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Interim Report Jetpak Top Holding AB (publ) 1 January – 30 June 2020

Second Quarter: 1 April – 30 June 2020:

· Total revenue decreased by -7,3 % to TSEK 203,501 (219,602),
with an underlying organic growth amounting to -19,5 %
· Contribution margin amounted to 29,4 % (35,8 %)
· Operating profit amounted to TSEK 8,293 (25,087)
· Adjusted EBITA amounted to TSEK 9,709 (25,087)
· Profit for the period amounted to TSEK 4,113 (17,771)
· Earnings per share was SEK 0.34 (1.48)
· Cash flow from operations amounted to TSEK 32,251 (10,658)
· Cash and cash equivalents amounted to TSEK 57,693 (42,390)
· Net debt in relation to adjusted EBITDA R12: 1.9 (1.8)

Half year: 1 January – 30 June 2020:

· Total revenues increased by 2.7 % to TSEK 442,984 (431,283),
with an underlying organic growth amounting to -11.3 %
· Contribution margin amounted to 30,3 % (35,3 %)
· Operating profit amounted to TSEK 23,115 (46,632)
· Adjusted EBITA amounted to TSEK 24,531 (46,939)
· Profit for the period amounted to TSEK 12,564 (32,237)
· Earnings per share was SEK 1.05 (2.69)
· Cash flow from operations amounted to TSEK 29,779 (-12,961)

Comments from Kenneth Marx, CEO:
”Q2 2020: Impacted by covid-19”

Jetpak Group had a promising start of 2020, but global business environment changed suddenly due to the covid-19 break out. Demand and airline capacity fell rapidly by the end of the first quarter, which had a large financial impact and caused a high degree of uncertainty of both length and impact of the crisis.

Due to the covid-19 the Jetpak revenue for the quarter decreased by 7,3 % compared with previous year, and ended up at 203,5 MSEK. Operating profit for the quarter amounted to 8,3 MSEK and hence decreased by 67 % compared with previous year. Main driver was that the global close-down of international airline network, as well as major reductions of domestic frequencies, resulted in a more than 90 % air capacity reduction. This caused a major impact on our airfreight based express network and furthermore demand was reduced dramatically as many companies went into a temporary lock-down. Our land based courier network remained stable and decreasing B2B demand was partly offset by increasing number of home deliveries. The capacity balanced towards the lower margin courier business, and this rebalanced product mix had a negative impact on our second quarter profits. It is our view that our market share remained stable regarding our air- and courier products. 

Despite a challenging situation we managed to establish alternative transport solutions, which partly compensated for major reductions of the Jetpak airline network from 4 000 daily flights to less than 400. Alternatives included operations of ground based transport systems as well as ad hoc charter flights supporting increased demand for healthcare products.

Due to the rapidly changing capacity and demand situation Jetpak decided to initiate several initiatives to protect our business and financial performance as much as possible. The initiatives included the use of short term vacancies introduced by governments – thus enabling us to avoid major permanent staff reductions and loss of critical competence. In addition, temporary remote workplaces were introduced for some administrative functions. Due to the increasing operational cost a capacity surcharge was also applied as a prerequisite to maintain a costlier network.
We managed to maintain a strong cash position during the quarter, as we obtained attractive credit terms with a number of suppliers and our cash position was furthermore supported by the withdrawal of dividends.

The second quarter was in accordance with our expectations, despite an extremely challenging first half of the quarter. It is impossible to predict a time frame for a normalization as well as defining a level of future normalized demand, but we have seen some positive indications during the latter part of the quarter as airline capacity slowly increases and demand is growing. These are all indications creating a certain optimism towards the third quarter.

Despite positive indications there is still a high degree of uncertainty in the market. We are cautiously monitoring the development as well as analyzing demand for adjustment of our business model and cost structure as well as our risk management. During the coming quarter we plan to carry out a strategic review of our business model. The covid-19 pandemic outbreak was unpredictable, but we are well prepared for a still uncertain future, which includes both risks as well as new commercial opportunities.

Based on the short-term uncertainty we maintain our long-term targets, which will be revisited based on our performance during the second half of the year.

Kenneth Marx, CEO  


The company’s certified advisor is FNCA Sweden AB, e-mail info@fnca.se, telephone +46 8 528 003 99.

The information was submitted for publication, through the contact person mentioned below, on 27 August 2020 at 06:30 CET. This constitutes information that Jetpak Top Holding AB (publ) is required to publish under the EU Market Abuse Regulation.


Kenneth Marx, CEO,
Phone: +46 (0) 73 368 54 00
e-mail: ir@jetpak.com
About Jetpak:
Jetpak is the simple and fastest option for prioritized door-to-door deliveries. We offer solutions for both spontaneous transport needs and customized logistics. Jetpak is represented in more than 170 locations around the Nordic region and Europe. Jetpak Top Holding AB has been listed on Nasdaq First North Premier Growth Market since December 2018.
The share is traded with the ISIN code SE0012012508 under the short name JETPAK.
Please visit: https://jetpakgroup.com


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