CONSOLIDATED FINANCIAL STATEMENTS OF
ALLEGRO.EU S.A. GROUP
For the year ended 31 December 2024
Consolidated
Financial Statements
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
5
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note
01.01 - 31.12.2024
01.01 - 31.12.2023
Revenue
10
Other operating income
19.2
Total revenue and other operating income
Operating expenses
(8,108,938 )
(7,836,463 )
Payment charges
(164,527 )
(159,578 )
Cost of goods sold
(1,512,455 )
(2,322,133 )
Cost of delivery
10.5
(2,835,015 )
(2,307,571 )
Marketing service expenses
(1,610,538 )
(1,231,724 )
Staff costs net
(1,237,221 )
(1,169,484 )
(1,527,375 )
(1,427,702 )
IT service expenses
(225,105 )
(201,906 )
(234,585 )
(220,173 )
Other expenses net
(509,505 )
(396,336 )
(619,475 )
(493,453 )
Net impairment losses on financial and contract assets
33.2
(14,572 )
(47,731 )
Operating profit before amortisation and depreciation
and impairment losses on non-current non-financial
assets
Amortisation, Depreciation and Impairment losses of
non-current non-financial assets
(1,043,960 )
(1,623,976 )
Amortisation
(711,897 )
(730,037 )
Depreciation
(250,504 )
(244,077 )
Impairment losses of non-current non-financial assets
32
(81,559 )
(649,862 )
Operating profit
Net Financial costs
11
(343,677 )
(289,952 )
Financial income
Financial costs
(479,255 )
(364,203 )
Profit before Income tax
Income tax expenses
12
(408,819 )
(216,111 )
Net Profit
Other comprehensive income
(12,136 )
(229,149 )
(9,932 )
(232,791 )
Gain/(Loss) on cash flow hedging
(29,041 )
Cash flow hedge - Reclassification from OCI to profit or
loss
(104,942 )
(220,039 )
Deferred tax relating to these items
Exchange differences on translation of foreign operations
(42,429 )
(2,204 )
Remeasurements of post-employment benefit obligations
(2,719 )
Deferred tax relating to these items
(856 )
Total comprehensive income for the period
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
6
Net profit for the period is attributable to:
Shareholders of the Parent Company
Total comprehensive income for the period is
attributable to:
Shareholders of the Parent Company
Earnings per share for profit attributable to the
ordinary equity holders of the company (in PLN)
13
Basic
Diluted
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
7
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
Non-current assets
Note
31.12.2024
31.12.2023
Goodwill
14
Other intangible assets
14
Property, plant and equipment
15
Derivative financial assets
28
Other receivables
Prepayments
18
Deferred tax assets
25
Investments
Restricted cash
22
Total non-current assets
Current assets
Inventory
16
Trade and other receivables
17
Prepayments
18
Consumer loans
19
Other financial assets
20
Derivative financial assets
28
Income tax receivables
Cash and cash equivalents
21
Restricted cash
22
Total current assets
TOTAL ASSETS
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
8
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONT.)
EQUITY AND LIABILITIES
Equity
Note
31.12.2024
31.12.2023
Share capital
30
Capital reserve
Exchange differences on translating foreign operations
Cash flow hedge reserve
Actuarial gain/(loss)
Other reserves
30.2
Treasury shares
30.3
(107,980 )
(69,499 )
Retained earnings
Net result
Equity allocated to shareholders of the Parent
Total equity
Non-current liabilities
Borrowings
23
Lease liabilities
24
Other financial liabilities
Deferred tax liability
25
Liabilities to employees
26
Derivative financial liabilities
28
Total non-current liabilities
Current liabilities
Borrowings
23
Lease liabilities
24
Trade and other liabilities
27
Income tax liability
Liabilities to employees
26
Derivative financial liabilities
28
Total current liabilities
TOTAL EQUITY AND LIABILITIES
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
9
CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
Share
Capital
Capital
reserve
Exchange
differences on
translating
foreign
operations
Cash flow
hedge reserve
Actuarial
gain/(losses)
Other
reserves
Treasury
shares
Retained
earnings
Net result
Equity
allocated to
shareholders
of the Parent
Total
As at 01.01.2024
(69,499 )
Profit/(loss) for the period
Other comprehensive income
(27,963 )
(2,204 )
(12,136 )
(12,136 )
Total comprehensive income for the period
(27,963 )
(2,204 )
Transfer of profit/(loss) from previous years
(284,058 )
Acquisition of treasury shares (see note 30)
(103,920 )
(103,920 )
(103,920 )
Allegro Incentive Plan - release of treasury
shares (see note 30)
(65,439 )
Allegro Incentive Plan - accrued (see note 30)
Allegro Incentive Plan - vested shares (see
note 30)
(75,381 )
Transactions with owners in their capacity
as owners
(38,481 )
(284,058 )
As at 31.12.2024
(107,980 )
As at 01.01.2023
(1,200 )
(1,916,796 )
Profit/(loss) for the period
Other comprehensive income
(42,429 )
(190,362 )
(229,149 )
(229,149 )
Total comprehensive income for the period
(42,429 )
(190,362 )
Transfer of profit/(loss) from previous years
(1,916,796 )
Acquisition of treasury shares (see note 30)
(87,626 )
(87,626 )
(87,626 )
Allegro Incentive Plan - release of treasury
shares (see note 30)
(19,327 )
Allegro Incentive Plan - accrued (see note 30)
Allegro Incentive Plan - vested shares (see
note 30)
(35,337 )
Transactions with owners in their capacity
as owners
(68,299 )
(1,916,796 )
As at 31.12.2023
(69,499 )
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
10
CONSOLIDATED STATEMENT OF CASH FLOWS
Note
01.01 - 31.12.2024
01.01 - 31.12.2023
Profit before income tax
Amortisation, Depreciation and Impairment losses of non-current
non-financial assets
Net interest expense (excluding interest on leases)
11
Interest on leases
31.3
Non-cash employee benefits expense – share based payments
30.2
Revolving facility availability fee
11
Net (gain)/loss exchange differences
Net (gain)/loss on sale of non-current assets
(1,976 )
(Increase)/Decrease in trade and other receivables and prepayments
31.3
(Increase)/Decrease in inventories
31.3
Increase/(Decrease) in trade and other liabilities
31.3
(34,534 )
(Increase)/Decrease in consumer loans
31.3
(99,624 )
(36,386 )
Increase/(Decrease) in liabilities to employees
31.3
(Increase)/Decrease in cash restricted
31.3
(54,691 )
Other
(3,251 )
Cash flow from operating activities
(327,457 )
(365,228 )
Net cash inflow/(outflow) from operating activities
Cash flows from investing activities
Payments for property, plant, equipment and intangibles
(618,725 )
(470,465 )
Purchase of mutual fund units
20
(25,000 )
Other
Net cash inflow/(outflow) from investing activities
(640,451 )
(466,843 )
Cash flows from financing activities
Acquisition of treasury shares
30.3
(103,920 )
(87,626 )
Borrowings received
31.2
Arrangement fee paid
(5,150 )
(40,460 )
Borrowings repaid
31.2
(300,000 )
(487,500 )
Interest rate hedging instrument settlements
Interest paid
31.2
(473,769 )
(576,846 )
Lease payments
31.2
(184,987 )
(166,087 )
Revolving facility availability fee payments
(5,356 )
(5,280 )
Net cash inflow/(outflow) from financing activities
(967,342 )
(883,900 )
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effect of movements in exchange rates on cash held
(5,569 )
(18,551 )
Cash and cash equivalents at the end of the financial year
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Notes to the Consolidated
Financial Statements
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
12
1. GENERAL INFORMATION
Allegro.eu and the other members of the Group were established for an unspecified period. The Group is
registered in
, and its registered office is located at
.
The Parent was established as a limited liability company (société à responsabilité limitée) in
May 2017. The Parent was transformed into a joint-stock company (société anonyme) on 27 August 2020.
The Parent’s shares have been listed on the Warsaw Stock Exchange (‘WSE’) since 12 October 2020.
The Group operates on
. The Group’s most significant operating entities in Poland are: Allegro Sp. z o.o. (‘Allegro’),
Allegro Pay Sp. z o.o. (‘Allegro Pay’), Ceneo.pl Sp. z o.o. (‘Ceneo’) and eBilet Polska Sp. z o.o. (‘eBilet’). In the Czech
Republic the Group operates through Allegro Retail a.s. and in Slovenia through Mimovrste d.o.o (‘Mimovrste’).
The detailed information regarding the Group structure and the country of domicile of each legal entity within the
Group is presented in note 7.
These Consolidated Financial Statements were prepared for the year ended 31 December 2024 with comparative
amounts for the year ended 31 December 2023.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
13
2. BASIS OF PREPARATION
These Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024 were
prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS), binding as at
31 December 2024 (together ‘the Consolidated Financial Statements’).
These Consolidated Financial Statements were prepared on the historical cost basis except for certain financial
assets and liabilities measured at fair value.
The Consolidated Financial Statements were prepared on the assumption that the Group would continue as a
going concern for at least 12 months subsequent to the date of the authorisation of these Consolidated Financial
Statements. In making this going concern assumption Management took into consideration all available
information about the future. Based on the current assessment, climate-related matters do not create material
uncertainties regarding events or conditions that might cast significant doubt on the Group's ability to continue
as a going concern (see note 32.9 disclosing the impact of the climate related risks on these Consolidated Financial
Statements).
The summary of the material accounting policies applied in the preparation of these Consolidated Financial
Statements is presented in note 3. These accounting policies were applied by the Group consistently in all periods
presented, unless indicated otherwise.
There were no other changes in accounting policies in the period covered by the Consolidated Financial
Statements of Allegro.eu S.A. ended 31 December 2024, except for the change in the name of one line item made
in the statement of comprehensive income described below to better reflect the nature of the expenses
aggregated within this line item and the presentation change in the Consolidated Statement of Cash Flow
described below.
Considering the scale-up of Allegro Logistic operations, which consequently increases the proportion of deliveries
where Allegro acts under the principal model (either through its own logistics network or through third-party
delivery services where the Group assumes responsibility for fulfilling the delivery), the Group has changed the
name of ‘net cost of delivery line’ in the statement of comprehensive income to ‘cost of delivery.’
accounted for under the agent model, together with the logistics costs incurred from the Group’s own delivery
methods. In both periods, at least 80% of ‘Cost of delivery’ can be attributed to the agent model.
Moreover, in the Consolidated Statement of Cash Flows for the year ended 31 December 2023, the change in
restricted cash was presented under the line 'Increase/Decrease in Trade and Other Receivables and
Prepayments.' This year, the Group amended the presentation by excluding the change in restricted cash and
presenting it on a separate line due to its significance. The comparatives were represented in this respect.
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
3.1 Basis of preparation
MEASUREMENT OF ITEMS DENOMINATED IN FOREIGN CURRENCIES
Transactions in foreign currency are converted into the functional currency using the exchange rates of the
national banks of the respective countries prevailing at the dates of the transactions or on valuation dates (when
items are re-measured). Foreign exchange gains and losses arising from settlement of those transactions and
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
14
from translation at the exchange rate prevailing as at the reporting period end date are recognised on a net basis
in the profit or loss. Measurement as at the balance sheet date, used the exchange rate prevailing as at the
reporting period end date.
THE PRESENTATION AND FUNCTIONAL CURRENCY
The presentation currency of the Consolidated Financial Statements is the Polish zloty (‘PLN’).
The results and financial position of Group companies that have a functional currency different from the
presentation currency (whose functional currency is not the currency of a hyperinflationary economy) are
translated into the presentation currency as follows:
•
assets and liabilities for each statement of financial position presented (i.e. including comparatives) shall
be translated at the closing rate at the date of that statement of financial position;
•
income and expenses for each statement presenting profit or loss and other comprehensive income (i.e.
including comparatives) shall be translated at exchange rates at the dates of the transactions; and
•
all resulting exchange differences shall be recognised in other comprehensive income.
Items included in the financial statements of each of the Group’s entities are measured using the currency of the
primary economic environment in which the entity operates (‘functional currency’). These Consolidated Financial
Statements of Allegro.eu S.A. Group are presented in the Polish Zloty which is the functional and presentation
currency of the Parent.
As at 31 December 2024 and 31 December 2023 the Group's entities had functional currencies as follows:
Functional currency
2024
2023
Polish zloty (PLN)
Allegro.eu S.A.
Allegro Treasury S.à r.l.
Allegro Sp. z o.o.
Opennet.pl Sp. z o.o.
eBilet Polska Sp. z o.o.
Allegro Finance Sp. z o.o.
SCB Warszawa Sp. z o.o.
Allegro Pay Sp. z o.o.
Ceneo.pl Sp. z o.o.
Allegro.eu S.A.
Allegro Treasury S.à r.l.
Allegro Sp. z o.o.
Opennet.pl Sp. z o.o.
eBilet Polska Sp. z o.o.
Allegro Finance Sp. z o.o.
SCB Warszawa Sp. z o.o.
Allegro Pay Sp. z o.o.
Ceneo.pl Sp. z o.o.
Euro (EUR)
Mimovrste d.o.o.,
Internet Mall Slovakia s.r.o.,
WE|DO SK s.r.o
Internet Mall d.o.o.
Mimovrste d.o.o.,
Internet Mall Slovakia s.r.o.,
WE|DO SK s.r.o
Internet Mall d.o.o.
Czech Crown (CZK)
Allegro Retail a.s.
Mall Group a.s.,
Internet Mall a.s.,
CZC.cz s.r.o.,
AMG Media a.s.,
WE|DO CZ s.r.o
Hungarian Forint (HUF)
Internet Mall Hungary Kft.,
m-HU Internet Kft.
Internet Mall Hungary Kft.,
m-HU Internet Kft.
CONSOLIDATION
The Consolidated Financial Statements were prepared on the basis of the financial statements of the Parent,
Allegro.eu, and the financial information of entities controlled by the Parent, prepared as at and for the period
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
15
ended 31 December 2024. Allegro.eu Société anonyme is the topmost entity within the corporate hierarchy,
responsible for preparation of Consolidated Financial Statements.
Except for the note with relation to share and per share amounts and unless otherwise stated, these Consolidated
Financial Statements have been prepared in PLN thousand, and all amounts are stated in PLN thousand. All
material balances and transactions between related entities, including material unrealised profits resulting from
such transactions, have been fully eliminated.
Subsidiaries are consolidated under the acquisition accounting method from the moment that the Group has
assumed control over them, and will cease to be consolidated when the Group loses control.
The Group accounts for business combinations under the acquisition method. The consideration for the acquired
subsidiary constitutes the fair value of the assets transferred, liabilities incurred in respect of former owners of
the target company and equity instruments issued by the Group. The consideration includes the fair value of any
asset or liability resulting from a contingent consideration arrangement. Identifiable assets, liabilities and
contingent liabilities acquired as a result of a business combination are initially measured at fair value as at the
acquisition date.
Transaction costs arising on acquisitions are recognised in profit or loss when incurred.
The material accounting policies relating to the material transactions/events/conditions are presented in the
respective notes which relate to such items.
3.2 Changes in accounting policies
3.2.1 New and amended standards and interpretations adopted by the
Group
In these Consolidated Financial Statements the following amendments and new standards that came into effect
as of 1 January 2024 were applied.
New standard or amendment
Issued on
Effective for annual
periods beginning
on or after
Group's
assessment of the
regulation
Amendments to IFRS 16 – Lease liability in sale and
leaseback
28 November 2022
1 January 2024
No impact
Amendments to IAS 1 – Classification of Liabilities as
Current or Non-current and Non-current liabilities with
covenants
15 July 2020
1 January 2024
Reflected in the note
23.2 (additional
disclosure on
covenants added)
Amendments to IAS 7 and IFRS 7 – Supplier Finance
Arrangements
25 May 2023
1 January 2024
No impact
IFRIC Agenda Decision on IFRS 8 - Segments
11 June 2024
11 June 2024
The impact of this
decision has been
reflected in note 9 (all
material cost line
items are disclosed
by segments)
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
16
3.2.2 Standards and interpretations published but not yet applicable,
which have not been early applied by the Group
Certain new standards, amendment to standards and interpretations have been issued that are mandatory for
the annual periods beginning on or after 1 January 2024 or later, and which the Group has not early adopted.
New standard or amendment
Issued on
Effective for annual
periods beginning
on or after
Group's
assessment of the
regulation
Amendments to IAS 21 Lack of Exchangeability
15 August 2023
1 January 2025
No impact
Amendments to IFRS 9 and IFRS 7: Classification and
Measurement of Financial Instruments
30 May 2024
1 January 2026
Assessment in
progress
[1]
Amendments to IFRS 9 and IFRS 7 Contracts
Referencing Nature-dependent Electricity
18 December 2024
1 January 2026
Assessment in
progress
[2]
Annual Improvements Volume 11 (issued on 18 July
2024)
18 July 2024
1 January 2026
Assessment in
progress
[2]
IFRS 18 Presentation and Disclosure in Financial
Statements
9 April 2024
1 January 2027
Assessment in
progress
[3]
IFRS 19 Subsidiaries without Public Accountability:
Disclosures
9 May 2024
1 January 2027
No impact (not
relevant for the
Group)
[1] The Group is evaluating the impact of the IFRS 9 amendments on its consolidated financial statements, particularly regarding
the classification and presentation of cash in transit. These amendments provide further clarification on the recognition and
derecognition for certain financial assets and liabilities, introducing a specific exception for financial liabilities settled via
electronic cash transfer systems. Under the revised guidance, funds received through electronic payment systems as settlement
of receivables cannot be recognised as ‘cash and cash equivalents’ until the funds are deposited into the Group’s bank account.
The Group has preliminarily determined that these changes will lead to a decrease in ‘cash and cash equivalents’, accompanied
by a corresponding increase in ‘trade and other receivables’, as cash in transit will no longer qualify as "cash and cash
equivalents’. Until the amendments to IFRS 9 are implemented, cash in transit via electronic cash transfer systems will continue
to be reported as ‘cash and cash equivalents’. The Group has not yet quantified the impact of this amendment.
[2] The Group is currently assessing the impact of the amendments and improvements on its consolidated financial statements.
[3] Management is currently assessing the detailed implications of applying the new standard on the consolidated financial
statements. Based on a high-level preliminary assessment, no significant changes are anticipated in the information currently
disclosed in the notes, as the requirement to present material information remains unchanged. However, the way in which the
information is grouped may be adjusted due to the application of aggregation and disaggregation principles.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
17
4. COMPOSITION OF THE BOARD OF DIRECTORS
As at 31 December 2023, the Board of Directors comprised:
•
Darren Huston (Chairman of the Board)
•
Roy Perticucci (Group Chief Executive Officer)
•
Jonathan Eastick (Group Chief Financial Officer)
•
Pedro Arnt
•
David Barker
•
Nancy Cruickshank
•
Catherine Faiers
•
Paweł Padusiński
•
Richard Sanders
•
Carla Smits – Nusteling
•
Tomasz Suchański
During 2024 the composition of the Board of Directors changed:
•
Laurence Bourdon-Tracol (appointed 26 June 2024)
•
Darren Huston (stepped down 26 June 2024)
•
Gary McGann (appointed 26 June 2024)
•
Paweł Padusiński (stepped down 26 June 2024)
•
Carla Smits – Nusteling (stepped down 26 June 2024)
As at 31 December 2024, the Board of Directors comprised:
•
Gary McGann (Chairman of the Board)
•
Roy Perticucci (Group Chief Executive Officer)
•
Jonathan Eastick (Group Chief Financial Officer)
•
Pedro Arnt
•
David Barker
•
Laurence Bourdon-Tracol
•
Nancy Cruickshank
•
Catherine Faiers
•
Richard Sanders
•
Tomasz Suchański
On 14 October 2024, it was announced that Roy Perticucci will stand down from his corporate positions in Allegro
Group, including Executive Director, CEO of Allegro.eu and President of the Management Board of Allegro sp. z
o.o., with effect as of 26th June 2025. The Board of Directors has initiated the process of selecting a new Group
CEO.
The composition of the Board of Directors remained unchanged until the date of approval of these Consolidated
Financial Statements.
5. BUSINESS COMBINATIONS
There were no business combinations in the year ending 31 December 2024 and 31 December 2023.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
18
6. SIGNIFICANT CHANGES IN THE CURRENT REPORTING
PERIOD
The financial position and performance of the Group was particularly affected by the following events and
transactions during the reporting period:
I.
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on
Base Erosion and Profit Shifting (BEPS) published rules for its Pillar Two model. These are aimed at
ensuring that large corporate groups are subject to a minimum taxation of at least a 15 percent rate in
each jurisdiction they operate. The Group is in the scope of the Pillar Two Model Rules and has adopted
the amendments to IAS 12 (please refer to note 12).
II.
On 24 January 2024, the Group entered into new interest rate swap contracts, which took effect in June
2024 as existing interest rate swap agreements were expiring. These new contracts were designated as
cash flow hedges to mitigate the Group's floating interest rate exposure, primarily covering the period
from October 2025 to October 2027. As at 31 December 2024, the Group has hedged PLN 2,500,000 of
its total PLN 5,957,000 borrowings.
III.
In 2024 the Group marked a next phase in its international marketplace expansion, by launching
Allegro.sk (on 29 February 2024) and Allegro.hu (on 1 October 2024), an e-commerce platforms serving
customers on the territory of Slovakia and Hungary (for more information please refer to note 9 Segment
information).
IV.
On 21 March 2024 the Group entered into a Participation Agreement with Banco Santander S.A related
to the consumer loans originated by Allegro Pay. Under the Agreement, Banco Santander may
participate in part of the cash flows from financed consumer loans, on a revolving basis up to a total
amount of PLN 3,000,000. The initial limit granted is PLN 1,000,000. An additional PLN 2,000,000 is
optional for Banco Santander. Based on the contractual arrangements Allegro Pay will transfer the right
to receive principal cash-flows of the selected portfolio of loans to the financing partner, whilst retaining
the right to collect the interest arising on those cash-flows. Considering that substantially all risk and
rewards are transferred to financing partners, the principal amount of cash-flows subject to these
transactions are derecognised from the Group balance sheet with any gain/loss recognised in ‘Other
operating income’ within the Statement of Comprehensive Income (please refer to note 19).
V.
In June 2024, the Group launched the Allegro Delivery program, under which Allegro takes full
responsibility and control over the delivery process. The introduction of the new delivery model forced
the Group to analyse the existing accounting pattern applied for Smart and non-Smart deliveries. Upon
review, the Group determined that Allegro's comprehensive responsibility and control over end-to-end
delivery indicate that the Group acts as a principal rather than an agent. For more information please
refer to note 10.1.
VI.
In the second half of 2023 the Group started gradually introducing a fee deduction mechanism resulting
in priority to draw the success fee earned on marketplace activities from the inflows that merchants
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
19
receive from buyers on the platform. Initially, this mechanism applied only to selected merchants and
was fully expanded to include all merchants by February 2024. This resulted in a significant decrease of
trade receivables by PLN 544,563 over the reporting period, as well as the decrease of credit risk borne
by the Group (please refer to note 17).
VII.
On 14 October 2024 the Group made an announcement of a change in the position of CEO of Allegro
Group. Roy Perticucci will stand down from his corporate positions in Allegro Group, including Executive
Director and CEO of Allegro.eu and President of the Management Board of Allegro sp. z o.o., with effect
as of 26th June 2025 when the 2025 AGM is expected to take place.
The Board of Directors has initiated the process of selecting a new CEO.
VIII.
On 26 November 2024 the Group made an announcement that it would be launching the share buyback
program in order to satisfy the awards granted under the Allegro Incentive Program. On 9 December
2024, the Group completed the share buyback program, resulting in the purchase of 3,473,726 shares
representing 0.33% of the Group’s share capital, valued at PLN 103,920. These shares will be held as
Treasury Shares until delivered to employees participating in the Allegro Incentive Program.
IX.
On 18 December 2024 the Group made voluntarily repayment of the Additional Term Loan in the
amount of PLN 300,000 and recognised the gain of PLN 5,416 on voluntarily repayment (see Notes 11
and 23).
7. GROUP STRUCTURE
Key information regarding the members of the Group, their country of domicile, economic interest held by the
Group and the periods subject to consolidation are presented in the following two tables for the years ended 31
December 2024 and 31 December 2023 respectively.
Entity name
Registered office
Interest held
Period covered by
consolidation
Allegro.eu S.A.
Luxembourg
-
01.01.2024 - 31.12.2024
Allegro Treasury S.à r.l.
Luxembourg
100.00%
01.01.2024 - 31.12.2024
Poland
100.00%
01.01.2024 - 31.12.2024
Opennet.pl Sp. z o.o.
Poland
100.00%
01.01.2024 - 31.12.2024
eBilet Polska Sp. z o.o.
Poland
100.00%
01.01.2024 - 31.12.2024
Allegro Finance Sp. z o.o.
Poland
100.00%
01.01.2024 - 31.12.2024
SCB Warszawa Sp. z o.o.
Poland
100.00%
01.01.2024 - 31.12.2024
Allegro Retail a.s.
Czech Republic
100.00%
01.01.2024 - 31.12.2024
Internet Mall Slovakia s.r.o.
Slovakia
100.00%
01.01.2024 - 31.12.2024
WE|DO SK s.r.o
Slovakia
100.00%
01.01.2024 - 31.12.2024
Internet Mall Hungary Kft.
Hungary
100.00%
01.01.2024 - 31.12.2024
m-HU Internet Kft.
Hungary
100.00%
01.01.2024 - 31.12.2024
Mimovrste d.o.o.
Slovenia
100.00%
01.01.2024 - 31.12.2024
Internet Mall d.o.o.
Croatia
100.00%
01.01.2024 - 31.12.2024
Poland
100.00%
01.01.2024 - 31.12.2024
Poland
100.00%
01.01.2024 - 31.12.2024
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
20
Entity name
Registered office
Interest held
Period covered by
consolidation
Allegro.eu S.A.
Luxembourg
-
01.01.2023 - 31.12.2023
Allegro Treasury S.à r.l.
Luxembourg
100.00%
01.01.2023 - 31.12.2023
Poland
100.00%
01.01.2023 - 31.12.2023
Opennet.pl Sp. z o.o.
Poland
100.00%
01.01.2023 - 31.12.2023
eBilet Polska Sp. z o.o.
Poland
100.00%
01.01.2023 - 31.12.2023
Allegro Finance Sp. z o.o.
Poland
100.00%
01.01.2023 - 31.12.2023
SCB Warszawa Sp. z o.o.
Poland
100.00%
01.01.2023 - 31.12.2023
Mall Group a.s.
Czech Republic
100.00%
01.01.2023 - 31.12.2023
Internet Mall a.s.
Czech Republic
100.00%
01.01.2023 - 31.12.2023
CZC.cz s.r.o.
Czech Republic
100.00%
01.01.2023 - 31.12.2023
AMG Media a.s. (previously LGSTCS a.s.)
Czech Republic
100.00%
01.01.2023 - 31.12.2023
WE|DO CZ s.r.o
Czech Republic
100.00%
01.01.2023 - 31.12.2023
WE|DO SK s.r.o
Slovakia
100.00%
01.01.2023 - 31.12.2023
Internet Mall Slovakia s.r.o.
Slovakia
100.00%
01.01.2023 - 31.12.2023
m-HU Internet Kft.
Hungary
100.00%
01.01.2023 - 31.12.2023
Internet Mall Hungary Kft.
Hungary
100.00%
01.01.2023 - 31.12.2023
Mimovrste d.o.o.
Slovenia
100.00%
01.01.2023 - 31.12.2023
Internet Mall d.o.o.
Croatia
100.00%
01.01.2023 - 31.12.2023
Poland
100.00%
01.01.2023 - 31.12.2023
Poland
100.00%
01.01.2023 - 31.12.2023
The voting power is the same as interest held in each entity (further information see Note 30.3).
The below transactions are neutral for these Consolidated Financial Statements:
On 1 January 2023, the Group completed the merger of Mall Group a.s. with E-commerce Holding a.s., with Mall
Group a.s. remaining in existence.
On 9 June 2023, the liquidation process of Adinan Super Topco Employee Benefit Trust was completed with all
remaining assets being transferred to the Parent.
On 14 July 2023 the liquidation process of Netretail sp. z o.o., a Polish based operating entity and subsidiary of
Mall Group a.s. was completed. The assets controlled by the company were transferred to Allegro sp. z o.o.
On 1 January 2024, the Group completed the merger of Internet Mall a.s. with CZC.cz s.r.o., WE|DO CZ s.r.o. and
AMG Media a.s. After the business combination, the entity remaining in existence is Internet Mall a.s., which has
changed its name to Allegro Retail a.s.
On 1 October 2024, Allegro Retail a.s. merged with Mall Group a.s with the Mall Group a.s. remaining in existence
and changing its name to Allegro Retail a.s.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
21
8. APPROVAL OF THE CONSOLIDATED FINANCIAL
STATEMENTS
The Consolidated Financial Statements for the year ended 31 December 2024 were approved by the Board of
Directors for publication on 11 March 2025.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
22
Notes to the Consolidated
Statement of Comprehensive
Income
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
23
9. SEGMENT INFORMATION
9.1 Description of segments and principal activities
Allegro.eu Group has implemented an internal functional reporting system. For management purposes, the
Group is organised into business units based on their products, and has five reportable segments: Allegro, Ceneo,
Mall, Allegro International and Other.
In May 2023 the Group marked a next phase in its international marketplace expansion, by launching allegro.cz,
an e-commerce platform serving customers on the territory of Czech Republic. This was followed by the launch
of the allegro.sk marketplace in Slovakia in February 2024 and launch of allegro.hu marketplace in Hungary in
October 2024. This resulted in the creation of a three new operating segments allegro.cz, allegro.sk and allegro.hu
aggregated into Allegro International reportable segment..
The new operating segments are able to generate largely independent cash inflows from other assets controlled
by the Group and their discrete financial information is available. At the same time, the Group decided to
aggregate results of the above operating segments, together forming the Allegro International reportable
segment. This is due to the similar economics characteristics of segments providing unified marketplaces services
on different markets, serving the same class of customers whilst using analagous distribution channels.
Reportable Segment
Description
Operating
segment
Legal entities
Allegro
Segment running B2C, C2C and B2B e-
commerce platform, operating on territory of
Poland, comprising the online marketplace
and relevant services such as consumer
lending and logistics operations.
Allegro
Allegro sp. z o.o. (excluding
Allegro.cz, Allegro.sk and
Allegro.hu trading)
Allegro Pay sp. z o.o.
Allegro Finance sp. z o.o.
Opennet.pl sp. z o.o.
SCB Warszawa sp. z o.o.
Ceneo
Segment providing the multi-category price
comparison services in Polish market,
allowing the customer to find the most
attractive price among the different
websites and marketplaces.
Ceneo
Ceneo.pl sp. z o.o.
Mall
Comprises the e-commerce and logistics
businesses and brands of Mall Group and
WE|DO, based mainly in the Czech
Republic, Slovakia and Slovenia.
Mall
Allegro Retail a.s.
Internet Mall Hungary Kft.
Mimovrste d.o.o.
Internet Mall Slovakia s.r.o.
Internet Mall d.o.o.
m-HU Internet Kft.
WE|DO SK s.r.o
Allegro International
Segment running B2C e-commerce
platform, trading on territory of Czech
Republic, Slovakia and Hungary,
comprising the online marketplace and
relevant services such as logistics
operations.
Allegro.cz
Allegro sp. z o.o. (including solely
Allegro.cz trading)
Allegro.sk
Allegro sp. z o.o. (including solely
Allegro.sk trading)
Allegro.hu
Allegro sp. z o.o. (including solely
Allegro.hu trading)
Other
Including the operations of eBilet, the
leading event ticket sales site in Poland and
the results of the parent and the
intermediate holding company.
Other
Allegro Treasury S.à r.l.
Allegro.eu S.A.
eBilet Polska Sp. z o.o.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
24
The reportable segments are identified at the Group level and are equal to the operating segments except for
Allegro International reportable segment which is the aggregation of the 3 operating segments. Segment
performance is assessed on the basis of revenue, operating profit before amortisation/depreciation, recognised
impairment losses of non-current non-financial assets and decreased by reversal of such impairment losses
(‘EBITDA’), as defined in note 9.2. The accounting policies adopted are uniform for all segments and consistent
with those applied for the Group. Inter-segment transactions are eliminated upon consolidation.
Amortisation, depreciation, and income tax expenses are not allocated to segments and not included within the
segment measure of profit and loss as the Group is unable to assign these costs, given that the segments operate
within a single legal entity. Additionally, interest income and finance costs are not allocated to segments, as these
activities are managed by the central treasury function, which oversees the cash position of the Group. All
operating segments have a dispersed customer base, with no single customer generating more than 10% of
segment revenue. The table below presents information regarding the Group's results across different segments
and geographical locations
01.01 - 31.12.2024
TOTAL
Allegro
Ceneo
Mall
Allegro
International
Other
Eliminations
Revenue
10,821,231
9,048,293
343,190
1,462,213
165,409
63,133
(261,007)
External revenue
10,821,231
9,011,283
281,102
1,317,047
138,466
59,649
13,685
Poland
9,352,034
9,011,283
281,102
-
-
59,649
-
Czech Republic
847,701
-
-
712,925
121,091
-
13,685
Other countries
621,497
-
-
604,122
17,375
-
-
Inter-segment revenue
-
37,010
62,088
145,166
26,943
3,484
(274,692)
Other operating
income
118,724
118,599
-
125
-
-
-
Total revenue and
other operating
income
10,939,955
9,166,892
343,190
1,462,338
165,409
63,133
(261,007)
Operating expenses
(8,108,938)
(5,805,149)
(236,656)
(1,712,602)
(534,056)
(81,357)
260,882
Payment charges
(164,527)
(142,149)
(640)
(8,573)
(10,742)
(2,460)
38
Cost of goods sold
(1,512,455)
(433,145)
-
(1,108,376)
(151)
(1)
29,218
Cost of delivery
(2,835,015)
(2,695,192)
-
(100,398)
(85,050)
-
45,624
Marketing service
expenses
(1,610,538)
(1,049,810)
(169,301)
(115,809)
(350,603)
(6,920)
81,904
Staff costs net
(1,237,221)
(927,604)
(41,336)
(222,127)
(33,812)
(23,215)
10,873
IT service expenses
(225,105)
(187,640)
(6,870)
(38,256)
(12,605)
(6,948)
27,214
Other expenses net
(509,505)
(353,196)
(18,303)
(121,480)
(40,688)
(41,849)
66,011
Net impairment losses
on financial and
contract assets
(14,572)
(16,415)
(206)
2,417
(404)
36
-
EBITDA
2,831,017
3,361,743
106,534
(250,264)
(368,647)
(18,223)
(125)
Amortisation,
depreciation and
impairment losses of
non-current non-
financial assets
(1,043,960)
Net financial costs
(343,677)
Profit before income
tax
1,443,380
Income tax expense
(408,819)
Net profit
1,034,561
01.01 - 31.12.2023
TOTAL
Allegro
Ceneo
Mall
Allegro
International
Other
Eliminations
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
25
Revenue
10,185,317
7,587,013
305,878
2,325,279
56,140
61,866
(150,859)
External revenue
10,185,317
7,550,900
256,485
2,271,569
49,869
56,494
-
Poland
7,863,971
7,550,900
256,485
92
-
56,494
-
Czech Republic
1,513,792
-
-
1,463,923
49,869
-
-
Other countries
807,554
-
-
807,554
-
-
-
Inter-segment revenue
-
36,113
49,393
53,710
6,271
5,372
(150,859)
Other operating
income
65,243
65,243
-
-
-
-
-
Total revenue and
other operating
income
10,250,560
7,652,256
305,878
2,325,279
56,140
61,866
(150,859)
Operating expenses
(7,836,463)
(4,887,022)
(204,655)
(2,543,879)
(278,622)
(68,975)
146,690
Payment charges
(159,578)
(136,838)
(643)
(14,434)
(5,237)
(2,450)
24
Cost of goods sold
(2,322,133)
(469,905)
-
(1,861,543)
-
(3)
9,318
Cost of delivery
(2,307,571)
(2,230,634)
-
(69,927)
(15,572)
-
8,562
Marketing service
expenses
(1,231,724)
(778,083)
(144,482)
(194,803)
(177,949)
(4,762)
68,356
Staff costs net
(1,169,484)
(768,433)
(35,317)
(291,532)
(55,290)
(20,738)
1,827
IT service expenses
(201,906)
(165,668)
(7,932)
(33,848)
(3,647)
(5,481)
14,670
Other expenses net
(396,336)
(291,845)
(15,683)
(76,518)
(20,827)
(35,396)
43,933
Net impairment losses
on financial and
contract assets
(47,731)
(45,614)
(597)
(1,274)
(100)
(146)
-
EBITDA
2,414,097
2,765,234
101,223
(218,600)
(222,482)
(7,109)
(4,169)
Amortisation,
depreciation and
impairment losses of
non-current non-
financial assets
(1,623,976)
Net financial costs
(289,952)
Profit before income
tax
500,169
Income tax expense
(216,111)
Net profit
284,058
The Board of Directors does not analyse the operating segments in relation to their assets and liabilities. The
Group’s operating segments are presented consistently with the internal reporting submitted to the Parent
Company’s Board of Directors, which is the main body responsible for making strategic decisions. The operating
decisions are taken on the level of the operating segments.
The Group does not have material non-current assets other than financial instruments and deferred tax assets
in the Parent Company country of domicile (i.e. Luxembourg). Information regarding the Group’s assets in Poland
and other geographical locations is presented in the table below.
31.12.2024
31.12.2023
Non-current assets*
14,236,093
14,491,381
Poland
13,877,122
13,636,869
Other countries
358,971
854,511
* non-current assets other than financial instruments, deferred tax assets
9.2 Adjusted EBITDA (non gaap measure)
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
26
EBITDA, which is a measure of the operating segments’ profit, is defined as the net profit increased by the income
tax charge, net financial costs (i.e. the finance income and finance costs), depreciation/amortisation, recognised
impairment losses of non-current non-financial assets and decreased by reversal of such impairment losses.
In the opinion of the Board of Directors, Adjusted EBITDA is the most relevant measure of profit of the Group as
a whole whereas the results of each operating segment are analysed based on EBITDA (see note 9.1). Adjusted
EBITDA excludes the effects of significant items of income and expenditure that may have an impact on the quality
of earnings.
Adjusted EBITDA excludes the effects of significant items of income and expenditure. The Group defines Adjusted
EBITDA as EBITDA excluding regulatory proceeding costs, Group restructuring and development cost, donations
to various public benefit organisations, employee restructuring costs, because these expenses are mostly of non-
recurring nature and are not directly related to core operations of the Group. Adjusted EBITDA also excludes
costs of recognition of incentive programs (Allegro Incentive Plan) and valuation and settlement of Virtual Power
Purchase Agreement (vPPA). Consolidated adjusted EBITDA is analysed and verified only at the Group level.
EBITDA and Adjusted EBITDA are not IFRS measures and should not be considered as an alternative to IFRS
measures of profit/(loss) for the period, as an indicator of operating performance, as a measure of cash flow from
operations under IFRS, or as an indicator of liquidity. EBITDA and Adjusted EBITDA are not uniform or
standardised measure s and the calculation of EBITDA and Adjusted EBITDA, accordingly, may vary significantly
from company to company.
01.01 - 31.12.2024
01.01 - 31.12.2023
EBITDA
2,831,017
2,414,097
Allegro Incentive Plan
[1]
100,714
77,719
Group restructuring and development costs
[2]
34,136
39,502
Employees restructuring cost
[3]
12,141
7,694
vPPA agreement
[4]
2,894
-
Regulatory proceeding costs
[5]
12,732
564
Donations to various public benefit organisations
[6]
1,391
500
Adjusted EBITDA
2,995,025
2,540,076
(1)
Represents the costs of the Allegro Incentive Plan, under which awards in the form of Performance Share
Units (“PSU”) and Restricted Stock Units (“RSU”) are granted to Executive Directors, Key Managers and
other employees.
(2)
Represents legal and financial due diligence and other advisory expenses with respect to:
a.
potential acquisitions or discontinued acquisition projects,
b.
integration and other advisory expenses with respect to signed and/or closed acquisitions,
c.
non-employee restructuring cost.
(3)
Represents certain payments related to Mall Group and merger of WE|DO and reorganisation of the
Management Boards of the parent entity and the underlying operating entities, as well as redundancy
payments for employees affected by restructuring projects.
(4)
Represents the results on valuation of the Group’s virtual power purchase agreement (‘vPPA’). This
agreement reflects virtual purchases of green energy and is treated as a financial instrument valued at
fair value through profit and loss. More information is presented in note 28.2 to the Annual Consolidated
Financial statements for the year ended 31 December 2024.
(5)
Represents legal costs mainly related to non-recurring regulatory proceedings, legal and expert fees and
settlement costs.
(6)
Represents donations made by the Group to support health service and charitable organisations and
NGOs.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
27
10. REVENUES FROM CONTRACTS WITH CUSTOMERS
10.1 Accounting policies
RECOGNITION OF REVENUE
The consideration includes an estimate of the variable consideration if it is highly probable that the amount will
not result in a significant reversal of revenue should the estimates change. The transaction price is adjusted for
the time value of money if a contract includes a significant deferred payment component (the Group did not have
such contracts in 2024 and 2023).
MARKETPLACE REVENUE
The Group earns two main types of fees: success fees and listing. The listing fee is a fixed amount which is payable
up-front and is non-refundable. The success fee is calculated as a percentage of the transaction price and is
payable when a listed good gets sold.
There is generally only one performance obligation in a contract with the seller being the selling service. There
does not appear to be any advertising benefit for the seller that could be separated from the selling service. It is
because there is no indication that the seller can benefit from the advertising on its own or with other resources
that are readily available as the restricted and monitored contact between the seller and the buyer prevents any
interaction between them outside the Group website, which is different from any typical advertising arrangement.
SUCCESS FEES
Based on its judgement, the Management is of the view that the contract between the Group and the seller should
be seen as a contract under which the Group promises to find purchasers for the seller’s goods (i.e., the Group’s
performance consists only of finding a purchaser for the products). As a result, the Group earns revenue from
sellers on the platform and recognises success fees when listed goods are sold. Transaction revenue at the end
of each reporting period is reduced by a provision for commission refund for sellers as well as discounts and
incentives. The Group’s policy enables sellers to claim refunds for transactions that were terminated by the clients
during 45 days from the initial transaction.
Marketplace revenues are invoiced monthly and fall due after 14 days or are deducted from the account of the
merchant after the transaction. Fee deduction mechanism implemented for selected merchants in 2023 results
in deduction of success and thus reduction of receivables balance arising on such transactions (see note 17).
LISTING FEES
Based on its judgement, the Management is of the view that the contract between the Group and the seller should
be seen as a contract under which the Group promises to make the seller’s products available for purchase (i.e.,
the Group’s performance includes both listing the products and finding a purchaser for them). As a result, the
Group earns revenue from sellers on the platform. Inflows from subscriptions are presented as deferred income
and recognised as revenue straight line over the duration of the listing period which does not exceed 12 months
(there is no significant financing component in this transaction).
PRICE COMPARISON REVENUE
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
28
Revenues are recognised when shoppers click on a seller’s offer listed along with competing offers for the same
product. The shopper is directed to the seller’s own website and the merchant pays a click-through fee for this
marketing lead (fixed fee per one click).
Revenues are invoiced monthly in arrears and in general fall due after 14 days.
ADVERTISING REVENUE
Revenue from provided advertising services is recognised in the reporting period in which the service is
performed. Revenue from advertising services is recorded net of any estimated discounts, including volume-
based discounts.
Advertising revenues are invoiced monthly in arrears and fall due after 14 days.
RETAIL REVENUE
Revenue from retail sales is recognised when the goods purchased for resale are sold via own proprietary stores
operating on the marketplaces. The revenue is recognised when control of the goods has transferred to the
customer, being the moment when the goods are delivered to the customer. Delivery occurs when the goods
have been shipped to the customer’s specific location. When the customer initially purchases the goods on the
marketplace the transaction price received by the Group is recognised as a contract liability until the goods have
been delivered to the customer.
Revenue, initially measured at the amount of consideration to which the Group expects to be entitled is decreased
by the expected level of returns. At the same time refund liability, initially measured at the amount of
consideration received or receivable to which the entity does not expect to be entitled, and an asset with the
corresponding adjustment to cost of sales for the right to recover products from customers is recognised. The
Group is not responsible for any claims on warranties.
Retail revenue is invoiced and the payment is received upon completion of the sale transaction.
LOGISTIC SERVICE REVENUE
Logistic service revenue is related mainly to the paid deliveries organised by the Group. Revenue is recognised in
the reporting period in which the service is performed at the point of time when delivery is completed. The delivery
is usually completed within 1-3 working days. Prices per parcel can be differentiated based on the delivery method
and certain thresholds in respect of the number, size and weight of the parcels. Once the price is determined for
the specific parcel based on its parameters, it becomes a fixed consideration; there are no components of variable
consideration in the transaction price.
Logistic service revenue is invoiced and the payment is received upon completion of the sale transaction.
OTHER REVENUE
Other revenues relate mainly to success fee from sale of insurance and instalments, offered by the third parties,
in relation to the goods sold on the marketplace. The Group is acting as an agent in these types of transactions.
Other revenue is mostly recognised at a point of time, upon completion of the transaction on the marketplace.
CUSTOMER INCENTIVES PROGRAMS
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
29
The attractiveness of the marketplace to sellers (also referred to as merchants), and therefore revenue potential
for the Group, depends crucially on the number of active buyers and their engagement with the marketplace (e.g.
site visits, transactions, and value of purchases made). To increase buyer activity on the marketplace, the Group
has introduced certain programs to incentivise buyers to shop on the marketplace. Allegro seeks to increase
numbers of buyers and their engagement metrics by incurring costs, at its own risk, that attract traffic and new
buyers such as operating a free of charge loyalty scheme. Such activities are recognised as explained below.
SMART!
Allegro partially covers expenditure for functionalities on the marketplace that buyers may otherwise see as a
barrier to making e-commerce transactions, such as the costs of delivery. To reduce the delivery cost barrier to
purchase, the Smart! loyalty program was introduced in 2018. For an annual or monthly subscription, the user
buys unlimited free of charge package deliveries for the duration of the subscription, subject to a minimum order
value. Subscription fees are paid at the beginning of the subscription period. Inflows from subscriptions are
presented as contract liability (within “trade and other payables”) and recognised in comprehensive income on
the time-based model over the duration of the subscription agreement as the number of packages the subscriber
may order using the Smart! Free delivery service is unlimited. Allegro acts as both: agent when arranging delivery
performed by a third party with Allegro’s limited responsibility and control, and as a principal when the
responsibility for the process rests with Allegro. Revenue recognition differs under the agent and principal models.
Agent
Under the agent model the cost of free delivery is deducted from subscription fees paid by Smart! Subscribers,
Costs of delivery in excess of the subscription fee earned are presented in operating expenses in the statement
of comprehensive income. Although a portion of individual transactions relating to Smart! program concluded on
the Group's online marketplace may result in a loss due to delivery provided to buyers costing more than the
transaction fees earned from sellers, the Group concluded that these losses are acceptable from the business
perspective to drive overall buyer engagement and transaction volumes that generate positive net revenues
earned as a whole.
Principal
In addition to the Agent arrangement described above, in June 2024, Allegro introduced its own Allegro Delivery
brand, under which it became principal on deliveries through increased control and responsibility for the process.
In this arrangement Allegro acts as a principal since the Group is primarily responsible for fulfilling the promise
to provide the transportation service to the buyer, i.e. Allegro.eu Group takes a responsibility for on -time delivery
of goods as well as the responsibility in case the goods are lost or damaged in the delivery. Under principal model,
subscription fee is presented gross in Logistic Service Revenue, separately from cost of delivery.
Considering the scale-up of Allegro Logistic operations, which consequently increases the proportion of deliveries
where Allegro acts under the principal model (either through its own logistics network or through third-party
delivery services where the Group assumes responsibility for fulfilling the delivery), the Group has changed the
name of ‘net cost of delivery line’ in the statement of comprehensive income to ‘cost of delivery’ (please refer to
Note 2).
‘Cost of delivery’ reflects the combination of the excess of delivery costs over the SMART subscription fees
accounted for under the agent model, together with the logistics costs incurred from the Group’s own delivery
methods under the principal model. In both periods, at least 80% of ‘Cost of delivery’ can be attributed to the
agent model.
Information on why SMART! Program is not an insurance contract is provided in the Note 32.7.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
30
ALLECOINS
The Allecoins loyalty program was implemented to encourage buyers to exhibit specific behaviours (e.g. purchase
via the mobile application, purchases in defined categories). Buyers accumulate coins for purchases made which
entitle them to discounts on future purchases. A refund liability for the award points is recognised at the time of
the purchase of goods on the platform by the buyers, as it represents the Group’s obligation to transfer the cash
to the Merchant when the buyers use the Allecoins to pay for their purchases on the platform. The value of
discounts earned and redeemed during the period are classified as discounts and incentives. Those earned on
purchases from merchants are presented as an adjustment to revenue while coins earned as a result of various
buyers’ activities on the Platform (for example downloading mobile application) are presented as marketing
expenses.
10.2 Disaggregation of revenue from contracts with customers
01.01 - 31.12.2024
01.01 - 31.12.2023
Marketplace revenue
7,537,591
6,327,529
Price comparison revenue
235,339
207,895
Advertising revenue
1,088,265
833,401
Retail revenue
1,669,467
2,598,771
Logistic Service Revenue
233,631
140,541
Other revenue
56,938
77,180
Revenue
10,821,231
10,185,317
The decline in Retail Revenue in 2024 is due to the shift of the business on the Czech market from a ‘retailer
business model’, where the Group generates the revenue from sales of the goods purchased for resale are sold
via own proprietary stores operating on the marketplaces , to a ‘marketplace business model’, where the Group
provides the selling services to the sellers of goods, earning the success fees and listing fees for these services.
The element of the revenue generating activity which is a negative amount being an excess of the Costs of Smart!’
deliveries over the subscription fee earned by Allegro acting as an agent in arranging deliveries is presented as
an expense in “Cost of delivery” in operating expenses in the statement of comprehensive income. The
disaggregation of revenue from contract with customers is presented below:
01.01 - 31.12.2024
Allegro
Ceneo
Mall
Allegro
International
Other
Eliminations
Total
Marketplace revenue
7,340,852
-
34,968
111,094
59,709
(9,032)
7,537,591
Price comparison
revenue
-
293,180
-
-
-
(57,841)
235,339
Advertising revenue
1,029,518
49,562
5,260
23,496
-
(19,571)
1,088,265
Retail revenue
448,578
-
1,243,766
128
82
(23,086)
1,669,467
Logistic Service
Revenue
137,644
-
118,299
27,905
-
(50,217)
233,631
Other revenue
91,701
448
59,920
2,786
3,342
(101,259)
56,939
Revenue
9,048,293
343,190
1,462,213
165,409
63,133
(261,007)
10,821,231
01.01 - 31.12.2023
Allegro
Ceneo
Mall
Allegro
International
Other
Eliminations
Total
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
31
Marketplace revenue
6,162,008
-
70,583
43,730
57,357
(6,149)
6,327,529
Price comparison
revenue
-
253,301
-
-
-
(45,406)
207,895
Advertising revenue
781,942
51,212
10,618
5,062
-
(15,433)
833,401
Retail revenue
486,092
-
2,116,082
-
106
(3,509)
2,598,771
Logistic Service
Revenue
53,680
-
93,241
7,343
-
(13,723)
140,541
Other revenue
103,291
1,365
34,755
5
4,403
(66,639)
77,180
Revenue
7,587,013
305,878
2,325,279
56,140
61,866
(150,859)
10,185,317
The Group derives revenue from the transfer of goods and services over time and at a point in time in the
following major reportable segments.
01.01 - 31.12.2024
Timing of revenue
recognition:
Allegro
Ceneo
Mall
Allegro
International
Other
Eliminations
Total
At a point in time (incl.
success fee)
7,471,503
244,067
1,456,953
113,599
63,133
(137,883)
9,211,373
Over time
1,576,790
99,123
5,260
51,810
-
(123,125)
1,609,858
Revenue
9,048,293
343,190
1,462,213
165,409
63,133
(261,007)
10,821,231
01.01 - 31.12.2023
Timing of revenue
recognition:
Allegro
Ceneo
Mall
Allegro
International
Other
Eliminations
Total
At a point in time (incl.
success fee)
6,252,260
254,666
2,308,280
56,140
61,866
(133,090)
8,800,122
Over time
1,334,753
51,212
16,999
-
-
(17,769)
1,385,195
Revenue
7,587,013
305,878
2,325,279
56,140
61,866
(150,859)
10,185,317
The Group has a dispersed customer base – no single customer generates more than 10% of revenue.
10.3 Contract assets and liabilities
The Group has recognised the following revenue-related contract liabilities:
31.12.2024
31.12.2023
Smart! program deferred income (I)
131,177
122,298
Listing and promotional deferred income (II)
10,097
9,686
Other
34,277
42,107
Total
175,551
174,091
Contract liabilities are presented in trade and other liabilities.
There were no significant contract assets in 2024 and 2023.
SIGNIFICANT CHANGES IN CONTRACT ASSETS AND LIABILITIES
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
32
There were no significant changes in contract liabilities in the current period resulting from other transactions
than the recognition of the subscription fees from buyers and recognition of revenue when the services are
provided.
REVENUE RECOGNISED IN RELATION TO CONTRACT LIABILITIES
Revenue of PLN 122,298 was recognised in the period from 1 January to 31 December 2024 ( 2023: PLN 93,279)
from the Smart! program contract liability (impacted line item “Cost of delivery” in Statement of comprehensive
income) and PLN 9,686 from listing and promotional deferred income (2023: PLN 9,206) from the amounts that
were included in the contract liability balance at the beginning of the period.
TRANSACTION PRICE ALLOCATED TO UNSATISFIED PERFORMANCE OBLIGATIONS
All contracts are concluded for periods of the expected original duration of one year or less. As permitted under
IFRS15, the entity does not disclose the transaction price allocated to these unsatisfied or partially unsatisfied
contracts when it expects to recognise such amounts as revenue.
ASSETS RECOGNISED FROM COSTS TO OBTAIN AND FULFIL A CONTRACT
There were no assets to obtain or fulfil a contract in 2024 and 2023.
10.4 Refund liabilities
The value of refund liabilities at the balance sheet date was:
31.12.2024
31.12.2023
Allecoins customer loyalty program (I)
23,983
21,690
Refunds (II)
20,204
26,567
Advertising revenue retrospective bonuses (III)
4,558
7,842
Allegro Protect (IV)
13,983
8,893
Total
62,728
64,992
(I)
Allecoins customer loyalty program
- the Allegro coins program was introduced in January 2017.
More information about the program is provided in the note 10.1.
(II)
Refunds
– this position includes commission refunds, refunds for goods sold on marketplace (1P
model) and other refunds. Every buyer has the right to return a purchased product to the seller, in
which case the Group is obliged to refund the commission for a cancelled transaction or entire value
of transaction in case of retail revenue. At the end of each reporting period the Group adjusts the
transaction revenue for the expected returns and recognises a provision for returns of success fee
and goods sold. Refund commission liability represents the amount of consideration that the Group
expects to repay to sellers (marketplace revenue) or buyers (retail revenue) using the expected value
method with corresponding adjustment to revenue. In addition, the Group recognises
a corresponding asset representing the right to receive goods in return as other receivables.
(III)
Advertising retrospective bonuses
– the Group pays out retro-bonuses to media houses which
promote ads on web pages. The estimated discounts are recognised as refund liability. Bonuses are
paid after reaching agreed levels of annual spending by the media house.
(IV)
Allegro Protect refund –
the Group commits to refund the buyer up to PLN 20,000 for unsuccessful
purchases made on the Allegro or Allegro Lokalnie platform, following its own internal positive
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
33
decision under the buyer protection program. This refund policy applies to the buyers in relation to
which Allegro acts as an agent and also when Allegro acts as a principal. The Allegro Protect program
where Allegro acts as a principal in relation to the goods purchased by the buyers is not an insurance
contract based on the mandatory exemption in IFRS 17 par 7(a); also the Allegro Protect Program
where Allegro acts as an agent, was judged not to be insurance contract due to the fact that Allegro
has full discretion in deciding which claim will be refunded and to what extent (ie the refunds are
voluntary. The estimated provision is recognised as refund liability.
The refund liabilities recognised as at opening balances of each reporting period were settled at amounts which
are materially consistent with the amounts recognised.
Refund liabilities are presented in trade and other liabilities within current liabilities.
10.5 Significant judgement on the accounting of Smart! program
In developing its revenue accounting policies to reflect the requirements of IFRS 15 on revenue accounting, the
Management considered whether the judgements used result in its accounting presentation best reflecting the
economic substance of the sales transactions and incentive programs related to the marketplace. The
Management identified two separate groups of contracts – contracts with sellers and contracts with buyers
(Smart! contracts) that produce separate revenue streams and as a result the buyer and the seller should be
considered as separate customers. The Smart! program leads to a distinct revenue stream where Allegro provides
a service – arranging (and paying) for deliveries in exchange for a subscription fee from the Smart! subscriber.
The transaction price under the Smart! contract is allocated only to the performance obligation resulting from the
Smart! contract, and the transaction price under the contract with the seller is allocated only to the performance
obligation resulting from the contract with the seller as these are separate contracts which do not meet the
criteria for combination as they are entered into independently with different parties and at different times.
Therefore there is no reallocation of the transaction price between these contracts irrespective of the fact that
these contracts are economically linked.
In Smart! program arrangements Allegro acts on deliveries as both: agent or principal depending on the
contractual terms of the transaction, in particular whether the Group has a primary responsibility for the goods
deliveries. The rationale for this judgement was described in note 10.1.
Further, most Smart! contracts with buyers result in a loss (a negative margin) as delivery costs exceed the
subscription fee on an individual Smart! contract level. Management believes that under the agent model, the
presentation of the negative margin (i.e. the excess of the delivery costs over the subscription fees) from Smart!
contracts as “Cost of delivery” in the operating expenses is most appropriate as the business purpose of the
Smart! program is to make its marketplace more attractive compared to competition, to attract buyers and to
boost sales on its marketplace, so the excess costs of the Smart! program are in substance a promotional activity
and should be presented as an expense.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
34
11. FINANCIAL INCOME AND FINANCIAL COSTS
01.01 - 31.12.2024
01.01 - 31.12.2023
Valuation of financial instruments
294
-
Interest from deposits
133,362
51,813
Other financial income
1,922
22,438
Financial income
135,578
74,251
Interest paid and payable for financial liabilities
(505,006)
(544,863)
Result on interest rate hedging
104,809
219,845
Remeasurement of borrowings
5,416
76,097
Interest on leases
(26,755)
(28,952)
Revolving facility availability fee
(7,636)
(6,476)
Net exchange losses on foreign currency transactions
(32,394)
(73,349)
Other financial costs
(17,691)
(6,505)
Financial costs
(479,255)
(364,203)
Net financial costs
(343,677)
(289,952)
The decrease in the Interest paid and payable for financial liabilities is driven by decrease in both the benchmark
rate WIBOR and financing margin following reductions in the Group’s leverage. Furthermore, the interest paid on
borrowings was reduced by completing a refinancing transaction in November 2023 that resulted in a decrease
of the principal amount at PLN 242,500. Additionally, in December 2024, the Group voluntarily repaid PLN 300,000
of Additional Term Facility. The impact of these repayments is presented as remeasurement of borrowings (more
information in note 23).
The remeasurement of borrowings reflects the improved leverage ratio of the Group, which by effect of the terms
of the binding contract, result in the lower margin and decrease in the carrying value of the existing borrowings
valued at amortised cost.
The gain from settling fixed-to-floating interest rate swap contracts declined after the expiration of highly
profitable agreements signed during the COVID-19 pandemic, which ended in June 2024.
The reduced losses on foreign currency transactions resulted from lower balances denominated in currencies
different from the functional currencies of the entities in the Group.
The main reason for the increase in financial income generated from interest on deposits was the higher average
balance of cash and cash equivalents during 2024 compared to 2023.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
35
12. INCOME TAX
Income tax for the year comprises current and deferred taxation. Income tax is recognised in profit or loss except
to the extent that it relates to items recognised in other comprehensive income or directly in equity. In such cases,
tax is also recognised in other comprehensive income or directly in equity, respectively.
The management reviews from time to time the approach adopted in preparing tax returns where the applicable
tax regulations are subject to interpretation. In justified cases, a provision is established for the expected tax
payable to tax authorities.
The majority of the Group’s taxable income is generated in Poland. The CIT rates applicable in each of the
countries where the Group has legal entities are set out below:
Country
Tax rate
01.01 - 31.12.2024
01.01 - 31.12.2023
Poland
19.00%
19.00%
Luxembourg
24.94%
24.94%
Czech Republic
21.00%
19.00%
Slovenia
22.00%
19.00%
Slovakia
21.00%
21.00%
Hungary
9.00%
9.00%
Croatia
18.00%
18.00%
12.1 Income tax expense
01.01 - 31.12.2024
01.01 - 31.12.2023
Current income tax on profits
(432,962)
(373,681)
Adjustments for current tax of prior periods
(25,757)
13,147
(Increase)/Decrease in net deferred tax liability
49,900
144,423
Income tax expense
(408,819)
(216,111)
12.2 Significant estimates
In the light of the General Anti-Abuse Rule (“GAAR”), aimed at preventing the formation and use of artificial legal
structures created to avoid paying taxes, the Group conducted an overall analysis of its tax situation in order to
identify and evaluate transactions and operations that could be subject to GAAR, considering the effect on
deferred tax, the tax value of assets and tax risk provisions.
In the opinion of the Management, the analysis confirmed that current and deferred tax amounts are properly
stated. Nevertheless, the Group is of the opinion that an inherent feature of GAAR is uncertainty about the
Group’s interpretation of tax law regulations, which can affect the ability to realise deferred income tax assets in
future periods and result in the payment of additional unaccrued tax for prior periods. These rules are applicable
to entities operating on territories of Poland, the Czech Republic, Slovenia and Slovakia.
Tax authorities may inspect accounting books and tax settlements within five to ten years (dependent on tax
jurisdiction and relevant circumstances) of the end of the year in which tax returns are filed and they may levy
additional tax, including fines and interest, on the Group. The Group conducts an overall analysis of its tax
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
36
situation in order to identify and evaluate any transaction and operations that might represent risk from an
Uncertain Tax Position, as defined in IFRIC 23.
12.3 Reconciliation of income tax expense to tax paid and payable
01.01 - 31.12.2024
01.01 - 31.12.2023
Profit from continuing operations before income tax expense
1,443,380
500,169
Tax (payable)/recoverable at the Polish tax rate of 19%
(274,242)
(95,032)
Tax effect of amounts which are not deductible in calculating
taxable income:
Non-taxable income/(Non-deductible expenses)
743
(33,391)
Unrecognised deferred asset on tax losses
(96,534)
(94,911)
Effect of foreign tax rates and regulations
(4,469)
4,655
Adjustments for current tax of prior periods
(25,757)
13,147
Change in tax rate
(8,560)
(10,579)
Income tax expense
(408,819)
(216,111)
‘Effect of foreign tax rates and regulations’ represents the effect of different tax rates used in Poland and in other
Group countries.
Effective 1 January 2024, the corporate income tax rate in the Czech Republic has been increased from 19% to
21% and in Slovenia from 19% to 22%, resulting in recalculation of deferred tax liabilities for entities operating
within the country. The impact of this adjustment was reflected as at 31 December 2023 in the 'change in tax rate'
line item.
12.4 Amounts recognised directly in other comprehensive income
The deferred tax relating to other comprehensive income recognised directly in other comprehensive income
amounted to PLN 14,711 income in 2024 and to PLN 57,862 income in 2023.
12.5 Tax losses
The total cumulative tax losses carried forward as at 31 December 2024 and 31 December 2023 are presented
in the table below.
The Group concluded that it is not likely to generate future taxable income during the period
in which these tax losses may be utilized.
Last period in which tax losses can be utilised
31/12/2024
31/12/2023
2024
-
67,105
2025
151,758
154,724
2026
76,553
78,162
2027
414,081
442,459
2028
317,532
347,370
2029
389,390
-
2030
7,212
4,923
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
37
2034
171
171
2035
266
266
2036
172
172
2037
290,514
290,514
2038
37,555
37,555
2039
12,113
12,113
2040
5,270
5,270
2041
24,257
-
Never expire
194,071
155,584
Total tax losses carried forward for which no
deferred tax asset was recognised
1,920,915
1,596,388
The differences in the amounts in previous year are due to the fact that in the Consolidated Financial Statements
for 2023, the Group presented only tax losses related to Mall Segment.
12.6 Other
No deferred tax liability is recognised on temporary differences of PLN 1,592 (2023: PLN 3,113) relating to the
unremitted earnings of subsidiaries, as unremitted earnings are not taxable when paid.
12.7 Pillar Two
The Group is within the scope of the EU Pillar Two rules, with its ultimate parent entity being a Luxembourg tax
resident company. The Group therefore will be required to calculate its GloBE effective tax rate for each
jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its GloBE effective
tax rate per jurisdiction and the 15% minimum rate. Fiscal 2024 is the first fiscal year for which the EU Pillar Two
rules apply, with any tax due being payable during 2026.
The Group has applied the exception to recognising and disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. With
the assistance of an external advisor, the Group has significantly progressed with its assessment of the exposure
to the Pillar Two legislation, in all jurisdictions where it is present. The assessment of the potential exposure to
Pillar Two income taxes is based on financial statements available for the constituent entities in the Group. Based
on preliminary testing under the OECD Transitional Safe Harbour Rules, the Group expects that it could benefit
from such safe harbour rules, meaning that no additional taxes are expected to be due under the Pillar Two rules
in all jurisdictions where it operates with the exception of Slovakia. In Slovakia the criteria for safe harbour rules
were not met, hence information required for top-up tax assessment is still being gathered and, therefore, the
assessment is not yet complete. However, considering the relatively small proportion of the Group’s operations
in Slovakia, its share of profit before tax and considering various GloBE adjustments, it is expected that any top-
up tax would be insignificant.
The Group will continue to monitor and analysis the development of the Pillar Two rules in each of the covered
jurisdictions and the analysis will be updated accordingly.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
38
13. EARNINGS PER SHARE
The amounts in this note are provided in PLN and not in thousand PLN.
Basic and Diluted Earnings per share for the years ended 31 December 2024 and 31 December 2023 were:
01.01 - 31.12.2024
01.01 - 31.12.2023
Net profit attributable to equity holders of the Parent Company
1,034,560,699
284,057,748
Profit/ (Loss) for ordinary shareholders
1,034,560,699
284,057,748
Average number of ordinary shares
1,056,013,682
1,056,517,432
Profit/ (Loss) per ordinary share (basic)
0.98
0.27
Effect of diluting the number of ordinary shares
6,067,642
2,914,835
Number of ordinary shares shown for the purpose of calculating diluted
earnings per share
1,062,081,324
1,059,432,267
Profit/ (Loss) per ordinary share (diluted)
0.97
0.27
Basic earnings per share are calculated by dividing the net profit for the period attributable to ordinary equity
holders of the Parent Company, by the weighted average number of ordinary shares.
At the beginning of the current period, the ordinary shares issued by the Parent stood at 1,056,904,853 and for
the purpose of calculating the Earnings per Share was adjusted by 2,242,266 treasury shares held by the Group.
In April 2024 the Group distributed 2,111,752 units to employees upon the next vesting date of Allegro Incentive
Plan.
In November 2024 the Group announced a share buyback program, aimed to satisfy awards granted under the
Allegro Incentive Plan. The transactions took place between 2 and 6 December 2024 and resulted in acquisition
of 3,473,726 own shares.
As a result of the above transactions, at 31 December 2024 the Group was in possession of 3,604,240 Treasury
Shares that for the purpose of basic earnings per share calculation decreased ordinary shares of the Parent.
At the end of the period the ordinary shares issued by the Parent stood at 1,056,904,853 and for the purpose of
calculating the Earnings per Share were decreased by 3,604,240 treasury shares.
After adjusting the time weighted average number of treasury shares held by the company from the
1,056,904,853 ordinary shares outstanding for the entire twelve month period, the average number of ordinary
shares outstanding for the purpose of calculating basic Earnings per share was 1,056,013,682.
The dilutive item presented in the table above refers to the RSU and PSU units granted as part of the AIP program.
RSU are treated as a non-performance share based payment award and are included in computing diluted EPS if
the effect is dilutive (i.e. the shares will be issued for no consideration). RSU has a dilutive impact on the EPS
calculation in so far as they are expected to result in the issuance of ordinary shares for less than the average
market price of ordinary shares during their vesting period.
PSU are performance-related share based payments and therefore are treated as contingently issuable shares.
The diluted EPS computation includes those shares that would be issued under the terms of the contingency,
based on the current status of conditions, as if the end of the reporting period was the end of the contingency
period. The PSU variant of the AIP program has a dilutive effect on the EPS calculation for the period ended 31
December 2024 and 31 December 2023 as the performance conditions required for delivery of shares to the
program participant have been met.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
39
Notes to the Consolidated
Statement Of Financial Position
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
40
14. INTANGIBLE ASSETS
Goodwill
Goodwill arises on the acquisition of business undertakings. Goodwill is not amortised but tested for impairment
annually
impairment
goodwill is allocated to cash-generating units which are expected to benefit from the synergies of business
combination. Impairment loss is recognised when the carrying amount of a cash-generating unit to which goodwill
is allocated is higher than its recoverable amount. Recoverable amount is the higher of fair value less costs of
disposal and the value in use (more information in note 32.1).
Software
Separately purchased software is initially recognised at cost, or at fair value measured at acquisition if recognised
on the business combination. Subsequently, these intangible assets are measured at cost less accumulated
amortisation and less accumulated impairment, if any. Most of the software have a limited useful life up to 10
years. Amortisation is calculated on a straight line basis in order to spread the cost over the estimated useful life
The following software was acquired as a result of the business combination and is amortised:
Software
Date of acquisition
Estimated useful economic life
Allegro Platform
18 January 2017
10 years
Ceneo Platform
18 January 2017
10 years
eBilet
19 April 2019
15 years
Opennet
27 October 2020
15 years
Trademarks and domains
Separately purchased trademarks and domains are initially recognised at cost, or at fair value using the Royalty
Relief Method if recognised on the business combination. Trademarks are measured at historical cost (or initially
at fair value) less amortisation and impairment losses. Trademarks with finite useful life are amortised on a straight
line basis for their estimated useful life. Trademarks with indefinite useful life are not amortised but tested for
impairment annually.
As at 31 December 2024 the major trademarks and domains, with the corresponding useful lives were as follows:
Trademark and Domain
Date of acquisition
Estimated useful economic life
Allegro
18 January 2017
indefinite
Ceneo
18 January 2017
10 years
eBilet
19 April 2019
15 years
Opennet
27 October 2020
15 years
Internet Mall d o.o.
1 April 2022
3 years
Mimovrste
1 April 2022
3 years
WE|DO
1 April 2022
3 years
The Allegro trademark and domain, presented in the table above, are individually material assets with the carrying
amount of PLN 778,060 at both 31 December 2024 and 31 December 2023. In the previous reporting period the
Group reassessed the useful life of Allegro.pl domain and trademark from finite to indefinite period (more
information in note 32).
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
41
Customer relationships
Customer relationships arising from business combinations are measured initially at fair value with the Multi-
Period Excess Earnings method (“MPEE”) and their carrying value is subsequently decreased by amortisation and
impairment. Customer relationships are amortised on a straight line basis. As at 31 December 2024 the Group
owned the following intangibles with the corresponding useful lives:
Customer relationships
Date of acquisition
Estimated useful economic life
Allegro
18 January 2017
20 years
Ceneo
18 January 2017
20 years
eBilet
19 April 2019
15 years
Opennet
27 October 2020
15 years
Mimovrste
1 April 2022
20 years
Allegro.sk
1 April 2022*
20 years
Allegro.cz
1 April 2022*
20 years
*reallocated from Mall (see note 32.2)
Customer relationships recognised on Allegro.pl platform, presented in the table above, are individually material
assets with the carrying amount of PLN 1,744,679 as of 31 December 2024 (PLN 1,814,044 as of 2023).
Research and development costs
Although the Group does not have any department dedicated to research and development, such activities are
performed throughout the organisation. The Group develops its platform and introduces new projects in order
to satisfy the needs of its buyers and sellers. Development expenditure that meets the capitalisation criteria is
recognised as intangible assets. Research and development expenditure that does not meet the capitalisation
criteria is recognised as an expense as incurred. The Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period. The Group is not able to estimate the value of research and
development expenditures recognised through profit or loss because tracking of costs starts after formal
acceptance of a specific project.
Development work is the practical application of research findings or other knowledge to plan or design the
production of new or substantially improved materials, devices, products, technological processes, systems or
services. The Group’s development costs relate to production of software containing new or significantly
improved functionalities by the technology department and incurred before the software is launched
commercially or the technology is applied on a serial basis.
The value of development work is measured based on expenditures incurred, in particular staff costs and other
costs and related charges for the employees involved in a project, costs of contractors, costs of third party services
and other costs of the project.
The completion of each project is confirmed with an acceptance report, is capitalised in the Group’s intangible
assets and amortised on a straight line basis for 4-7 years. Unsuccessful developments are expensed on a one-
off basis at the time a decision is made to terminate the project.
Software under development is tested annually for impairment.
Impairment of non-financial assets
Assets with an indefinite useful life and goodwill are not subject to amortisation but tested annually for
impairment. Amortised assets are tested for impairment whenever there is any evidence that their carrying
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
42
amount may not be recoverable. Impairment charges are made at the excess of the carrying amount of a given
asset over its recoverable amount. Recoverable amount is the higher of fair value less costs of disposal and value
in use. For the purposes of impairment assessment, assets are grouped at the lowest level for which there are
separately identifiable cash inflows (cash generating units).
Non-financial
assets
, other than goodwill, are reviewed for indication of a possible reversal of the impairment
charge at each reporting period end date.
On 31 December 2024 and on 31 December 2023 the Group performed the annual goodwill impairment testing.
As a result, in 2023 an impairment loss of intangible assets in the amount PLN 629,332 was recognised in
reference to Mall North and CZC CGUs (refer to note 32). The impairment loss was allocated first to goodwill and
then pro rata to other intangible assets (software, trademark and customer relationship).
The annual goodwill impairment tests for 2024 indicated no impairments.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
43
Goodwill
Customer
relationships
Trademarks and
other rights
Computer
software and
licences
Software
development
costs
Software under
development
Other
Total
Cost at 01.01.2024
10,883,502
3,904,326
1,782,880
1,366,033
1,059,974
216,490
91,295
19,304,501
Additions
-
-
8,930
15,680
-
414,903
44,611
484,124
Disposals
-
-
-
(98)
-
-
(88)
(186)
Transfer from development
-
-
134
522
378,764
(378,804)
(615)
-
Exchange differences
(71,808)
(16,908)
(8,222)
(10,228)
(866)
(5,838)
(178)
(114,048)
1
Cost as at 31.12.2024
10,811,694
3,887,418
1,783,722
1,371,907
1,437,872
246,751
135,025
19,674,391
Accumulated amortisation as at 01.01.2024
-
(1,097,798)
(778,058)
(847,950)
(449,077)
-
(66,982)
(3,239,865)
1
Amortisation charge
-
(283,171)
(34,128)
(119,805)
(252,255)
-
(22,538)
(711,897)
Disposal
-
-
-
-
-
-
15
16
Exchange differences
-
3,378
3,704
5,009
840
-
10
12,941
Accumulated amortisation as at 31.12.2024
-
(1,377,591)
(808,482)
(962,746)
(700,492)
-
(89,495)
(3,938,806)
Impairment losses as at 01.01.2024
(2,067,362)
(312,211)
(116,170)
(176,249)
(274)
(3,262)
-
(2,675,528)
Impairment loss
-
-
-
3,369
-
-
-
3,369
Exchange differences
71,808
9,634
3,899
4,908
22
42
90,313
Impairment losses as at 31.12.2024
(1,995,554)
(302,577)
(112,271)
(167,972)
(252)
(3,220)
-
(2,581,847)
Carrying amount as at 31.12.2024
8,816,140
2,207,250
862,970
241,189
737,127
243,531
45,530
13,153,738
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
44
Goodwill
Customer
relationships
Trademarks and
other rights
Computer
software and
licences
Software
development
costs
Software under
development
Other
Total
Cost as at 01.01.2023
11,113,837
4,000,525
1,808,978
1,359,335
753,732
185,052
73,019
19,294,479
Additions
-
-
-
9,171
-
371,975
20,282
401,428
Disposals
-
-
-
(2,986)
-
-
(633)
(3,619)
Transfer from development
-
-
-
32,128
306,242
(336,670)
(1,700)
-
Exchange differences
(230,335)
(96,199)
(26,098)
(28,765)
-
(3,867)
(186)
(385,450)
Other movements
-
-
-
(2,850)
-
-
513
(2,337)
Cost at 31.12.2023
10,883,502
3,904,326
1,782,880
1,366,033
1,059,974
216,490
91,295
19,304,501
Accumulated amortisation as at 01.01.2023
-
(906,280)
(645,967)
(656,695)
(267,797)
-
(64,492)
(2,541,231)
Amortisation charge
-
(198,722)
(141,907)
(188,207)
(181,280)
-
(19,920)
(730,037)
Disposal
-
-
-
889
-
-
633
1,523
Reclassification
-
7,204
9,816
7,964
-
-
35
25,019
Other movements
-
-
-
(11,901)
-
-
16,762
4,861
Accumulated amortisation as at 31.12.2023
-
(1,097,798)
(778,058)
(847,950)
(449,077)
-
(66,982)
(3,239,865)
Impairment losses as at 01.01.2023
(2,248,688)
-
-
-
(274)
(8,808)
-
(2,257,770)
1
Impairment loss
(30,574)
(312,211)
(116,170)
(177,312)
-
(1,614)
(2,634)
(640,515)
Disposals
-
-
-
-
-
7,160
2,634
9,794
Exchange differences
211,900
-
-
1,063
-
-
212,963
Impairment losses as at 31.12.2023
(2,067,362)
(312,211)
(116,170)
(176,249)
(274)
(3,262)
-
(2,675,528)
Carrying amount as at 31.12.2023
8,816,140
2,494,317
888,652
341,834
610,623
213,228
24,313
13,389,108
The Group did not capitalise any interest expense or exchange rate differences during the periods presented.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
45
15. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are carried at historical cost less depreciation and impairment losses. The historical cost includes expenses directly associated with the
acquisition of assets. Depreciation of property, plant and equipment is calculated on a straight line basis in order to spread initial value less expected residual value over the
period of useful life, which for individual classes of property, plant and equipment are as follows:
●
Buildings and structures 1-10 years
●
Systems and network hardware 2-20 years
●
Warehouse Equipment 2-10 years
●
Automated Parcel Machines 10 years
●
Land (right of use asset) 1-5 years
●
Motor vehicles 5-7 years
●
Other 2-5 years
The residual value and useful life periods of property, plant and equipment are reviewed and adjusted if necessary at the end of each reporting period. In 2024, the Group
reviewed its depreciation rates, and as a result of the analysis performed, the depreciation rates were adjusted to better reflect the expected useful lives of the assets. The
implemented changes did not have a significant impact on the depreciation expense recognised in the statement of comprehensive income for the current period, and their
impact on future periods was also assessed as immaterial.
Gains or losses arising from disposal of property, plant and equipment are determined by comparing the proceeds and the carrying amounts and are recognised in other
operating income or expenses. In the current year there were no significant disposals recognised.
Right-of-use assets are amortised over the estimated length of the lease contract. The detailed information regarding the presentation of right-of-use assets is described in
note 24.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
46
Buildings
Computers and
office equipment
Warehouse
Equipment
Automated
Parcel Machines
Land
Other fixed
assets
Assets under
construction
Total
1
1
Cost as at 01.12.2024
834,042
389,645
140,975
236,268
113,181
5,986
10,278
1,730,376
1
1
Additions
31,103
52,150
7,306
100,967
59,232
681
6,928
258,367
1
1
Disposals
(97,993)
(22,738)
(9,457)
(419)
(605)
(2,039)
-
(133,250)
1
1
Transfer from assets under construction
432
1,591
2,117
2,679
-
-
(6,820)
-
1
1
Remeasurement of lease payments
38,318
636
14
-
6,645
(46)
-
45,567
1
1
Exchange differences
(5,767)
(1,227)
(2,959)
(275)
(161)
(31)
(149)
(10,571)
1
1
Reclassification
(30,772)
30,772
-
-
-
-
-
1
1
Other movements
-
-
-
-
-
-
-
-
1
1
Cost as at 31.12.2024
800,135
389,285
168,768
339,220
178,292
4,551
10,237
1,890,489
1
1
1
1
Accumulated depreciation as at 01.12.2024
(286,985)
(242,499)
(37,715)
(30,361)
(31,808)
(4,279)
-
(634,013)
1
1
Depreciation charge
(113,998)
(55,187)
(24,325)
(26,682)
(29,115)
(1,197)
-
(250,504)
1
1
Disposals
63,642
20,091
11,334
71
339
1,905
-
97,381
1
1
Exchange differences
2,192
369
1,021
7
12
89
-
3,691
1
1
Reclassification
12,865
(12,865)
-
-
-
-
-
1
1
Accumulated depreciation as at 31.12.2024
(335,149)
(264,361)
(62,550)
(56,965)
(60,572)
(3,482)
-
(783,446)
1
1
1
1
Impairment losses as at 01.12.2024
(9,569)
-
-
-
-
-
-
(9,204)
1
1
Impairment loss [1]
(50,555)
(1,247)
(33,127)
-
-
-
-
(84,928)
1
1
Disposals
3,472
-
-
-
-
-
-
3,472
1
1
Exchange differences
487
-
5,380
-
-
-
-
5,867
1
1
Impairment losses as at 31.12.2024
(56,165)
(1,247)
(27,747)
-
-
-
-
(84,793)
1
1
Carrying amount as at. 31.12.2024
408,821
123,677
78,471
282,255
117,720
1,069
10,237
1,022,249
1
[1] As at the reporting date, the Group has recognised impairment related to leasehold improvements and subleases of free office spaces. In addition the Group made changes in organisation of warehouses, as a
result the warehouse equipment was fully impaired.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
47
Buildings
Computers and
office equipment
Warehouse
Equipment
Automated
Parcel Machines
Land
Other fixed
assets
Assets under
construction
Total
Cost As at 01.01.2023
785,939
389,235
64,471
173,706
76,732
91,490
39,646
1,621,218
Additions
11,190
28,211
7,299
30,048
32,498
142
17,884
127,272
1
1
Additions due to business combinations
-
-
-
-
-
-
-
-
1
1
Disposals
(56,600)
(5,644)
(5,838)
(497)
(358)
(145)
-
(69,081)
1
1
Transfer from assets under construction
439
5,662
6,569
33,011
-
-
(45,682)
-
0
1
Remeasurement of lease payments
62,130
455
-
-
4,310
(26)
-
66,869
1
1
Exchange differences
32,481
(28,274)
(7,377)
-
-
(9,208)
(407)
(12,786)
1
1
Reclassification
-
-
76,378
-
-
(76,378)
-
-
1
1
Other movements
(1,537)
-
(527)
-
-
111
(1,163)
(3,116)
1
1
Cost As at 31.12.2023
834,042
389,645
140,975
236,268
113,181
5,986
10,278
1,730,376
1
1
1
1
Accumulated depreciation as at 01.01.2023
(216,722)
(180,034)
(7,299)
(10,389)
(12,423)
(16,246)
-
(443,479)
1
1
Depreciation charge
(120,226)
(60,014)
(22,596)
(20,024)
(19,560)
(1,656)
-
(244,077)
1
1
Depreciation of disposals
51,867
5,109
4,351
52
175
144
-
61,697
1
1
Exchange differences
(1,904)
(7,560)
1,788
-
-
(480)
-
(8,155)
1
1
Reclassification
-
-
(13,959)
-
-
13,959
-
-
1
1
Accumulated depreciation as at 31.12.2023
(286,985)
(242,499)
(37,715)
(30,361)
(31,808)
(4,279)
-
(634,013)
1
1
1
1
Impairment losses as at 01.01.2023
(3,153)
(3,727)
-
-
-
(1,983)
(365)
(8,863)
1
1
Impairment loss
(9,347)
-
-
-
-
-
-
(9,347)
1
1
Disposals
2,340
3,677
-
-
-
1,983
365
8,364
1
1
Exchange differences
591
50
-
-
-
-
-
641
1
1
Impairment losses as at 31.12.2023
(9,569)
-
-
-
-
-
-
(9,204)
1
1
1
1
Carrying amount as at. 31.12.2023
537,488
147,146
103,260
205,907
81,373
1,707
10,278
1,087,159
1
1
1
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
48
16. INVENTORY
The value of the Group’s inventory was as follows:
31.12.2024
31.12.2023
Goods
189,680
320,569
Materials
531
299
Allowance for slow-moving goods
(15,621)
(20,714)
Total
174,590
300,154
The decline in inventory during 2024 is due to the transition of the Mall business from an independent 1P retailing
model to trading at a smaller scale as a merchant over the Allegro marketplaces.
16.1 Assigning costs to inventories
The goods are purchased for resale by Group’s own proprietary stores via marketplace on the platforms (see
revenue recognition policy in note 10.1).
Goods and materials are stated at the lower of cost and net realisable value. Inventories are determined using
the first in, first out (FIFO) method. Cost of purchased inventory is determined after deducting rebates and
discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated
costs necessary to make the sale.
16.2 Amounts recognised in profit or loss
In comparison to the previous year, the inventory write-off decreased by PLN 5,092 for the year ended 31
December 2024 and by PLN 526 for the year ended 31 December 2023.
Write-downs are charged to costs of goods sold in the statement of comprehensive income.
17. TRADE AND OTHER RECEIVABLES
The value of the Group’s trade and other receivables was as follows:
31.12.2024
31.12.2023
Trade receivables, gross
256,648
994,605
Impairment of trade receivables
(38,117)
(86,615)
Trade receivables, net
218,531
907,990
Other receivables
106,744
123,208
VAT receivables
8,411
14,934
Tax receivables
18,345
32,210
Total
352,031
1,078,342
\
1
The Group’s receivables comprise amounts due from companies and individuals and their concentration level is
low. More than 74% of the Group trade and other receivables balance is due in Polish Zloty with the remainder
mainly denominated in Czech Crowns or Euros.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
49
In 2023 the Group began to introduce a fee deduction mechanism resulting in priority to draw the success fee
earned on marketplace activities from the inflows that merchant receive from the buyer on the platform. Initially,
this mechanism applied only to selected merchants and was fully expanded to include all merchants during 2024.
This resulted in a significant decrease of trade receivables and a decrease of credit risk borne by the Group.
17.1 Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course
of the Group’s business. They are generally due for settlement within 14 days. Trade receivables are recognised
initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the
objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using
the effective interest rate method. Details about the Group's impairment policies and the calculation of the loss
allowance are provided in note 33.2 Credit risk.
17.2 Classification as other receivables
‘Other receivables’ generally arise from transactions outside the Group’s core operating activities. The balance of
other receivables primarily relates to the sale of gift cards to contractors, which amounted to PLN 84,855 as at 31
December 2024. Upon selling the gift cards, the Group records restricted cash along with a corresponding liability
representing the Group’s obligation to process payments on behalf of third parties when cardholders use the gift
cards for purchases in marketplaces. For more details please refer to note 22.
Interest may be charged at commercial rates where terms of repayment exceed six months.
17.3 Classification as tax receivables
Tax receivables amounts are based on the pay and refund mechanism that entered into full force as of 1 January
2022. In the past Allegro, Ceneo and Allegro Pay were grossing up for withholding tax on their interest payments
and remitting this tax to the tax authorities. In 2023 Allegro received a withholding tax refund from the Tax
Authorities amounting to PLN 138,303 followed by the so-called preference / clearance opinion based on which
Allegro does not have to apply the said mechanism for interest payments made in the period December 2023 -
December 2026. Following the opinion, Allegro received in 2024 the final refund of remitted withholding tax in
the amount PLN 25,014. Similar opinion was also issued for Allegro Pay and based on this opinion Allegro Pay
does not have to apply the pay and refund mechanism for the interest payments made in the period September
2024 - September 2027. The motion for refund in Allegro Pay (PLN 18,052) is pending. Ceneo did not apply for
the clearance opinion as their debt has been paid in full. The withholding tax remitted to the tax office was
however refunded to it in 2024 in the amount of PLN 300.
17.4 Fair value of trade and other receivables
Due to the short-term nature of current receivables, their fair value is considered to be the same as their carrying
amount.
17.5 Impairment and risk exposure
Information about impairment and the exposure to credit risk and interest rate risk is disclosed in note 33.
Receivables outstanding as at the balance sheet date were subject to impairment provisions, in accordance with
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
50
the Group’s accounting policy. The receivables impairment allowance was recognised as part of the net
impairment losses on financial and contract assets in the statement of comprehensive income. In comparison to
the previous year, the impairment provision decreased by PLN 48,499 for the year ended 31 December 2024 and
by PLN 30,327 for the year ended 31 December 2023.
18.
PREPAYMENTS
The value of the Group’s prepayments was as follows:
31.12.2024
31.12.2023
Property, plant and equipment
5,383
-
Long term prepayments
5,383
-
Licences
28,596
26,864
Insurance
4,949
9,320
Technical support
5,443
9,689
Delivery Services
3,772
8,222
Lease deposits
-
1,855
Other
15,949
13,638
Short term prepayments
58,709
69,588
Total prepayments
64,092
69,588
Prepayments are made when the entity incurs costs before the period to which they relate or before it obtains
the control over the asset. Prepayments are determined at the amount of costs attributable to subsequent
reporting periods or at the amount of advance payment for the asset.
Aa at 31 December 2024 and 31 December 2023 the licenses represent payments for the software as a service.
19. CONSUMER LOANS
Consumer loans represent loans granted to buyers on the Allegro platform. Loans are granted for 30 days without
interest and instalment loans for between 3 and 30 months with an annualised interest rate that increased from
10.5% as of 31 December 2023 to 18.5% for half-year, and further decreased to 16.0% as of 31 December 2024.
Furthermore, Smart! users may take 2-month zero interest installment loans.
All loans are granted on the territory of Poland in Polish zloty (PLN).
Classification of consumer loans
The loans are initially recognised at fair value.
The Group classifies financial assets into the following categories:
●
measured at amortised cost for ‘held to collect’ cash flows model
, in which financial assets originated or
acquired are held to maturity in order to collect contractual cash flows where those cash flows represent
solely payments of principal and interest (“SPPI”);
●
measured at fair value through other comprehensive income for ‘held to collect and sell’ cash flows
model
, in which financial assets originated or acquired are held to maturity in order to collect contractual
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
51
cash flows,
where those cash flows represent solely payments of principal and interest (“SPPI”), but they
may also be sold;
●
measured at fair value through profit or loss
and sell” cash flows model.
Business model
The Group operates a business model whereby it realises cash flows from its consumer loans mainly from the
sale of these loans to its financing partners: Aion Bank S.A. and starting from March 2024, Banco Santander (sales
of the principal amount of the loan only with the interest strip retained by the Group). Even though the Group
collects the contractual cash flows while it holds these loans (before these loans are sold to Aion Bank and Banco
Santander resulting in derecognition), the objective of such a business model is not achieved by both collecting
contractual cash flows and selling financial assets as the collection of contractual cash flows is not integral to
achieving the business model’s objective; instead, it is incidental to it. The sold loans qualify for derecognition
even when the Group functions as a collection agent, handling collections on behalf of the banks. Some of these
loans may be prepaid before they are transferred to Aion Bank or Banco Santander, however it does not impact
the Group’s objectives in managing these loans.
Upon the origination of the consumer loans the Group cannot initially determine which loans will be sold.
However, due to the significant volume of the loans that eventually are sold, the fair value through profit and loss
model is applied to all the loans.
19.1 Consumer loans at fair value through profit and loss
The following table presents the consumer loans measured and recognised at fair value as at 31 December 2024
and 31 December 2023.
Consumer loans at FVTPL as at 01.01.2024
403,261
New consumer loans originated
10,842,489
Fair value measurement (recognised in other operating income)
99,377
Consumer loans derecognised (repaid)
(3,443,761)
Consumer loans derecognised (sold)
(7,398,481)
Consumer loans at FVTPL as at 31.12.2024
502,885
Consumer loans at FVTPL as at 01.01.2023
209,335
Reclassified from amortised cost (change in business model)
157,540
Consumer loans at FVTPL as at 01.01.2023
366,875
New consumer loans originated
8,323,922
Fair value measurement (recognised in other operating income)
65,243
Consumer loans derecognised (repaid)
(3,604,149)
Consumer loans derecognised (sold)
(4,748,630)
Consumer loans at FVTPL as at 31.12.2023
403,261
In 2024 the Group executed multiple consumer loan sale transactions. In effect the risk, rewards and control
were transferred to the financing partner with the relevant consumer loans being derecognised.
In relation to the consumer loans being subject to sale transaction to Banco Santander, only the principal cash
flows of the loans originated by Allegro Pay are transferred to the financing partner (resulting in derecognition of
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
52
this portion of an asset), whilst the right to interest arising on those cash-flows is retained by the Group and
presented in line ‘consumer loans’ (as of 31 December 2024: PLN 2,135). Allegro continues to collect the cash
flows from the principal amounts of loans transferred to Banco Santander under a servicing arrangement; the
liability resulting from the obligation towards the Banco Santander to pass-through the cash-flows that was
collected by the Group as part of the servicing arrangement is presented in the Note 27.
The fair value measurement of the loans is classified at level 3 of the fair value hierarchy. Fair value measurement
is based on contractual cash flows adjusted by a credit risk element. They are discounted with a discount rate
which comprises the risk-free rate and the effective margin. Assignment of the effective margin for the purpose
of calculating the discount factor is based on the exposure’s characteristics at measurement date.
The majority of consumer loans are sold to the financing partner in the ordinary course of business, usually within
1 month from the origination date. The gain/loss generated on the sales transaction (derecognition) is minimal,
as the pricing method agreed on the contractual basis does not materially differ from the fair value of the financial
assets being subject to the sale transaction. At each reporting period, the Group compares the fair value of
consumer loans against the expected price that would have been received from the financing partner if the sale
transactions had occurred at the end of the reporting period. The outcome of this analysis proves this discrepancy
not to be material.
The majority of the consumer loans held by the Group as of 31 December 2024 have been sold to the financing
partner, since year-end.
There was no transfer into or out of Level 3 of the fair value hierarchy in the year ended 31 December 2024 and
comparatives.
19.2 The disaggregation of Other operating income
The disaggregation of other operating income is presented in the table below. ‘Fair value measurement’ relates
to the valuation of consumer loans, while ‘Other’ primarily comprises income from expired giftcards and
subleases.
31.12.2024
31.12.2023
Fair value measurement
99,377
65,243
Other
19,347
-
Other operating income
118,724
65,243
20. OTHER FINANCIAL ASSETS
The value of the Group’s other financial assets was as follows:
31.12.2024
31.12.2023
Mutual fund units
25,289
-
Other
4,378
6,629
Total
29,667
6,629
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
53
During the reporting period, the Group purchased units in money market funds that invest in short-term debt
instruments such as bonds, government bonds or certificates of deposit. As at 31 December 2024 the value of
the fund units amounted to PLN 25,289 and comprised the value of the units acquired on the date of purchase
in the amount of PLN 25,000 and its valuation increase of PLN 289 (the gain is recognised in the line item
‘Valuation of financial instruments’ in ‘Financial income’).
From the holder's perspective, the Group classifies investments in money market funds as debt instruments, as
they are puttable, whereby the holder can sell its holding back to the money market fund in return for cash.
IFRS 9 requires entities to consider whether the cash flows on debt investments are solely payments of principal
and interest (SPPI) and whether the business model for holding those assets is for the collection of cash flows,
sale of the assets, or a combination of the two. The money market fund’s (MMF) net asset value does not represent
SPPI, as it includes gains/losses from the sale of the underlying investments. Consequently investments in MMFs
which are puttable back to the MMF are puttable at an amount which is not SPPI. Therefore, the Group measures
investments in money market funds at fair value through profit or loss, with changes in fair value recognised in
profit and loss as they arise. The measurement of the aforementioned instruments falls within Level 2 of the fair
value hierarchy.
For the purposes of the Consolidated Cash Flows, the Group presents the purchase of investments in flows from
investing activities. Following analysis, the Group concluded that the purchase of these investments does not
meet the definition of cash and cash equivalents, as at the time of the initial investment the cash amount that will
be received on the redemption is unknown.
21. CASH AND CASH EQUIVALENTS
At the balance sheet date Cash and cash equivalents comprised:
31.12.2024
31.12.2023
Cash at bank
161,138
526,354
Bank deposits
3,601,793
1,321,901
Cash equivalents and cash held in the national payment institutions
296,011
200,867
Total
4,058,943
2,049,122
21.1 Classification as cash at bank
Cash at bank comprises cash on demand allocated in banks.
21.2 Classification as bank deposits
Bank deposits are deposits paying interests at fixed negotiated rates with maturity of three months or less from
the date of placing the deposit and are repayable within 24 hours’ notice.
21.3 Classification as cash equivalents and cash held in wallets in the
national payment institutions
Cash equivalents comprise payments in transit made by the Group’s customers via electronic payment channels
and cash held in electronic wallets operated by payment service providers.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
54
The Group has determined that funds held by the Group in electronic wallets meet the definition of cash
equivalents, as they are held in the national payment institutions (similar to the financial institutions) and can be
used or withdrawn, at any time, immediately (within 1 or few working days) without any penalties. Thus, in
economic substance, the funds held in a wallet are a demand deposit.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
55
22. RESTRICTED CASH
The value of the Group’s restricted cash was as follows:
31.12.2024
31.12.2023
Restricted cash related to regulatory proceedings
10,741
11,708
Long term cash restricted
10,741
11,708
Restricted cash related to prepaid cards
63,644
-
Other
392
8,379
Short term cash restricted
64,036
8,379
Total restricted cash
74,777
20,087
Restricted cash would normally be classified as current, unless it is restricted from being exchanged or used to settle
a liability for at least 12 months after the reporting period.
The Group presents long-term restricted cash since these funds are subject to regulatory restrictions and therefore
are not expected to be available for general use by the Group within 12 months after the reporting period.
The Group issues prepaid cards (‘gift cards’) to end buyers in exchange for cash consideration. These cards can be
used as a payment method on Allegro marketplaces. Starting from 2024, a new business model was introduced, under
which gift cards are issued by Allegro Finance, an entity authorised to issue payment instruments under the Act on
Payment Services. In compliance with regulations, cash received from third parties for the sale of gift cards cannot be
used by the Group for any purpose other than paying merchants when the cardholder uses the card for purchases
on Allegro marketplaces. This restriction applies until the gift card expires. As a result, the cash received from third
parties for gift card purchases is reported as ‘restricted cash’ in the Consolidated Financial Statements. Accordingly,
these amounts are presented separately from the Group’s ‘cash and cash equivalents’ while the gift card remains
active and unused. Since gift cards have a one-year expiration period, they are classified as a current asset.
The accounting policies for gift cards is out of scope of IFRS15 as selling the gift cards does not result from the contract
with merchants and the Group does not deliver to card holder any goods or services, but rather has an obligation to
pay cash to a merchant when the card holders uses the card on its purchases.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
56
At the balance sheet date borrowings comprised:
31.12.2024
31.12.2023
Long-term
5,788,158
6,064,785
5,788,158
6,064,785
Short-term
-
2,702
-
2,702
Total borrowings
5,788,158
6,067,487
The table below shows the details of the Group indebtedness as of 31 December 2024 and 31 December 2023
respectively:
Lenders
Type
Currency
Date of initial
agreement
Interest rate
Nominal
value
Carrying
amount as at
31.12.2024
Due date
Covenants
Banks
Term loan B
PLN
29 September
2020
WIBOR 3M+
margin ratchet
5,257,000
5,100,844
14 October
2027
Net leverage
shall not
exceed a ratio
indicated in the
agreement
Additional
Term facility
PLN
9 December
2021
WIBOR 3M+
margin ratchet
700,000
687,314
14 October
2027
Lenders
Type
Currency
Date of initial
agreement
Interest rate
Nominal
value
Carrying
amount as at
31.12.2023
Due date
Covenants
Banks
Term loan B
PLN
29 September
2020
WIBOR 3M+
margin ratchet
5,257,000
5,080,663
14 October
2027
Net leverage
shall not
exceed a ratio
indicated in the
agreement
Additional
Term facility
PLN
9 December
2021
WIBOR 3M+
margin ratchet
1,000,000
986,824
14 October
2027
The principal amounts of the Group’s loans are repayable as a lump sum on the due date. Loan interest is paid
at an annual rate equal to WIBOR and a margin on a quarterly basis.
As of 31 December 2024 and 2023 the Group had the following undrawn revolving credit facilities:
Lenders
Type
Currency
Date of initial
agreement
Interest rate
Nominal value
Carrying amount
as at 31.12.2024
Covenants
Banks
Original
Revolving Credit
Facility
PLN
29 September
2020
WIBOR 3M+
margin ratchet
500,000
undrawn
Net leverage
shall not exceed
a ratio indicated
in the
agreement
Additional
Revolving
Facility
PLN
3 March 2022
WIBOR 3M+
margin ratchet
500,000
undrawn
Once repaid, the Revolving Credit Facilities may be redrawn up until 14 October 2027.
On 6 November 2023 the Group signed an annex and executed an extension of the maturity date to all credit
facilities (including undrawn revolving facilities) in respect to a total principal amount of PLN 7,257,500 by 24
months to 14 October 2027 and concurrently made early prepayment in the amount of PLN 242,500. Originally,
the facilities were scheduled to mature in October 2025. The early repayment was executed using the funds from
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
57
the one of available revolving facilities that was drawn in November 2023 in the amount of PLN 245,000 and
subsequently repaid on 29 December 2023. All other conditions of the credit facilities remain unchanged.
The refinancing transaction was accounted for as non-substantial modification of financial liability, as the
underlying criteria for derecognition were not met. This resulted in 2023 in the recognition of PLN 76,097 non-
cash adjustment to carrying value of borrowings, valued at amortised cost, recognised as financial income, arising
mainly on deferral of the lump sum principal repayment by two years, offset with additional interest outflows
during the extended period.
On 18 December 2024 the Group made voluntarily repayment of the Additional Term Loan in the amount of PLN
300,000 and recognised the gain of PLN 5,416 on voluntarily repayment (see Note 11)
23.1 Accounting policies
The borrowings are measured at amortised cost using the effective interest rate. Borrowing origination fees
incurred in relation to the loans are included in the calculation of the effective interest rate. The periodic re-
estimations of the cash flows arising from the changes in the floating interest rates (WIBOR) are accounted for
through altering the effective interest rate of the loan. The changes to estimated cash flows coming from
prepayments or changes in the loan margin are accounted for through recalculation of the amortised cost, and
the adjustments are recognised in profit or loss as financial income or financial cost.
The fair values of borrowi ngs (established using the 7.10% discount rate as at 31 December 2024 and 7.88% as
at 31 December 2023) are not materially different to their carrying amounts, since the interest payable on those
borrowings is close to current market rates (contractual rates reflect current market rates of interests applicable
to such terms of similar instruments). All inputs significant to the fair value measurement are categorised within
Level 2.
As at 31 December 2024 the Group was a party to seven swap contracts (as at 31 December 2023: eight swap
contracts), designated as cash flow hedge, aiming to limit the exposure to interest rate fluctuations. (see note
33.1)
23.2 Compliance with loan covenants
Covenants that the Group is required to comply with, on or before the end of the reporting period, are considered
in classifying loan arrangements with covenants as current or non-current. Covenants that the Group is required
to comply with after the reporting period do not affect the classification at the reporting date.
The nature of covenants and the carrying amount of the borrowings witch covenants are disclosed in the Note
34. Allegro.eu Group complied with the financial covenants of its borrowing facilities during the 2024 and 2023
reporting periods and after the balance sheet date until the date of authorisation of these Consolidated Financial
Statements for the issue. Further disclosure on the covenants is provided in the Note 34.
23.3 Risk exposure
Details of the Group's exposure to risks arising from current and non-current borrowings are set out in note 33.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
58
24. LEASES
24.1 Amounts recognised in the statement of comprehensive income
The carrying amount of right-of-use assets is amortised using the straight-line method. The Group depreciates
the right to use the assets from the commencement of the lease agreement to the earlier of the end of the lease
term or the end of the useful life. The estimated useful lives of right-of-use asset are as follow:
●
Leased Buildings 1-10 years
●
Leased Computers and office equipment 3-6 years
●
Leased Motor vehicles 1-5 years
●
Leased Land 1-5 years
Expenses incurred on leases recognised in the statement of income comprised:
31.12.2024
31.12.2023
Depreciation and amortisation
(137,756)
(131,697)
Interest expenses
(26,755)
(28,952)
Short-term leases expenses
(204)
(296)
Total
(164,715)
(160,945)
24.2 Amounts recognised in the statement of financial position
Changes in right-of-use assets during the financial year:
Leased
Buildings
Leased
Computers and
office
equipment
Leased Motor
vehicles
Leased Lands
Total
Cost as at 01.01.2024
674,968
48,932
4,076
113,183
841,158
Additions - new leases
20,507
536
653
59,235
80,931
Disposals
[1]
(95,137)
(146)
(1,808)
(605)
(97,695)
Remeasurement of lease payments
38,318
650
(46)
6,645
45,567
Exchange differences
(1,889)
-
(132)
(159)
(2,179)
Cost as at 31.12.2024
636,767
49,972
2,743
178,299
867,782
Accumulated depreciation as at 01.01.2024
(249,728)
(24,166)
(2,866)
(31,808)
(308,566)
Depreciation charge
(94,749)
(12,897)
(995)
(29,115)
(137,756)
Disposal
60,806
138
1,675
339
62,958
Exchange differences
1,882
-
78
12
1,972
Accumulated depreciation as at 31.12.2024
(281,789)
(36,925)
(2,108)
(60,572)
(381,394)
Impairment losses as at 01.01.2024
(4,165)
-
-
-
(4,165)
Impairment charge
(9,443)
-
-
-
(9,443)
1
Disposals
3,551
-
-
-
3,551
Exchange differences
-
-
-
-
-
1
Impairment losses as at 31.12.2024
(10,057)
-
-
-
(10,057)
Carrying amount as at. 31.12.2024
344,921
13,047
634
117,727
476,329
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
59
Leased
Buildings
Leased
Computers and
office
equipment
Leased Motor
vehicles
Leased Lands
Total
Cost as at 01.01.2023
672,705
46,953
4,665
76,732
801,054
Additions - new leases
7,981
1,609
92
32,499
42,181
Disposals
(53,383)
(84)
(115)
(358)
(53,940)
Remeasurement of lease payments
62,130
455
(26)
4,310
66,869
Exchange differences
(14,337)
-
(382)
-
(14,719)
Other
(129)
-
(157)
-
(287)
Cost as at 31.12.2023
674,968
48,932
4,076
113,183
841,158
Accumulated depreciation as at 01.01.2023
(205,471)
(12,035)
(978)
(12,423)
(230,907)
Depreciation charge
(98,344)
(12,175)
(1,619)
(19,560)
(131,697)
Disposal
49,698
45
115
175
50,033
Exchange differences
4,389
-
(383)
-
4,007
Accumulated depreciation as at 31.12.2023
(249,728)
(24,166)
(2,866)
(31,808)
(308,566)
Impairment losses as at 01.01.2023
(3,060)
-
-
-
(3,060)
1
Impairment charge
(1,268)
-
-
-
(1,268)
1
Exchange differences
162
-
-
-
162
Impairment losses as at 31.12.2023
(4,165)
-
-
-
(4,165)
Carrying amount as at. 31.12.2023
421,075
24,766
1,210
81,375
528,426
[1] These amounts include the derecognition of right-of-use assets resulting from the sublease agreements.
The right-of-use assets are presented as part of property, plant and equipment in the statement of financial
position.
Changes in lease liabilities during the financial year:
2024
2023
1
Opening lease value at the beginning of the reporting period
617,582
690,181
1
Remeasurement of lease payments
50,153
66,869
1
Lease payments
(158,232)
(137,134)
1
Additions - new leases
75,843
42,151
1
Disposals
(9,435)
(3,252)
1
Interest expense
26,755
28,952
1
Interest payment
(26,755)
(28,952)
1
Currency valuation
(2,284)
(41,671)
1
Other
116
438
1
Lease liabilities at the end of the reporting period
573,744
617,582
24.3 Amounts recognised in the statement of cash flow related to leases
The total cash payments for the principal and interests were PLN 184,987 in 2024, and PLN 166,087 in 2023.
24.4 The Group’s leasing activities and their accounting treatment
The Group leases various properties and equipment. Rental contracts are typically made for fixed periods of 1 to
10 years but may have extension options as described below. Lease terms are negotiated on an individual basis
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
60
and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants,
but leased assets may not be used as security for borrowing purposes.
Leases are recognised as right-of-use assets together with a corresponding liability at the date at which the leased
asset is available for use by the Group. The carrying amount of liability is remeasured to reflect any reassessment,
lease modification or revised in-substance fixed payments. The lease term is a non-cancellable period of a lease;
periods covered by options to extend and terminate the lease are only included in the lease term if it is certain
that the lease will be extended or will not be terminated. The financial cost is charged to profit or loss over the
lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each
period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a
straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include
the net present value of the following lease payments:
●
fixed payments,
●
variable lease payment that are based on an index or a rate,
●
amounts expected to be payable by the lessee under residual value guarantees,
●
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or
the Group’s incremental borrowing rate.
Right-of-use assets are measured at cost comprising the following:
●
the amount of the initial measurement of lease liability,
●
any lease payments made at or before the commencement date less any lease incentives received,
●
any initial direct costs, and
●
restoration costs.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis
as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value
assets comprise IT-equipment and small items of office furniture.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the
contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases
of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and
instead accounts for these as a single lease component.
The Group is generally not required to restore leased lands to their original condition at the end of the respective
lease terms. Consequently, no provision has been recognised for such obligations, as they are not applicable in
most cases. Where such obligations do arise, they are assessed as not significant to the Group’s consolidated
financial statements.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
61
24.5 Extension and termination options
Extension and termination options are included in a number of property and equipment leases across the Group.
These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension
and termination options held are exercisable only by the Group and not by the respective lessor.
In determining the lease term, the Group considers all facts and circumstances that create an economic incentive
to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated).
The extension options for the right-of-use assets have not been included in the lease liability, because the Group
could replace the assets without significant cost or business disruption and because it is not reasonably certain
that the leases will be extended.
The lease term is reassessed if an option is actually exercised or the Group becomes obliged to exercise it. The
assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances
occurs, which affects this assessment, and that is within the control of the lessee.
24.6 Lease contracts concluded for indefinite period
The vast majority of the Group lease contracts are concluded for a definite period of time. However, the portion
of the contracts for the lease of the land designated for deployment of APM was concluded for the indefinite
period of time, with the right to terminate the agreement (in most cases with 3 months’ notice period) without
the significant financial penalty granted to both parties.
The Group considered the broader economic context of the lease contracts in determining the enforceable
period of such leases. Those leased assets are important from the Group's perspective as they are an inherent
part of the logistics operations. Moreover, it is expected that the number of leased land locations will increase
significantly in the upcoming periods, due to the further expansion of the Group’s logistics network, which creates
the economic incentive not to terminate the existing lease agreements.
The Group considered all relevant facts and circumstances that create an economic incentive for both the lessee
and lessor not to exercise an option to terminate early. All of these lease contracts are concluded with the same
business strategy and subject to the same management analysis. The Group has considered a broad range of
economic factors as incentives to extend or not terminate leases, in the context of its business plan for APMs. As
a result, the Group has concluded that all the lease contracts should have a 5 year lease period at the
commencement date of the lease; such lease period is subsequently reassessed only when a significant event or
change in circumstances occurs that is within the control of the Group and affects whether it is reasonably certain
to exercise an option.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
62
25. DEFERRED TAX
Deferred tax is recognised in relation to temporary differences between the tax value of assets and liabilities and
their carrying amount in the consolidated financial statements. However, no deferred tax is recognised if the tax
arises as a result of initial recognition of goodwill or as a result of initial recognition of an asset or liability as part
of a transaction other than a business combination, where initial recognition affects neither the accounting nor
the taxable profit or loss at the time of the transaction. Deferred income tax is determined using the applicable
legal or actual rates (and laws) as at the reporting period end date, which are expected to apply at the time of
realisation of the relevant deferred tax assets or payment of deferred tax liabilities.
Deferred tax assets are recognised for unused tax losses, only when it is probable that taxable income will be
generated in the future, which will allow the temporary differences or tax credits to be utilised on the same type
of tax.
Deferred income tax assets and liabilities are presented net when there is a legally enforceable right to offset
current tax receivables against current tax liabilities and when the deferred income tax assets and liabilities relate
to income taxes levied by the same tax authority on the same taxable entity.
25.1 Deferred tax assets
The deferred tax assets at the balance sheet date comprised temporary differences attributable to:
31.12.2024
31.12.2023
Accrued expenses
187,600
156,924
Lease liabilities
99,258
105,915
Liabilities to employees and share-based payments
37,008
41,558
Impairment of trade receivables
4,988
11,784
Other items
31,390
30,318
Total deferred tax assets
360,244
346,499
Deferred tax assets pursuant to set-off rules
(332,312)
(313,042)
27,932
33,457
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
63
Accrued
expenses
Liabilities to
employees and
share-based
payments
Other
Offsetting
Total
As at 01.01.2024
156,924
41,558
148,017
(313,042)
33,457
(Charged)/credited to profit or loss
30,676
3,999
(12,381)
(19,270)
3,024
(Charged)/credited to other reserves
-
(8,908)
-
-
(8,908)
(Charged)/credited to OCI
-
516
-
-
516
Exchange differences
-
(157)
-
-
(157)
As at 31.12.2024
187,600
37,008
135,636
(332,312)
27,932
Accrued
expenses
Liabilities to
employees and
share-based
payments
Other
Offsetting
Total
As at 01.01.2023
111,548
30,277
147,125
(272,655)
16,295
(Charged)/credited to profit or loss
45,376
7,051
892
(40,387)
12,932
(Charged)/credited to other reserves
-
5,242
-
-
5,242
(Charged)/credited to OCI
-
(856)
-
-
(856)
Exchange differences
-
(156)
-
-
(156)
As at 31.12.2023
156,924
41,558
148,017
(313,042)
33,457
25.2 Deferred tax liabilities
The deferred tax liabilities at the balance sheet date comprised temporary differences attributable to:
31.12.2024
31.12.2023
Intangible assets (business combination fair value adjustment)
734,364
754,477
Cash flow hedge
8,050
22,244
Valuation of borrowings
37,400
49,445
Property, plant and equipment
2,897
10,676
Leases (right of use assets)
83,040
86,943
Other items
58,894
58,723
Total deferred tax liabilities
924,645
982,508
Deferred tax liabilities pursuant to set-off of rules
(332,312)
(313,042)
592,333
669,466
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
64
Intangible
assets
(business
combination
fair value
adjustment)
Cash flow
hedge
Loan
valuation,
Leases,
Property, plant
and equipment
and other
items
Offsetting
Total
As at 01.01.2024
754,477
22,244
205,787
(313,042)
669,467
Charge/(credited) to profit or loss
(19,102)
-
(23,450)
(19,270)
(61,822)
Charge/(credited) to OCI
-
(14,194)
-
-
(14,194)
Exchange differences
(1,011)
-
(106)
-
(1,117)
As at 31.12.2024
734,364
8,050
182,231
(332,312)
592,333
Intangible
assets
(business
combination
fair value
adjustment)
Cash flow
hedge
Loan
valuation,
Leases,
Property, plant
and equipment
and other
items
Offsetting
Total
As at 01.01.2023
935,595
80,962
141,167
(272,655)
885,069
Charge/(credited) to profit or loss
(156,079)
-
64,977
(40,387)
(131,490)
Charge/(credited) to OCI
-
(58,718)
-
-
(58,718)
Exchange differences
(25,039)
-
(357)
-
(25,396)
As at 31.12.2023
754,477
22,244
205,787
(313,042)
669,466
25.3 Deferred income tax
The deferred income tax calculation is based on the Group’s best estimates. The Group intends to continue to
analyse the Group’s deferred income tax positions at each future balance sheet date.
The schedule of deferred income tax assets and liabilities is presented as follows:
31.12.2024
31.12.2023
Deferred tax assets
360,244
346,499
100,253
115,683
259,991
230,816
Offsetting
(332,312)
(313,042)
Total
27,932
33,457
31.12.2024
31.12.2023
Deferred tax liability
924,645
982,508
761,375
810,076
163,270
172,432
Offsetting
(332,312)
(313,042)
Total
592,333
669,466
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
65
26. LIABILITIES TO EMPLOYEES
The Group makes the following payments to employees that may result in liabilities to employees at the balance
sheet date:
●
short-term liabilities to employees;
o
payroll and social security contributions (except retirement and disability pension insurance);
o
paid absences;
o
incentive bonuses, cash rewards;
o
fringe benefits;
●
post-employment benefits:
o
retirement and disability pension contributions;
o
retirement severance pays.
SHORT-TERM LIABILITIES TO EMPLOYEES
Accounting for short-term liabilities to employees does not require making actuarial assumptions to determine
the obligation or the cost and there is no possibility of any actuarial gain or loss. Moreover, short-term liabilities
to employees are measured on an undiscounted basis.
When an employee has rendered service to the Group during the accounting period, the Group recognises the
estimated undiscounted amount of short-term benefits to be paid in exchange for that service as a liability, after
deducting any amounts already paid, and expenses.
Short-term liabilities to employees in the form of bonus payments are recognised when the following
requirements are satisfied:
●
the Group has a legal or constructive obligation to make such payments as a result of past events; and
●
a reliable estimate of the obligation can be made.
For benefits in the form of compensated absences, liabilities to employees are recognised for accumulating
compensated absences (e.g. unused holiday leaves) when service is rendered that increases the entitlement to
future compensated absences. In the case of non-accumulating compensated absences (e.g. sick leaves), benefits
are recognised when the absences occur.
Liabilities to employees in the form of compensated absences or bonus payments fall outside the definition of
provisions under the IFRS and are presented as current liabilities in the statement of financial position under the
trade and other liabilities item.
DEFINED CONTRIBUTION PLAN – SOCIAL INSURANCE INSTITUTION (RETIREMENT AND DISABILITY
PENSION CONTRIBUTIONS)
In compliance with the applicable laws in effect, the Group pays retirement and disability pension contributions
determined by the gross salary for each employed employee to the Social Insurance Institution (“State plan”). The
Group is required to pay contributions as they fall due only for the period of the employee’s employment. The
Group has no legal or constructive obligation to pay future benefits. If the Group ceases to employ members of
the State plan, it has no obligation to pay the benefits earned by its own employees in previous years. For this
reason, the State plan is a defined contribution plan.
The Group’s obligation under those plans for each period is determined by the amounts to be contributed for
the year. Under IAS 19, no actuarial assumptions are required to measure the obligation or the cost and there is
no possibility of any actuarial gain or loss. Moreover, the obligations are measured on an undiscounted basis,
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
66
except where they do not fall due wholly within a year after the end of the period in which employees render the
related service.
When an employee has rendered service to the Group during the period, the Group recognises the contribution
payable to the defined contribution plan in exchange for that service as a liability, after deducting any amounts
already paid, and an expense.
DEFINED BENEFIT PLAN – RETIREMENT AND DISABILITY SEVERANCE PAY MENTS
The Group’s employees or their designated beneficiaries are entitled to retirement and disability severance
payments. Retirement and disability severance payments are one-off payments made upon retirement or early
retirement due to disability. In accordance with IAS 19 such severance payments are a defined benefit plan.
The present value of the aforesaid obligations is calculated by an independent actuary at each reporting period
end date. The resulting obligation is equal to discounted payments to be made in the future taking into account
the staff turnover and refers to the period remaining until the reporting period end date. The Group does not
fund this plan therefore there are no existing plan assets.
The Group recognises actuarial gains/losses through other comprehensive income.
SHARE BASED PAYMENT
Allegro.eu Group runs the equity settled share based payment plans for its employees. The financial benefit from
equity settled plans is allocated over the expected vesting period against equity starting from service
commencement date which could be earlier than the grant date. For equity settled share based payments, the
value of the awards is fixed at the grant date and is remeasured from the service commencement date until the
grant date is reached. The service vesting condition and non-market performance conditions are reflected in the
calculation of the number of awards that will vest. A description of the existing equity-settled Allegro Incentive
Plan can be found in note 30.2.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
67
26.1 Movements in liabilities to employees
The movements in liabilities to employees is presented below:
01.01.2023
Charged
Reversed
Utilised
Exchange
differences
31.12.2023
Charged
Reversed
Utilised
Exchange
difference
s
31.12.2024
Provision for pensions and disability
pensions
7,122
(2,184)
-
-
-
4,938
4,070
-
-
-
9,008
Long-term liabilities to employees
7,122
(2,184)
-
-
-
4,938
4,070
-
-
-
9,008
Bonus provision
91,168
122,999
(207)
(84,123)
(1,674)
128,164
131,695
(24,243)
(95,906)
(699)
139,011
Retention provision
5,120
-
-
(4,985)
(135)
-
-
-
-
-
-
Employee Incentive program
526
-
-
(526)
-
-
-
-
-
-
-
Unused holiday provision
33,138
30,933
-
(33,391)
(298)
30,381
28,652
-
(28,230)
337
31,140
Provision for pensions and disability
pensions
271
21
-
(195)
(4)
93
63
-
(35)
-
122
Salaries accrual and Other
18,013
12,494
(16,337)
(1,706)
(1,301)
11,164
26,726
-
(26,759)
(397)
10,734
Short-term liabilities to employees
148,237
166,447
(16,544)
(124,926)
(3,412)
169,802
187,136
(24,243)
(150,930)
(759)
181,007
Total
155,359
164,263
(16,544)
(124,926)
(3,412)
174,740
191,206
(24,243)
(150,930)
(759)
190,015
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
68
27. TRADE AND OTHER LIABILITIES
Trade and Other Liabilities at the balance sheet date comprised:
Note
31.12.2024
31.12.2023
Trade payables
1,362,925
1,362,666
Contract and refund liabilities
10.3/10.4
238,279
239,083
VAT payables
155,081
159,088
Purchase of non-financial assets
45,836
26,474
Social insurance and other tax liabilities
45,374
38,283
Liabilities from pass through arrangements*
180,547
39,303
Other liabilities
82,999
41,802
Total
2,111,041
1,906,698
* In the Consolidated Financial Statements for the year ended 31 December 2023, the liabilities related to pass through
arrangements were presented under 'Other Liabilities'. The Group amended the presentation in 2024 and restated the
comparatives due to the significance of the balance.
Trade liabilities are usually paid within 30 days of recognition. The fair value of trade and other liabilities are
considered to be the same as their carrying amount due to their short-term nature.
In 2024 the liabilities arising from the loan servicing arrangement represent the Group's obligation to financing
partner (see note 19) to pass through the cash flows collected under the servicing arrangement, the cash collected
is transferred to the financing partner on a weekly basis. These cash flows relate to consumer loans that were
previously sold to the financing partner. The cash collected is presented within ‘Cash and cash equivalents’ as
there are no contractual or legal restrictions imposed on the Group on the use of these funds. This obligation is
offset against the receivables due to the Group from the sale of consumer loans and is settled weekly following
each sale. The Group presents either the net liability or the net receivable under the servicing arrangement,
depending on the balance at the reporting date. The servicing arrangement fee is recognised as part of other
revenue in the amount of PLN 7,224 in 2024 (2023: PLN 4,970) .
As of 31 December 2024, the Group did not recognise any receivables from the financing partner, as there were
no consumer loan sales at that time. Liabilities associated with the servicing arrangement were classified under
"other liabilities" and corresponded to the contractual cash flows collected from consumer loans sold to the
financing partner.
27.1 Classification as trade liabilities
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial
year which are unpaid. The amounts are unsecured and are usually payable within 30 days of recognition. Trade
and other liabilities are presented as current liabilities unless payment is not due within 12 months after the
reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost
using the effective interest method.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
69
28. DERIVATIVE FINANCIAL INSTRUMENTS
CLASSIFICATION AND MEASUREMENT
Derivative financial instruments designated as hedging instruments are initially recognised at fair value on the
date a derivative contract is entered into and are subsequently re-measured at their current fair value. Derivatives
are only used by the Group for economic hedging purposes and not as speculative investments. However, where
derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss.
28.1 Hedging derivative financial instruments
Derivative financial instruments designated in a hedging relationship to which cash flow hedge accounting is
applied are accounted for at fair value through other comprehensive income.
CASH FLOW HEDGES
The Group adopted a cash flow hedge strategy to mitigate potential adverse impacts on the Group's financial
performance of changes in interest rates (swap) and changes in the exchange rates (foreign exchange derivatives).
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges
are recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised
in the income statement.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting,
any cumulative gain or loss existing in other comprehensive income at that time remains in equity and is
recognised in the income statement when the planned transaction occurs. When a planned transaction is no
longer expected to occur, the cumulative gain or loss that was recognised in other comprehensive income is
transferred to the income statement.
The fair values of interest rate swaps designated as cash flow hedge are disclosed in this note. Movements in
other comprehensive income are presented in the Consolidated Statement of Comprehensive Income.
The fair value of a hedging derivative is classified as non-current assets or non-current liabilities if the remaining
maturity of the hedged item is more than twelve months and as current assets or current liabilities, if the maturity
of the hedged items is less than twelve months.
The fair values of the interest rate swaps are calculated by discounting the future cash flows of both the fixed rate
and variable rate interest payments. The inputs used in determining the fair value fall within Level 2 of the fair
value hierarchy (inputs observable for an asset or liability, either directly or indirectly, other than quoted prices in
active markets for identical assets or liabilities). These inputs include fixed interest rate, discount rate and the
yield curve.
HEDGE INEFFECTIVENESS
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument.
When the hedged item affects profit or loss, the gain or loss relating to the effective portion of the interest rate
swaps is reclassified from other comprehensive income and recognised in profit or loss, within finance cost at the
same time as the interest expense on the hedged borrowings.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
70
The Group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference
rate, reset dates, payment dates, maturities and notional amount, therefore there is a clear economic relationship
between the hedged item (floating rate borrowings) and hedging instruments (IRS). The Group does not hedge
100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the
notional amount of the swaps. For each IRS separate hedging relationship is designated, with the hedge level of
100%. Sources of ineffectiveness may include changes in credit risk of the counterparty or changes in timings of
cash flows. The economic relationship of existing hedge instruments is 100% effective.
INTEREST RATE SWAPS
The Group enters into interest rate swaps to reduce the portion of interest rate risk exposure, as all outstanding
borrowings bear a floating interest rate. Interest rate swaps have similar critical terms as the hedged item, such
as reference rate, reset dates, payment dates, maturities and notional amount. The Group does not hedge 100%
of its loans, and so the hedged item is identified as a proportion of the outstanding loans up to the notional
amount of the swaps. As all critical terms aligned during the year, an economic relationship existed as at the end
of 31 December 2024 and 31 December 2023.
In measuring the fair value of interest rate swaps, the Group uses the present value of future cash flow based on
interest rate curves.
The decrease of derivative financial assets and decrease of financial liabilities stems from PLN 104,809 cash
received upon the settlement of interest rate hedging instruments (refer to note 11 ‘Financial income and financial
costs’). This decrease mainly resulted from the expiration of highly profitable agreements signed during the
COVID-19 pandemic, which ended in June 2024 and was further supported by lowering market expectation
regarding the future interest rates, given the anticipated nearing end of the tightening monetary policy in the
Polish market that translated to a decrease in valuation of the remaining financial instruments owned by the
Group.
As of 31 December 2024, the Group hedged PLN 2,500,000 of its total PLN 5,957,000 borrowings with the interest
rate swap contracts with the swap rates ranging from 4.1555% to 5.5720%. As of 31 December 2023, it had
hedged PLN 4,125,000 of its total PLN 6,257,000 borrowings, with swap rates between 0.615% and 2.672%.
The following table presents the balances of Interest Rate Swap contracts:
31.12.2024
31.12.2023
Balance Sheet position
Interest Rate Swap
Interest Rate Swap
Derivative financial assets - long term
21,331
-
Derivative financial assets - short term
10,792
89,191
Derivative financial liabilities - long term
-
13,703
Total
32,123
75,488
FX FORWARD
In 2024, the Group entered several FX Forward Contracts to hedge against future outflows for selected suppliers
denominated in foreign currencies, primarily USD and EUR and are generally executed for periods of a few
months. These contracts were structured to meet the criteria for hedge accounting and are recognised through
other comprehensive income.
The notional amount of the FX Forward Contracts as at 31 December 2024 is EUR 12,033 and USD 5,527 with a
total valuation at PLN 201 which is presented under Derivative Financial Liabilities in the balance sheet.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
71
The effectiveness of all outstanding cash flow hedges were tested and found to be 100% effective. Therefore, all
changes were recognised in other comprehensive Income.
28.2 Non-hedging derivative financial instruments
Derivatives used for risk management to which hedge accounting is not applied, either because the Group has
chosen not to, or the qualifying criteria are not met, are accounted for at fair value through profit or loss.
EMBEDED DERIVATIVE
If a hybrid contract contains a host that is not an asset within the scope of IFRS 9, an embedded derivative is
separated from the host contract if all the following conditions are satisfied:
The economic characteristics and risks of the embedded derivative are not closely related to the economic
characteristics and risks of the host.
A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative.
The hybrid contract is not measured at fair value with changes in fair value recognised in profit or loss. This implies
that a derivative embedded in a financial liability valued at fair value through profit or loss is not separated.
VIRTUAL POWER PURCHASE AGREEMENT (‘VPPA’)
In December 2023 the Group entered into virtual power purchase agreement and guarantees of origin
agreement (‘GoOs’) both within one contract. The contract assumes purchase of guarantees of origin at fixed
price and virtual purchases of green energy with the expected annual volume of approximately 22 megawatt
hours over the duration of the contract at fixed prices of PLN 0,370 per megawatt hour. The settlements under
the contract started in May 2024 and will take place over a 10 year period. The GoO part of the contract is
considered as a host contract with the vPPA part being an embedded derivative in the GoO host contract. The
GoO once purchased are expected to be used by the Group. This embedded derivative does not meet the criteria
of ‘closely related’ therefore was separated from the host contract. .
The embedded derivative is measured initially at fair value and subsequently at fair value through profit or loss.
The measurement of the embedded derivative falls into level 3 of the fair value hierarchy.
The agreement under which the Group purchases the renewable energy certificates is considered the host
contract to which the vPPA derivative is embedded. The Group uses Guarantees of Origin (GOOs) to certify that
a portion or all of its electricity consumption originates from renewable energy sources. This supports the Group’s
sustainability commitments, regulatory compliance, and environmental reporting obligations. GOOs help
demonstrate the Group’s efforts in reducing its carbon footprint and meeting corporate decarbonisation targets.
The GoO agreement assumes physical delivery of the certificates, with the sellers being responsible for redeeming
the GoOs on behalf of the Group. Consequently, the contractual right to receive the GoOs under the agreement
meets the so-called ‘own use exemption’. The Group has no intention of trading these certificates and has no past
practice of net settling GoO contracts. Therefore, the GoO agreement shall be treated as an executory contract,
falling outside the scope of IFRS 9. Guarantees of Origin are expensed immediately upon receipt.
As at 31 December 2024 the fair value of the embedded derivative contract was negative, amounted to PLN 2,894
and was presented as long term derivative financial liability in the amount of 2,711 and as short term derivative
financial liability in the amount of 183. As at 31 December 2023 was nil, as the contract was signed on the market
terms shortly before.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
72
29. FINANCIAL ASSETS AND FINANCIAL LIABILITIES
CLASSIFICATION AND MEASUREMENT
In accordance with IFRS 9 the Group classifies financial assets as: measured at fair value and measured at
amortised cost. The classification is made at the moment of initial recognition and depends on the business model
for managing financial assets adopted by the Group and the characteristics of contractual cash flows from these
instruments.
In 2024 and 2023 all financial assets and liabilities except for derivative instruments, money market fund units
and customer loans held at fair value, were initially recognised at fair value including transaction costs and
subsequently measured at amortised cost.
The Group applies hedge accounting and classifies the interest rate swap financial derivatives as cash flow hedges
under IFRS 9. Other derivatives are not used in a hedging relationship 28.2.
The Group holds the following financial instruments:
Note
31.12.2024
31.12.2023
Financial assets at amortised cost
4,486,598
3,110,441
Short term Trade receivables and other receivables
[1]
17
325,276
1,031,198
Cash and cash equivalents
21
4,058,943
2,049,122
Restricted cash
22
74,777
20,087
Long Term Other receivables
22,860
3,041
Investments
364
364
Other financial assets
20
4,378
6,629
Financial assets at fair value through profit or loss
528,375
403,261
Consumer loans at fair value through profit or loss
19
502,885
403,261
Other financial assets at fair value through profit or loss
20
25,289
-
Derivative financial instruments (forward)
201
-
Derivative financial instruments at FVOCI
32,123
89,191
Derivative financial instruments (cash flow hedge)
28
32,123
89,191
[1] excluding tax-related settlements
Note
31.12.2024
31.12.2023
Liabilities at amortised cost
8,096,826
8,377,435
Trade and other liabilities
[2]
27
1,734,923
1,692,365
Borrowings
23
5,788,158
6,067,487
Lease liabilities (outside IFRS9 scope)
24
573,744
617,582
Derivative financial instruments at FVOCI
-
13,703
Derivative financial instruments (cash flow hedge)
28
-
13,703
Derivative financial instruments through profit or loss
2,894
-
Derivative financial instruments (vPPA)
28
2,894
-
[2] excluding deferred income and tax-related settlements
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
73
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or
expired. The Group also derecognises a financial liability when its terms are modified and the cash flow of
modified liability are substantially different, in which case a new financial liability based on the modified terms is
recognised at fair value.
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial
position only if the Group has a legally enforceable title to offset the recognised amounts and intends to settle on
a net basis, or realise the asset and settle the liability simultaneously.
IMPAIRMENT OF FINANCIAL ASSETS
The Group applies the 3-stage classification of financial assets in terms of their impairment:
●
the first stage, i.e. balances for which there has been no significant increase in credit risk since the initial
recognition and for which the expected loss is determined based on the probability of default within 12
months;
●
second stage - balances for which there has been a significant increase in credit risk since the initial
recognition and for which an expected loss is determined based on the probability of default throughout
the entire loan period;
●
the third stage - the balance with the identified impairment.
For trade receivables the Group is using a simplified model, described in note number 33.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
74
Note to the consolidated
statement of changes in equity
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
75
30. EQUITY
30.1 Share capital
The amounts in this note are provided in PLN and not in thousand PLN.
As at 31 December 2024 the Group’s share capital comprised 1,056,904,853 ordinary shares with a nominal value
of PLN 0.01 each and a total value of PLN 10,569,049.
The shareholding structure as at 31 December 2024 and 31 December 2023 is presented in table below:
31.12.2024
31.12.2023
Name
Ultimate owner
Number of
Shares
% of share
capital
Number of
Shares
% of share
capital
Permira VI Investment Platform Limited
Permira
233,678,572
22.10%
262,928,572
24.88%
Cidinan S.à r.l.
Cinven
198,905,845
18.81%
228,155,845
21.59%
Other Shareholders
n/a
624,320,436
59.09%
565,820,436
53.53%
Total
1,056,904,853
100%
1,056,904,853
100%
The largest individual shareholders of the Group since its inception in 2017 have been the private equity funds:
Cinven and Permira.
As at 31 December 2024 and 31 December 2023 the Allegro.eu S.A. had no distributable earnings.
30.2 Share based payments
Share price at the grant date is provided in PLN, not in thousand PLN.
Number of shares granted is provided in units, not in thousands of units.
Allegro Incentive Plan (“AIP”)
The Group adopted the Allegro Incentive Plan in 2020. The AIP is a discretionary plan under which awards in the
form of performance share units (‘PSUs’) and restricted stock units (‘RSUs’) may be granted to employees of the
Group at the discretion of the Remuneration and Nomination Committee of its Board of Directors.
Awards under the AIP may be granted in the form of PSUs or RSUs which give the participants a right to receive
Shares without payment on completion of a service vesting period and, in the case of PSUs, subject to the
satisfaction of performance conditions. The AIP rules also include flexibility for the Remuneration and Nomination
Committee to grant other forms of awards. The Awards are normally granted within the six-week period after the
Group announces its annual results. However, the Remuneration and Nomination Committee may grant awards
outside this period at its discretion.
The service vesting condition (for RSU and PSU) and non-market performance conditions (for PSU) are reflected
in the calculation of the number of awards that will vest. The Group performs the periodic reassessment of the
number of awards that are expected to vest resulting in an impact on the total cost of the AIP program recognised
over the vesting period. Those adjustments are mostly driven by fluctuation of the number of units granted under
the AIP program, due to changes in employment.
The Group has made a judgement that the service commencement date or the grant date has not yet occurred
for the subsequent awards to be granted until 2030 as the programme is discretionary and can be terminated by
the Remuneration Committee.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
76
●
Performance Share Units
Performance Share Units are designed for the Key Directors of the Group. The program started in April 2021 and
may last until September 2030. Each year participants gain the conditional right to receive a predefined number
of shares following a 2 to 3 years performance period, depending on the extent to which pre-defined cumulated
GMV and Adjusted EBITDA targets are met. The final number of shares received depends on the target
achievement of those KPIs and ranges from 0 % to 200 % of the conditionally granted shares. The gain for the
participant depends both on the final number of shares granted and the development of the share price over the
vesting period. The share price is not a performance condition.
Initially, an individual target value in PLN is divided by the share price to conditionally define the target number of
shares to be received after the performance period. In respect to PSUs, the award vests on the third anniversary
of the grant date provided that the Committee has determined that the applicable Performance Condition and
any other conditions imposed on the Vesting of the Award have been satisfied. Recognition of the estimated cost
of the program reflects the PSU Plan’s notional vesting profile of 25%, 25%, and 50% respectively on the first,
second, and third anniversaries of the grant date. If a holder of the PSU units leaves before the end of the 36
month vesting period,
and is considered a good leaver they shall receive the notionally vested units. Shares will
only be delivered on the third anniversary of the grant date and, in the case of leavers, each unit is capped to a
maximum of one share per unit, even if the Group has over performed its PSU performance criteria.
PSU units
that met the vesting conditions are presented in the table below as 'vested but not transferred shares'.
●
Restricted Stock Units
Restricted Stock Units are designed for employees other than Key Directors of the Group. The program started
in April 2021 and may last until September 2030.
Restricted Stock Units are not subject to any performance conditions related to target achievement. If a holder of
RSU leaves before the end of the vesting period, all shares due to vest at future vesting dates shall lapse.
Recognition of the estimated cost of the program reflects the RSU Plan’s vesting profile of 25%, 25%, and 50%
respectively on the first, second, and third anniversaries of the grant date.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
77
As at 31 December 2024, the Remuneration Committee of the Board of Directors of Allegro.eu had granted the
following [RSU and PSU] which had not yet vested and been delivered in full to qualifying AIP participants:
PSU
RSU
Grant date
Allegro.eu share
price at the grant
date [not in
thousand]
End of the last
vesting period
vesting
profile
number of
shares
granted
value at the
grant date
number of
shares granted
value at the
grant date
11.04.2022
28.36
01.04.2025
25/25/50
742,135
15,939
2,499,820
56,273
04.03.2022
26.31
01.04.2025
monthly
-
-
427,419
10,106
05.07.2022
22.82
01.04.2024
0/100
365,562
6,326
-
-
05.07.2022
22.82
01.04.2024
25/25/50
-
-
355,336
7,339
30.09.2022
21.55
01.04.2025
25/25/50
-
-
330,525
5,875
01.10.2022
21.55
01.04.2025
25/25/50
-
-
132,041
2,365
Total 2022
1,107,697
22,265
3,745,141
81,958
11.04.2023
30.51
01.04.2026
25/25/50
1,193,397
26,350
3,893,422
88,399
11.04.2023
30.51
01.04.2025
50/50
-
-
127,658
2,664
02.10.2023
32.70
01.04.2026
25/25/50
-
-
65,002
1,494
Total 2023
1,193,397
26,350
4,086,082
92,557
04.04.2024
31.66
01.04.2027
25/25/50
-
-
253,407
6,151
04.04.2024
31.66
01.04.2027
25/25/50
1,212,997
29,078
4,070,466
95,953
04.04.2024
31.66
01.04.2026
50/50
-
-
109,487
2,722
03.10.2024
34.46
01.04.2027
25/25/50
-
-
24,076
654
Total 2024
1,212,997
29,078
4,457,436
105,480
The table below presents all the outstanding share units under the incentive programs introduced by the Group:
1
Number of granted shares
1
PSU
RSU
As at 31.12.2022
1,243,735
3,790,445
- vested but not transferred units
36,392
-
New Grants
1,193,397
4,086,082
Forfeited
(263,598)
(712,307)
Exercised
-
(1,175,741)
As at 31.12.2023
2,173,534
5,988,479
- vested but not transferred units
218,881
-
New Grants
1,212,997
4,457,436
Forfeited
(788,512)
(682,551)
Exercised
(150,484)
(1,987,918)
As at 31.12.2024
2,447,535
7,775,446
- vested but not transferred units
455,583
-
The grant date fair value of the awards is determined based on the closing price of Allegro.eu shares listed on
Warsaw Stock Exchange on the grant date.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
78
Total PSU share based compensation to be recognised in the future periods prior to vesting, based on the
outstanding 2,447,535 PSUs has been estimated at PLN 21,661 as of 31 December 2024 (PLN 19,345 as of 31
December 2023). This estimate is calculated based on the fair value at grant date of the Group’s shares at closing,
an estimate of the number of awards that will vest and current estimates of probable achievement against agreed
performance conditions that can result in between 0 and 2 ordinary shares being issued at vesting for each PSU
granted.
In the year ended 31 December 2024, PLN 21,355 of costs was recognised in relation to the PSU Plan against
Other Reserves, and PLN 13,668 on 31 December 2023.
Total RSU share based compensation to be recognised in the future periods prior to vesting, based on the
outstanding 7,775,446 RSUs has been estimated at PLN 87,275 as of 31 December 2024 (PLN 66,503 as of 31
December 2023). This estimate is based on the fair value at grant date of the Group’s shares, with one RSU unit
being equivalent to one ordinary share adjusted by an estimate of the number of awards that will vest.
In the year ended 31 December 2024, PLN 98,524 was recognised under the RSU Plan against Other Reserves,
and PLN 74,265 on 31 December 2023. Employees entitled to receive the share -based compensation under the
RSU plan, were informed of the key terms of the RSU Plan on the date of the grants, hence the service
commencement dates are the same as the actual grant dates.
In the year ended 31 December 2024, PLN 7,021 PSUs and PLN 68,361 of RSUs were transferred from other
reserves to share premium (PLN 6,353.00 and PLN 28,984.00 in 2023), upon the completion of the second vesting
period of AIP.
30.3 Treasury shares
Treasury shares are Group ’s own shares that are held by Parent for the purpose of distributing shares to the
Group’s employees under the Allegro Incentive Plan (see note 30.2 for further information).
Historically distribution of Treasury Shares was at the discretion of Employee Benefit Trust (‘EBT’) that were
liquidated as of 9 June 2023, with the remaining shares being transferred to the Parent.
At the end of 2023 the Group was in possession of 2,242,266 Treasury Shares valued at PLN 69,499, from which
2,111,752 were distributed to the employees in first half of 2024 upon the next vesting date of Allegro Incentive
Plan, and the remaining 130,514 undistributed shares were held as Treasury Shares for delivery to employees at
future grant dates.
On 9 December 2024, the Group completed a share buyback program, resulting in the purchase of 3,473,726
shares representing 0.33% of the Group’s share capital, valued at PLN 103,920. These shares will be held as
Treasury Shares until delivered to employees participating in the Allegro Incentive Program.
As at 31 December 2024 the Group was therefore in possession of a total of 3,604,240 shares valued at PLN
107,980.
More information is provided in note 13.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
79
Notes to the Consolidated
Statement Of Cash Flows
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
80
31. CASH FLOW INFORMATION
31.1 Non-cash investing and financing activities
Investing and financing transactions that do not require the use of cash or cash equivalents are as follows:
31.12.2024
31.12.2023
Lease liabilities / Right-of-use assets
(75,843)
(42,151)
Total
(75,843)
(42,151)
1
1
31.2 Borrowings and leases reconciliation
This section sets out an analysis of and the movements in liabilities for borrowings, leases and derivatives for each
of the periods presented.
Liabilities from financing activities
Leases
Borrowings
Derivative
financial
liabilities*
Total
As at 01.01.2024
(617,582)
(6,067,487)
(13,703)
(6,698,772)
Principal repaid
158,232
300,000
-
458,232
Interest paid
26,755
473,769
-
500,524
Arrangement fee paid
-
5,150
-
5,150
Cash movements
184,987
778,919
-
963,906
Interest accrued
(26,755)
(505,006)
-
(531,761)
Remeasurement of borrowings
-
5,416
-
5,416
Gain/(Loss) on cash flow hedging
-
-
10,808
10,808
Additions (new leases)
(75,843)
-
-
(75,843)
Disposals
9,435
-
-
9,435
Foreign exchange adjustment
2,284
-
-
2,284
Remeasurement of lease payments
(50,153)
-
-
(50,153)
Other
(116)
-
-
(116)
Non-cash movements
(141,148)
(499,590)
10,808
(629,931)
As at 31.12.2024
(573,744)
(5,788,158)
(2,895)
(6,364,797)
As at 01.01.2023
(690,181)
(6,453,527)
(224)
(7,143,932)
Principal repaid
137,134
487,500
-
624,634
Interest paid
28,952
576,846
-
605,798
Borrowings received
-
(245,000)
-
(245,000)
Arrangement fee paid
-
35,460
-
35,460
Cash movements
166,087
854,806
-
1,020,892
Interest accrued
(28,952)
(544,863)
-
(573,815)
Remeasurement of borrowings
-
76,097
-
76,097
Gain/(Loss) on cash flow hedging
-
-
(13,478)
(13,478)
Additions (new leases)
(42,151)
-
-
(42,151)
Disposals
3,252
-
-
3,252
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
81
Foreign exchange adjustment
41,671
-
-
41,671
Remeasurement of lease payments
(66,869)
-
-
(66,869)
Other
(438)
-
-
(438)
Non-cash movements
(93,487)
(468,766)
(13,478)
(575,731)
As at 31.12.2023
(617,582)
(6,067,487)
(13,703)
(6,698,772)
*the remaining amount in the Consolidated Statement of Cash Flow represents the settlements of the hedging derivative
assets
31.3 Changes in net working capital
Changes in net working capital are set out below:
Changes in trade and other receivables and prepayments*
31.12.2024
31.12.2023
Receivables and prepayments - current period balance
438,982
1,150,971
Receivables and prepayments - previous period balance
(1,150,971)
(1,407,237)
Interest rate swap receivable
-
15,420
Other
(22,023)
(4)
Exchange differences
4,362
17,323
Inflow / (Outflow) from trade and other receivables and
prepayments
729,650
223,527
Changes in inventories
31.12.2024
31.12.2023
Inventories - current period balance
174,590
300,154
Inventories - previous period balance
(300,154)
(496,620)
Exchange differences
6,321
28,153
Inflow / (Outflow) from inventories
119,243
168,314
Changes in consumer loans
31.12.2024
31.12.2023
Consumer loans - current period balance
502,885
403,261
Consumer loans - previous period balance
(403,261)
(366,876)
1
Inflow / (Outflow) from consumer loans
(99,624)
(36,386)
1
Changes in trade and other liabilities
31.12.2024
31.12.2023
Liabilities - current period balance
2,111,705
1,906,698
Liabilities - previous period balance
(1,906,698)
(1,981,283)
Change in capital expenditure liabilities
(19,362)
(12,972)
Other
(54)
2,160
Exchange differences
13,418
50,863
Inflow / (Outflow) from trade and other liabilities
199,009
(34,534)
Changes in liabilities to employees
31.12.2024
31.12.2023
Liabilities to employees – current period balance
190,016
174,740
Liabilities to employees – previous period balance
(174,740)
(155,359)
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
82
Actuarial gain/(loss) – current period balance
2,174
4,893
Actuarial gain/(loss) – previous period balance
(4,893)
(322)
Exchange differences
(10,701)
(16,684)
Inflow/ (Outflow) from liabilities to employees
1,856
7,268
Changes in restricted cash*
31.12.2024
31.12.2023
Restricted cash - current period balance
74,777
20,086
Restricted cash - previous period balance
(20,086)
(34,256)
Inflow / (Outflow) from restricted cash
(54,691)
14,170
*In the Consolidated Financial Statements for the year ended 31 December 2023 the change in restricted cash was presented
in the Consolidated statement of cash flows under line Changes in trade and other receivables and prepayments. In 2024, the
changes in restricted cash are presented in separate line item; the comparatives are re-presented.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
83
Risks
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
84
32. CRITICAL ESTIMATES AND JUDGEMENTS
Preparation of financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’s accounting policies. Estimations
and judgements are being constantly verified and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
Based on assumptions, the Group makes estimates concerning the future. The resulting accounting estimates
will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are addressed below.
32.1 Estimated impairment of goodwill
Goodwill results from business combination and is not subject to amortisation, but is tested for impairment
annually, or more often, if there is indication of impairment. For the purpose of impairment testing goodwill is
allocated to cash generating units (‘CGU’) or group of cash generating units which are expected to benefit from
synergies achieved as a result of business combination, the cash-generating unit (or group of CGUs) can not be
larger than an operating segment.
Cash-generating units are the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets.
Impairment arises when the carrying amount of a given asset or cash generating unit exceeds its recoverable
amount. The impairment testing was carried out as at 31 December 2024 and 31 December 2023.
Goodwill recognised by the Group and disclosed in the statement of financial position arose from the acquisition
of Grupa Allegro sp. z o.o. by Allegro sp. z o.o., Ceneo sp. z o.o by Ceneo.pl sp. z o.o., eBilet Polska sp. z o.o.,
Opennet sp. z o.o., X-press Couriers sp. z o.o., and SCB Warszawa sp. z o.o. The goodwill on acquisition of Mall
Group and WE|DO was recognised in 2022 and fully impaired in the year ended 31 December 2023.
No part of the recognised goodwill will be deductible for income tax purposes.
For the purposes of impairment tests in 2023 the Group has identified nine separate cash-generating-units. After
impairing four of them last year, only five separate cash-generating units subject to goodwill impairment test
remained in 2024 (as presented in the table below). These units are tested as separate CGUs for the purpose of
impairment testing.
In the previous reporting period, the Group entered the next phase in its international marketplace expansion by
launching allegro.cz, an e-commerce platform serving customers on territory of the Czech Republic. In 2024, the
Group launched two further e-commerce platforms in new markets: Allegro.sk in Slovakia and Allegro.hu in
Hungary. This resulted in a change in structure of the internal management organisation, and identification of the
separate reportable segment - Allegro International (including from the year 2024 three operating segments
allegro.cz, allegro.sk and allegro.hu; as at 31 December 2023 there was only one operating segment thus the
operating segment was equal to reportable segment). The Group reallocated some of the assets identified on the
acquisition of Mall Group to the newly identified Allegro International segment (more information in note 32.2).
As a result, PLN 251,494 of customer relationships and PLN 122,448 of goodwill were reallocated to CGU
Allegro.cz and PLN 58,776 of customer relationships and PLN 24,123 of goodwill were reallocated to CGU
Allegro.sk. The above assets were subject to impairment testing as at 31 December 2024.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
85
Cash-generating units to which goodwill was allocated for the purpose of impairment test are presented in the
table below:
Level of
impairment
testing
Allegro
Ceneo
eBilet
Allegro.cz
Allegro.sk
0
1
/
0
1
/
1
9
0
0
Goodwill at the
acquisition
8,178,831
441,801
48,937
n/a*
n/a*
1
Goodwill as at 31
December 2023
8,178,831
441,801
48,937
122,448
24,123
1
Goodwill as at 31
December 2024
8,178,831
441,801
48,937
122,448
24,123
1
1
Reportable
Segment
Allegro
Ceneo
Other
Allegro
International
Allegro
International
1
CGU
Allegro
Ceneo
eBilet
Allegro.cz
Allegro.sk
1
1
Entities
Allegro sp. z o.o.
(excluding
Allegro.cz and
Allegro.sk
trading)
Allegro Pay
sp. z o.o.
Opennet.pl
sp. z o.o.
SCB Warszawa
sp. z o.o.
Allegro Finance
sp. z o.o.
Ceneo.pl
sp. z o.o.
eBilet Polska
sp. z o.o.
Allegro sp. z o.o.
(including solely
Allegro.cz
trading)
Allegro sp. z o.o.
(including solely
Allegro.sk
trading)
1
*The goodwill allocated to Allegro.cz and Allegro.sk CGUs is a portion of the goodwill reallocated from Mall (group
of CGUs),
for more information refer to 32.2.
VALUE IN USE (ALLEGRO, CENEO, EBILET)
The recoverable amounts on the cash-generating units other than Allegro International and Mall operating
segment, were determined by calculating the value in use.
The calculations used the discounted cash flows before tax based on past performance and Management’s
expectations of market development for the following five years and including residual value. The result of each
of the three cash generating units’ tests showed no impairment as at 31 December 2024 and 31 December 2023.
The cash flow projections used by the Group to calculate values in use are prepared based on the financial
budgets and plans approved by the Group’s Board of Directors. The projections are performed using several key
assumptions. The Group intends to drive future growth by converting marketplace visitors to buyers and increase
GMV (‘Gross Merchandise Value’) per buyer with a focus on retail basics of pricing, selection and delivery
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
86
experience, improving product findability and ease of returns. The Group is continuously introducing new
platform features and value added services, such as development of consumers lending operations, to further
increase acquisition and customer engagement.
The projected annual growth rate of revenues and EBITDA is
based on the anticipated expansion of the Polish online retail market, Allegro's increased market share, effective
advertising strategies, and continued development of logistics services.
Cash flows beyond the forecast period are extrapolated using the estimated growth rates, which are consistent
with forecasts included in industry reports specific to the industry in which each CGU operates.
The pre -tax discount rate reflects specific risks relating to the relevant segment and the countries in which it
operates
The critical assumptions made when calculating recoverable amount were as follows:
31.12.2024
Allegro
Ceneo
Ebilet
Compound annual growth of revenues during the forecast period
15.85%
9.38%
12.34%
Average annual rise/(fall) in EBITDA margin during the forecast period
(0.47) ppt
(1.21) ppt
(0.00) ppt
Growth rate outside the forecast period (including inflation)
2.50%
2.50%
2.50%
Discount rate (pre-tax)
13.76%
14.62%
13.76%
31.12.2023
Allegro
Ceneo
Ebilet
Compound annual growth of revenues during the forecast period
15.51%
11.52%
13.91 %
Average annual rise/(fall) in EBITDA margin during the forecast period
(1.29) ppt
(0.58) ppt
(0.64) ppt
Growth rate outside the forecast period (including inflation)
2.50%
2.50%
2.50%
Discount rate (pre-tax)
13.99%
14.26%
13.99%
Future net cash flow of the cash-generating units is based on the critical assumptions presented above, each of
which involve a degree of uncertainty.
Sensitivity analysis of the aforesaid assumptions shows that the recoverable amount would be equal to the
carrying amount of CGU, if any of the key assumptions changes as follows:
31.12.2024
Allegro
Ceneo
Ebilet
Decrease of revenue CAGR by:
5.61 ppt
1.70 ppt
10.07 ppt
Decrease of annual EBITDA margin by:
18.58 ppt
6.83 ppt
33.44 ppt
Decrease of growth rate outside the forecast period by:
291.60 ppt
10.81 ppt
n/a
Increase of discount rate (pre-tax) by:
25.82 ppt
5.71 ppt
n/a
31.12.2023
Allegro
Ceneo
Ebilet
Decrease of revenue CAGR by:
2.82 ppt
3.15 ppt
9.46 ppt
Decrease of annual EBITDA margin by:
10.47 ppt
11.44 ppt
30.93 ppt
Decrease of growth rate outside the forecast period by:
34.57 ppt
18.23 ppt
n/a
Increase of discount rate (pre-tax) by:
12.48 ppt
8.60 ppt
60.44 ppt
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
87
FAIR VALUE LESS COST TO SELL (ALLEGRO.CZ, ALLEGRO.SK AND MALL OPERATIONS FOR 2023)
As at 31 December 2023 remaining the goodwill recognised from the acquisition of Mall Group and We|Do in the
amount of PLN 30,574, which was tested for at the aggregated level of four CGUs (Mall North, Mall South, CZC,
WE|DO) was fully impaired, so no impairment test was performed in 2024 with respect to Mall Operations.
In 2023 the Group applied ‘fair value less costs to sell’ approach for goodwill impairment purposes considering
that the Mall's business was (and still is) undergoing a restructuring process by transitioning it from a 1P to a 3P
model consequently, the recoverable amount of acquired assets in ‘Mall’ operating segment was determined
based on the ‘fair value less costs to sell’ using the discounted cash flow model. As the restructuring was still in
progress, the recoverable amount calculated using the value-in-use method, without including projected changes
in the business, resulted in a lower amount. The Group had not yet been committed under IAS37 to the
restructuring costs and benefits thus those could not be reflected in value in use calculation.
Moreover after launch of new platforms and reallocation of previously acquired assets (more in the note 32.2),
goodwill allocated to Allegro.cz and Allegro.sk became subject for annual impairment test. Since both platforms
have only been recently launched, there is a longer period required to reach the expected levels of operations,
the recoverable amount of the acquired and further reallocated assets was also determined based on the ‘fair
value less costs to sell’ method.
The impairment test of goodwill in the amount of PLN 122,448 allocated to CGU Allegro.cz and PLN 24,123
allocated to CGU Allegro.sk shows no impairment loss as at 31 December 2024 and 31 December 2023. The
impairment test of Mall CGUs (Mall North, Mall South, CZC, WE|DO) carried as at 31 December 2023, resulted in
the recognition of the impairment loss of PLN 649,862 including the impairment of goodwill of PLN 30,574,
customer relationship of PLN 312,211, trademarks and domains of PLN 116,170 and software of PLN 170,377.
The key assumptions driving the discounted cash flow model are presented in the table below:
31.12.2024
Allegro.cz
Allegro.sk
The average annual rate of growth of
revenues during the forecast period
42.35%
63.76%
Average annual rise/(fall) in EBITDA
margin during the forecast period
23.79 ppt
69.73 ppt
Growth rate outside the forecast
period (including inflation)
2.00%
2.00%
Discount rate (post-tax)
9.92%
8.99%
Group of CGU's
31.12.2023
Allegro.cz
Allegro.sk
Mall North
Mall South
CZC
WE|DO
The average annual rate of growth of
revenues during the forecast period
51.32%
60.49%
5.63%
11.23%
1.53%
23.34%
Average annual rise/(fall) in EBITDA
margin during the forecast period
47.17 ppt
2.55 ppt
1.28 ppt
1.58 ppt
(0.13ppt)
6.79 ppt
Growth rate outside the forecast
period (including inflation)
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
Discount rate (post-tax)
9.91%
9.37%
11.80%
9.29%
9.91%
9.95%
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
88
Sensitivity analysis of the aforesaid assumptions shows that the recoverable amount would be equal to the
carrying amount of CGU if any of the key assumptions is changed as follows:
31.12.2024
Allegro.cz
Allegro.sk
Decrease of revenue CAGR by:
5.7 ppt
8.84 ppt
Decrease of annual EBITDA margin by:
4.21 ppt
11.79 ppt
Decrease of growth rate outside the
forecast period by:
2.19 ppt
36.12 ppt
Increase of discount rate (pre-tax) by:
1.35 ppt
10.18 ppt
31.12.2023
Allegro.cz
Allegro.sk
Mall South
WE|DO
Decrease of revenue CAGR by:
1.68 ppt
0.99 ppt
1.10 ppt
0.80 ppt
Decrease of annual EBITDA margin by:
23.61 ppt
5.91 ppt
3.58 ppt
11.43 ppt
Decrease of growth rate outside the
forecast period by:
503.0 ppt
27.55 ppt
15.5 ppt
44.3 ppt
Increase of discount rate (pre-tax) by:
15.1 ppt
8.53 ppt
6.4 ppt
10.7 ppt
Sensitivity analysis of the aforesaid assumptions shows that the recoverable amount would be equal to the
carrying amount of CGU, if any of the key assumptions changes as follows:
Mall North
CZC
31.12.2023
Reasonably possible
change in key
assumptions
(Decrease)/increase of
the recognised
impairment loss
(Decrease)/increase of
the recognised
impairment loss
Average growth of Revenue:
+/- 0.75 ppt
(302,595) / n/a
[1]
(52,636) / n/a
[1]
Average EBITDA margin:
+/- 5.0 ppt
(216,619) / n/a
[1]
(17,857) / n/a
[1]
Growth rate outside the forecast period
(including inflation)
+/- 1 ppt
n/a
[2]
n/a
[2]
Discount rate (post-tax)
+/- 1 ppt
n/a
[2]
n/a
[2]
[1] There is no potential increase of impairment, as the entire carrying value of assets allocated to each CGU was impaired (except those assets that have a higher than zero fair value on standalone
basis).
[2] (Decrease)/Increase of growth rate and discount rate by 1 ppt would not have an impact on recognised impairment.
The fair value measurement is classified as level 3 of the fair value hierarchy. The measurements use cash flow
projections based on financial models approved by the Board of Directors covering a eight-year cash flow
recovery period, aligned with the period necessary for the completion of the restructuring of the acquired
business and stabilisation of future cash flows.
The average annual rate of growth of revenue and EBITDA margin during the forecasted period are estimated
based on the Group expectations of future market development and industry benchmarks.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
89
Cash flows beyond the forecast period are extrapolated using the estimated growth rates, which are consistent
with forecasts included in industry reports specific to the industry in which each CGU operates.
The post-tax discount rate reflects specific risks relating to the relevan t segment and the countries in which it
operates.
32.2 Reallocation of assets between operating segments Mall and Allegro
International
In the previous reporting period, there was a change in structure of the internal management organisation in a
manner that influenced the composition of operating segments and reportable segments. This change resulted
in the identification of the two reportable segments (Allegro International and Mall) within previously reported
one reportable segment (equal to operating segment) – Mall to which goodwill was allocated (see further
information in Note 9). Allegro International represents the Allegro marketplace operations (3P model), run
through the Allegro.cz platform, on the Czech market (launched in 2023), Allegro.sk (launched in February 2024)
and Allegro.hu (launched in October 2024).
The Group determined that there are classes of assets identified on the acquisition of Mall Group allocated to
the Mall operating segment that should be reallocated to the newly identified operating segments (and
consequently CGU Allegro.cz and CGU Allegro.sk). The Group considered all assets identified in the purchase
price allocation process and determined that future cash-flows that are expected to be derived from software,
domains and trademarks remain associated exclusively with Mall CGU (Operating Segment), hence they were
excluded from the scope of relocation. The goodwill allocated previously to Mall Operating Segment was
reallocated based on IAS 36 par. 87, which indicates that in case the entity reorganises the reporting structure in
a way that changes the composition of cash-generating unit to which goodwill has been allocated, the goodwill
should be reallocated to the units affected. At the same time, the CGU to which goodwill is allocated for
impairment purposes should not be larger than an operating segment before aggregation. On this basis, the
goodwill previously allocated to Mall Operating Segment was reallocated to three operating segments – Mall
Operating Segment and Allegro.cz and Allegro.sk. The reallocation was performed using a relative fair value
approach.
Furthermore, the assets in reference to which the future cash-flows are expected to materialise in Allegro.cz CGU
and Allegro.sk CGU are customer relationships and goodwill. One of the main reasons for acquisition of Mall was
an expansion of Allegro marketplace to foreign markets, thus the Group was in a substance buying the customer
base currently owned by Mall as well as the potential access channel to all future customers from central Europe
markets. Whilst the Mall is operating mainly in the 1P model, the valuation of the customer relationship prepared
for the purposes of purchase price allocation assumed the transition of the existing customer base into the 3P
model, being a typical strategy of the industry investor. The cash flows expected to be derived upon this transition
were associated with the Allegro marketplaces that were expected to be launched on foreign markets. The Group
is expecting to gradually migrate the clients that were making the purchases on the Mall platforms and realise
the benefits from the acquired customer relationship in the Allegro International Reportable Segment. The
reallocation of the customer relationship between the new operating segments (Allegro.cz and Allegro.sk) and
Mall Operating segment was performed using the expected migration rates of customers from legacy Mall
platforms to newly launched Allegro marketplaces. This resulted in allocating 310,270 PLN of customer
relationship and 146,571 PLN of goodwill to CGU Allegro.cz and CGU Allegro.sk.
32.3 Current and deferred income tax
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
90
Corporate income tax for a reporting period comprises current and deferred tax. Current income tax is calculated
on the basis of taxable income (tax base) for a given financial year and the binding tax rate, based on the binding
tax regulations.
The Group is obliged to assess the likeliness of realising the deferred tax asset. In this assessment process a
series of assumptions is adopted in respect of determining the amount of the deferred tax asset. The above-
mentioned estimations account for the tax forecasts, historical amounts of tax charged, current available
strategies relating to planning the Group’s operations and dates, as well as the likeliness of realising particular
temporary differences.
32.4 Impairment of trade receivables
The impairment allowance is recorded based on the impairment loss model, according to the expected credit
losses concept. Losses are recognised, according to the default rate assessed of the homogenous group of
customers and ageing of the trade receivables balance within the homogenous group. The default rates are
calculated based on historical data for the previous 48 months. Additionally the Group calculates individual
allowances for receivables where there is indication of impairment.
The impairment allowance is recorded based on the impairment loss model, according to the expected credit
losses concept. In comparison to the previous year, losses are recognised, according to the default rate assessed
for the one homogenous group of customers and ageing of the trade receivables balance within this group.
Detailed information on the impairment losses on receivables is disclosed in note 33.2 of the additional notes
and explanations.
32.5 Amortisation of intangible assets
Amortisation is determined based on the expected economic useful lives of intangible assets. Every year the
Group verifies the adopted economic useful lives on the basis of current estimates. In the event of a change to
the economic useful life of an asset, its effect is recognised as the effect of a change in accounting estimates.
Sensitivity analysis of amortisation of significant intangible assets is presented below:
Amortisation period sensitivity analysis of significant intangibles
assets
period change:
shorter by 2 years
longer by 2 years
Customer relationships
(25,449)
19,136
Software
(135,081)
27,162
(Increase)/Decrease in amortisation charge
(160,530)
46,298
In 2024 the Group reviewed its amortisation rates and concluded there are no material changes to the previous
estimates of the economic useful lives of its assets.
32.6 Intangible assets with indefinite useful lives
In the previous reporting period the Group changed the useful life of Allegro.pl trademark and domain from finite
20 years (with the annual amortisation charge of PLN 92,706) to indefinite. An analysis of product life cycle, market
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
91
studies and research as well as competitive trends provides evidence that the brand will generate net cash inflows
for the Group for an indefinite period. Allegro is a key player on the Central European market with a very strong
brand awareness. In 2023 the Group made a crucial step towards international expansion via launching
Allegro.cz., further strengthening its presence internationally. In 2024 the Group continued its expansion by
launching Allegro.sk and Allegro.hu. The Group further intends to incur marketing expenditures which are
necessary to sustain expected future economic benefits from brand and domain. Therefore, starting from
October 2023 the trademark and domain is carried at cost without further amortisation charges, but is tested for
impairment annually as part of Allegro CGU (disclosure of the impairment test is provided in the note 32.1)
32.7 Impact of IFRS 17 ‘Insurances’ on SMART! program
The Group analysed the impact of IFRS 17 on the program and concluded that it is not applicable in that respect.
The underlying idea of the paid SMART! contract is to provide a buyer with a stand ready obligation to provide a
delivery service or arrange for a delivery service, rather than to offer an insurance coverage or to accept an
insurance risk resulting from uncertain future events. The usage of the service by the buyer is not triggered by an
adverse effect on the buyer (a policyholder) as it only appears when the buyer expresses its unconditional will to
purchase goods on Allegro’s marketplace. In this type of contract Allegro accepts some level of uncertainty with
regard to the final cost required to fulfil its obligation under the contract caused by the volume of orders placed
by the buyer, yet it does not arise from the occurrence of an event that has an adverse effect on the buyer. Hence
the paid SMART! contract does not fall within the scope of IFRS 17.
32.8 Estimates related to UOKiK proceedings
In December 2022, the Group received an unfavourable decision from the UOKiK (Office of Competition and
Consumer Protection) in relation to antitrust proceedings. The UOKiK alleged that the Group abused its dominant
position by favouring its own sales activity on the platform and imposed a fine in the amount of PLN 206,169. The
Group has assessed that the UOKiK's decision should not be upheld in court, thus no provision is recognised in
this respect.
Note 35 describes all pending UOKiK proceedings assessing the likelihood of the fine being imposed to be not
probable.
32.9 Effects of climate-related matters on financial statements
The climate and environmental risks are subject to risk management and the Risk Management Policy. The role
of the Board of Directors is to supervise corporate risk, define the scope of risk management, define directions
for the development of the risk management system, and determine risk appetite levels.
The Group analysed potential impact of the climate-related matters, especially on accounting estimates such as
calculating recoverable amounts of fixed assets, accounts receivables, consumer loans and concluded that the
climate-related matters do not affect these Consolidated Financial Statements.
For more information about climate matters please refer to Approach to Environmental, Social and Governance
Issues presented as a part of the 2024 Annual Report .
32.10 Impact of IFRS 15 ‘Revenue from Contracts with Customers’ on the
accounting policy of Smart! Program
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
92
In establishing revenue accounting policies to comply with IFRS 15, Management assessed whether the
judgments applied ensure that the accounting presentation faithfully represents the economic substance of
sales transactions and incentive programs (for further details, see note 9.5.).
33. FINANCIAL RISK MANAGEMENT
This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future
financial performance.
Risk
Exposure arising from
Measurement
Management
Market risk – interest rate
Long-term borrowings at
floating rate
Cash deposits – fixed rate
Consumer loans – fixed rate
Sensitivity analysis
Interest rate swaps, offsetting
cash deposits
Market risk – foreign
exchange
Future commercial
transactions
Recognised financial assets
liabilities not denominated in
the functional currency of
group entities
Cash flow forecasting
Sensitivity analysis
Forward contracts
Market risk – price
Investment in money market
fund units at fair value
Sensitivity analysis
Investment guidelines for debt
instruments
Portfolio diversification
Credit risk
Cash and cash equivalents
Cash restricted
Receivables
Credit ratings
Ageing analysis
Diversification of bank
deposits,
fee deduction mechanism,
credit
Liquidity risk
Borrowings and other liabilities
Rolling cash flow forecasts
Availability of committed credit
lines and borrowing facilities
Consumer loans repurchase
agreement
33.1 Market risk
RISK OF CHANGES IN CASH FLOWS RESULTING FROM INTEREST RATE CHANGES
The Group has an exposure to interest rate risk arising on changes in interest rates in relation to borrowings,
interest rate swaps and consumer loans.
Borrowings with floating interest rates expose the Group to the risk of changes in cash flows. The Group
dynamically assesses its exposure to interest rate change risk and mitigates it by short-term cash deposits and
by interest rate swap contracts (‘IRS’).
The Group has a hedge policy in place allowing 100% of interest rate risk exposure to be hedged. The future
interest payments of the borrowings in the carrying value of PLN 5,788,158 are exposed to the changes in the
future loan margin as explained in Note 23. As at 31 December 2024 the Group had 42% of notional value of
borrowings covered by the hedging instruments compared to 66% for the comparative period, with the whole
amount of borrowings bearing variable interest rate.
The consumer loans are interest free (30 days buy now pay later and 2 instalments 0% for SMART! users) or
granted at fixed interest rate thus exposing the Group to the fair value risk which is reflected in the impact on
profit/loss as these loans are measured at fair value through profit or loss.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
93
IBOR Reform
Following the financial crisis, the replacement of benchmark interest rates such as WIBOR and other interbank
offered rates (‘IBORs’) has become a priority for global regulators. Consequently, the IBOR reform was launched
in 2012, with the aim of creating alternative benchmark interest rates.
WIBOR has traditionally served as the reference interest rate for loans in the Polish interbank market. At the end
of December 2024, the committee made up of representatives of Poland's government, banks and financial
institutions had selected an index marked with the technical name WIRF- to replace the Warsaw Interbank Offered
Rate (WIBOR) benchmark. The Steering Committee of the National Working Group decided on 24 January 2025
to choose the target name POLSTR (Polish Short Term Rate) for the proposed index. The new POLSTR will fully
replace the Warsaw Interbank Offered Rate (WIBOR) until 2027.
The Group has a number of contracts which reference WIBOR; these contracts are disclosed within the table
below. In the Group’s contracts WIBOR has not yet been replaced by WIRF.
To account for replacement of WIBOR with the alternative benchmark rate, the Group has applied Phase 1 and
will apply the Phase 2 of the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest rate benchmark
(IBOR) reform if the new basis for determining the contractual cash flows will be economically equivalent to the
previous basis.
The following financial assets and financial liabilities may be impacted by the reform:
Note
31.12.2024
31.12.2023
Carrying value of WIBOR-based liabilities
5,788,159
6,081,189
Borrowings - short term
23
0
2,702
Borrowings - long term
23
5,788,158
6,064,785
Derivative financial instruments (cash flow hedge)
28
-
13,703
Carrying value of WIBOR-based assets
32,123
89,191
Derivative financial instruments (cash flow hedge)
28
32,123
89,191
SENSITIVITY
The exposure of the Group’s borrowings and IRS contracts to change in floating interest rate risk is presented in
table below.
Interest rate change impact on profit/(loss) as at 31.12.2024
change in interest rate (ppt)
-2
-1
-0.5
0.5
1
2
Interest cost
119,150
59,575
29,788
(29,788)
(59,575)
(119,150)
Interest rate swap result
(50,000)
(25,000)
(12,500)
12,500
25,000
50,000
increase/(decrease) in interest expense
69,150
34,575
17,288
(17,288)
(34,575)
(69,150)
Impact on other components of equity
(fair value gain/loss)
(122,859)
(61,430)
(30,715)
30,715
61,430
122,859
increase/(decrease) on other components
of equity
(122,859)
(61,430)
(30,715)
30,715
61,430
122,859
Interest rate change impact on profit/(loss) as at 31.12.2023
change in interest rate (ppt)
-2
-1
-0.5
0.5
1
2
Interest cost
125,150
62,575
31,288
(31,288)
(62,575)
(125,150)
Interest rate swap result
(82,500)
(41,250)
(20,625)
20,625
41,250
82,500
increase/(decrease) in interest expense
42,650
21,325
10,663
(10,663)
(21,325)
(42,650)
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
94
Impact on other components of equity
(fair value gain/loss)
(61,743)
(31,253)
(16,008)
14,482
29,727
60,218
The Group verifies the ratings of counterparties and as at 31 December 2024, the Group held 87.2% and 12.8%
of all its derivatives in banks with the ratings of A+ and A (as at 31 December 2023: 56.4% and 43.6% in banks
with the ratings of A- and A+ respectively).
FOREIGN EXCHANGE RISK
Foreign exchange risk occurs as a result of sales or purchases made by the Group in currencies other than the
functional currency of each of the Group’s entities. The Group’s exposure to foreign currency risk at the end of
the reporting period, expressed in Polish Zloty (translated from EUR), was as follows:
31.12.2024
31.12.2023
Lease liabilities
404,314
513,869
Cash and cash equivalents
506,675
292,041
Total
910,989
805,911
The aggregate net foreign exchange gains/losses recognised in profit or loss were:
01.01 - 31.12.2024
01.01 - 31.12.2023
Exchange gains on foreign currency included in net financial costs
259,005
63,841
Exchange losses on foreign currency included in net financial costs
(292,237)
(137,190)
Total net foreign exchange/(losses) recognised in profit before
income tax
(33,232)
(73,349)
The Group operates internationally and is exposed to foreign exchange risk, primarily EUR. The sensitivity of profit
or loss to changes in the exchange rates arises mainly from EUR-denominated lease agreements and cash and
cash equivalents held in EUR. The changes in foreign currencies did not have an impact on other components of
equity. The decrease/increase of foreign currencies against the functional currencies of companies by 5% would
result in recognition of PLN 25,331 gain or PLN 25,331 loss respectively (2023: PLN 11,091 gain or PLN
11,091loss).
FAIR VALUE RISK
The Group is exposed to fair value risk related to interest rates associated with consumer loans measured at fair
value through profit and loss (‘FVTPL’). However, since consumer loans typically have a short-term nature, any fair
value changes are likely to be limited and not have a significant impact on the overall financial position of the
Group. The Group regularly monitors the fair value of its consumer loan portfolios and manages any potential
risks that may arise.
In 2024, the Group purchased units in a money market fund measured at fair value through profit or loss. The
Group is exposed to market price risk, which it mitigates by investing in the Fund having a balanced portfolio and
investing in debt instruments with high liquidity and modest incremental return. Therefore, the fair value of the
money market fund unit remains fairly constant over time.
The table below presents information about the assets and liabilities measured at Fair Value with the level of Fair
Value hierarchy to which the measurement is classified:
Note
The level of FV hierarchy
Consumer loans
19
3
Other financial assets (money market funds)
20
2
Derivative financial instruments (swap, forward, foreign exchange derivatives)
28
2
Derivative financial instruments (vPPA)
28
3
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
95
33.2 Credit risk
RISK MANAGEMENT
Financial assets representing the highest exposure to credit risk are cash and cash equivalents, cash restricted,
trade receivables, consumer loans and derivative financial assets. To mitigate that risk, the Group uses detailed
seller (customer) verification and monitoring procedures. The Group uses professional debt collection companies
or engages in debt collection procedures on its own account. Moreover in 2023 the Group introduced a first
phase of fee deduction mechanism that was completed in 2024, resulting in priority to draw the success fee
earned on marketplace activities from the inflows that merchants are receiving from the customer. This resulted
in the decrease of the receivables balance and translated to lower impairment loss recognised during the period.
The Group’s receivables comprise amounts due from individuals and businesses. The receivables have low
concentration. Surplus cash is deposited by the Group at banks as on-demand deposits or as fixed-term deposits.
IMPAIRMENT OF FINANCIAL ASSETS
The Group has three types of financial assets that are subject to the expected credit loss model:
●
trade receivables
●
cash and cash equivalents
●
restricted cash
31.12.2024
31.12.2023
Impairment of receivables
14,572
47,731
Net impairment losses on financial assets
14,572
47,731
TRADE RECEIVABLES
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses,
trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days
past due. The expected loss rates are based on the payment profiles of sales over a period of 48 months before
31 December 2024 and 31 December 2023 respectively and the corresponding historical credit losses
experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of the customers to settle the receivables (such as
unemployment rate). As a result of the introduction of the fee deduction mechanism, the impairment provision
decreased compared to the previous year.
On that basis, the loss allowance as at 31 December 2024 and 31 December 2023 was determined as follows for
both trade receivables and contract assets:
Ageing of receivables as at
31.12.2024
Current
Overdue less
than 3
months
Overdue 3 to
12 months
Overdue 1 to
3 years
Over 3 years
Total trade
receivables
Trade receivables, gross
149,230
65,144
19,073
21,907
1,293
256,648
Impairment of trade receivables
(1,128)
(2,360)
(15,328)
(18,007)
(1,293)
(38,117)
Probability of default ratio
0.8%
3.6%
80.4%
82.2%
100.0%
Trade receivables, net
148,102
62,784
3,745
3,900
-
218,531
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
96
Ageing of receivables as at
31.12.2023
Current
Overdue less
than 3
months
Overdue 3 to
12 months
Overdue 1 to
3 years
Over 3 years
Total trade
receivables
Trade receivables, gross
813,917
96,398
42,750
38,298
3,242
994,605
Impairment of trade receivables
(5,573)
(6,459)
(36,407)
(34,934)
(3,242)
(86,615)
Probability of default ratio
0.7%
6.7%
85.2%
91.2%
100.0%
Trade receivables, net
808,344
89,939
6,343
3,364
-
907,990
Carrying amount of the trade and other receivables balance represents the maximum exposure to the credit risk.
There are no significant concentrations of credit risk through exposure to individual customers, or specific
industry sectors.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents are subject to the impairment requirements of IFRS 9. The identified impairment loss
was immaterial.
A loss allowance in relation to cash and cash equivalents is determined individually for each balance with a given
financial institution. In order to assess credit risk, external credit ratings and publicly available information on
default rates for a given rating of S&P Global Ratings agency (or EuroRating if S&P ratings are not published) were
used (rating is disclosed in the Note below). As all cash balances have a low credit risk as at the reporting date,
the Group applied the practical expedient available under IFRS 9 and determined the loss allowances based on
12-month expected credit losses. The calculation of the loss allowances resulted in an immaterial amount.
The whole cash and cash equivalents balance is classified to Stage 1 of the impairment loss model i.e. the financial
instruments that have not had a significant increase in credit risk since initial recognition or that have low credit
risk at the reporting date
The carrying amount of the cash and cash equivalents balance represents the maximum exposure to the credit
risk.
The Group does not have a significant concentration of credit risk, as the risk is spread over a large number of
banks.
As at 31 December 2024 and 31 December 2023, the Group held its funds in individual banks with the following
ratings:
31.12.2024
31.12.2023
A+
35%
28%
A
32%
23%
A-
14%
-
BBB+
1%
4%
BBB
18%
43%
BBB-
-
-
without quoted rating
-
2%
100%
100%
Six major banks in which the Group holds its cash and cash equivalents represent 24%, 17%, 16%, 8%, 6% and
6% of total balance as at 31 December 2024 respectively (as at 31 December 2023: 34%, 28%, 17%, 16% and 5%).
One of the derivative contracts, representing 20% of carrying value of all derivatives, was concluded with the bank
in which the Group holds 7% of cash and cash equivalent balance.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
97
RESTRICTED CASH
The credit risk associated with restricted cash is limited, as the funds are held in electronic wallets as a gift cards
and handled by payment service providers, that have obtained the permit granted by the National Supervision
Authority to operate as “the national payment institution”. Management considers the credit risk arising from
restricted cash to be immaterial, although the external credit ratings are not publicly available, as these payment
providers are subject to the supervision of the National Supervision Authority. Moreover, in order to ensure
diversification and enhance the security of held funds in wallets, cash is held by two different payment providers
in a proportions of 51 % and 49%.
Restricted cash is subject to the impairment requirements of IFRS 9. The identified impairment loss is immaterial.
33.3 Liquidity risk
Operations are financed from the Group’s own resources. The cash retained on bank accounts make it possible
for the Group to settle its obligations as they arise in a timely manner.
As at 31 December 2024, the Group’s outstanding bank borrowings amounted to PLN 5,957,500 (in nominal
amounts). Considering:
●
the generation of positive cash flows from operating activities,
●
the long-term nature of borrowings,
●
the balance of cash held, together with secured access to revolving credit facilities,
●
the current and long-term cash flow analysis.
The Management believes liquidity risk to be minimal for the Group during the next 12 months.
Moreover, as at 31 December 2024, the Group had access to two undrawn revolving borrowing facilities totalling
PLN 1,000,000.
LIABILITIES BY MATURITY, BASED ON UNDISCOUNTED CONTRACTUAL PAYMENTS
31.12.2024
Trade and
other
liabilities*
Bank
borrowings
Interest on
bank
borrowings
Lease
liability
Derivative
financial
liabilities
Total
Less than 3 months
1,734,923
-
104,738
44,049
-
1,883,710
3 to 12 months
-
-
320,032
127,785
183
448,000
1 to 5 years
-
5,957,500
758,767
468,678
1,945
7,186,890
More than 5 years
-
-
-
6,235
766
7,001
Total
1,734,923
5,957,500
1,183,537
646,747
2,894
9,525,601
31.12.2023
Trade and
other
liabilities*
Bank
borrowings
Interest on
bank
borrowings
Lease
liability
Derivative
financial
liabilities
Total
Less than 3 months
1,692,365
-
120,984
41,331
-
1,854,680
3 to 12 months
-
-
358,416
123,638
13,703
495,757
1 to 5 years
-
6,257,500
1,245,664
458,612
-
7,961,776
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
98
More than 5 years
-
-
-
55,407
-
55,407
Total
1,692,365
6,257,500
1,725,064
678,988
13,703
10,367,620
* the amount comprises the trade payables, refund liabilities, liabilities from the purchase of non-financial assets,
liabilities from servicing arrangements (Note 27).
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
99
34. CAPITAL MANAGEMENT
The Group defines its capital as the equity from the consolidated statement of financial position.
The main purpose of capital management is to ensure the Group’s ability to continue as a going concern and to
maintain safe capital ratios that would optimally support the operations of the Group and increase its shareholder
value, bringing shareholders return on their investment.
The Group manages its capital structure and modifies it in response to changes in economic conditions. To
maintain or correct the capital structure, the Group may repay capital to shareholders or issue new shares.
Under the terms of the current borrowings agreements signed, which have a carrying amount of PLN 5,788,158
(2023: PLN 6,067,487), the Group shall ensure total net leverage in respect of any relevant period ending on test
date, shall not exceed a ratio indicated in the agreement. Net leverage is defined as net debt divided by Adjusted
EBITDA for the preceding twelve months (‘LTM’). As at 31 December 2024 and 31 December 2023 the Group did
not violate any of the covenants indicated in the agreement,
which were tested as of those dates.
There are no indications that the Group would have difficulties complying with the covenants when they will be
next tested as at the 30 June 2025 interim reporting date.
In 2024 the Group’s leverage continued to decline rapidly, mostly due to the increase in LTM Adjusted EBITDA in
the Polish Operations, and by a significant increase in the cash balance driven mainly by the full implementation
of automated merchants’ fee netting mechanism that was completed in Q1 2024, contributing to a significant
reduction in Net Debt. Moreover the cash balance improved also as a result of participating in certain consumer
loans originated by Allegro Pay but financed by the new funding partner Banco Santander S.A.
As at 31 December 2024 and 31 December 2023 the Group met its capital management objectives. The net
leverage and gearing ratios at 31 December 2024 and 31 December 2023 were as follows:
Note
31.12.2024
31.12.2023
LTM Adjusted EBITDA Polish Operations
3,586,478
2,957,551
LTM Adjusted EBITDA International Operations
(590,016)
(414,555)
Consolidation adjustment
(1,438)
(2,860)
Adjusted EBITDA LTM
9.2
2,995,025
2,540,136
Borrowings
23
(5,788,158)
(6,067,487)
Lease liabilities
15.1
(573,744)
(617,582)
Cash and cash equivalents
21
4,058,943
2,049,122
Net debt
(2,302,959)
(4,635,946)
Net leverage
0.77 x
1.83 x
Equity
10,087,151
9,043,326
Net debt to Equity
22.8%
51.3%
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
100
Unrecognised items
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
101
35. CONTINGENT LIABILITIES
35.1 Legal proceedings
The Group is subject to following anti-trust and other legal proceedings proceedings as at the date of these
financial statements:
ANTITRUST PROCEEDINGS RELATED TO ALLEGED ABUSE OF A DOMINANT POSITION BY FAVOURING OWN
SALES ACTIVITY ON THE PLATFORM
On 29 December 2022 the UOKiK President issued a decision imposing a fine on Allegro in the amount of PLN
206,169 for the violation of competition law consisting in the abuse by Allegro of a dominant position on the
Polish market of services of intermediation in on-line sales between entrepreneurs and individual customers,
offered to sellers on e-commerce platforms, by using, for the purposes of operating its 1P business: (a)
information on the functioning of the Allegro marketplace and the behaviour of buyers on the platform, which
was not available to 3P merchants or was available to them only to a limited extent; and (b) certain sales and
advertising tools of the platform which were not available to 3P merchants or were available to them only to a
limited extent. The decision ends the antitrust proceedings regarding the potential abuse of a dominant position
initiated in December 2019.
Allegro does not agree with the decision and appealed it to the Court of First Instance on 2 February 2023. Allegro
remains of the opinion that the OCCP President defined the market too narrowly, Allegro does not hold a
dominant position and it did not favour 1P in any anti competitive way. Since the date of the last annual report,
the OCCP President filed its response to Allegro's appeal. There were no substantially new arguments in that
response. In February 2024, Allegro made an additional submission to the court with additional argumentation.
As of the date of this Annual Consolidated Financial Statements, the court has not announced the date of the first
hearing. The judgement of the Court of First Instance may be appealed to the Court of Appeal and ultimately to
the Supreme Court. Courts may uphold or annul the decision or significantly decrease the fine. The fine, if
sustained, becomes due and payable only upon ruling of the Court of Appeal.
It is more likely than not that the fine imposed on Allegro will not become due and payable. According to the
Group’s Management view supported by external counsel opinion, the UOKiK's decision should not be upheld in
court, and even if not annulled, the courts tend to significantly reduce fines imposed by the UOKiK however it can
not be reliably measured. For these reasons no provision has been created.
LEGAL DISPUTES RELATING TO THE MINORITY STAKE OF SHARES IN EBILET
The Group is aware of certain pending legal disputes between individuals associated with Bola Investment Limited
("Bola") and a third party individual (“Claimant”) relating to the ownership of a minority stake of shares in eBilet sp.
z o.o. that was the former owner of eBilet Polska sp. z o.o. ("eBilet Polska"). eBilet Polska has been part of the
Group since April 2019. eBilet sp. z o.o. is not, and has never been, part of the Group.
The Claimant has filed against Bola, individuals associated with Bola and Allegro two lawsuits, i.e. one with the
Regional Court in Poznań and one with the Regional Court in Warsaw demanding annulment of agreements
concerning the purchase of shares in eBilet Polska concluded between Bola, individuals associated with Bola and
Allegro. The lawsuit filed in Poznań court has been rejected and the decision is now final and binding. The case in
Warsaw is pending. Based on information available to the Group and based on the assessment of the Group’s
legal advisor as of the date of this Annual Consolidated Financial Statements, the Group has no reason to believe
that the outcome of the case in question would have a material impact on the Group.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
102
The Group operating entities are also a subject to other proceedings, which are considered to be insignificant.
Moreover, there are ongoing explanatory proceedings conducted by the UOKIK president, which are not disclosed
in details, as those proceedings are a preliminary step that does not have to lead to the initiation of formal
proceedings.
36. ASSETS PLEDGED AS SECURITY
After the Group concluded a Senior Facilities Agreement on 29 September 2020, pledges and security interest
were determined as the following:
●
share pledge on the shares of Allegro and Ceneo.pl represented in the consolidated financial statements
as net assets in the amount of PLN 10,709,573
●
registered pledge granted by Allego and Ceneo.pl over key trademarks owned by Allegro and Ceneo.pl,
together with a Polish law power of attorney in respect of the Allegro.pl and Ceneo.pl key web domain
in amount of PLN 840,637 (included in the net assets above);
●
a Polish law submission to enforcement by each of Allegro and Ceneo.pl and Allegro.eu.
37. COMMITMENTS
37.1 Capital commitments
INTANGIBLE ASSETS
As at 31 December 2024, the Group’s future contractual commitments for expenditure on intangible
assets not recognised in the statement of financial position amounted to PLN 105,607 and were mainly
related to software development. Contractual commitments as at 31 December 2023 amounted to
PLN 92,270.
38. EVENTS OCCURRING AFTER THE REPORTING YEAR
TERMINATION OF THE COOPERATION AGREEMENT AMONG ALLEGRO PAY SP. Z O.O., ALLEGRO SP. Z
O.O., AION BANK SA / NV AND VODENO SP. Z O.O. REGARDING THE SERVICES IN THE BANKING-AS-A-
SERVICE MODEL
On 29 January 2025 Allegro Pay sp. z o.o. and Allegro sp. z o.o decided to terminate the Banking-as-a-Service
Agreement with Aion Bank SA / NV and Vodeno sp. z o.o., concerning offering Allegro Cash accounts
. The notice
period is 6 months and expires on 31 July 2025. The service will be supported during the termination period. The
termination of the cooperation agreement will not have any significant impact on the Group’s future financial
results.
The Group emphasises that the termination of the Cooperation Agreement is not related to and does not affect
the Receivables Purchase Agreement of 11 October 2021, which regulates cooperation on the disposal of
receivables.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
103
PROCEEDINGS AGAINST ALLEGRO SP. Z O.O. FOR SUSPECTED UNFAIR COMMERCIAL PRACTICES
RELATED TO THEIR “LOWEST PRICE GUARANTEE” CAMPAIGN IN HUNGARY
On 10 February 2025 the Group received a letter from the Hungarian Competition Authority stating that it
launched a formal proceeding against Allegro sp. z o.o. for suspected unfair commercial practices related to their
"Lowest Price Guarantee" campaign in Hungary. Allegro also received a related information request.
The Hungarian Competition Authority suspects that:
1. Allegro provides untimely information to consumers on the conditions of the price guarantee scheme –
which may constitute misleading omission;
2. Allegro does not act with the due diligence that can be expected in accordance with the principle of good
faith and fairness, as it has designed its price guarantee scheme with multiple restrictive conditions that make it
difficult for the consumer to enforce the claim and to use the coupon that can be obtained within the framework
of the guarantee, which distorts consumers’ transactional decision on www.allegro.hu and the Allegro mobile app.
The proceedings cover all commercial communications related to the “Best Price Guarantee” program since 1
October 2024.
The proceeding is at its early stage and its result is unknown. Such a proceedings can last usually up to 1.5 years
(or more) and can end up with an infringement decision with or without a fine or with a commitment decision
without a fine, or with a non-infringement decision. The decision of the Hungarian Competition Authority is
immediately enforceable but can be appealed to the Court of First Instance. There is no appeal against the Court
of First Instance’s judgment, but it is possible to seek extraordinary judicial review by the Supreme Court on
questions of law.
The maximum penalty in this case is up to 15% of Allegro sp. z o.o. yearly global turnover, however, in practice in
similar cases the Hungarian Competition Authority calculates the fine taking into account a small percentage of
the local turnover in Hungary during the infringement period as a starting point, to be adjusted based on various
factors.
The opening of the proceeding does not yet lead to the conclusion of the case as to its merits nor does it prejudge
that the proceedings will be concluded with a decision imposing a penalty or determining the exact amount of
such penalty. Allegro will duly cooperate with the authority, and to that end, Allegro will, for the time being, not
launch a new campaign in Hungary from 1 March 2025.
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
104
Other information
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
105
39. RELATED PARTY TRANSACTIONS
Transactions with related parties referred to settlements of consulting and management services. All
transactions were entered into on an arm’s length basis.
The Group made the following related party transactions in the period ended 31 December 2024 and
31 December 2023:
Related party
01.01 - 31.12.2024
As at 31.12.2024
Revenues
Expenses
Financial
income
Financial
costs
Receivables
Payables
Loans
granted
Associates:
Polskie Badania Internetu sp. z o.o.
-
347
-
-
-
-
-
Allegro Foundation (previously
Fundacja Allegro All For Planet)
106
1,590
-
-
-
28
-
Other:
Business Office Services.
-
735
-
-
-
-
-
Alter Domus Luxembourg S.à r.l.
-
463
-
-
-
23
-
Total
106
3,135
-
-
-
51
-
Related party
01.01 - 31.12.2023
As at 31.12.2023
Revenues
Expenses
Financial
income
Financial
costs
Receivables
Payables
Loans
granted
Associates:
Polskie Badania Internetu sp. z o.o.
-
353
-
-
-
29
-
Allegro Foundation (previously
Fundacja Allegro All For Planet)
91
1,390
-
-
23
-
-
Other:
Business Office Services.
-
495
-
-
-
-
-
Alter Domus Luxembourg S.à r.l.
-
547
-
-
-
67
-
Total
91
2,785
-
-
23
96
-
40. EMPLOYMENT
The table below shows the number of employees as at the reporting date ended 31 December 2024 and 31
December 2023:
31.12.2024
31.12.2023
Contract of employment
5,980
5,514
Contractors (B2B), work agencies & outsourced service
907
1,110
Total
6,887
6,624
Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2024
All amounts expressed in PLN'000 unless indicated otherwise
106
41. EMOLUMENTS OF THE MANAGEMENT
Emoluments of the key management of the Group entities comprised:
31.12.2024
31.12.2023
Short-term employee benefits
14,647
13,341
Share-based payment
7,464
9,177
Total
22,111
22,518
Total emoluments of the Group’s Key Management include remuneration, benefits, severance costs, signing
bonuses and the cost of the Allegro Incentive Program. In 2024, the definition of Key Management was amended.
The data for both 2023 and 2024 has been prepared based on this updated definition, which states that Key
Management of the Group comprises the Board Members of the Parent Company.
42. AUDIT FEE
The table below presents the net audit fees due for the reporting period ended on 31 December 2024 and on 31
December 2023 by type of service provided towards the Group by PricewaterhouseCoopers, Société coopérative
Luxembourg and entities from PwC Network.
31.12.2024
31.12.2023
Statutory annual audit
3,897
4,014
Half-year reviews
590
602
Other
1,772
195
Total
6,259
4,811
The above services are considered permissible under relevant EU, Luxembourg, Polish, Czech Republic, Croatia,
Slovakia, Hungary and Slovenia independence regulations. PwC confirmed independence to the Audit Committee
during the 2024 audit and at the closing meeting on 11 March 2025. The other services in 2024 and 2023 include
the audit of the Sustainability Statement and the audit of data migration, with the Sustainability Statement audit
representing the vast majority of the total amount. These matters were subject to the approval of the Audit
Committee.