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Jetpak Top Holding AB (publ): Interim Report 1 January – 31 March 2021


First Quarter: 1 January – 31 March 2021:

· Total revenue increased by 4,6% to TSEK 250 430 (239 483)
· Organic growth amounted to 7,2 % (-2,7 %)
· Gross margin amounted to 29,6 % (31,1 %)
· Operating profit amounted to TSEK 21 847 (14 822)
· Profit/loss for the period amounted to TSEK 14 419 (8 452)
· Basic earnings per share amounted to SEK 1,20 (0,71)
· Diluted earnings per share amounted to SEK 1,17 (0,65)
· Cash flow from operating activities amounted to TSEK -5 272 (-2 471)
· Cash and cash equivalents amounted to TSEK 80 019 (52 583)
· Net debt in relation to adjusted EBITDA R12: 1,6 (1,8)

CEO comments:
Jetpak had a satisfactory first quarter with an organic growth of 7,2 %, which provided a total revenue of 250 430 TSEK. The operating profit amounted to 21 847 TSEK, an increase compared to last year’s operating profit by 47 %. The operating margin amounted to 8,7 %.
Main growth derived from our Express Road segment as our Express Air segment was on same level as a less covid-19 impacted first quarter last year. The Express Air segment’s gross contribution was slightly higher than last year, while the Express Road segment’s gross contribution decreased somewhat due to an increasing amount of systemized business.
The market position was unchanged on airfreight services, as Jetpak maintained the competitive edge on ad-hoc products and met unchanged competition on systemized products.
Price competition on road segment intensified especially on courier logistic services driven by increasing e-commerce volumes during the pandemic. As Jetpak is focusing on more value-added services on courier express and logistics, there were less exposure to price competition and subsequently we managed to maintain our current market position.
New business opportunities were realized within both segments despite air capacity restrains. Jetpak became the main supplier of nationwide distribution of vaccines in Norway, which provided steady revenues during the quarter as well as strengthened our image as a high-quality supplier.

Jetpak maintained a strong cost focus during first quarter. Continued temporary lay-offs and organizational adjustments as well as supplier renegotiations ensured continued cost efficiency and variability, which will support our competitiveness during coming quarters. In January we signed a contract for a new Arlanda handling facility, which will further enhance processes and reduce costs in one of our main gateways.

As previously announced, we have from this quarter introduced a changed segment reporting to Express Air and Express Road. This change is reflected in the comparison figures and this change we believe will enhance both the segment transparency and our decision making.

During the second quarter we expect a continuous ramp up on the air capacity as vaccine programs are rolled out and travel restrictions removed. Pre-corona capacity is still not in sight, as business travel behavior is expected to remain on a lower level, something which will impact frequencies. 
Within the Express Road segment, “Nordic Courier & Distribution”-services will be launched during coming quarter providing future commercial potential with in-night distribution and next day services based on Nordic and European accounts. In addition, we will, as part of Express Air, launch new routes in our European network during the remainder of 2021, which will strengthen our European Jetpak Direct services in a longer-term perspective.

Our work with Environmental, Social & Governance enhancing activities will be a continued focus area during coming quarter. We will strive towards a future CO2 neutral business model as well as focusing on a broad compliance to UN Global Compact program.

Based on our first quarter performance, commercial activities, and further recovery from the covid-19 pandemic, we maintain our long-term targets of 5 % organic growth over a business cycle with 12 % of adjusted EBITA margin.
Kenneth Marx, CEO
Conference call:
At 10 o’clock today (CET) Kenneth Marx and Håkan Mattisson, CFO, will be presenting Jetpak’s result for the quarter.
Please use one of the local phone numbers listed below to join the conference call:
Sweden:            +46 (0) 8 5051 0086
Norway:             +47 2 156 3319                           
Denmark:          +45 3272 9274 
Finland:             +358 9 2319 5436                      
Germany:          +49 (0) 30 3001 90613     
Belgium:            +32 (0) 2 792 0435                    
Netherlands:      +31 (0) 20 708 5074
USA:                  +1 646 843 4609
UK:                    +44 (0) 33 0551 0211 
PIN code (same code for all the above numbers): 7983635#


The company’s certified advisor is FNCA Sweden AB, e-mail: info@fnca.se, telephone:+46(0) 8 52800399.
The information was submitted for publication, through the contact person mentioned below, on the 27[th] of May 2021 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 simplest 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.
The Jetpak Top Holding AB share is listed on the Nasdaq First North Premier Growth Market.
The share is traded with the ISIN code SE0012012508 under the short name JETPAK.
Please visit: https://jetpakgroup.com