Integrated Annual Report 2020 Executive Supervisory Financial About Our Integrated Annual 2 Introduction Board Report Board Report Statements Report Report 2020
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Integrated Annual Report 2020 Executive Supervisory Financial About our Integrated Annual 2 Introduction Board report Board report statements report Report 2020 Table of contents Key information ...............................................................3 Governance ................................................................... 63 Letter from the CEO .................................................................................4 Corporate Governance report ........................................................64 Our operations ..............................................................................................6 Ethics and compliance ........................................................................ 76 Innovative and consumer-centric approach Compliance Management ...............................................................78 to redefine the e-commerce delivery experience ............8 Our policies ...................................................................................................80 Responding to the COVID-19 pandemic ..................................9 Risk Management System................................................................82 InPost on EURONEXT .............................................................................13 Supervisory Board report ........................................................94 History ................................................................................................................14 Report of the Supervisory Board ................................................. 95 Our strategy .................................................................. 15 Remuneration Report .......................................................................... 97 Our strategy ................................................................................................. 16 Consolidated financial statements Supporting a sustainable future ................................................... 19 Integer.pl s.a. group ................................................... 100 Performance & developments ................................23 Consolidated statement of comprehensive Operating activities – Poland..........................................................24 income ............................................................................................................. 101 Operating activities – international ............................................25 Consolidated statement of financial position ................. 102 Financial overview ................................................................................... 27 Consolidated statement of cash flows ..................................104 Environment ...................................................................32 Consolidated statement of changes in equity ................106 Environmental management ........................................................33 Notes and explanations ....................................................................107 Reducing the impact on the climate .......................................34 About the report ....................................................173 Educational activities ...........................................................................42 Society and employees .......................................... 44 Employment, upgrading employee skills and benefits ................................................................................................45 Employer branding .................................................................................51 Diversity ...........................................................................................................53 Health and safety .....................................................................................54 Charity and sponsorship......................................................................55 Executive Supervisory Financial About our Integrated Annual 3 Introduction Board report Board report statements report Report 2020 Chapter 1 Key information Executive Supervisory Financial About our Integrated Annual 4 Introduction Board report Board report statements report Report 2020 Letter from the CEO Dear Shareholders, As the safest, most convenient and greenest solution The backbone of our consumer-centric offering and for e-commerce deliveries, we expect to continue to operating model are our investments in technology. It is with great pleasure and benefit from these structural tailwinds in all our geo- We have created a scalable platform that allows us to immense pride that I write this drive both continual improvements to the user expe- letter as the CEO of InPost. 2020 graphies, supporting our vision of becoming Europe’s rience, as well as delivering even greater operational was a year of unprecedented leading out-of-home automated solution for e-com- change, impacting our ways of merce. efficiencies in areas such as automation and courier life in so many ways. COVID-19 routing. By leveraging the unique insights and data we I am also proud of how we reacted to support our com- has accelerated an irreversible have gained, this provides multiple opportunities to munities and economy, as the impact of the pandemic shift towards the digital economy, further differentiate and extend our leadership position. fast-tracking years of e-commerce started to take effect. Our automated parcel machines penetration in only 12 months. (APMs) quickly became the only automated and con- APMs are also the most sustainable form of delivery. Against this backdrop, InPost had tactless form of delivery, available 24 hours a day, 7 days Over the course of the year, we generated more than an outstanding year. We took a week, enabling merchants and local governments to 100,000 tons of CO2 savings to the environment, while multiple steps to accelerate our simultaneously reducing traffic and noise pollution. We pan-European growth strategy continue to safely offer goods and services to tens of and delivered exceptional financial millions of consumers. recently piloted our “Green City” projects which aim to educate consumers and support local governments to results. At the heart of InPost sits our consumers. Since we reduce air pollution in Poland. created InPost, our focus has been on continually bringing new innovations to the marketplace. With One of our key elements of strategy is to expand the 5.7 million active users, the InPost mobile app has quic- capacity and density of our APM network to drive con- kly become the most downloaded mobile application sumer and merchant adoption. During 2020, we incre- in Poland, driving user engagement and brand loyalty. ased the number of APM locations in Poland by 50% By combining unique innovations such as remote loc- and expanded our locker capacity to almost 1.5 million, ker openings and labelless returns, with our unrivalled an increase of 78% compared to 2019. Putting this into convenience and speed of delivery, we have created context, we estimate that half of the Polish population a best-in-class consumer experience and e-commerce live within a 7 minute walk of an InPost APM. ecosystem. Executive Supervisory Financial About our Integrated Annual 5 Introduction Board report Board report statements report Report 2020 We also deepened and broadened our merchant while delivering additional margin expansion and fur- relationships, both in Poland and internationally, who ther improvements to our cash conversion rate. continue to benefit from the significant value we bring The beginning of the new year has also seen us them. Deliveries to APMs are typically 20-25% cheaper achieve two important milestones. First, we completed than traditional to-door services, while providing additio- a successful listing on Euronext Amsterdam, which nal capacity and quality of experience to support their was Europe’s largest ever technology IPO. Second, we growth. Towards the end of the year, we agreed a new announced the proposed acquisition of Mondial Relay “win-win” 7-year contract with Allegro, that will support - which would accelerate our international expansion the long-term growth of both companies. strategy, giving us an immediate footprint in one of We also continued to expand our network and enhance Europe’s largest e-commerce markets and providing our consumer offering in the UK, and saw a significant multiple levers to create shareholder value. Combined acceleration in our performance throughout the year. with our rapid rollout in the UK, we would become In the fourth quarter of 2020, parcel volumes increased Europe’s leading out-of-home automated solution for by 400% year-on-year as we integrated new merchants e-commerce. to our platform and accelerated our APM rollout. Finally, I would like to thank our employees for their Looking ahead, we plan to accelerate the flywheel dedication and passion – particularly given the chal- effect in Poland and internationally, further enhancing lenging circumstances over the last year- as well as our value proposition to consumers, and supporting our customers, partners and investors for their ongo- our long-term growth ambitions. ing support. Through our combined efforts and clear We delivered exceptional financial results in 2020. mission, we continue to look forward to the future with Revenues more than doubled, adjusted EBITDA confidence. surpassed PLN 1 billion, and free cash flow increased ten-fold, while we still continued to increase our invest- ments in Poland and the UK. This