1-109

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

1-110

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

1-111

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

1-112

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.

1-113

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

1-114

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.

1-115

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

1-116

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.

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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%.

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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

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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.

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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.

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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

1-122

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.

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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.

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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).

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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.

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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

1-127

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.

1-128

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.

1-129

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%

1-130

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

1-131

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.