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Press release
                                                                                                                                                                                                                           Cracow, 1 March 2013 Group – 4Q 2012 results Group – an independent postal and financial operator and the provider of innovative e-commerce solutions demonstrated a net profit of 49.43m PLN after 4Q 2012, which indicates an increase by 116.3% in comparison with 2011. The Group’s consolidated revenue reached 281.85m PLN, an increase by 13.2% compared to the previous year.


After 4Q 2012, the Group’s consolidated operational profit reached 51.77m PLN, an increase by 82% compared to 2011. The consolidated earnings per share increased by more than 116%, from 3.85 PLN to 8.32 PLN, respectively.
 Group reported the consolidated revenue of 82.31m PLN in the fourth quarter of 2012, indicating a 9% increase when compared to the analogous period of the previous year. At the same time, according to the significant acceleration of the development process on international markets connected with the development of easyPack network, and therefore one-time events reducing the results of core business, the Group reported the lower net profit and operational profit when compared to the same period 2011.


The decision of the Management Board of the Group that assumes faster implementation of the adopted schedule of international expansion, and thus the necessity to prepare the settle the higher operating costs still in 4Q 2012, is justified by the favourable conditions on foreign e-commerce markets. Simultaneously, the Board of the Group explains, that the expenses related to the intensification of the investment process, including the implementation of easyPack service on six instead of the planned three international markets, were incurred in the deferred revenues for one year from the easyPack project. Thus, the financial results of 4Q 2012 are the effect of the consolidation of significant but single costs related to the accelerated service development on new markets. However, that means the implementation procedures will be completed earlier than expected, reaching the break-even point, and the increase in sales of the Group’s high-margin products and services.


„the international easyPack network offensive is based on the huge investments, we’ve been anticipated starting the project. That’s why we decided to cooperate with PineBridge Investments. We assume that our operations on foreign markets in the next few months, may generate a significant volume, which will also be reflected in the financial results achieved by the Group. easyPack by InPost project in terms of technology sale has been profitable from the very beginning, while its breakeven point is expected still in 2013. It means that in 2014 Group will make money on it”, said Rafał Brzoska, the CEO of Group.


Events affecting the results of 4Q 2012 include:

  • consolidation of expenses in 4Q 2012, incurred by the special purpose companies set up for the easyPack international project
  • Operating costs associated with the easyPack implementation projects in 2013 in the United Kingdom, the Netherlands, Switzerland, Hungary and the Scandinavian countries, including expenses incurred in the fourth quarter of 2012 on:
    • implementation of easypack by InPost on foreign markets and acquisition of new locations,
    • adopting the easyPack machines for the needs of specific markets and the network integration with the European e-commerce platforms and courier companies, that cooperate with the Group within the network
    • recruiting the teams dedicated to the projects being implemented on local markets
  • costs of participation in the following international tenders for the manufacture, supply and installation of easyPack machines
  • preparation of reserves for possible actions under the service warranty contracts covering the easyPack machines sold to any external operators

The results for 4Q 2012 also include:
settlement of annual sales bonuses for business customers who have extended a contract with an independent postal operator, InPost belonging to the Group
preparation of reserves for the jeopardized receivables in favour for the Group


The current economic situation of the Group provides an efficient financing both for the already started ones, as well as for the new projects, despite the high capital expenditures associated with their implementation. The solutions introduced by the Group are promising in terms of their profitability, due to the high usability and functionality, constantly increasing consumer demand for new technologies and the rapid development of markets, sectors and industries, which they are dedicated to. Therefore, the Board of Group assumes a significant return on their long term investment. In addition, the Group’s established stable position on the market, diversification of its activities and ever growing number of customers fully protects it against financial risk incurred in connection with the on-going investments. Through strategic projects across the international markets, in the next few years, the Group's revenues will amount to 20-40 million per year.


Mr Brzoska adds, ‘in the following quarters of 2013 and 2014, we can see a huge potential of development for the Group. On the one hand, the easyPack project will start to be profitable, especially as far as the British e-commerce sector is considered, which is valued at 14 times higher than the Polish one. On the other hand, our share in the postal market shall systematically grow, too. We assume, after 1 January 2013, the segment of parcels up to 50g should grow at least by 25%. We expect a number of new contracts both with business customers, and public institutions. Based on this data, we estimate our market share will increase up to 20% by the end of 2013, compared with 16% reported in 2012’.


The Group strategic business objectives include:

  • : The increase in sales of postal services in Poland, especially in the context of the full liberalization of the postal market, which took place on 1 January 2013:
    • Increase in the market share of postal and courier services from 16% in 2012 to 20% by the end of 2013
    • Gaining new contracts since the market is fully liberalized, especially with public institutions as well as new business partners
    • The planned increase in sales of high-margin services, such as registered and express letters, and money transfers
    • An increase in number of mail delivered from 70m in 2009, over 123.5m in 2010, more than 144m in 2011, and 200m in 2012, up to a threshold of 250m of mail items in 2013
    •  By the end of 2013, opening of another 1700 Customer Service Points, in December 2013, the Group plans to manage a network of 2600 offices, providing its services for individual customers in 750 localities and for institutional clients in 10000 ones
    • the development and expansion of portfolio of Power Post /hybrid mail service/, combining the traditional postal services with an electronic mail functionalities
  • The commercial international launch of services based on the automatic postal terminals is planned for the 2nd half of 2013:
    • Pilotage on foreign markets in the first half of 2013 - at an estimated cost of 700 thousand euros
    • sale of technology and equipment to foreign postal operators. The Company estimates that the market price of devices - for sale to the external partners - will fluctuate within the limits of 150 - 200 thousand PLNper one machine
    • creation of subsidiaries with local partners
  • The consistent building a market leading position in the e-commerce sector, including the development of easypack service in Poland:
    • Launching of another 350 devices to build a network of 1000 machines in Poland
    • Management of the polish biggest and the world’s second biggest network of machines used for sending and collecting parcels 24 hours a day
  • International expansion of easyPack by InPost machines:
    •  By the end of 2016, the Group plans to launch 16000 easypack machines throughout Europe in cooperation with PineBridge Investments, a global private equity fund (as the EasyPack, the joint venture company,)

The Group plans to spend about 65m euros for the development of easyPack by InPost service by the end of 2013, and the 4-year project of international expansion is valued at 300m euros approximately.


In 2013 the Group’s financial results will be influenced by:

  • Dynamic development of Inpost Finanse, operating in financial and insurance sector:
    • Implementation of current contract and gaining the new ones with the institutions representing the public sector
    • Enlargement product portfolio with the insurance services - thanks to the cooperation with LINK4 and Generali Group
    • Increased sales of financial services in the InPost Customer Service Points, launching new agencies and franchise branches in other Polish cities
    • Implementation and development of further innovative services offered by InPost Finance: mobile payments and outsourcing of e-documents, aiming at the increase of clients served
    • Development of ProfesKasa S.A. acting on the micropayments market, where InPost Finanse is a shareholder
    • Development of business activities in Ukraine based on company in terms of distribution of unaddressed mail and easyPack by InPost service

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