Financial statement first half of 2019

Photo: Freja

FREJA Transport & Logistics Holding A/S announces a satisfactory result for the first half of 2019. The integration of Transcargo continues as planned and despite still difficult conditions in Sweden and large investments in the Polish subsidiary, where we are investing in a new domicile as well as transitioning onto the Group IT-platform, we show a stable result. The subsidiaries in Norway and Finland continue to deliver results significantly above market level, just like the “youngest” subsidiaries in Poland and China make positive contributions. A serious and solid sales promotion with focus on the development of efficient and value creating solutions for as well FREJA as the customer will create strong customer relations. Focus on business development and investments in IT, RPA and employees still have a high priority and these focus areas are contributing factors to ongoing success in the privately owned Skive company.

In spite of unrest in the market, a negative development in Sweden and investments in Poland, the result for the first half of 2019 is satisfactory
In the first half of 2019, FREJA Transport & Logistics Holding A/S still has its focus on the recovery of the Swedish subsidiary and the integration of the company in Poland. A large focus on additional sales to existing customers and a large increase of new customers has resulted in a positive development primarily on turnover and secondarily on the net profit.

The development in the subsidiaries in Norway and Finland continues to be very positive. In Denmark we continue the trend with a stable progress in the result, while the challenges in Sweden have continued during the first half of 2019. After our investment in China during the past couple of years, we still see – in spite of the political turbulence and trade conflict with the US – a stable and positive development with a solid return. Poland is still a relatively new FREJA country after the acquisition of Transcargo and contributes with a positive result to the overall revenue

The following key figures for FREJA Group are published with respect to the first half of 2019
FREJA Transport & Logistics Holding A/S reports a 6.5 % growth in turnover for the first half of 2019 compared to the previous year. The total turnover for the first half of 2019 ends at a total of DKK 1.65 billion.

EBIT for the first six months of the year total DKK 24.9 million compared to DKK 24.7 million in 2018. The pre-tax profits of the first six months total DKK 25.1 million in 2019 compared to 24.1 million in 2018.

The Group equity capital has increased from DKK 281.5 million as of 30 June 2018 to DKK 302.6 million as of 30 June 2019.

New accounting principles according to IFRS16
The FREJA Group has prepared for the new accounting principles IFRS16, and in future we will report according to these – for the first time on 31 December 2019.

All registrations and bookkeeping has been prepared for this over a long period of time, and the consequences of this transition is – as previously calculated and expected – not insignificant in relation to various key figures including EBITDA and the solvency ratio.

An ongoing focus on  high quality, value creation for all players in the value chain and goal-oriented sales efforts will create unique possibilities for continued growth in FREJA
Founder and Chairman Jørgen Hansen insists that FREJA’s focus must be directed towards the development of long-term relations with as well customers as suppliers. In spite of a large focus on efficiency improvements, FREJA is well aware that the individual is still the most important resource in the cooperation.

The key words for a strong cooperation are openness, trust and credibility. FREJA’s foundation is built on strong values, and the mission is to develop these values daily in cooperation with customers and suppliers.

On 1 June FREJA made some changes to the top management – a plan which has been developed for several years. Jørgen Hansen transferred to act as working chairman of the board with focus on strategy and development. The responsibility as Group CEO was handed over to Ulrik Rasmussen. Ulrik Rasmussen has been in FREJA since 2010, first as Managing Director in Norway from 2010 to 2013, and from 2013 as Managing Director in FREJA Denmark.

www.freja.com

Stein
Daglig leder SKconsult. Redaktør logjobb.no

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