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-
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
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.
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
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.
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
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.
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.
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.
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.
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
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
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.
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.
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.
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).
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
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