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5.5 NOTES TO THE FINANCIAL STATEMENTS

5.5.1 Non-current assets

Note PS 1: Intangible assets

Year 2020

In EUR

Property

rights

Other intangible assets

Intangible assets under construction

Total

Historical cost

Balance as at 31 December 2019

452,742

8,088,649

-

8,541,391

Balance as at 1 January 2020

452,742

8,088,649

-

8,541,391

Purchases

-

-

1,344,852

1,344,852

Activation

684,339

660,513

-1,344,852

-

Write-off

-4,386

-118,552

-

-122,938

Balance as at 31 December 2020

1,132,695

8,630,610

-

9,763,305

Value adjustment

Balance as at 31 December 2019

419,202

7,551,662

-

7,970,864

Balance as at 1 January 2020

419,202

7,551,662

-

7,970,864

Amortisation

94,496

479,317

-

573,813

Write-off

-4,386

-118,552

-

-122,938

Balance as at 31 December 2020

509,312

7,912,427

-

8,421,739

Carrying amount

Balance as at 31 December 2019

33,540

536,987

-

570,527

Balance as at 1 January 2020

33,540

536,987

-

570,527

Balance as at 31 December 2020

623,383

718,183

-

1,341,566

Year 2019

In EUR

Property

rights

Other intangible assets

Intangible assets under construction

Total

Historical cost

Balance as at 31 December 2018

434,696

7,487,236

-

7,921,932

Balance as at 1 January 2019

434,696

7,487,236

-

7,921,932

Purchases

-

-

619,459

619,459

Activation

18,046

601,413

-619,459

-

Balance as at 31 December 2019

452,742

8,088,649

-

8,541,391

Value adjustment

Balance as at 31 December 2018

377,589

7,149,131

-

7,526,720

Balance as at 1 January 2019

377,589

7,149,131

-

7,526,720

Amortisation

41,613

402,531

444,144

Balance as at 31 December 2019

419,202

7,551,662

-

7,970,864

Carrying amount

Balance as at 31 December 2018

57,107

338,105

-

395,212

Balance as at 1 January 2019

57,107

338,105

-

395,212

Balance as at 31 December 2019

33,540

536,987

-

570,527

Licences are disclosed in property rights. In 2020 these relate to the new business and information system. The value of different software is disclosed in other intangible assets.

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

6,153,026

5,368,516

Percentage of amortisation

63.02%

62.85%

The historical cost of intangible assets whose carrying amount is equal to zero comprises different types of software purchased between 2004 and 2017: applications for monitoring reported disruptions and functioning of IT equipment (Desk Manager), central registers, telegraphy, the computerisation and digitalisation of the main office, the upgrading of UPC equipment (module used in the sale of merchandise and delivery service), electronic invoicing, wrist terminals, inventory of fixed assets, software for computer-

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supported construction and drawing, the recording of drivers’ logs, and the monitoring and processing of tachographs in road freight transport, occupational health and safety software, etc. As at 31 December 2020, those intangible assets accounted for 63% of the historical cost of all intangible assets.

Trade payables for the acquisition of intangible assets

In EUR

31. 12. 2020

31. 12. 2019

Liabilities to suppliers for intangible assets

93,814

-

The Company did not pledge intangible assets as collateral for its liabilities.

Note PS 2: Property, plant and equipment

In EUR

31. 12. 2020

31. 12. 2019

Property, plant and equipment

167,509,926

168,877,855

Right-of-use assets

7,384,379

8,411,446

Total

174,894,305

177,289,301

a) Property, plant and equipment excluding right of use assets

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

10,349,042

174,873,276

1,629,706

155,875,138

163,313

6,237,895

349,128,370

Balance as at 1 January 2020

10,349,042

174,873,276

1,629,706

155,875,138

163,313

6,237,895

349,128,370

Purchases

-

-

-

-

982,464

15,656,783

16,639,247

Activation

298,643

2,229,731

76,880

11,655,246

-

-14,260,500

-

Sale

-133,067

-2,399,212

-

-5,103,837

-

-

-7,636,116

Write-off

-

-

-49,559

-5,848,640

-

-

-5,898,199

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 between groups

5,000,967

-5,005,456

7,507

-3,018

-

-

-

Balance as at 31 December 2020

15,525,928

168,727,814

1,664,534

156,574,889

1,145,777

7,634,178

351,273,120

Value adjustment

Balance as at 31 December 2019

535,293

68,018,862

1,607,163

110,089,197

-

-

180,250,515

Balance as at 1 January 2020

535,293

68,018,862

1,607,163

110,089,197

-

-

180,250,515

Depreciation

37,199

3,431,058

10,062

10,829,269

-

-

14,307,588

Sale

-

-1,955,466

-

-5,063,429

-

-

-7,018,895

Write-off

-

-

-49,559

-5,828,568

-

-

-5,878,127

Impairment

160,640

2,645,811

-

-

-

-

2,806,451

Transfer from investment property

-

551,771

-

-

-

-

551,771

Transfer to assets held for sale

-

-1,256,109

-

-

-

-

-1,256,109

Transfer between groups

-

-3,907

3,907

-

-

-

-

Balance as at 31 December 2020

733,132

71,432,020

1,571,573

110,026,469

-

-

183,763,194

Carrying amount

Balance as at 1 January 2020

9,813,749

106,854,414

22,543

45,785,941

163,313

6,237,895

168,877,855

Balance as at 31 December 2020

14,792,796

97,295,794

92,961

46,548,420

1,145,777

7,634,178

167,509,926

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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

10,191,042

175,092,912

1,723,387

153,985,223

650,799

4,311,974

345,955,337

Reclassification due to IFRS 16

-

-

-

-634,432

-

-

-634,432

Balance as at 1 January 2019

10,191,042

175,092,912

1,723,387

153,350,791

650,799

4,311,974

345,320,905

Purchases

-

-

-

-

-487,486

18,867,400

18,379,914

Activation

657,132

3,448,316

6,571

12,829,460

-

-16,941,479

-

Sale

-67,450

-795,528

-

-4,399,467

-

-

-5,262,445

Write-off

-

-

-100,252

-5,905,646

-

-

-6,005,898

Impairment

-2,137

-24,904

-

-

-

-

-27,041

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

-3,959

-311,138

-

-

-

-

-315,097

Balance as at 31 December 2019

10,349,042

174,873,276

1,629,706

155,875,138

163,313

6,237,895

349,128,370

Value adjustment

Balance as at 31 December 2018

498,156

67,273,089

1,698,507

110,746,884

-

-

180,216,636

Retroactive recalculations

-

-

-

-70,486

-

-

-70,486

Balance as at 1 January 2019

498,156

67,273,089

1,698,507

110,676,398

-

-

180,146,150

Depreciation

39,039

3,525,757

8,847

9,678,389

-

-

13,252,032

Sale

-

-378,091

-

-4,372,540

-

-

-4,750,631

Write-off

-

-

-100,191

-5,893,738

-

-

-5,993,929

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

-

-141,605

-

-

-

-

-141,605

Transfer between groups

-

-

-

689

-

-

689

Balance as at 31 December 2019

535,293

68,018,862

1,607,163

110,089,198

-

-

180,250,516

Carrying amount

Balance as at 31 December 2018

9,692,886

107,819,823

24,880

43,238,339

650,799

4,311,974

165,738,701

Reclassification due to IFRS 16

-

-

-

-563,946

-

-

-563,946

Balance as at 1 January 2019

9,692,886

107,819,823

24,880

42,674,393

650,799

4,311,974

165,174,755

Balance as at 31 December 2019

9,813,749

106,854,414

22,543

45,785,940

163,313

6,237,895

168,877,854

In 2020 we opened new premises with equipment for the Šentjanž pri Dravogradu parcel transhipment centre and set up a third energy phase at the Maribor Mail Sorting and Logistics Centre. The increase in the value of equipment is the result of the purchase of vehicles and trailers, forklifts and bicycles, containers for the transport of postal items (cargo), furniture and computer equipment (servers, workstations, computers, printers and signature tablets), DWS devices at the mail sorting and logistics centre, purchase of generators, air-conditioning devices and other equipment. In terms of investments in foreign fixed assets, premises for delivery were arranged at the Lenart post office.

Disclosed in investments in progress are the purchase of real estate and equipment that were not yet activated during the accounting period. Major investment items include: real estate in Ptuj, Videm pri Ptuju, Murska Sobota, Idrija and Koper, the Celje parcel transhipment post office and the Ljubljana Mail Sorting and Logistics Centre (MSLC).

Advances were paid for the purchase of means of transport (two-wheeled vehicles) and for the upgrade of software and hardware for the existing standard letter sorting machines at the Ljubljana MSLC.

The transfer of assets to investment property is explained in Note PS 3.

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The transfer of assets to assets held for sale is explained in Note PS 10.

The transfer of assets between groups relates to the rebooking of the value of land under buildings that were transferred in 2020 from ‘real estate’ to the item ‘land’.

Obsolete, damaged and unusable items of property, plant and equipment with a total present value of EUR 19.504 were written off during the year and on the basis of the annual inventory.

Liabilities for the purchase of property, plant and equipment

In EUR

31. 12. 2020

31. 12. 2019

Liabilities to suppliers for property, plant and equipment

2,800,462

2,563,902

Liabilities for the purchase of property, plant and equipment 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

78,445,740

81,623,234

Percentage of depreciation

22.33%

23.38%

The largest group of assets whose carrying amount is equal to zero comprises computer equipment purchased between 2006 and 2016, as well as furniture, postal equipment and various means of transport. The rate of depreciation of property, plant and equipment in 2020 decreased down to 22% relative to 2019.

In the process of assessing indication of the impairment of fixed assets, the Company identified 76 properties that were subject to valuation.

The selected properties were appraised by an external firm as at 30 November 2020. Their fair value less cost to sell was appraised. Valuation approaches used: the market approach and the income approach. A detailed analysis was performed in the scope of the market approach for each property using transactions involving comparable properties in the direct vicinity of the property subject to valuation. Restatements were also made to approximate the indicative price of comparable properties. Those restatements relate to surface area, location and other functional characteristics of real estate subject to valuation, taking into account other comparable sold or advertised real estate. The income capitalisation approach (in the scope of the income approach) was used, which is based on verifying data on offered and obtained lease payments (rent) for similar real estate in the vicinity, estimated expected annual returns and their capitalisation at an adequate capitalisation rate. A capitalisation rate ranging from 7.15% to 8.49% was applied.

Based on the valuations of real estate a total of 47 properties were impaired in the total amount of EUR 2,900,451.

The Company did not pledge items of property, plant and equipment as collateral for its liabilities.

b) Right-of-use assets in connection with property, plant and equipment

Company as lessee

2020

In EUR

Land

Buildings

Equipment

Total

Right-of-use assets

Balance as at 31 December 2019

379,071

2,244,048

7,980,866

10,603,985

Balance as at 1 January 2020

379,071

2,244,048

7,980,866

10,603,985

Increase for new leases

6,432

611,900

881,381

1,499,713

Termination of leases

-3,544

-53,509

-346,535

-403,588

Restatement

20,127

3,687

-21,779

2,035

Balance as at 31 December 2020

402,086

2,806,126

8,493,933

11,702,145

Value adjustment

Balance as at 31 December 2019

42,864

512,212

1,637,463

2,192,539

Balance as at 1 January 2020

42,864

512,212

1,637,463

2,192,539

Depreciation

83,949

745,616

1,959,145

2,788,710

Termination of leases

-3,544

-53,509

-346,535

-403,588

Restatement

-

-176,154

-83,741

-259,895

Balance as at 31 December 2020

123,269

1,028,165

3,166,332

4,317,766

Carrying amount

Balance as at 31 December 2019

336,207

1,731,836

6,343,403

8,411,446

Balance as at 1 January 2020

336,207

1,731,836

6,343,403

8,411,446

Balance as at 31 December 2020

278,817

1,777,961

5,327,601

7,384,379

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2019

In EUR

Land

Buildings

Equipment

Total

Right-of-use assets

Balance as at 31 December 2018

-

-

-

-

Restatement due to IFRS 16

157,922

1,853,262

6,403,041

8,414,225

Reclassification due to IFRS 16

-

-

634,433

634,433

Balance as at 1 January 2019

157,922

1,853,262

7,037,474

9,048,658

Increase for new leases

97,420

138,106

5,262,418

5,497,944

Termination of leases

-11,624

-81,835

-4,933,626

-5,027,085

Restatement

135,353

334,515

614,600

1,084,468

Balance as at 31 December 2019

379,071

2,244,048

7,980,866

10,603,985

Value adjustment

Balance as at 31 December 2018

-

-

-

-

Reclassification due to IFRS 16

70,486

70,486

Balance as at 1 January 2019

-

-

70,486

70,486

Depreciation

43,136

514,104

1,908,225

2,465,465

Termination of leases

-272

-1,892

-341,248

-343,412

Balance as at 31 December 2019

42,864

512,212

1,637,463

2,192,539

Carrying amount

Balance as at 31 December 2018

-

-

-

-

Restatement due to IFRS 16

157,922

1,853,262

6,403,041

8,414,225

Reclassification due to IFRS 16

-

-

563,947

563,947

Balance as at 1 January 2019

-157,922

-1,853,262

-6,966,988

-8,978,172

Balance as at 31 December 2019

336,207

1,731,836

6,343,403

8,411,446

Amount recognised in the income statement in connection with leases

In EUR

2020

2019

Depreciation of right-of-use assets

2,788,710

2,465,465

Interest expense

167,331

162,012

Costs in connection with short-term leases

81,698

662,913

Costs in connection with leases of low-value assets

236,036

237,377

Costs in connection with non-deductible portion of VAT

225,718

196,660

Total

3,499,493

3,724,427

Proportion of variable lease payments

In EUR

2020

2019

Fixed leases

2,657,477

2,370,027

Total

2,657,477

2,370,027

Company as lessor

The Company discloses rental income in Note PS 29 Sales revenue.

Maturity of future lease payments

In EUR

31. 12. 2020

31. 12. 2019

Expected undiscounted lease payments:

up to 1 year

965,272

1,203,369

up to 2 years

956,129

1,203,089

up to 3 years

939,314

1,182,283

up to 4 years

924,481

1,182,283

up to 5 years

909,827

1,182,283

more than 6 years

942,452

1,149,283

Total

5,637,475

7,102,590

Expected future lease payments relate to leased land, business premises and equipment, taking into account the expiry of associated agreements.

All information services for the market, which to that point were provided in the scope of Pošta Slovenije, will be gradually transferred to a subsidiary, resulting in a decrease in the proportion of rental payments from the lease of computer equipment.

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Note PS 3: Investment property

Year 2020

In EUR

Investment property

Historical cost

Balance as at 31 December 2019

14,373,946

Balance as at 1 January 2020

14,373,946

Purchases

6,901

Sale

-78,110

Impairment

-118,581

Transfer to property, plant and equipment

-1,010,983

Transfer to assets held for sale

-93,592

Balance as at 31 December 2020

13,079,581

Value adjustment

Balance as at 31 December 2019

6,036,059

Balance as at 1 January 2020

6,036,059

Depreciation

264,884

Sale

-50,281

Impairment

-24,581

Transfer to property, plant and equipment

-551,771

Transfer to assets held for sale

-53,969

Balance as at 31 December 2020

5,620,341

Carrying amount

Balance as at 31 December 2019

8,337,887

Balance as at 1 January 2020

8,337,887

Balance as at 31 December 2020

7,459,240

Year 2019

In EUR

Investment property

Historical cost

Balance as at 31 December 2018

11,437,620

Balance as at 1 January 2019

11,437,620

Purchases

34,993

Impairment

-7,639

Transfer to property, plant and equipment

-1,808,817

Transfer from property, plant and equipment

4,770,786

Transfer to assets held for sale

-52,997

Balance as at 31 December 2019

14,373,946

Value adjustment

Balance as at 31 December 2018

3,599,895

Balance as at 1 January 2019

3,599,895

Depreciation

204,872

Transfer to property, plant and equipment

-551,092

Transfer from property, plant and equipment

2,813,281

Transfer to assets held for sale

-30,897

Balance as at 31 December 2019

6,036,059

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

8,337,887

Investment property includes:

holiday apartments and

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).

No properties were transferred to investment property in 2020. Properties Zgornja Polskava, Bled and Kostanjevica na Krasu were transferred from investment property back to property, plant and equipment, since based on the relevant internal act they no longer meet the criteria for classification as investment property (i.e. less than 30% of the entire surface area), or they involve post offices

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leased out to contractual partners where the core postal activity is still performed.

Income and expenses from investment property

In EUR

2020

2019

Rental income from investment property

463,752

544,466

Direct operating expenses from investment property

-340,132

-389,559

Total

123,620

154,907

In 2020 revenues of EUR 463,752 were generated by investment property, while expenses totalling EUR 340,132 were incurred, of which depreciation costs accounted for EUR 136,885. Rental income reduced with respect to holiday apartments, as they were unoccupied for a lengthier period and also due to the sale of certain buildings. Rental payments were not lowered due to the consequences of the COVID-19 pandemic. However, were did extend the payment period to 60 days to all lessees who submitted applications therefor.

The fair value of investment property is verified periodically. The Company assesses that the fair value of investment property does not deviate significantly from its carrying amount.

The Company did not pledge investment property as collateral for its liabilities.

Note PS 4: Investments in subsidiaries

General data regarding subsidiaries

Subsidiary

Registered office of subsidiary

Partic-ipating interest

Equity as at 31 December 2020 (in EUR)

Net profit or loss in 2020 (in EUR)

Value of participat-ing inter-est as at 31 December 2019

Equity as at 31. 12. 2019(in EUR)

Net profit or loss for 2019 (in EUR)

PS Logistika d. o. o.

Brnčičeva ulica 45, 1231 Ljubljana - Črnuče

100.00%

13,967,218

909,636

100.00%

14,290,994

232,875

EPPS, d. o. o.

Stegne 13A, 1000 Ljubljana

100.00%

6,300,903

1,025,099

100.00%

7,310,975

647,800

APS PLUS d. o. o.

Cesta v Mestni log 81, 1000 Ljubljana

100.00%

-132,863

-700,353

55.00%

567,490

-234,721

PS Moj paket d. o. o.

Partizanska cesta 54, 2000 Maribor

100.00%

994,773

420,291

100.00%

774,482

228,593

IPPS d. o. o.

Zagrebška cesta 106, 2000 Maribor

100.00%

374,900

239,638

100.00%

260,459

112,541

Intereuropa d. d.

Vojkovo nabrežje 32, 6000 Koper - Capodistria

80.89%

89,224,850

2,314,512

72.13%

87,227,000

3,388,000

A. D. Intereuropa logističke usluge, Beograd

Zemunska 174, 11272 Dobanovci

24.49%

5,904,042

-857,282

-

-

-

Zetatrans A. D. Podgorica

Ćemovsko polje b.b., 81000 Podgorica

10.52%

16,330,825

496,144

-

-

-

Balance of investments in subsidiaries

In EUR

31. 12. 2020

31. 12. 2019

PS Logistika d. o. o.

13,103,000

13,103,000

EPPS d. o. o.

1,551,394

1,551,394

APS PLUS d. o. o.

-

438,139

PS Moj paket d. o. o.

221,979

221,979

IPPS d. o. o.

100,000

100,000

Intereuropa d. d.

32,241,092

28,748,266

AD Intereuropa - logističke usluge

2,273,905

-

Zetatrans A.D.

1,383,781

-

Total

50,875,151

44,162,778

Changes in investments in subsidiaries

In EUR

2020

2019

Balance as at 1 Jan

44,162,778

15,394,512

Acquisition

7,351,172

28,768,266

Impairment

-638,799

-

Balance as at 31 Dec

50,875,151

44,162,778

Pursuant to the provisions of the Takeovers Act. Pošta Slovenije published a mandatory takeover bid for the purpose of facilitating the withdrawal of Intereuropa’s other shareholders from the ownership structure of Intereuropa d. d. That takeover bid was valid from 10 December 2019 to 13 January 2020. The bid price was EUR 1.45 per share, Pošta Slovenije acquired an additional 2,408,846 ordinary shares at the standard price of EUR 1,45 per share for the total amount of EUR 3,492,826 (representing an 8.76% participating interest). Following the completion of its takeover bid. Pošta Slovenije held 22,235,236 shares of Intereuropa d. d., representing 80.89% of all shares issued by the aforementioned company.

1-168

In accordance with legislation governing takeovers, Pošta Slovenije announced a takeover bid for the purchase of the remaining shares of Intereuropa’s subsidiary in Montenegro by the legally prescribed deadlines. The mandatory takeover bid for Zetatrans A.D.. Podgorica expired on 26 January 2020. Following the completion of the mandatory takeover bid and mandatory additional purchase, Pošta Slovenije acquired a total of 864,863 shares, representing a 10.52% participating interest in Zetatrans A.D.. Podgorica valued at EUR 1,383,781. Thus, Pošta Slovenije and Intereuropa d. d. together hold 6,559,288 shares, or 79.79% of the shares of Zetatrans A.D.. Podgorica.

In accordance with legislation governing takeovers, Pošta Slovenije announced a takeover bid for the purchase of the remaining shares of Intereuropa’s subsidiary in Serbia by the legally prescribed deadlines. Following the completion of the mandatory takeover bid and mandatory additional purchase, Pošta Slovenije acquired a total of 4,672 shares, representing a 24.49% participating interest in AD Intereuropa, Belgrade valued at EUR 2,273,905 (RSD 267,203,921). Thus, Pošta Slovenije and Intereuropa d. d. together hold 18,714 shares, or 98.11% of the shares of AD Intereuropa, Belgrade.

The capital of subsidiary APS PLUS was increased by EUR 200,660 in 2020.

In the scope of the fair value assessment, an impairment of the investment in APS PLUS was completed in 2020.

In 2020 a certified valuer from KF FINANCE d. o. o. completed a valuation that focused on an assessment of the recoverable amount of non-current assets of the cash-generating unit (hereinafter: CGU), which comprises cash-generating units of APS PLUS at the level of the 100% owner whose ownership is closed, APS PLUS as a whole was defined as the smallest CGU.

The valuer assessed the recoverable amount of APS PLUS’s CGU by applying the present value of expected free cash flow method, establishing it to be most appropriate in the given case, while also verifying the possibility of applying other methods (method of comparable publicly-listed companies or comparable transactions, the assessment of value in use method and the summation method within the scope of the cost approach), which they deemed to be inappropriate.

In the case in question, the applied method adjusted the assessed fair value by the costs of sale, which was the basis for issuing the recoverable amount decision.

The recoverable amount of APS PLUS’s CGU amounted to zero euro as at 31 December 2020, taking account of a discount rate of 10.59%, a 5% discount for the lack of marketability/liquidity and 2% selling costs.

On the basis of this valuation, the investment in subsidiary APS Plus was subject to an impairment of EUR 638,799, for which an impairment loss was recognised.

The Company did not pledge investments in subsidiaries as collateral for its liabilities.

Note PS 5: Investments in associates

General data regarding associates

Associate

Registered office of associate

Value of participating interest as at 31 December 2020

Equity as at 31 December 2020 (in EUR)

Net profit or loss in 2020 (in EUR)

Športna loterija in igre na srečo d. d.

Dunajska cesta 22, 1000 Ljubljana

20.00%

13,153,347

3,409,832

Balance of investments in associates

In EUR

31. 12. 2020

31. 12. 2019

Športna loterija in igre na srečo d. d.

111,009

111,009

Total

111,009

111,009

Investments in associates were unchanged in 2020. The Company did not pledge investments in associates as collateral for its liabilities.

Note PS 6: Other financial assets

Balance of other financial assets

In EUR

31. 12. 2020

31. 12. 2019

Investments in the shares and participating interests of other companies measured at fair value through other comprehensive income

48,935

53,819

Total

48,935

53,819

Changes in other financial assets

In EUR

2020

2019

Balance as at 1 Jan

53,819

49,379

Revaluation

-4,884

4,440

Balance as at 31 Dec

48,935

53,819

Other financial assets include investments in Indoma Maribor and Zavarovalnica Triglav. The investment in Zavarovalnica Triglav was revalued on 31 December 2020. Due to the share price on the stock exchange being lower than the carrying amount as at 31 December 2020, the effect of the decrease in the financial asset in the amount of EUR 4,884 was recognised accordingly in equity.

Financial assets are not pledged as collateral for liabilities.

1-169

Note PS 7: Financial receivables

In EUR

31. 12. 2020

31. 12. 2019

Deposits placed

350,000

350,000

Loans to others

73,209

73,048

Adjustments to the value of loans to others

-1,098

-1,607

Total

422,111

421,441

Interest rates on financial receivables

Interest rate (in %)

EUR

Deposits placed

0.00%

350,000

Loans to others

6-month EURIBOR + 2.00% p.a.

65,000

2.00% p.a.

8,209

Changes in financial receivables

In EUR

2020

2019

Balance as at 1 Jan

421,441

447,900

New loans and deposits

-

73,000

Interest

161

48

Repayment of loans and deposits

-

-100,000

Impairment

-

-1,607

Reversal of impairment

509

2,100

Balance as at 31 Dec

422,111

421,441

Financial receivables by maturity

In EUR

31. 12. 2020

31. 12. 2019

From 1 to 2 years

10,866

-

From 2 to 3 years

32,229

10,813

From 3 to 5 years

379,016

410,628

Total

422,111

421,441

Collateralisation of financial receivables as at 31 December 2020

In EUR

31. 12. 2020

31. 12. 2019

Loans to others

8,209

8,048

Total

8,209

8,048

A deposit of EUR 350,000 is pledged and serves as collateral for guarantees securing the payment of customs duties and other import receivables.

Other financial receivables are not pledged as collateral for liabilities.

Note PS 8: Operating receivables

In EUR

31. 12. 2020

31. 12. 2019

Receivables from others

338,590

457,816

Adjustments to the value of receivables from others

-84,783

-91,738

Long-term security deposits paid

10,405

3,863

Total

264,212

369,941

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%.

Operating receivables by maturity

In EUR

31. 12. 2020

31. 12. 2019

From 1 to 2 years

257,052

270,987

From 2 to 5 years

72,819

165,236

From 5 to 10 years

8,719

21,593

Total

338,590

457,816

Operating receivables by maturity are disclosed in their gross value.

1-170

Receivables from employees are not pledged as collateral for liabilities.

Note PS 9: Other assets

In EUR

31. 12. 2020

31. 12. 2019

Deferred costs in connection with the housing reserve fund

477,093

426,144

Total

477,093

426,144

5.5.2 Current assets

Note PS 10: Assets held for sale

In EUR

31. 12. 2020

31. 12. 2019

Real estate

754,679

195,592

Total

754,679

195,592

Assets held for sale include assets that are planned for sale in 2021 and comprise the Destrnik, Ožbalt, Velenje Gorica and Knežak business premises and the administrative building in Novo Mesto.

Changes in assets held for sale

In EUR

2020

2019

Balance as at 1 Jan

195,592

31,759

Transfer from property, plant and equipment

715,057

173,492

Transfer from investment property

39,623

22,100

Sale

-195,593

-31,759

Balance as at 31 Dec

754,679

195,592

Note PS 11: Assets from contracts with customers

In EUR

31. 12. 2020

31. 12. 2019

Accrued revenues

10,838,509

7,460,479

Adjustments to the value of accrued revenues

-53,109

-64,400

Total

10,785,400

7,396,079

Changes in adjustments to the value of accrued revenues

In EUR

2020

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

Accrued revenues primarily comprise accrued revenues from international invoicing.

Note PS 12: Inventories

In EUR

31. 12. 2020

31. 12. 2019

Materials

240,135

169,903

Small inventory

781,155

628,975

Merchandise

595,700

594,872

Total

1,616,990

1,393,750

Impairments, write-offs, inventory deficit and surplus

In EUR

2020

2019

Impairment

2,643

-1,882

Write-off

-61,480

-71,890

Inventory deficit

-2,341

-3,967

Inventory surplus

1,686

2,902

Total

-59,492

-74,837

Inventories of material primarily relate to forms and tyres, small inventory to work uniforms and protective clothing, and merchandise to top-off cards, greeting cards and postcards.

1-171

Inventories valued at EUR 61,480 were written off in 2020 due to obsolescence and damage.

A deficit of EUR 2,341 and a surplus of EUR 1,686 were identified in the inventories of merchandise and materials. Based on a business cooperation agreement between Pošta Slovenije and the subsidiary PS Moj paket, Pošta Slovenije settled liabilities vis-à-vis the aforementioned subsidiary that were recorded from the misappropriation of merchandise that is sold in post office branches in the total amount of EUR 21,878.

The Company had no inventories pledged as collateral as at 31 December 2020.

Note PS 13: Financial receivables

In EUR

31. 12. 2020

31. 12. 2019

Loans to Group companies

300,000

-

Deposits at banks

7,000,000

-

Total

7,300,000

-

A loan was granted to APS PLUS d. o. o. in the amount of EUR 300,000 in 2020. Deposits were concluded at Nova KBM and Sberbank. Deposits at banks comprise deposits bearing an annual interest rate of 0.01%.

Changes in current financial receivables

In EUR

2020

2019

Balance as at 1 Jan

-

-

New loans and deposits

7,300,000

-

Balance as at 31 Dec

7,300,000

-

Financial receivables are not pledged as collateral for liabilities.

Note PS 14: Operating receivables

In EUR

31. 12. 2020

31. 12. 2019

Receivables from Group companies

1,546,828

1,333,517

Adjustments to the value of receivables from Group companies

-6,128

-8,315

Trade receivables

39,532,939

38,816,404

Adjustments to the value of trade receivables

-2,009,684

-2,393,696

Interest receivable

126,233

172,425

Adjustments to the value of interest receivable

-81,766

-81,751

Receivables for interest from Group companies

362

-

Receivables from government and other institutions

2,863,429

1,341,700

Other operating receivables

551,183

535,319

Adjustments to value of other receivables

-356,892

-375,343

Current portion of non-current operating receivables

97,429

97,806

Total

42,263,933

39,438,066

The increase in receivables from government and other institutions primarily relates to COVID-19 subsidies (crisis bonus, etc.), which will be covered gradually by the reimbursement received in 2021.

Pošta Slovenije’s receivables are generally not collateralised, except those from customers with poor credit ratings. Collateralised receivables totalled EUR 5,717 in 2020.

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.

Operating receivables are not pledged as collateral for liabilities.

Note PS 15: Advances and other assets

In EUR

31. 12. 2020

31. 12. 2019

Advances and security deposits paid

258,425

4,275,615

Deferred costs and expenses

685,251

817,601

Total

943,676

5,093,216

Deferred costs and expenses comprise deferred items relating to 2021 for which invoices were received in 2020.

Note PS 16: Cash and cash equivalents

In EUR

31. 12. 2020

31. 12. 2019

Cash-in-hand and cheques received

3,528

3,542

Cash at banks

40,791,242

12,026,081

Short-term deposits at banks

20,290,000

26,850,000

Total

61.084.770

38.879.623

1-172

Cash is disclosed at its original value. It comprises euros in cash registers and on transaction accounts at Nova KBM, Nova Ljubljanska banka, SKB banka and Banka Intesa Sanpaolo and US dollars on account at Nova Ljubljanska banka and Serbian dinars on account at UniCredit Bank Srbija.

Short-term deposits at banks comprise deposits bearing annual interest rates of between -0.2% and +0.0001%.

Deposits were not pledged as collateral for liabilities.

5.5.3 Equity

Note PS 17: Equity

In EUR

31. 12. 2020

31. 12. 2019

Share capital

121,472,482

121,472,482

Share premium account

79,326,851

79,326,851

Profit reserves

1,689,398

1,532,883

- legal reserves

1,689,398

1,532,883

Fair value reserves

-3,177,478

-2,325,347

Net profit or loss brought forward

16,392,434

12,572,535

Net profit or loss for the financial year

2,973,796

3,949,172

Total

218,677,483

216,528,576

Equity represents the Company’s equity financing, namely its liability to the government as Pošta Slovenije’s owner. The Company’s share capital is the capital registered with the court by the owner in the amount of EUR 121,472,482.

The balance on the share premium account is the result of the elimination of the general capital revaluation adjustment. Pošta Slovenije generated a net profit in 2020 in the amount of EUR 3,130,312, which was reduced for the reallocation of EUR 156,516 to legal reserves.

Changes to all components of equity are presented in the notes to the statement of changes in equity.

Distributable profit

In EUR

2020

2019

Net profit or loss for the financial year

3,130,311

4,157,023

Net profit or loss brought forward

16,392,434

12,572,535

Increase in profit reserves pursuant to resolution of management and supervisory bodies (legal reserves, reserves for own participating interests and statutory reserves)

-156,515

-207,851

Distributable profit that general meeting allocates to shares in profit and other reserves, and for transfer to next year and other purposes

19,366,230

16,521,707

Distributable loss

-

-

5.5.4 Non-current liabilities

Note PS 18: Provisions

In EUR

31. 12. 2020

31. 12. 2019

Loyalty bonuses

2,706,700

2,654,122

Severance pay

15,793,825

14,404,853

Litigation

113,870

29,350

Real estate

159,470

201,785

Total

18,773,865

17,290,110

Changes in provisions 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

Loyalty bonuses

2,654,122

-272,244

-3,979

328,801

2,706,700

Severance pay

14,404,853

-687,990

-21,720

2,098,682

15,793,825

Litigation

29,350

-18,200

-3,000

105,720

113,870

Real estate

201,785

-

-42,315

-

159,470

Total

17,290,110

-978,434

-71,014

2,533,203

18,773,865

1-173

Changes in provisions in 2019

In EUR

Balance as at 1 January 2019

Used in 2019

Reversed in 2019

Created in 2019

Balance as at 31 December 2019

Loyalty bonuses

2,595,882

-334,742

-6,484

399,466

2,654,122

Severance pay

12,661,211

-525,841

-39,704

2,309,187

14,404,853

Litigation

89,000

-36,102

-49,898

26,350

29,350

Real estate

210,162

-

-8,377

-

201,785

Total

15,556,255

-896,685

-104,463

2,735,003

17,290,110

Based on an actuarial calculation, we created additional impairments for loyalty bonuses and severance pay in the amount of EUR 2,427,483, which is disclosed in the income statement as provisioning costs for severance pay and loyalty bonuses in the amount of EUR 1,215,702 and interest expense in the amount of EUR 132,753, and in the balance sheet as a revaluation loss from actuarial recalculations in the amount of EUR 1,079,028.

Provisions for loyalty bonuses and severance pay in the amount of EUR 25,699 were reversed in 2020 due to the reassignment of employees from Pošta Slovenije to IPPS.

Note PS 19: Deferred revenues

In EUR

31. 12. 2020

31. 12. 2019

Deferred revenues

147,991

158,204

Total

147,991

158,204

Deferred revenues include funds received for the implementation of projects in 2020, but not yet used, and subsidies for electric vehicles that are gradually transferred to revenues.

Changes in deferred revenues

In EUR

2020

2019

Balance as at 1 Jan

158,204

313,955

Increase

99,950

29,356

Decrease

-110,163

-185,107

Balance as at 31 Dec

147,991

158,204

Note PS 20: Financial liabilities

In EUR

31. 12. 2020

31. 12. 2019

Bank loans received

57,222,428

36,842,105

Lease liabilities

4,340,760

5,594,122

Operating lease liabilities within the Group

204,038

267,610

Total

61,767,226

42,703,837

Changes in financial liabilities

In EUR

2020

2019

Balance at the end of previous financial year

42,703,837

13,135,056

Transition to IFRS 16

-

8,414,225

Transfer to current financial liabilities in accordance with IFRS 16

-

-2,370,027

Balance as at 1 Jan

42,703,837

19,179,254

Increase in loans from banks

30,774,979

29,223,786

Increase in lease liabilities

1,760,290

1,883,938

Transfer to current financial liabilities for loans

-10,394,655

-5,238,824

Transfer to current financial liabilities for leases

-3,077,225

-2,344,317

Balance as at 31 Dec

61,767,226

42,703,837

Bank loans include the following:

A loan in the amount of EUR 15 million raised from Nova KBM for investments in 2018. 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 Slovenija, as follows:

Tranche A was drawn down for the payment of consideration for the purchase of Intereuropa 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 26 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.

1-174

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.

Total current liabilities for all loans that fall due for payment in 2021 amount to EUR 10,394,655.

Liabilities from leases relate to liabilities from assets in use (land, buildings and equipment) that fall due for payment over coming years, and the lease of system premises. The aforementioned system premises were leased in 2017, while the value of the lease is EUR 571,700. The lease term for the system premises is 60 months. Instalments in the amount of EUR 116,459 were paid in 2020. The portion of liabilities falling due for payment in 2021 in the amount of EUR 120,414 was transferred to current financial liabilities at the end of 2020.

The portion of financial liabilities from lease falling due for payment in 2021 in the amount of EUR 3,077,225 was transferred to current financial liabilities at the end of 2020.

Note PS 21: Operating liabilities

In EUR

31. 12. 2020

31. 12. 2019

Operating liabilities within the Group

725,768

781,015

Operating liabilities to others

46,245

23,871

Other operating liabilities

105,491

130,407

Total

877,504

935,293

Operating liabilities within the Group comprise compensation recognised by Pošta Slovenije for workers transferred from Pošta Slovenije to IPPS, and the resulting prevention of damage to the latter’s employees due to the transfer of provisions for loyalty bonuses and severance pay.

Operating liabilities to others comprise liabilities for the variable component of wages for management staff in the amount of EUR 46,245, the right to which is set out in the relevant employment contracts and the Act Governing the Remuneration of Managers at Companies under Majority Ownership of the Republic of Slovenia. In accordance with the aforementioned act, 50% of the variable component of wages is paid based on a Supervisory Board resolution, while the other 50% is paid two years following the first payment.

According to the balance as at 31 December 2020, a portion of those wages (disclosed in non-current operating liabilities) relates to 2019. The portion of liabilities for the payment of the variable component of wages payable in 2021 in the amount of EUR 77,480 and relating to 2017, 2018 and 2019 is disclosed in current operating liabilities.

Other operating liabilities comprise donations received and other non-current operating liabilities, for which investments in business premises are accounted for in the lease thereof in accordance with the relevant agreement.

5.5.5 Current liabilities

Note PS 22: Financial liabilities

In EUR

31. 12. 2020

31. 12. 2019

Lease liabilities

2,322,540

2,258,589

Lease liabilities within the Group

292,778

85,728

Short-term portion of long-term loans

10,018,504

5,238,824

Total

12,633,822

7,583,141

Changes in financial liabilities

In EUR

2020

2019

Balance at the end of previous financial year

7,583,141

2,255,492

Transfer from non-current financial liabilities in accordance with IFRS 16

-

2,370,027

Balance as at 1 Jan

7,583,141

4,625,519

Transfer from non-current financial liabilities for loans

10,394,655

5,238,824

Transfer from non-current financial liabilities for leases

3,077,225

2,344,317

Repayment of loan liabilities

-5,614,975

-2,142,857

Repayment of lease liabilities

-2,806,224

-2,482,662

Balance as at 31 Dec

12,633,822

7,583,141

Financial liabilities for leases comprise current liabilities that fall due for payment in 2021.

Financial liabilities for loans comprise current liabilities for loans received from Nova KBM, NLB, SKB and UniCredit that also fall due for payment in 2021.

1-175

Note PS 23: Operating liabilities

In EUR

31. 12. 2020

31. 12. 2019

Trade payables within the Group

2,568,668

2,524,106

Trade payables

11,767,632

11,359,486

Liabilities from commission and consignment sales

489,011

375,388

Liabilities to employees

14,541,426

12,281,415

Current liabilities to government and other institutions

1,694,757

1,882,466

Other liabilities

3,972,145

3,018,511

Liabilities for state aid repayment*

958,000

-

Total

35,991,639

31,441,372

Liabilities for state aid repayment

In EUR

31. 12. 2020

Furloughed employees

916,357

Default interest

41,643

Total

958,000

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 PS 24: Liabilities for corporate income tax

In EUR

31. 12. 2020

31. 12. 2019

Corporate income tax liabilities

30,061

-

Total

30,061

-

Note PS 25: Liabilities from contracts with customers

In EUR

31. 12. 2020

31. 12. 2019

Advances and security deposits received

171,512

89,048

Total

171,512

89,048

Note PS 26: Deferred revenues

In EUR

31. 12. 2020

31. 12. 2019

Deferred revenues

193,716

313,271

Total

193,716

313,271

Deferred revenues comprise revenues relating to 2021 for which invoices were issued in 2020.

Changes in deferred revenues

In EUR

2020

2019

Balance as at 1 Jan

313,271

77,116

Increase

193,716

313,271

Decrease

-313,271

-77,116

Balance as at 31 Dec

193,716

313,271

Note PS 27: Other liabilities

In EUR

31. 12. 2020

31. 12. 2019

Accrued costs and expenses:

13,865,385

9,426,181

- unused annual leave allowance

3,328,389

3,222,590

- costs of international invoicing

7,358,967

4,728,138

- other costs

3,178,029

1,475,453

Total

13,865,385

9,426,181

An increase in other liabilities primarily relates to the international invoicing of postal services, particularly due to the agreement concluded between postal operators in the scope of the International Remuneration Agreement Europe (IRA-E), which in 2020 expected a reduction in quantities due to COVID-19, resulting in a lower utilisation of accrued costs arising from international invoicing.

1-176

Note PS 28: Contingent assets and liabilities

Received and issued guarantees and sureties

In EUR

31. 12. 2020

31. 12. 2019

Guarantees, sureties and bills of exchange received

2,578,001

2,834,486

Guarantees and sureties issued for Group companies

53,616,166

475,347

Guarantees and sureties issued

3,967,762

13,199,794

Total

60,161,929

16,509,627

Guarantees, sureties and bills of exchange received comprise performance guarantees received.

Guarantees and sureties issued for Group companies comprise guarantees issued to the subsidiaries APS PLUS d. o. o., PS Logistika d. o. o. and Intereuropa d. d. The increase in sureties relates to a large extent to the surety issued by Pošta Slovenije to subsidiary Intereuropa d. d. in the amount of 80% of the liability for a long-term loan, for the long-term credit line and guarantee facility, which as at 31 December 2020 amounted to EUR 53,156,000.

Issued guarantees comprise customs and other guarantees.

5.5.6 Operating revenues

Note PS 29: Sales revenue

In EUR

2020

2019

Revenues from sales of services on the domestic market

227,178,312

221,028,732

Revenues from sales of services on foreign markets

12,840,381

14,346,763

Revenues from sales of goods and materials on the domestic market

500,458

542,700

Revenues from sales of goods and materials on foreign markets

84,142

97,764

Total

240,603,293

236,015,959

Sales revenue comprises revenues from postal and other services provided on the domestic market and in international postal transactions, revenues from financial services, and revenues from the sale of merchandise.

In EUR

2020

2019

Revenues from contracts with customers

239,529,902

234,812,588

Rental income

1,073,391

1,203,371

Total

240,603,293

236,015,959

Sales revenue was generated primarily in the Republic of Slovenia.

Note PS 30: Other revenue

In EUR

2020

2019

Capitalised own products and services

1,800

-

Revenues from subsidies

7,825,175

505,541

Gains on the sale of property, plant and equipment and investment property

916,141

266,340

Reversal of provisions

71,014

104,463

Reversal of accrued costs

250,936

180,208

Compensation received

215,680

349,865

Other revenues

207,840

261,095

Total

9,488,586

1,667,512

In EUR

Revenues tied to state aid

COVID-19 subsidies

7,313,637

Total

7,313,637

Subsidies received in connection with COVID-19 in the amount of EUR 7,313,637 comprise withheld contributions for regular work and force majeure, a subsidy from the Employment Service of Slovenia for force majeure, crisis bonus invoiced in December 2020, compensation for force majeure and quarantine, and refund for sick leave up to three and 30 days.

Revenues from subsidies as the result of exceeding the quota of disabled persons and the exemption from the payment of contributions for those persons in the amount of EUR 336,389, and other subsidies (energy efficiency, projects and training programme initiatives) amounted to EUR 175,149.

Pursuant to the Vocational Rehabilitation and Employment of Disabled Persons Act, a 3% quota for the employment of disabled persons was set for Pošta Slovenije. Pošta Slovenije is entitled to a bonus in the amount of 25% of the minimum monthly wage for each disabled employee (whose disability is the result of illness or injury outside the workplace) over the prescribed quota (totalling EUR 136,387 in 2020), and is exempt from the payment of employer contributions for disability and pension insurance (totalling EUR 200,002 in 2020).

1-177

Gains on the sale of fixed assets comprise the positive difference between the selling price of fixed assets and their current carrying amount, and primarily relate to the sale of a commercial building (administrative building) in Kranj.

Reversal of provisions comprises the reversal of provisions for loyalty bonuses and severance pay as the result of the reassignment of employees from Pošta Slovenije to the subsidiary IPPS, and the reversal of provisions for lawsuits from completed labour disputes, commercial disputes and civil suits.

Reversal of accrued costs relates to the reversal of costs for annual leave at the end of 2019, which was due to the over-accrual of costs of unused annual leave for the same year, and the reversal of costs due to unpaid performance bonuses and severance pay for 2019.

Compensation received includes compensation for damaged transportation equipment and damage to buildings, reimbursed damages for lost postal items, and compensation for the untimely fulfilment of contractual obligations.

Other items include 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.

5.5.7 Operating expenses

Note PS 31: Historical cost of goods sold, costs of material and energy

Historical cost of goods sold, costs of material and energy

In EUR

2020

2019

Historical cost of goods sold

467,273

490,148

Costs of materials and energy

11,779,101

10,841,299

- costs of materials

3,636,604

1,994,330

- energy costs

6,424,076

6,721,679

- write-off of small inventory

1,005,535

1,461,851

- stationery supplies and technical literature

712,823

663,432

- other costs of materials and inventory differences for materials

63

7

Total

12,246,374

11,331,447

Note PS 32: Costs of services

In EUR

2020

2019

Transport costs

8,227,183

9,557,416

Rents

671,869

1,204,468

Costs of services in connection with fixed asset maintenance

10,199,208

8,977,685

Costs of postal services

10,181,197

10,546,252

Reimbursement of work-related expenses

179,765

1,287,276

Costs of intellectual and personal services

15,031,332

13,283,269

Insurance premiums

4,327,557

3,517,427

Costs of banking and payment services

2,713,447

2,381,696

Costs of trade fairs, advertising, publicity and promotion

1,485,829

1,653,128

Costs of student work

2,601,616

4,480,033

Cleaning costs

1,933,080

1,663,472

Costs of tolls and forwarding services

430,337

675,924

AKOS fee

460,227

363,637

Costs of other services

1,753,660

1,820,691

Total

60,196,307

61,412,374

Costs of auditing services

In EUR

2020

2019

Auditing of the annual report

49,059

55,666

Other assurance services

1,101

1,101

Total

50,160

56,767

Note PS 33: Labour costs

In EUR

2020

2019

Wages and salaries

127,059,651

122,481,534

Reimbursement of meal and travel allowances

12,491,486

11,929,795

Annual leave allowance

7,480,732

5,990,838

Provisions for loyalty bonuses and severance pay

1,215,702

1,139,871

Other labour costs

5,996,243

1,010,905

Total

154,243,814

142,552,943

1-178

2020

2019

Average number of employees based on hours worked

5,510

5,451

Labour costs per employee (in EUR)

27,991

26,153

Remuneration of the Executive Management, Supervisory Board and employees on individual contracts

In EUR

2020

2019

Executive Management

289,664

351,601

Supervisory Board

135,823

147,757

Employees under individual contracts

2,877,612

2,420,674

Total

3,303,099

2,920,032

Earnings of the Executive Management

2020

Gross wages (1)

Variable element of wages (2)

Fringe benefits (3)

Total gross wages (1+2+3)

Total net wages*

Travel expenses and daily allowances

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

Skupaj

266,193

-

15,325

281,518

140,867

8,146

* 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.

Earnings of members of the Supervisory Board, and its audit committee and human resource committee