
31. 12. 2019
Property, plant and equipment
330,391,516
334,412,565
Right-of-use assets
10,534,975
12,247,210
Total
340,926,491
346,659,775
Year 2020
In EUR
Land
Buildings
Investments in foreign fixed assets
Equipment
Advances for fixed assets
Property, plant and equipment under construction
Total
Historical cost
Balance as at 31 December 2019
85,244,054
254,848,180
1,662,348
173,989,738
318,463
7,039,530
523,102,313
Balance as at 1 January 2020
85,244,054
254,848,180
1,662,348
173,989,738
318,463
7,039,530
523,102,313
Purchases
-
-
-
-
936,314
19,393,406
20,329,720
Adjustment of fair value acquired in a business combination
760,398
-1,122,473
-571
29,258
81,187
-81,384
-333,585
Activation
298,643
3,037,221
88,392
14,680,326
-83
-18,104,499
-
Sale
-133,067
-2,409,042
-
-7,951,180
-
-
-10,493,289
Write-off
-
-20,563
-49,559
-6,475,949
-
-
-6,546,071
Transfer to investment property
-
-35,838
-
-
-
-36,918
-72,756
Transfer from investment property
58,620
952,363
-
-
-
-
1,010,983
Transfer to assets held for sale
-48,277
-1,922,888
-
-
-
-
-1,971,165
Transfer from assets held for sale
2,644,044
-
-
-
-
-
2,644,044
Transfer between groups
5,000,967
-5,005,456
7,507
-17,174
-
-73,233
-87,389
Exchange rate differences
-576,106
-343,237
-
-173,417
-432
-1,634
-1,094,826
Balance as at 31 December 2020
93,249,276
247,978,267
1,708,117
174,081,602
1,335,449
8,135,268
526,487,979
Value adjustment
Balance as at 31 December 2019
541,293
68,203,784
1,609,164
118,335,508
-
-
188,689,748
Balance as at 1 January 2020
541,293
68,203,784
1,609,164
118,335,508
-
-
188,689,748
Depreciation
37,199
6,287,985
20,367
13,510,144
-
-
19,855,695
Adjustment of fair value acquired in a business combination
-6,000
-314,829
-
-
-
-
-320,829
Sale
-
-1,957,047
-
-7,878,520
-
-
-9,835,567
Write-off
-
-632
-49,559
-6,444,269
-
-
-6,494,460
Impairment
173,640
2,679,243
-
-
-
-
2,852,883
Transfer to investment property
-
-1,133
-
-
-
-
-1,133
Transfer from investment property
-
551,771
-
-
-
-
551,771
Transfer to assets held for sale
-
-1,256,109
-
-
-
-
-1,256,109
Transfer from assets held for sale
2,061,104
-
-
-
-
-
2,061,104
Transfer between groups
-
-3,907
3,907
30,069
-
-
30,069
Exchange rate differences
-68,200
120,857
-
-89,367
-
-
-36,710
Balance as at 31 December 2020
2,739,036
74,309,983
1,583,879
117,463,565
-
-
196,096,463
Carrying amount
Balance as at 31 December 2019
84,702,761
186,644,396
53,184
55,654,230
318,463
7,039,530
334,412,565
Balance as at 1 January 2020
84,702,761
186,644,396
53,184
55,654,230
318,463
7,039,530
334,412,565
Balance as at 31 December 2020
90,510,240
173,668,284
124,238
56,618,037
1,335,449
8,135,268
330,391,516
Year 2019
In EUR
Land
Buildings
Investments in foreign fixed assets
Equipment
Advances for fixed assets
Property, plant and equipment under construction
Total
Historical cost
Balance as at 31 December 2018
15,097,174
183,264,441
1,723,387
164,249,061
650,799
4,783,589
369,768,451
Retroactive recalculations
-
-
-
-684,197
-
-
-684,197
Balance as at 1 January 2019
15,097,174
183,264,441
1,723,387
163,564,864
650,799
4,783,589
369,084,254
Purchases
-
-
-
2,885
-441,336
20,725,962
20,287,511
Increase due to business combination
69,936,122
71,719,761
24,460
6,403,540
109,000
602,000
148,794,883
Activation
666,890
3,734,010
-
14,605,629
-
-19,021,282
-
Sale
-67,450
-795,528
-
-4,560,128
-
-
-5,423,106
Write-off
-
-11,000
-100,252
-6,053,304
-
-
-6,164,556
Transfer to investment property
-834,109
-3,936,677
-
-
-
-
-4,770,786
Transfer from investment property
408,523
1,400,295
-
-
-
-
1,808,818
Transfer to assets held for sale
-9,959
-358,138
-
-
-
-
-368,097
Transfer between groups
-
-
-
-
-
-51,739
-51,739
Exchange rate differences
49,000
118,000
-
26,252
-
1,000
194,252
Balance as at 31 December 2019
85,244,054
254,848,180
1,662,348
173,989,738
318,463
7,039,530
523,102,313
Value adjustment
Balance as at 31 December 2018
498,156
66,527,920
1,698,507
118,120,519
-
-
186,845,102
Retroactive recalculations
-
-
-
-94,012
-
-
-94,012
Balance as at 1 January 2019
498,156
66,527,920
1,698,507
118,026,507
-
-
186,751,090
Depreciation
39,039
4,406,848
8,847
10,842,591
-
-
15,297,325
Sale
-
-378,091
-
-4,525,377
-
-
-4,903,468
Write-off
-
-6,000
-100,191
-6,024,201
-
-
-6,130,392
Transfer to investment property
-1,902
-2,811,380
-
-
-
-
-2,813,282
Transfer from investment property
-
551,092
-
-
-
-
551,092
Transfer to assets held for sale
-
-144,605
-
-
-
-
-144,605
Transfer between groups
-
-
2,001
-2,001
-
-
-
Exchange rate differences
6,000
58,000
-
17,988
-
-
81,988
Balance as at 31 December 2019
541,293
68,203,784
1,609,164
118,335,507
-
-
188,689,748
Carrying amount
Balance as at 31 December 2018
14,599,018
116,736,521
24,880
46,128,542
650,799
4,783,589
182,923,349
Retroactive recalculations
-
-
-
-590,185
-
-
-590,185
Balance as at 1 January 2019
14,599,018
116,736,521
24,880
45,538,357
650,799
4,783,589
182,333,164
Balance as at 31 December 2019
84,702,761
186,644,396
53,184
55,654,231
318,463
7,039,530
334,412,565
In the process of assessing indicators of property impairment properties were identified that showed signs of impairment, taking into account the impact of the COVID-19 pandemic. There were 76 of these type of properties in Slovenia, as well as properties in Montenegro and the Ukraine. Valuations were prepared for these properties.
The recoverable amount was determined during the verification of the fair value of real estate carried out by an independent real estate valuer, i.e. fair value less selling costs. Valuation approaches used: the market approach and the income approach. A capitalisation rate ranging from 7.15% to 8.49% in Slovenia and from 9.75% to 13.5% in Montenegro and the Ukraine was applied. The recoverable amounts determined for these assets were compared with their carrying amounts. As a result, real estate was impaired in the amount of EUR 2,949,843 in 2020, and affected other expenses in the income statement.
When estimating the useful life of buildings, the Intereuropa Group amended that estimate, such that the useful life of high structures was changed to 50 years, while the useful life of low structures was changed to 30 years.
Liabilities to suppliers for property, plant and equipment
In EUR
31. 12. 2020
31. 12. 2019
Liabilities to suppliers for property, plant and equipment
3,294,750
3,041,902
Liabilities for the purchase of property, plant and equipment primarily relate to computer equipment, bicycles, forklifts, electric delivery carts, furniture and office chairs, and construction works.
Rate of depreciation of property, plant and equipment
In EUR
31. 12. 2020
31. 12. 2019
Historical cost of property, plant and equipment whose carrying amount is equal to EUR 0
107,977,931
121,099,598
Percentage of depreciation
20.51%
23.16%
The largest group of property, plant and equipment whose carrying amount is equal to zero primarily comprises computer equipment purchased between 2006 and 2016, as well as furniture and various means of transport. The rate of depreciation of property, plant and equipment stood at 20.51% as at 31 December 2020, down 2.65 percentage points on 31 December 2019.
Property, plant and equipment pledged as collateral for liabilities as at 31 December 2020
In EUR
Land
Buildings
Total
Carrying amount
23,404,352
18,120,615
41,524,967
The carrying amount of real estate pledged as collateral by the Group was EUR 41,524,967 as at the reporting date (EUR 95,067,000 relative to the same period in the previous year). Real estate was pledged by Intereuropa Group companies as collateral for bank loans and for guarantees issued by banks at the request of Intereuropa Group companies.
a) Right-of-use assets in connection with property, plant and equipment
GROUP AS LESSEE
Changes in right-of-use assets for 2020
In EUR
Land
Buildings
Equipment
Total
Right-of-use assets
Balance as at 31 December 2019
402,071
4,687,331
9,914,485
15,003,887
Balance as at 1 January 2020
402,071
4,687,331
9,914,485
15,003,887
Increase for new leases
6,432
1,106,444
1,570,667
2,683,543
Termination of leases
-3,544
-236,836
-452,771
-693,151
Restatement
20,127
7,209
-67,591
-40,255
Change in lease
-1,780
-244,860
44,382
-202,258
Exchange rate differences
-2,088
-24,699
-134,288
-161,075
Other
1,642
-13,469
2,368
-9,459
Balance as at 31 December 2020
422,860
5,281,120
10,877,252
16,581,232
Value adjustment
Balance as at 31 December 2019
43,864
809,533
1,903,280
2,756,677
Balance as at 1 January 2020
43,864
809,533
1,903,280
2,756,677
Depreciation
89,184
1,401,046
2,771,012
4,261,242
Termination of leases
-3,544
-236,836
-388,328
-628,708
Restatement
-
-176,154
-126,828
-302,982
Write-downs
-
-
-27,602
-27,602
Change in lease
-57
-15,315
7,961
-7,411
Exchange rate differences
-792
-808
-5,176
-6,776
Other
2,269
-3,809
3,357
1,817
Balance as at 31 December 2020
130,924
1,777,657
4,137,676
6,046,257
Carrying amount
Balance as at 31 December 2019
358,207
3,877,798
8,011,205
12,247,210
Balance as at 1 January 2020
358,207
3,877,798
8,011,205
12,247,210
Balance as at 31 December 2020
291,936
3,503,463
6,739,576
10,534,975
Changes in right-of-use assets for 2019
In EUR
Land
Buildings
Equipment
Total
Right-of-use assets
Balance as at 31 December 2018
-
-
-
-
Restatement due to IFRS 16
157,922
1,756,420
6,534,570
8,448,912
Reclassification due to IFRS 16
-
-
684,198
684,198
Balance as at 1 January 2019
157,922
1,756,420
7,218,768
9,133,110
Increase due to business combination
23,000
2,395,000
1,504,000
3,922,000
Increase for new leases
97,420
300,483
5,558,047
5,955,950
Termination of leases
-11,624
-100,844
-4,980,911
-5,093,379
Restatement
135,353
336,272
614,581
1,086,206
Balance as at 31 December 2019
402,071
4,687,331
9,914,485
15,003,887
Value adjustment
Balance as at 31 December 2018
-
-
-
-
Reclassification due to IFRS 16
-
-
94,012
94,012
Balance as at 1 January 2019
-
-
94,012
94,012
Depreciation
44,136
814,849
2,165,515
3,024,500
Termination of leases
-272
-5,316
-354,247
-359,835
Exchange rate differences
-
-
-2,000
-2,000
Balance as at 31 December 2019
43,864
809,533
1,903,280
2,756,677
Carrying amount
Balance as at 31 December 2018
-
-
-
-
Restatement due to IFRS 16
157,922
1,756,420
6,534,570
8,448,912
Reclassification due to IFRS 16
-
-
590,186
590,186
Balance as at 1 January 2019
175,922
1,756,420
7,124,756
9,039,098
Balance as at 31 December 2019
358,207
3,877,798
8,011,205
12,247,210
Amount recognised in the income statement in connection with leases
In EUR
2020
2019
Depreciation of right-of-use assets
4,261,242
3,024,500
Interest expense
291,790
203,360
Costs in connection with short-term leases
474,990
903,407
Costs in connection with leases of low-value assets
363,853
328,492
Costs in connection with variable leases that were not included in the measurement of lease liabilities
113,408
45,249
Costs in connection with non-deductible portion of VAT
225,718
196,660
Revenues from sub-leases of assets
-
-
Total
5,731,000
4,701,668
Proportion of variable lease payments
In EUR
2020
Fixed leases
5,521,862
Total
5,521,862
GROUP AS LESSOR
The Group discloses rental income in Note 29 Sales revenue.
Maturity of future lease payments
In EUR
2020
2019
Expected undiscounted lease payments:
up to 1 year
1,718,087
1,910,839
up to 2 years
1,708,944
1,910,559
up to 3 years
1,692,129
1,889,753
up to 4 years
1,677,296
1,889,753
up to 5 years
1,662,642
1,889,753
more than 6 years
1,695,267
1,889,753
Total
10,154,365
11,380,410
Expected future lease payments relate to leased land, business premises and equipment, taking into account the expiry of associated agreements.
Note 3: Investment property
Year 2020
In EUR
Investment property
Historical cost
Balance as at 31 December 2019
41,385,074
Balance as at 1 January 2020
41,385,074
Purchases
69,123
Adjustment of fair value acquired in a business combination
178,871
Sale
-354,618
Write-downs
-146
Impairment
-118,581
Transfer to property, plant and equipment
-1,010,983
Transfer from property, plant and equipment
72,755
Transfer to assets held for sale
-442,347
Exchange rate differences
-54,136
Balance as at 31 December 2020
39,725,012
Value adjustment
Balance as at 31 December 2019
6,200,061
Balance as at 1 January 2020
6,200,061
Depreciation
1,225,491
Adjustment of fair value acquired in a business combination
-171,539
Sale
-52,846
Write-downs
-2
Impairment
-21,621
Transfer to property, plant and equipment
-551,771
Transfer from property, plant and equipment
1,133
Transfer to assets held for sale
-63,579
Exchange rate differences
-345
Balance as at 31 December 2020
6,564,982
Carrying amount
Balance as at 31 December 2019
35,185,013
Balance as at 1 January 2020
35,185,013
Balance as at 31 December 2020
33,160,030
Year 2019
In EUR
Investment property
Historical cost
Balance as at 31 December 2018
11,437,622
Balance as at 1 January 2019
11,437,622
Purchases
54,994
Increase due to business combination
26,977,126
Write-downs
-5,000
Impairment
-7,639
Transfer to property, plant and equipment
-1,808,818
Transfer from property, plant and equipment
4,770,786
Transfer to assets held for sale
-52,997
Exchange rate differences
19,000
Balance as at 31 December 2019
41,385,074
Value adjustment
Balance as at 31 December 2018
3,599,897
Balance as at 1 January 2019
3,599,897
Depreciation
359,872
Write-downs
-2,000
Transfer to property, plant and equipment
-551,092
Transfer from property, plant and equipment
2,813,282
Transfer to assets held for sale
-30,897
Exchange rate differences
10,999
Balance as at 31 December 2019
6,200,061
Carrying amount
Balance as at 31 December 2018
7,837,725
Balance as at 1 January 2019
7,837,725
Balance as at 31 December 2019
35,185,013
Investment property includes:
investment property comprising holiday apartments, and
investment property comprising business premises with the appertaining land or portions of business premises that are or will be rented out.
Investment property is classified to Level 3 (assets and liabilities whose value cannot be determined on the basis of market observables and thus cannot be classified to Level 1 or Level 2).
Income and expenses from investment property
In EUR
2020
2019
Rental income from investment property
5,027,262
1,108,466
Direct operating expenses from investment property
-2,172,277
-706,559
Total
2,854,985
401,907
The items relating to revenues, costs and expenses of the 2019 financial year include the Intereuropa Group’s items from the business combination onward, i.e. for the period from 13 November 2019 to 31 December 2019, and as such are not directly comparable to the revenues, costs and expenses of the 2020 financial year.
As part of the regular verification of the fair value of real estate, the Intereuropa Group appraised real estate in Montenegro during the 2020 financial year. That appraisal was carried out by a certified real estate appraiser. The market approach was used to appraise the value of land, while the income approach was used to assess the recoverable amount of buildings.
Investment property pledged as collateral for liabilities as at 31 December 2020
In EUR
Investment property
Carrying amount
3,272,987
Investment property pledged as collateral relates to the Intereuropa Group and represents additional collateral for liabilities for which the underlying collateral comprises pledged items of property, plant and equipment.
Note 4: Investments in associates
Balance of investments in associates
In EUR
31. 12. 2020
31. 12. 2019
Športna loterija in igre na srečo, d.d.
2,630,669
2,495,615
Rail Cargo Logistics d.o.o.
64,249
-63,000
Total
2,694,918
2,558,615
Changes in investments in associates
In EUR
2020
2019
Balance as at 1 Jan
2,558,615
2,545,468
Increase due to business combination
-
67,000
Imputation of operating results
682,783
544,605
Dividend payments
-552,648
-610,342
Consolidation
6,168
11,884
Balance as at 31 Dec
2,694,918
2,558,615
Investments in associates are not pledged as collateral for liabilities.
Note 5: Other non-current financial assets
In EUR
31. 12. 2020
31. 12. 2019
Investments in other participating interests
78,283
175,819
Total
78,283
175,819
Changes in other non-current financial assets
In EUR
2020
2019
Balance as at 1 Jan
175,819
49,379
Increase due to business combination
-
31,000
Transfer between items
-
81,000
Disposal
-87,827
-
Revaluation
-5,320
14,440
Exchange rate differences
-4,389
-
Balance as at 31 Dec
78,283
175,819
The item ‘Revaluation’ comprises the revaluation of financial assets at fair value through other comprehensive income.
Financial assets are not pledged as collateral for liabilities.
Note 6: Non-current financial receivables
In EUR
31. 12. 2020
31. 12. 2019
Deposits placed
402,372
366,958
Adjustment to the value of deposits placed
-30
-
Loans to others
73,838
124,048
Adjustments to the value of loans to others
-1,098
-1,607
Total
475,082
489,399
Agreed interest rates on deposits at banks range from 0% to 0.15%, while interest rates on loans granted range from 0% to 2%, i.e. the 6-month EURIBOR + 2%.
Changes in non-current financial receivables
In EUR
2020
2019
Balance as at 1 Jan
489,399
359,630
New loans and deposits
3,406
84,376
Repayment of loans and deposits
-7,792
-
Increase due to business combination
-
11,000
Transfer from current financial assets
-
35,000
Transfer to current financial assets
-5,884
-
Impairment
-19
-1,607
Reversal of impairment
509
-
Accrued interest
161
-
Exchange rate differences
-4,698
1,000
Balance as at 31 Dec
475,082
489,399
Financial receivables by maturity
In EUR
31. 12. 2020
31. 12. 2019
From 1 to 2 years
50,764
51,000
From 2 to 3 years
45,302
27,771
From 3 to 5 years
379,016
410,628
Total
475,082
489,399
Skupaj
475,082
489,399
A deposit of EUR 350,000 is pledged and serves as collateral for guarantees securing the payment of customs duties and other import receivables.
Note 7: Non-current operating receivables
In EUR
31. 12. 2020
31. 12. 2019
Receivables from others
338,590
457,817
Adjustments to the value of receivables from others
-84,783
-91,738
Trade receivables
199,114
258,000
Long-term security deposits paid
56,692
-
Total
509,613
624,079
Receivables from others primarily comprise receivables for the sale of housing, i.e. loans to employees for the purchase of staff housing, which were approved until 27 July 2007 at a fixed annual interest rate of 4%, with a repayment period of up to 20 years, and after that date at an annual interest rate comprising the 6-month EURIBOR +2%. Non-current trade receivables comprise receivables from customers in composition proceedings.
Operating receivables by maturity
In EUR
31. 12. 2020
31. 12. 2019
From 1 to 2 years
296,851
328,988
From 2 to 5 years
288,825
365,236
From 5 to 10 years
8,720
21,593
Total
594,395
715,817
Operating receivables by maturity are disclosed in their gross value.
Note 8: Other non-current assets
In EUR
31. 12. 2020
31. 12. 2019
Security deposits and advances paid
-
157,863
Deferred costs in connection with the housing reserve fund
504,695
449,144
Deferred costs
1,953
2,255
Total
506,648
609,262
4.5.2 Current assets
Note 9: Assets held for sale
In EUR
31. 12. 2020
31. 12. 2019
Property
1,168,520
2,896,592
Total
1,168,520
2,896,592
Assets held for sale relate to the real estate, the sale of which is planned in 2021.
Changes in assets held for sale
In EUR
2020
2019
Balance as at 1 Jan
2,896,592
31,759
Increase due to business combination
-
2,641,000
Transfer from property, plant and equipment
715,057
223,492
Transfer from investment property
378,768
22,100
Transfer to property, plant and equipment
-582,940
-
Sale
-2,213,170
-31,759
Reversal of impairments
20,172
-
Exchange rate differences
-45,959
10,000
Balance as at 31 Dec
1,168,520
2,896,592
Note 10: Assets from contracts with customers
In EUR
31. 12. 2020
31. 12. 2019
Accrued revenues
11,355,189
7,993,479
Adjustments to the value of accrued revenues
-53,109
-64,400
Total
11,302,080
7,929,079
Changes in adjustments to the value of assets from contracts with customers
In EUR
31. 12. 2020
31. 12. 2019
Balance at the end of previous financial year
64,400
72,286
Balance as at 1 Jan
64,400
72,286
Created
-
-7,886
Reversed
-11,291
-
Balance as at 31 Dec
53,109
64,400
Assets from contracts with customers primarily comprise accrued revenues from international invoicing, and revenues from accrued customs and other duties that arise in customs clearance procedures charged to customers.
Note 11: Inventories
In EUR
31. 12. 2020
31. 12. 2019
Materials
454,092
412,777
Small inventory
781,155
628,975
Merchandise
1,015,024
1,003,607
Total
2,250,271
2,045,359
Impairments, write-offs, inventory deficit and surplus
In EUR
31. 12. 2020
31. 12. 2019
Impairment
63,302
-17,594
Write-off
-94,519
-71,890
Inventory deficit
-18,863
-20,610
Inventory surplus
1,686
2,902
Total
-174,998
-107,192
The Group had no inventories pledged as collateral as at 31 December 2020.
Note 12: Current financial receivables
In EUR
31. 12. 2020
31. 12. 2019
Loans to others
406,921
407,185
Adjustments to the value of loans to others
-406,155
-406,185
Deposits at banks
9,602,640
1,009,000
Total
9,603,406
1,010,000
Financial receivables pledged as collateral for liabilities as at 31 December
In EUR
2020
2019
Deposits at banks
300,000
980,000
Total
300,000
980,000
Changes in financial receivables
In EUR
31. 12. 2020
31. 12. 2019
Balance as at 1 Jan
1,010,000
-
Increase due to business combination
-
1,674,000
New loans and deposits
9,600,000
-
Transfer to non-current financial receivables
-
-35,000
Transfer from non-current financial receivables
5,240
-
Transfer of financial assets (reclassification)
-
-100,000
Repayment of loans and deposits
-1,009,978
-529,000
Impairment
-1,630
-
Reversal of impairment
5
-
Exchange rate differences
-231
-
Balance as at 31 Dec
9,603,406
1,010,000
Note 13: Current operating receivables
In EUR
31. 12. 2020
31. 12. 2019
Trade receivables
75,283,678
77,166,277
Adjustments to the value of trade receivables
-6,410,906
-7,455,812
Interest receivable
231,316
289,502
Adjustments to the value of interest receivable
-128,166
-87,019
Receivables from government and other institutions
4,495,640
1,911,848
Other operating receivables
2,293,280
2,629,442
Adjustments to value of other receivables
-611,818
-633,716
Current portion of non-current operating receivables
97,757
97,806
Total
75,250,781
73,918,328
Current operating receivables as at 31 December 2020 are not pledged as collateral.
Collateralised receivables totalled EUR 5,422,157 in 2020, and primarily relate to the Intereuropa Group.
Operating receivables by maturity and changes in adjustments to the value of receivables are presented in section 4.7 Determination of fair value and financial risks.
Note 14: Receivables for corporate income tax
In EUR
31. 12. 2020
31. 12. 2019
Corporate income tax assets
215,699
243,492
Total
215,699
243,492
Note 15: Advances and other assets
In EUR
31. 12. 2020
31. 12. 2019
Advances and security deposits paid
282,050
4,180,117
Deferred costs and expenses
1,088,250
1,296,157
Total
1,370,300
5,476,274
Advances paid for the purchase of property, plant and equipment are disclosed in property, plant and equipment.
Deferred costs and expenses comprise deferred items relating to 2021 for which invoices were received in 2020.
Note 16: Cash and cash equivalents
In EUR
31. 12. 2020
31. 12. 2019
Cash-in-hand and cheques received
7,977
52,542
Cash at banks
57,222,642
21,700,903
Short-term deposits at banks
20,320,000
28,850,000
Total
77,550,619
50,603,445
Cash is disclosed at its original value. It comprises euros in cash registers and on transaction accounts at banks and call deposits.
Deposits were not pledged as collateral for liabilities.
4.5.3 Equity
Note 17: Equity
Share capital
31. 12. 2020
31. 12. 2019
Share premium account
121,472,482
121,472,482
Profit reserves
80,392,585
80,392,585
- legal reserves
2,044,145
1,887,630
Fair value reserves
2,044,145
1,887,630
Foreign currency translation differences
-4,301,382
-2,667,722
Net profit or loss brought forward
-824,988
-264,000
Net profit or loss for the financial year
91,267,552
21,506,034
Equity of the owner of the non-controlling interest
4,359,905
65,320,921
Total
31,062,856
41,991,532
Skupaj
325,473,155
329,639,462
4.5.4 Non-current liabilities
Note 18: Provisions
In EUR
31. 12. 2020
31. 12. 2019
Loyalty bonuses
3,353,131
3,313,174
Severance pay
19,817,628
17,914,266
Litigation
298,255
467,350
Property
159,470
201,785
Other provisions
125,751
-
Total
23,754,235
21,896,575
Changes in provisions in 2020
Balance as at 1. 1. 2020
Used in 2020
Reversed in 2020
Created in 2020
Exchange differences
Balance as at 31. 12. 2020
Loyalty bonuses
3,313,175
-344,041
-4,179
385,690
2,487
3,353,131
Severance pay
17,914,265
-894,204
-27,527
2,834,342
-9,249
19,817,628
Litigation
467,350
-107,810
-202,613
144,028
-2,700
298,255
Property
201,785
-
-42,315
-
-
159,470
Other provisions
-
-
-
125,559
192
125,751
Total
21,896,575
-1,346,055
-276,634
3,489,619
-9,270
23,754,235
Changes in provisions in 2019
Balance as at 1. 1. 2019
Increase due to business combination
Used in 2019
Reversed in 2019
Created in 2019
Balance as at 31. 12. 2019
Loyalty bonuses
2,829,053
420,000
-375,584
-6,484
446,190
3,313,175
Severance pay
14,104,413
1,871,000
-660,382
-39,704
2,638,938
17,914,265
Litigation
89,000
668,000
-90,102
-244,898
45,350
467,350
Property
210,162
-
-
-8,377
-
201,785
Total
17,232,628
2,959,000
-1,126,068
-299,463
3,130,478
21,896,575
Note 19: Deferred revenues
In EUR
31. 12. 2020
31. 12. 2019
Deferred revenues
318,161
320,009
Total
318,161
320,009
Changes in deferred revenues
In EUR
2020
2019
Balance as at 1 Jan
320,009
451,783
Increase due to business combination
-
61,000
Increase
154,784
34,250
Decrease
-156,632
-227,024
Balance as at 31 Dec
318,161
320,009
Deferred revenues comprise deferred revenues in connection with received financial assets that were not used in 2020 for the implementation of projects.
Note 20: Non-current financial liabilities
In EUR
31. 12. 2020
31. 12. 2019
Bank loans received
110,431,761
37,317,048
Lease liabilities
6,455,274
8,429,720
Total
116,887,035
45,746,768
Changes in non-current financial liabilities
In EUR
31. 12. 2020
31. 12. 2019
Balance at the end of previous financial year
45,746,768
13,751,290
Transition to IFRS 16
-
8,448,912
Transfer to current financial liabilities in accordance with IFRS 16
-
-2,705,122
Balance as at 1 Jan
45,746,768
19,495,080
Increase due to business combination
-
2,656,000
Increase in loans from banks
86,423,552
29,324,316
Increase in lease liabilities
3,158,605
2,035,177
Repayments
-2,508
-21,418
Decrease due to termination
-6,342
-11,762
Transfer to current financial liabilities for loans
-13,241,383
-5,415,653
Transfer to current financial liabilities for leases
-4,902,683
-2,316,991
Amendments to the contract
-192,794
-
Other
-88,141
-
Exchange rate differences
-8,039
2,019
Balance as at 31 Dec
116,887,035
45,746,768
The item ‘Loans from banks’ relates to the controlling company, and comprises:
A loan in the amount of EUR 15 million raised from Nova KBM for investments in 2019. The deadline for loan drawdown was 31 December 2018, while the deadline for repayment is 1 October 2025. The loan bears an interest rate comprising the 6-month EURIBOR + 0.50%. Two instalments in the total amount of EUR 2,142,857 were paid in 2020. The portion of liabilities falling due for payment in 2021 was transferred to current financial liabilities at the end of 2020.
A loan from the creditors Nova Ljubljanska banka (NLB), SKB banka and UniCredit banka Slovenije, as follows:
Tranche A was drawn down for the payment of consideration for the purchase of Intereuropa d. d. shares in the amount of EUR 20,123,788 in 2019 and EUR 2,444,979 in 2020. The deadline for loan drawdown was 25 March 2020, while the deadline for repayment is 30 June 2026. The loan bears an interest rate comprising the 6-month EURIBOR + 1.00%. Four instalments in the total amount of EUR 3,472,118 were paid in 2020. The portion of liabilities falling due for payment in 2021 was transferred to current financial liabilities at the end of 2020.
Tranche B was drawn down for the payment of CAPEX and OPEX in the amount of EUR 9,100,000 in 2019 and EUR 28,330,000 in 2020. The deadline for loan drawdown was 31 December 2020, while the deadline for repayment is 26 June 2029. The loan bears an interest rate comprising the 6-month EURIBOR + 1.05%. The portion of liabilities falling due for payment in 2021 was transferred to current financial liabilities at the end of 2020.
The item ‘Loans from banks’ also relates to Intereuropa d. d. and comprises:
A loan concluded between Intereuropa d. d. and a syndicate of banks, with NLB acting as their organiser and agent, in the amount of EUR 54,850,000, in the form of two tranches; one with a maturity of seven years and the other with a maturity of four years. This long-term loan was used on 31 January 2020 to refinance multiple loans, which were covered by Intereuropa d. d.’s financial restructuring agreement concluded in 2012. This agreement binds both Intereuropa and Pošta Slovenije to meet certain financial indicators calculated from the financial statements of the Pošta Slovenije Group. All these binding indicators were achieved in 2020.
An annex to the loan agreement entered into force on 27 May 2020. Under that annex, Intereuropa d. d. and a syndicate of banks agreed on a one-year deferral of the payment of principal and interest in accordance with the Emergency Deferral of Borrowers’ Liabilities Act. The deferral applies to the period from 1 April 2020 to 31 March 2021.
Note 21: Non-current operating liabilities
In EUR
31. 12. 2020
31. 12. 2019
Operating liabilities to others
183,767
184,112
Other operating liabilities
978,301
1,044,601
Total
1,162,068
1,228,713
The Group’s operating liabilities comprise liabilities for the variable component of wages for management staff, the right to which is set out in the relevant employment contracts of management staff and the Act Governing the Remuneration of Managers at Companies under Majority Ownership of the Republic of Slovenia, and liabilities for employee participation in the profits of the Intereuropa Group, which will be settled one year following the approval of the annual report for 2020.
4.5.5 Current liabilities
Note 22: Current financial liabilities
In EUR
31. 12. 2020
31. 12. 2019
Bank loans received
2,666,878
-
Loans received from others
6,060
5,797
Liabilities for dividends and other shares in profit
425,086
438,000
Lease liabilities
4,078,611
3,778,428
Short-term portion of long-term loans
10,171,444
62,532,764
Total
17,348,079
66,754,989
Changes in current financial liabilities
In EUR
2020
2019
Balance at the end of previous financial year
66,754,988
2,402,160
Transfer from non-current financial liabilities in accordance with IFRS 16
-
2,705,122
Balance as at 1 Jan
66,754,988
5,107,282
Increase due to business combination
-
60,263,000
Increases
-
5,798
Transfer from non-current financial liabilities for loans
13,241,383
5,415,653
Transfer from non-current financial liabilities for leases
4,902,679
2,316,991
Termination of leases
-30,780
-26,000
Repayment of loan liabilities
-62,908,776
-3,383,669
Repayment of lease liabilities
-4,537,427
-2,957,048
Other
106,614
9,001
Amendments to the contract
-166,326
-
Exchange rate differences
-14,276
3,981
Balance as at 31 Dec
17,348,079
66,754,989
Financial liabilities comprise lease liabilities that fall due for payment in 2021, and liabilities for loans received from banks and others that also fall due for payment in 2021.
Note 23: Current operating liabilities
In EUR
31. 12. 2020
31. 12. 2019
Trade payables
29,324,300
32,795,345
Liabilities from commission and consignment sales
489,011
375,388
Liabilities to employees
20,345,310
16,798,946
Liabilities to government and other institutions
2,510,969
3,185,335
Liabilities for state aid repayment
1,092,180
-
Other liabilities
4,669,663
3,154,423
Total
58,431,433
56,309,437
The Company has no liabilities to members of the Executive Management, employees on individual contracts, or to Supervisory Board members, except those relating to the variable component of remuneration and the Executive Management’s wages for December 2020.
Note 24: Corporate income tax liabilities
In EUR
31. 12. 2020
31. 12. 2019
Corporate income tax liabilities
854,002
408,480
Total
854,002
408,480
Note 25: Liabilities from contracts with customers
In EUR
31. 12. 2020
31. 12. 2019
Advances and security deposits received
737,732
638,820
Total
737,732
638,820
Note 26: Deferred revenues
In EUR
31. 12. 2020
31. 12. 2019
Deferred revenues
228,496
349,271
Total
228,496
349,271
Deferred revenues comprise revenues relating to 2021 for which invoices were issued in 2020.
Changes in deferred revenues
In EUR
31. 12. 2020
31. 12. 2019
Balance as at 1 Jan
349,271
156,469
Increase due to business combination
-
52,000
Increase
215,366
313,271
Decrease
-336,141
-172,469
Balance as at 31 Dec
228,496
349,271
Note 27: Other current liabilities
In EUR
31. 12. 2020
31. 12. 2019
Accrued costs and expenses:
- unused annual leave allowance
3,701,013
3,458,662
- costs of international invoicing
7,358,967
4,740,575
- other costs
3,264,866
1,606,756
Total
14,324,846
9,805,993
The largest proportion of accrued costs is accounted for by accrued costs for unused annual leave, and accrued costs arising from international invoicing for letter, parcel and EMS shipments.
Note 28: Contingent assets and liabilities
In EUR
31. 12. 2020
31. 12. 2019
Guarantees, sureties and bills of exchange received
2,578,001
3,102,519
Guarantees and sureties issued for Group companies
53,616,166
-
Guarantees and sureties issued
22,560,881
31,130,687
Contingent liabilities from lawsuits
602,032
303,000
Other contingent liabilities
3,492,439
3,156,716
Total
82,849,519
37,692,922
Guarantees received comprise bank guarantees in the form of performance guarantees.
Issued guarantees comprise customs guarantees and guarantees for other transit procedures.
Other contingent liabilities relate to inventory of goods that is sold on its own behalf and for the account of a third party (commission sales).
4.5.6 Operating revenues
Note 29: Sales revenue
In EUR
2020
2019
Revenues from sales of services on the domestic market
340,909,436
247,005,577
Revenues from sales of services on foreign markets
67,046,964
25,144,745
Revenues from sales of goods and materials on the domestic market
2,627,924
5,562,671
Revenues from sales of goods and materials on foreign markets
110,310
144,014
Total
410,694,634
277,857,007
In EUR
2020
2019
Revenues from contracts with customers
405,111,651
275,883,492
Rental income
5,582,983
1,973,515
Total
410,694,634
277,857,007
The items relating to revenues, costs and expenses of the 2019 financial year include the Intereuropa Group’s items from the business combination onward, i.e. for the period from 13 November 2019 to 31 December 2019, and as such are not directly comparable to the 2020 financial year, where these items are included for the entire year.
Note 30: Other revenues
In EUR
2020
2019
Capitalised own products and services
1,800
-
Revenues from subsidies
13,170,966
3,945,246
Gains on the sale of property, plant and equipment and investment property
1,467,088
276,368
Reversal of provisions
276,634
299,463
Reversal of accrued costs
252,578
198,693
Compensation received
229,689
353,547
Write-offs of liabilities
91,421
122,149
Other revenues
550,276
314,233
Total
16,040,452
5,509,699
Revenues from the reversal of the impairment of receivables are presented in Note 35 Losses due to the impairment of receivables (including the reversal of impairment losses or gains). This note only relates to Pošta Slovenije.
Revenues from subsidies tied to state aid (COVID-19)
In EUR
2020
Exempt contributions
5,850,700
Crisis bonus
946,686
Force majeure and quarantine
1,053,382
Furloughed employees
37,597
Sick leave
479,430
Subsidy to preserve jobs
351,893
Increased subsidy for the employment of disabled persons
19,506
Total
8,739,194
Revenues from subsidies are primarily related to state aid received in connection with the COVID-19 pandemic, revenues from exceeding the quota of disabled persons and exemption from the payment of contributions for those persons, and other subsidies (energy efficiency, projects and training programme initiatives).
Gains on the sale of fixed assets comprise the positive difference between the selling price of fixed assets and their carrying amount.
Compensation received includes compensation for damaged transportation equipment and damage to buildings, and for lost postal items, and compensation for the untimely fulfilment of contractual obligations.
The revenues associated with a reduction in rental payments due to COVID-19 amounted to EUR 23,394 in 2020.
Other items comprise revenues from other fees and commissions, discounts, revenues associated with costs that arose in accordance with the Act on Prevention of Late Payments, and other revenues.
4.5.7 Operating expenses
Note 31: Historical cost of goods sold, costs of material and energy
In EUR
2020
2019
Historical cost of goods sold
1,570,084
2,742,304
Costs of materials and energy
17,916,842
14,056,457
- costs of materials
6,178,535
4,712,422
- energy costs
8,726,462
7,054,035
- write-off of small inventory
1,085,158
1,491,545
- stationery supplies and technical literature
834,072
780,368
- other costs of materials and inventory differences for materials
1,092,615
18,087
Total
19,486,926
16,798,761
Note 32: Costs of services
In EUR
2020
2019
Transport costs
79,877,457
27,356,509
Rents
1,649,929
1,648,577
Costs of services in connection with fixed asset maintenance
13,453,620
10,241,585
Costs of postal services
10,583,559
10,404,681
Reimbursement of work-related expenses
1,112,231
1,384,882
Costs of intellectual and personal services
7,514,880
5,287,210
Insurance premiums
5,405,669
3,755,303
Costs of banking and payment services
3,260,841
2,442,922
Costs of trade fairs, advertising, publicity and promotion
1,667,955
1,828,361
Costs of student work
6,185,817
5,234,407
Cleaning costs
2,096,955
1,681,001
Costs of tolls and forwarding services
866,805
878,070
AKOS fee
461,331
364,509
Costs of other services
30,903,304
4,166,175
Total
165,040,353
76,674,192
Costs of port services, costs of warehousing and other direct costs of services are recognised in other costs of services.
Costs of auditing services
In EUR
2020
2019
Auditing of the annual report
159,735
165,056
Other assurance services
1,101
1,101
Other non-audit services
4,800
31,500
Total
165,636
197,657
Note 33: Labour costs
In EUR
2020
2019
Wages and salaries
141,640,237
119,111,857
Costs of pension insurance and social security
24,313,047
19,613,528
Reimbursement of meal and travel allowances
15,842,248
13,586,595
Annual leave allowance
9,075,095
6,757,253
Provisions for loyalty bonuses and severance pay
1,559,414
1,322,822
Other labour costs
7,287,385
1,318,306
Total
199,717,426
161,710,361
Remuneration of the Executive Management, members of the Supervisory Board and employees on individual contracts within the Pošta Slovenije Group, excluding the Intereuropa Group
In EUR
2020
2019
Executive Management
636,803
870,205
Supervisory Board
135,823
147,758
Employees under individual contracts
2,877,612
2,420,574
Total
3,650,238
3,438,537
Remuneration of the senior management, members of the Supervisory Board and employees on individual contracts of the Intereuropa Group are disclosed in the latter’s annual report, and are thus not disclosed here.
The Group did not approve any advances, loans or sureties to members of the Executive Management, Supervisory Board or employees on individual contracts.
Earnings of the Executive Management
In EUR
Gross wages (1)
Variable element of wages (2)
Fringe benefits (3)
Total gross wages (1+2+3)
Total net wages*
Reimburse-ment of costs, annual leave allowance, other remu-neration
Pošta Slovenije d.o.o.
Boris NOVAK
95,326
-
5,055
100,381
49,193
2,582
Andrej RIHTER
85,438
-
6,837
92,275
43,932
2,848
Vinko FILIPIČ
85,429
-
3,433
88,862
47,742
2,716
PS Moj Paket d.o.o.
Aleksander MAJHEN**
-
-
-
-
9,800
13,954
IPPS d.o.o.
Janez ZIDAR
61,790
17,583
3,162
82,535
35,298
1,260
APS PLUS d.o.o.
Boštjan GRUDEN (until 30 June 2020)
39,742
-
524
40,266
23,811
1,646
Iztok RENČELJ (from 8 August 2020)**
-
-
-
-
-
4,624
EPPS, d.o.o.
Vili HRIBERNIK
66,834
6,723
2,376
75,933
41,198
1,260
PS Logistika d.o.o.
Damijan VAJS (until 30 June 2020)
39,294
8,946
1,799
50,039
26,739
630
Damijan VAJS (from 1 July 2020)**
-
-
-
-
4,609
6,942
Marko GRDEN
55,568
8,327
2,896
66,791
36,160
1,260
529,421
41,579
26,082
597,082
318,482
39,722
* Amount paid by the Company to the account of an individual following the prepayment of personal income tax, which is not taken into account in potential subsequent additional payments of an individual’s personal income tax.
**Under management contract
The remuneration of the senior management of the Intereuropa Group are disclosed in the latter’s annual report, and are thus not disclosed here.
Earnings of members of the Supervisory Board, and its audit committee and human resource committee
In EUR
Gross annual wages for performance of function (1)
Gross annual at-tendance fees for Supervisory Board and committee meetings (2)
Travel expenses and other remuneration (3)
Total gross wages (1+2+3)
Total net wages*
Pošta Slovenije d.o.o.
Matjaž ŠIFKOVIČ
18,810
3,234
570
22,614
15,877
Dejan KASTELIC
15,589
4,543
570
20,702
14,487
Matjaž FORTIČ
16,535
4,763
2,116
23,414
16,457
Zdravko SELIČ
18,038
4,763
707
23,508
16,527
Aleš ARNEJČIČ
1,878
-
48
1,926
1,353
Dijana KOS
10,522
2,915
1,607
15,044
10,942
Božidar POGRAJC
1,878
-
48
1,926
1,353
Saša GRŽINIĆ
10,522
2,915
-
13,437
9,773
Katarina SITAR ŠUŠTAR
6,500
4,248
559
11,307
8,223
Jasna BROVČ POTOKAR
-
1,890
55
1,945
1,415
100,272
29,271
6,280
135,823
96,407
* Amount paid by the Company to the account of an individual following the prepayment of personal income tax, which is not taken into account in potential subsequent additional payments of an individual’s personal income tax.
The remuneration of members of the Supervisory Board and its committees, and employees on individual contracts of the Intereuropa Group are disclosed in the latter’s annual report, and are thus not disclosed here.
We recorded training fees of EUR 165 in 2020 for members of the audit committee. There were no other costs in 2020.
Note 34: Amortisation/depreciation
In EUR
2020
2019
Amortisation of intangible assets
1,236,881
968,430
Depreciation of property, plant and equipment
19,855,695
15,297,325
Depreciation of investment property
1,225,491
359,872
Depreciation of right-of-use assets
4,261,241
3,024,500
Total
26,579,308
19,650,127
Note 35: Other expenses
In EUR
2020
2019
Losses on the exclusion/sale of fixed assets
165,575
108,004
Impairment of intangible assets
135,658
219,738
Impairment of property, plant and equipment, and investment property
2,949,843
296,760
Impairment of inventories
63,302
17,594
Creation of provisions
277,455
45,350
Fees for building land use
2,304,757
1,139,765
Compensation
592,982
783,493
Donations for humanitarian, cultural and other purposes
223,411
202,442
Other costs
1,013,103
492,817
Total
7,726,086
3,305,963
Losses due to the impairment of receivables (including the reversal of impairment losses or gains)
In EUR
2020
2019
Impairment of receivables
358,424
386,746
Reversal of impairment of receivables
-116,171
-431,801
Total
242,253
-45,055
Losses from the disposal of fixed assets comprise the negative difference between the selling price of fixed assets and their carrying amount.
An impairment of EUR 2,949,843 was recorded on the basis of the valuation of real estate. The approach used to verify the value of real estate is described in detail in Note 2 Property, plant and equipment.
The impairment of receivables is calculated based on a simplified model used for that purpose, which is described in the accounting policies.
The item ‘Creation of provisions’ comprises provisions created in 2020 for lawsuits arising from economic, civil and labour disputes for 2020.
The item ‘Compensation’ primarily comprises reimbursements paid for lost postal items.
Donations were made for cultural, humanitarian, sports and other purposes in 2020. Of the aforementioned amount, EUR 80,000 was earmarked for the Pošta Maribor CAS.
4.5.8 Finance income
Note 36: Bargain purchase gain
In EUR
2020
2019
Bargain purchase gain
-
59,951,321
Total
-
59,951,321
A business combination was completed in 2019 in which Pošta Slovenije acquired a 72.13% participating interest in Intereuropa d. d. The fair value of the paid consideration amounted to EUR 28,748,266, while the fair value of acquired assets totalled EUR 130,595,051. Taking account of non-controlling interests in the amount of EUR 41,895,464, a bargain purchase gain of EUR 59,951,321 was recognised in the consolidated financial statements on the acquisition date.
No business combinations were completed in 2020.
Note 37: Finance income from participation in the profit of associates and joint ventures
In EUR
2020
2019
Športna loterija in igre na srečo d. d.
681,997
547,605
Rail Cargo Logistics d. o. o.
785
-3,000
Total
682,782
544,605
Finance income from participating interests in associates relates to the imputation of the operating results of associates.
Note 38: Finance income
In EUR
2020
2019
Income from participating interests in other companies
-
-2,300
Interest income from loans granted
161
-
Interest income from others
209,302
220,323
Gains on the sale of financial assets
-
1,000
Exchange rate differences
275,780
572,102
Gains from change in fair value of financial instruments through profit or loss
1,179
-
Reversal of impairment of loans granted
509
-
Other finance income
269,638
1,221
Total
756,569
792,346
4.5.9 Finance costs
Note 39: Finance costs
In EUR
2020
2019
Interest expenses vis-à-vis banks
1,183,554
327,775
Interest expenses vis-à-vis others
77,816
11,309
Interest expenses – actuary calculation
146,811
250,247
Interest expenses from leases
291,790
202,965
Impairments and write-offs of other financial assets
4,240
-
Impairment of loans granted to others
5,259
-
Impairment of loans
-
9,607
Exchange rate differences
930,621
247,555
Other finance costs
33
842
Total
2,640,124
1,050,300
4.5.10 Corporate income tax and deferred taxes
Note 40: Corporate income tax and deferred taxes
In EUR
2020
2019
Current tax
1,131,158
192,668
Deferred tax
417,997
-30,777
Tax
1,549,155
161,891
Pre-tax profit
6,724,209
65,428,954
Tax calculated according to prescribed rate
1,024,488
12,431,501
Tax from revenues added to taxable base
5,123
-
Tax from revenues deducted from taxable base
-285,570
-166,614
Tax from expenses added to taxable base
1,494,463
393,962
Tax from expenses deducted from taxable base
-136,314
-149,299
Tax from tax allowances
-787,656
-820,192
Tax from other adjustments to taxable base
-15,588
-253,741
Tax from the reversal of deferred tax assets
487,450
266,562
Tax from the creation of deferred tax assets
-214,718
-149,537
Tax from other items
-22,523
-
Tax from bargain purchase gain deducted from taxable base
-
-11,390,751
Total tax
1,549,155
161,891
Effective tax rate
23.04%
0%
Deferred tax assets
In EUR
31. 12. 2020
31. 12. 2019
Provisions
2,102,333
2,029,802
Property, plant and equipment
1,921,592
1,974,000
Impairment of financial assets
104,384
104,000
Impairment of receivables
262,000
301,531
Other
189,004
114,000
Unutilised tax losses
4,579,282
5,148,000
Total
9,158,595
9,671,334
The majority of deferred tax assets comprises tax losses with no limit on their application in future tax periods (years).
Unused tax losses amounted to EUR 101,546 thousand as at 31 December 2020. Deferred tax assets were recognised in the amount of EUR 4,579 thousand for unused tax losses in the amount of EUR 24,101 thousand, while no deferred tax assets were recognised for the remaining amount of tax losses.
Management’s assessment of the reversal of deferred tax assets as the result of tax losses from previous years is based on data from the projection of operations, taking into account the following assumptions:
the utilisation of tax losses until 2025, taking into account valid tax rates;
amended legislation from 2020 on, which permits the utilisation of tax losses and other allowances in the maximum amount of 63% of the tax base; and
the planned sale of certain real estate.
In the event of significant deviations from planned operating results during the projection period, the utilisation of tax losses will be reassessed and the amount of deferred tax assets for tax losses adjusted accordingly.
Changes in deferred tax assets in 2020
In EUR
Balance as at 1 January 2020
Used in 2020
Reversed in 2020
Created in 2020
Balance as at 31 December 2020
Provisions
2,029,802
-167,356
-4,505
244,392
2,102,333
Property, plant and equipment
1,974,000
-52,408
-
-
1,921,592
Impairment of financial assets
104,000
-
-
384
104,384
Impairment of receivables
301,531
-6,152
-38,437
5,058
262,000
Other
114,000
-
-
75,004
189,004
Unutilised tax losses
5,148,000
-382,718
-186,000
-
4,579,282
Total
9,671,334
-608,634
-228,942
324,838
9,158,595
Changes in deferred tax assets in 2019
Balance as at 1 January 2019
Increase due to business combination
Used in 2019
Reversed in 2019
Created in 2019
Balance as at 31 December 2019
Provisions
1,662,350
249,000
-131,710
-8,160
258,322
2,029,802
Property, plant and equipment
-
1,981,000
-
-7,000
-
1,974,000
Impairment of financial assets
-
104,000
-
0
-
104,000
Impairment of receivables
260,644
8,000
-4,346
-26,491
63,724
301,531
Other
-
104,000
-
-
10,000
114,000
Unutilised tax losses
-
5,123,000
-
-
25,000
5,148,000
Total
1,922,994
7,569,000
-136,056
-41,651
357,047
9,671,334
Effect of the creation of deferred tax assets on the income statement and statement of other comprehensive income
In EUR
Balance as at 1 January 2020
Exchange differences
Recognised in income statement
Recognised in other comprehensive income
Balance as at 31 December 2020
Provisions
2,029,802
-1,533
-42,225
116,289
2,102,333
Property, plant and equipment
1,974,000
-29,962
-22,446
-
1,921,592
Impairment of financial assets
104,000
384
-
-
104,384
Impairment of receivables
301,531
-5,824
-33,707
-
262,000
Other
114,000
-126
75,130
-
189,004
Unutilised tax losses
5,148,000
-3,456
-379,262
-186,000
4,579,282
Total
9,671,334
-40,517
-402,510
-69,711
9,158,595
Deferred tax liabilities
In EUR
31. 12. 2020
31. 12. 2019
Deferred liabilities in connection with fixed assets
12,592,104
12,771,958
Total
12,592,104
12,771,958
The item ‘Deferred liabilities in connection with fixed assets’ comprises deferred tax liabilities recognised upon the business combination as the difference between the fair value and carrying amount.
Changes in deferred tax liabilities in 2020
In EUR
Balance as at 1 January 2020
Adjustment
Used in 2020
Reversed in 2020
Created in 2020
Balance as at 31 December 2020
Deferred liabilities in connection with fixed assets
12,771,958
68,085
-126,952
-120,987
-
12,592,104
Total
12,771,958
68,085
-126,952
-120,987
-
12,592,104
Note 41: Changes in other comprehensive income
Items in other comprehensive income that will not be reclassified later to profit or loss include recognised unrealised actuarial gains or losses relating to provisions for severance pay at retirement and to deferred taxes created for temporary differences in the taxable value of actuarial gains or losses that are recognised in other comprehensive income.
Items in other comprehensive income that will be classified later to profit or loss relate to the revaluation of financial assets at fair value through other comprehensive income and to consolidated foreign currency translation differences.
4.5.11 Notes to the statement of changes in equity
The statement of changes in equity was compiled in the form of a composite table showing changes in all equity components, in accordance with the IFRS.
Dividends were not paid in 2020.
The purchase of non-controlling interests caused an increase in retained earnings.
The change in fair value reserves relates to the revaluation of non-current financial assets, to the recognition of unrealised actuarial gains or losses relating to provisions for severance pay at retirement and to deferred taxes created for temporary differences in the taxable value of actuarial gains or losses.
Allocation of remaining portion of net profit to other components of equity: pursuant to Articles 64 and 230 of the ZGD-1, net profit for the current year was reduced due to the transfer to legal reserves.