Jetpak Top Holding AB (publ):Interim Report 1 January – 30 June 2022
Second quarter: 1 April – 30 June 2022
· Total revenue increased by 26,7 % to 324 891 (256 438) TSEK
· Organic growth amounted to 17,4 % (26,3 %)
· Gross margin amounted to 31,8 % (30,5 %)
· Operating profit amounted to 32 136 (24 792) TSEK
· Adjusted EBITA amounted to 32 136 (24 792) TSEK
· Net income amounted to 22 572 (16 587) TSEK
· Basic earnings per share amounted to 1,88 (1,38) SEK
· Diluted earnings per share amounted to 1,87 (1,37) SEK
· Cash flow from operations amounted to 32 953 (27 890) TSEK
· Cash and cash equivalents amounted to 132 004 (82 963) TSEK
· Net debt in relation to adjusted EBITDA R12: 0,7 (1,2)
Half-year: 1 January – 30 June 2022
· Total revenue increased by 23,1 % to 623 998 (506 868) TSEK
· Organic growth amounted to 13,8 % (16,0 %)
· Gross margin amounted to 31,5 % (30,1 %)
· Operating profit amounted to 62 368 (46 640) TSEK
· Adjusted EBITA amounted to 62 368 (46 640) TSEK
· Net income amounted to 44 155 (31 005) TSEK
· Basic earnings per share amounted to 3,68 (2,58) SEK
· Diluted earnings per share amounted to 3,65 (2,56) SEK
· Cash flow from operations amounted to 46 091 (22 618) TSEK
The comparison figures within parentheses refer to the corresponding period last year, unless otherwise stated.
Jetpak had a strong second quarter with a total growth of 26,7 % with an underlying organic growth of 17,4 %. Total revenue amounted to TSEK 324 891 and the operating profit to TSEK 32136 with an operating margin of 9,9 %.
The Express Air segment reported a revenue of MSEK 169,7, which corresponded to a growth of 46 % with a gross margin of 40,1 (42,9) %. The margin deviation was driven by the systemized business growth in Europe (Belgium & the Netherlands). The main revenue growth drivers were primarily Europe, Denmark and Finland. Especially Europe has been fueling growth with high activity levels for large accounts within systemized and ad-hoc services. Denmark benefitted from the acquisition of CTS Express as well as increased air capacity and demand. Finland showed a strong post-pandemic pick-up. The large domestic markets were however on a lower growth path development as both Norway and Sweden were affected by lack of air capacity.
The Express Road segment reported a revenue of MSEK 146,1, which corresponded to a growth of 10,3 % and with a gross margin of 20,1 (18,2) %.
Reopening of the Nordic markets decreased the demand growth for home deliveries for our retail customers, which had some impact on our segment growth, especially in Sweden. Last year’s comparing figures for Norway included the peak distribution of tests and covid-19 vaccines, which are still there, but on a lower level. The growth for the segment was positively affected by air luggage distribution in Denmark as well as introduction of the general Fuel & Sustainability surcharge from April.
We experienced a continued market growth in both segments during the quarter, even though our core markets in Norway and Sweden were on a lower growth path due to a lack of air capacity. Competition remained stable, even though the Express Air segment in Norway was slightly impacted by competition from substitute road solutions. We expect a relatively unchanged market situation during the second half of the year, despite an increased long term macro-economic uncertainty.
During the quarter we continued to optimize our supply chain solutions by CO2 reducing initiatives, which included the use of HVO-fuel and initiatives to increase use of electrical vehicles within densely populated areas. Development of drone technologies is closely monitored and will be an integrated part of our future supply chain solutions when we have an operational and commercial proven concept. These initiatives will remain important focus areas during coming periods.
Our most recent acquisition of CTS Express continued to develop satisfactory during the quarter and contributed with TSEK 17 676 of revenue and TSEK 2 809 of operating profit. Our acquisition of CTS Express provides a strong platform for further organic growth in Scandinavia as well as for synergy driven acquisitions.
M&A activities continued during the quarter with focus on our acquisition target pipeline build up as well as initial meetings with candidates. This remains an important focus area and will be driving our business priorities for the coming quarters.
Russia’s war against Ukraine have had an indirect impact on Jetpak, as the increased cost for fuel have affected our road network suppliers as well as our airline suppliers. Our surcharge and pricing initiatives are in place to neutralize Jetpak’s increased fuel cost and other inflation driven costs effects.
The SAS pilot strike for 15 days by the beginning of the third quarter had some impact by the end of the second quarter, as smaller aircraft types were introduced by SAS within their domestic networks. Furthermore, we prepared for the strike within SAS by rescheduling air suppliers into our own network. A stable air capacity remains a concern due to SAS’ current financial situation, but we are continuously ensuring available back-up solutions from other Scandinavian carriers. To support our future network stability, we renewed by midyear our five-year capacity agreement with Widerøe for the Norwegian domestic and European networks.
Despite the business disturbances, a strong second quarter and first half year provide expectations of continued satisfactory performance for the coming quarters. Main uncertainty comes from the future overall macro-economic development with increasing inflation and interest levels, which potentially can affect our growth, something which therefore will be carefully monitored in order to ensure mitigating actions on both cost and pricing.
We expect continued strong two-digit organic growth for the coming quarter and reiterate our long-term organic growth and adjusted EBITA target.
Chief Executive Officer
At 10:00 CET today, Kenneth Marx, CEO and Håkan Mattisson, CFO, will be presenting Jetpak’s result for the quarter. The presentation will be held in English.
Please use one of the dial-in numbers 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) 2792 0435
Netherlands: +31 (0) 20708 5074
USA: +1 646 843 4609
UK: +44 (0) 33 0551 0202
PIN code (same code for all the above dial-in numbers): 62 74767 #
Please make sure you are connected to the phone conference by calling in a few minutes before the conference begins.
The company’s certified advisor is FNCA Sweden AB.
The information was submitted for publication, through the contact person mentioned below, on 25 August 2022 at 06:30 CET.
This constitutes information that Jetpak Top Holding AB (publ) is required to publish under the EU Market Abuse Regulation.
The full report is attached and available at:
For further information
Håkan Mattisson, CFO
Phone: +46 85558 5220
Jetpak is a logistic group represented in more than 170 locations around the Nordic region and in Europe. Jetpak has a unique and flexible customer offering based on having access to normally approximately 4,000 daily flight departures, in combination with a comprehensive distribution network with more than 950 delivery vehicles. This is something that makes it possible for Jetpak to deliver the fastest and most comprehensive 24/7/365 same-day logistic service to the market.
This can be further supplemented by a unique customized next-day service for systemized transports.
Segment wise, Jetpak has its business divided into one Express Air segment, where the customers’ fast logistic needs have been solved by an air-based solution, and into one Express Road segment, where the customers’ logistic needs have been solved by a land-based courier transport solution.
The group’s parent company, Jetpak Top Holding AB (publ), is since 5 December 2018 listed on Nasdaq First North Premier Growth Market in Stockholm, Sweden.
The Jetpak share is traded under the short name JETPAK and with the ISIN code SE0012012508.
Please visit: https://jetpakgroup.com