Hello, and welcome to the Jetpak year-end report 2021 call. My name is Adriana, and I will be your coordinator for today's event. Please note that for the duration of the call, your lines will be listen-only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing Star one on your telephone keypad to request your question. If you require assistance at any point, please press Star zero, and you will be connected to an operator. I will now hand over to your host, CEO Kenneth Marx, and co-host CFO Håkan Mattisson, to begin with today's conference. Håkan, over to you. Okay, thank you. Good morning to all of you, and welcome to this presentation of the Q4 results in Jetpak Holding. Håkan Mattisson, CFO of Jetpak, and myself, Kenneth Marx, CEO, will be presenting during the call, and we will take you through business highlights, the financial results of Q4, the expectations for the coming quarters, and then also the long-term targets, and afterwards you will have the opportunity to raise any kind of questions that you would like us to reply. I will start off with the business highlights of Q4 2021. Looking at 2021, it's good to see that actually 2021 we managed to realize the best results in Jetpak's history, despite the fact that we had, like, a continued supply chain disruption. We also still faced capacity restraints on the very important air capacity. We had a total revenue of SEK 275 million and organic growth of 8.5% and an operating profit of SEK 21.7 million. The full- year result of SEK 102.8 million also reflected an organic growth of 13.6%. Within the Air segment, we had a strong growth of 16% full- year and 15.4% during the quarter, which was partly driven by capacity and also uptrading compared with previous quarter and previous year. The Road segment grew 11.1% on a full year basis and 6.1% during Q4, driven by uptrade on large accounts and also partly some new business. We saw stable margins during the full- year in both segments, even though we had some mixed fluctuation during Q4, which is, like, expectable, so still within the expected range. We managed to maintain our market position both on the Air and Roads segment, even though we saw some slight increased price pressure on the systemized services. That was especially in Norway that we were facing some more competition, which we managed to meet and also win business through our high quality and reliable service. The air capacity during the year was not on pre-COVID-19 level. According to our way of measuring capacity on domestic lengths in Sweden and in Norway, we could see that the most important routes was approximately around index 80 compared with pre-COVID-19. During the last quarter, we saw shortly a pickup of capacity. There was increased frequencies, but I will come back to that during expectation because that's turned around by the end of the year and we saw reductions once again. Looking at industrial verticals, we have seen like a pretty increasing demand and activity, especially within the Healthcare segment, spare part logistics, and also like the courier B2C business. We managed during the year to have like a very efficient cost control. Actually we further improved our cost rate through development and that was also very supportive in terms of our operating profit. We worked also intensively with the sustainability activities and especially HVO, the biodiesel, and also electrical vehicles is important areas for Jetpak. We are like reaching out towards a future CO2 neutrality. That is our ambition and also in line with what we are, what the customers are requiring of their suppliers today. As you all know, we acquired the Danish company CTS by the end of the year, and took over the company from the start of 2022. That also like continued our M&A growth focus, and we will come back to this issue around M&A later on in the discussions and presentations. Our past acquisitions both in Europe and in Denmark developed well. Especially we now see that Europe is really getting up and trading with large accounts. We are seeing that Europe will take an even more important position in the future. There was really a pretty good growth from both Holland and Belgium during the last quarter and also the full- year 2021. Due to our new strategy regarding the M&A, where we are like, you could say we're increasing the pace, we are revisiting the strategy and the selecting criteria, and we are focusing more on the value creation, the future value creation, which we also think will be beneficial from a shareholder perspective. We are not proposing to pay out any dividends for the AGM. We're really looking forward to this M&A travels during the year. At least we are like, speeding up and spending even more resources within this area in the months to come. With these words regarding the business highlights, I will hand over the words to Håkan, who will take us through the finances. Thank you, Kenneth. I will take you through and further elaborate a little bit on some of the financial highlights from our fourth quarter 2021 as they are presented in our year-end report. Starting off with consolidated total revenue for the quarter. It amounted to SEK 275 million, which was an increase in absolute numbers by more than SEK 24 million compared with the same period previous year. Our reported total revenue growth amounted to 9.6%, while the underlying organic growth amounted to 8.5%, as the group during the quarter was affected by an FX tailwind of three SEK 3.5 Million, which came from a strength of Norwegian krona versus last year and the Swedish reporting currency. In talking about currencies, please, keep in mind that Jetpak geographies have what we call a good level of operational FX hedging, meaning that revenue in one currency to a large extent is being met by OpEx in the same currency. Also note that there were no M&A adjustment effects between the years 2021 versus 2020. Exactly like Kenneth mentioned from Q1 2022, the recently acquired CTS Express business in Denmark will however give an M&A adjustment effect to our figures. Moving over to gross margin, which for the quarter amounted to 31.3%. That was slightly above last year's 30.9%, thanks to a changed product mix within and between the segments. Where the segment Express Air's gross margin amounted 40.5% compared with last year's 43.4%. At the same time, as the air segment's relative size grew by 2% points up to 48%, based on a total net revenue of SEK 267.2 million. This relative improvement is in turn supported by an improved underlying and available air capacity and frequency, even if it's still far from pre-pandemic frequency levels. Our other revenue was additionally supported in this quarter by a one-off revenue in the form of an absorbed surplus repayment from Afa Insurance and, which amounted to SEK 712,000. The operating profit for the period amounted to SEK 31.7 million, that was SEK 3.9 million higher than last year's operating profit of SEK 27.8 million. Also keep in mind that last year's Q4 included direct recognized state support, which amounted to SEK 682 thousand compared to nothing this quarter. More or less offsetting the profit effect from the Afa repayment, you can say. This year's Q4 also carried cost provisions from our long-term incentive program, which for the quarter amounted to SEK 2.2 million. The operating margin then amounted to 11.5%, versus last year's reported operating margin of 11.1%. The increase in operating margin for Q4 between the years by 0.4% units was mainly attributable to the increased top line this year, while at the same time last year's OpEx were pushed down thanks to pandemic effects and actions. Already mentioned direct state support further boosted by temporary layoffs in combination with very limited traveling and marketing and so forth. The net income for the quarter amounted to SEK 22.8 million, SEK 6.2 million or 37% higher net income versus last year's level of SEK 16.6 million. The difference between operating profit and the net profit, which amounted to SEK 8.9 million, is mainly attributable to paid interest amounting to SEK 3.5 million on our external loans, which amounted to SEK 152 million by the end of the quarter, plus calculated corporate taxes with an average effective tax rate of 21.8%. Earnings, then, earnings per share for the quarter was 1.9 or 1.90 SEK based on the 12 million currently outstanding shares. There were no significant differences between the basic and diluted earnings from the only outstanding warrant program, which lasts until June 2022. Shifting gears from the income statement related KPIs and instead looking into the cash flow for the quarter. We had a cash flow from operating activities amounting to 32.3 million SEK, similar level to last year. This quarter was affected by increased current receivables, while last year had a higher level of short-term liabilities. In turn, an effect from Jetpak's renegotiated supplier agreements with temporarily prolonged credit terms during the pandemic outbreak last year. Cash flow from investing activities amounted to SEK -3.1 million, and was only affected by normal investments in tangible and intangible assets, and as I mentioned, without any M&A effects. Finally, this quarter's cash flow from financing activities amounted to SEK -15.9 million, and was affected by the scheduled biannual amortization of our external bank loans. Next amortization of loans will occur by the end of Q2 2022. Jetpak's cash position increased by SEK 44 million between the years, up to SEK 131.7 million by the end of 2021. This in turn drills down to the net debt ratio in relation to the adjusted EBITDA on a rolling 12-month basis, which now is on solid, I would say solid pre-pandemic levels, with the current net debt to EBITDA ratio now being less than one, or exactly 0.9x versus last year's level, which then was 1.6x. Moving over to then looking at our financial long-term KPI development, we can conclude that we reported all-time high figures both on revenue and profit. We're breaking both the SEK 1 billion revenue ceiling as well as the SEK 100 million profit mark with SEK 102 million Swedish. That concludes our presentation regarding the long- term that we're now back on an increasing year-by-year level. I think that concludes the financial highlights walkthrough. Without further ado, I'll hand the word back to Kenneth for a further glimpse into 2022. Yes. Thank you, Håkan. Actually, I think that it's still a bit difficult to predict what will happen in the future, and especially this year. Nevertheless, I mean, based on the fact that we have seen like capacity ramping up, not to the pre-COVID-19 level, but at least we see like the gap is closing. We also expect that we will continue the strong organic growth during the year. And we also want to like further work with the profit stability, at least in actual figures, and identify new businesses which could come on board with Jetpak and especially businesses which are like suitable complementary to our business models today. That is a very big priority of 2022. Actually, we have been a little bit challenged by the start of year because we have seen some air capacity setback in the first months due to restrictions once again. Capacity has been less than what we expected. We have managed to come through decently so far, and we also expect the capacity to be picking up now again. Where it will end is of course difficult to say. We also noticed there's a risk of increasing inflation, and we see a risk of some cost increases on our shorter term contracts. That's also the reason that Jetpak recent years has focused a lot on establishing long-term contracts with the most important suppliers to have like a cost development predictability. On the shorter- term contracts, I mean, there will be a certain exposure. On the other hand, we're also working a lot with our supplier models and looking at cost variability and the usual incentives. What we have been working with as some strategic project during 2021, so when we talk about the road cost efficiency project will also support us in the securing stable margins during 2022. We also believe that due to this risk of increasing inflation, cost monitoring during the year will be even more important. That also means that looking at the cost, looking at the pricing, looking at the way that we are utilizing various methodologies to compensate for increasing costs, I mean, we believe that we will be able to balance this risk and that will be a high priority. We cannot be certain about the capacity situation for the year, but nevertheless, I mean, coming from around 20% down, full year compared with pre-corona level, we think the gap will be closing. It's not only a matter of number of frequencies, it's also a matter of the time of the day, and so on. From that perspective, I mean, it's still uncertain how the quality of the future traffic program will be. Nevertheless, I mean, as you can see from 2021 results, we are like, if you deduct our acquisitions, we are like financially back on the 2019 level, even though we had this last year. We expect to increase that further during the year. Regarding the vaccine distribution in Norway, it's obvious that this vaccine distribution will be within a much lower pace for some months. We don't know what decisions on the future vaccine cycles. I think it's obvious there will be some considerations regarding a fourth vaccine, and that will once again fuel business, especially for the Norwegian operations. We are waiting to see decisions on that. The same goes, of course, also for all the COVID-19 tests and so on, which is also, has also been a pretty decent business for Jetpak. We expect this Air segment revenue growth for us in also in the coming months, and we'll work more on optimizing the product mix. We see, like, increasing demand for the ad hoc products, which contribution-wise is good. High expectations on that. We also believe that the fact that we are, like, ramping up on the M&A strategy and criteria, and the fact that we are, like, expanding the pipeline of M&A targets that will provide new opportunities. On the other hand, we're also, like, struggling a little bit with the fact that we see increasing valuations. We will be facing some organizational minor adjustments, and we need further resource allocation to absorb the expected future growth. That is an ongoing process. Nevertheless, we still expect to maintain the cost ratios on the current level and not any higher, which has been our ambition all the time, both before and under, and also in the future after COVID-19. As previous years, we also have important strategic focus areas, like, defined for the year. Obviously M&A is one of them. Accelerated sales and activities related to getting more sales. Activities towards customers and, like, close more business is pretty important. Still also working with cost efficiency stays high priority. We expect an organic revenue growth within the 7%-10% range. I mean, we don't want to be too optimistic. We want to be realistic based on our current knowledge. Of course, this picture can change during the year, depending especially on the market situation and capacity. We expect that the organic EBITDA growth will be in line with the revenue growth looking at the current situation. As we also have mentioned in the report, we maintain our long-term targets, but main focus will still be the EBITDA optimization in absolute numbers. That was all regarding expectations and focus areas, and then I will hand over the word to Håkan. Yes. Thank you. That refers to just rehearsing a little bit regarding our long-term financial targets, what they are and what our ambitions are. As you know, our overall rolling sales growth is 5% average annual organic over a cycle. For the fourth quarter, 2021, we reached 8.5%. There we were over the long-term sales target compared to last year Q4, which were 3.9%. Looking at the full- year, it was for 2021, it was 13.6%. We overachieved big time there. Looking at the profitability, we have stated that our target is long-term adjusted EBITDA margin of 12%. For the quarter, we reached 11.5% versus, which I mentioned last year, 11.2%. On a full- year level, we reached exactly 10.0 without any adjustments for long-term incentive program, et cetera, et cetera. From a reporting standpoint, we were 2% units under with our 10%. The capital structure was reached as we've stated that we will keep a net debt versus adjusted EBITDA level less than 2.5x, and we are now at the net debt level rolling 12-month basis at 0.9, which I mentioned. We've taken that down from 1.6x last year. We have also stated the dividend policy, and just as Kenneth highlighted and described, the board has proposed no dividend with reference to the M&A accelerated growth ambitions for the AGM in June. Thank you. Yes. Thank you, Håkan. Now that was the finalization of our presentation for today. Now we will be ready to take questions. Thank you. Thank you, Kenneth, and thank you, Håkan. Just as a reminder to everyone, if you would like to ask a question or make a contribution on today's call, please press Star one on your telephone keypad, or to withdraw your question, please press Star two. Looks like we have a question waiting on the line, so please stand by while I retrieve the caller details. Our first question comes from Anders Roslund, Head of Security. Anders, please, whenever you're ready. Yes. Good morning. I would like to start with your outlook of a 7%-10% organic sales growth and an EBIT growth in line with the sales growth. I'm just a little bit curious, as you ended the year with a very strong margin relative to the rest of the year, why shouldn't we sort of include the share of Express Air or the margin you received in the fourth quarter, 11.5%, for a basis for looking into 2022? Are you having any difference that you expect Express Road to grow faster than Express Air? Or what's the reason behind this cautious outlook? I think it's quite obvious, you know, Anders, good morning to you. I think it's quite obvious that, as I said during the presentation, I mean, we see like a significant ramp-up on capacity during Q4. Of course, I mean, Q4 is strong in terms of capacity, but then we're like facing the numbers that we have today regarding the start of 2022. You can also, I mean, you can on various statistics see how like capacity has developed during the start of the year. Then if you balance these two things and the unpredictability and also the fact that when we are talking with our big suppliers, I mean, we don't get any kind of commitment on the capacity situation, and we cannot get any guarantees how the year will be. I mean, then I prefer to be conservative instead of being optimistic. Like, later on explaining to you why we did not reach the targets, because, I mean, based on the numbers I have today, I think we will have, like, a fairly good organic growth during the year. But you know, raising higher, I will not do before I have the numbers by end Q1 and can refine what we are seeing today. Could I add just the question about the restructuring program announced in SAS? Is that part of your concern? Definitely it's a part of our concern because we do not know the outcome in terms of frequencies. I think it's fair to say that all routes are up and running, but what we are, like, struggling with, and that is also hitting some larger accounts, for example, that we have in Sweden, is that we don't have sufficient frequencies on some larger routes. That also means that it forces the customers to find other solutions for the time being. I do not know the considerations of SAS. I mean, in terms of intra-Europe and domestic, I know it's important, I mean, for the Nordic society to keep the domestic operations up and running. That has been beneficial for us during the COVID-19, because if we had only been like a Europe-oriented carrier, then we would have had more difficulties. I mean, in that way, domestic has been stronger. How the future will be of SAS in terms of their network planning is difficult to see. I think from my perspective, SAS also have some knowledge regarding January and also partly into February, and has made some reductions. If that is based on and also like the report that they have like introduced and also based on the fact that passenger figures has been a lower level, I cannot say what their decisions there will be. I'm not concerned about the future of SAS because I think they'll exist in a longer term perspective. If I had been concerned, I mean, there will always be airlines operating in our markets. That's not like a big concern. I'm pretty sure that it will be like, it will be sorting out this situation regarding the restructuring and refinancing and so on. But I cannot like comment on, and I can only speculate on how capacity will develop. I think we'll see some reductions. But on the other hand, if we do see reductions. SAS is not the only carrier in the world. I mean, we have other alternatives that we could use, like. Okay, excellent. I just want to highlight again the margin development. You report 11.5%, but if you add back the SEK 2.1 million in incentive charges for the incentive program, and then taking back the SEK 700 million from this Afa Insurance- Yeah. you could say that the underlying margin was 12%, and that's Yeah, yeah. Unique to reach 12%. Absolutely. Which is your margin target, and despite that you are having quite severe problem with the Express Air business. Is there anything extraordinary in this mix for the fourth quarter explaining how you reach 12%? I think there is also a kind of, you know, seasonality issue in the fourth quarter. I mean, it's normally a strong quarter, so in that way, I said it, we should expect like the margin will be on a good high level. Then also, I mean, we have seen a favorable development on the mix. I mean, the air segment has been growing faster than the Road segment, and that's a higher margin segment. Especially also the same-day product has been ramping up. Then, you know, the same-day product ramping up is very much due to the fact that we have seen like more capacity during the quarter. On a full-year scale, I mean, the capacity was down around 20% compared with pre-corona. Of course, strong capacity situation during the quarter. Does that mean that we will like be performing on a much lower level during quarter one? Not necessarily a slightly lower level, but I think also on full- year basis, 2022 will be a good one. The extraordinary part is also the cost development. Is that sustainable? I think it is. I mean, I think it is fair to believe that this improvement of the cost ratio and then this, the fact that we through COVID-19 also have like forced ourselves to work in a different way in the organization. The fact that we have been challenging our suppliers much more for the recent two years. I mean, that is something which is to stay. I'm like very cautious on costs both for good and for bad in the organization. Some people would perhaps think that the management team is a pain in that way, but we are sitting on the money. We are taking cautious decisions, and we are hard but fair with the suppliers. It's, I think, that's the way it should be done. Excellent. If I could go on and ask a question about your increased M&A activity. I'm a little bit surprised that you scrapped the dividend. Yeah. What sort of EBITA to net debt to EBITA level are you looking for? You have 0.9x now and I guess you could go up to 2%-3% or whatever. How should we look upon that? I think you should look upon it in that way that we have had multiple discussions with the board regarding how could we like further improve the market cap of Jetpak, how could we create an accelerated growth. I don't think it will be sufficient either for Jetpak or for the shareholders just to look at a future organic growth where we have like a long-term target of 5%. Seen from that perspective, I mean, we would have liked to do more acquisitions in the past. We have not had like the same focus as we are now creating internally on doing M&As, but I think we have been doing some at least in a longer term perspective, some good and clever M&As in the past. I think that ramping up on this, even though I cannot promise that we will do neither one, three or five M&As within the next 24 months. Ramping up on this makes it more, like, probable that we will have a successful path through M&As in the coming years. I think it will be to the benefits of Jetpak Top Holding and especially to the benefit of the shareholders. You also need to recall, Anders, I mean, by adding more business, adding more volumes, both in the geography we are today, but also in other geographies where we should look more at like twin setups. That is the way of further, like, improving our cost base and, like, get the necessary muscles to further develop the company. Either we could decide to stay where we are and say that's good, but you know what? I think in the long-term perspective, I also believe the shareholders would be a bit sick and tired of only looking at organic growth. I think, of course, shareholders would like to get money immediately now, but I think what we will be doing, I mean, will be better for all of us in a longer-term perspective. You know, if we do not succeed, and I cannot promise we succeed, I can promise we use best efforts to be successful. But if we do not succeed, I mean, no one is preventing us from paying our dividend. Of course, M&A and successful M&A strategy will require some funding. We have like we are ready to do a large part of this funding ourselves for the time being. I would not like to start to speculate now on how the debt ratio will look in the future. I can only say that we are ready for acquisitions, we are working on it. I cannot give you like any specifics around who we are talking with. If not successful, of course, then we need to pay our dividend. That's very interesting. So far you have acquired around 5% since the IPO 2018. Yeah. You have roughly some 5% additional growth from acquisitions and within the present framework of. You have improved your financial situation despite having roughly 5% acquired growth per year. What I'm saying is that it seems that you're. Are you stepping up that? Yeah. the story? That is what we would like to do. We want to step up, and that is the reason for the dividend position. Okay. Definitely stepping up without. I would not like to give you any figures now, Anders before we have chosen- No. chosen business, what that will mean in terms of a future inorganic growth. Okay. Just looking a little bit ahead, you had some initiatives about international expansion in Europe. Cooperation with other air carriers, and you also have this initiative in Belgium and temperature sensitive transportation. How are those growth initiatives developing? I think that it's, you know, the growth initiative in Europe, some part of it has been successful, and you can see that when you look at the development of our colleagues in Europe. I mean, you can see there's a good growth in Europe, definitely. That part has been successful in terms of acquiring more, a lot more automotive business, special spare parts logistics and so on. They have really been doing good, these guys, and also the same goes for Finland, which is part of the Nordics. You know, that's been successful. The other part which has been a little bit less successful and what we are still aiming for is to create this more express same-day network. Because what the Belgians have been doing is that they're focused very much on special service logistics. That is like creating tailor-made solutions, one-offs to customers, like special forwarding, you could call it. We want to ramp up this same day, next day network through from the Nordics, but also into Europe. We have been struggling with capacity. We have been struggling with the fact that we need high frequent network if we should be successful. Still, we don't have this high frequent network to the extent that we want to have it. That is the reason that you see that we are really like having a good performance in the Nordic on same day. The Nordic also has a lot higher frequency level than they have in Europe, and it hurts our opportunities a lot when we don't have sufficient frequencies. For the time being, we are growing in Europe on the same-day business, but not at all to the extent that I would like to grow it. Okay. The Temperature-Sensitive business? The Temperature-Sensitive business that we are in dialogue with, some new customers, where we're looking both at more Temperature-Sensitive business in Denmark, but also like sensitive business getting into Scandinavia. That is also a project which has been, you know, rolling for quite some time. We are getting more time-sensitive business, but we want to get even more in the future. Also because, Anders, it is high-margin business, you know, when getting into like these customers and building relationships are quite pricey, but at a pretty high barriers to entry. That is definitely a focus area. It's also a focus area for us now looking into M&As that, if we could grow even faster in this business, also driven by acquisition, we will definitely do that. Yes. Finally, some few words about your most recent acquisition in Denmark. Yes. How will that impact your business, air versus ground transportation? We could say that the business in Denmark was a business that we acquired at a reasonable fair price. It was not like a big business. I think they're around DKK 40 million, DKK 38 million-DKK 40 million. That way, it's not a big business. It's around 40% of the acquisition of 3D some year, a couple of years back. It's an important business because it's a business which has existed for nine years. It's a business with limited resources, financial resources to develop it further. It has been owner-managed. The guys that we're getting on board, they are very enthusiastic, and they're really old air freight guys. They know a lot about this stuff. You know, we both see a lot of cost synergies, but we also see the potential to like develop this further in Scandinavia. Even though it's a relatively small business, the potential is good. Don't ask me to put figures on the potential. I know it myself. So I will keep it a secret until we succeed on that because currently we are focusing on like get this business continued running in a good way. We will start integration during the last half of the year and integrate functions that we think is where it's like obvious that we should like have integration. Still, I mean, it will be an air freight standalone business in Denmark, which will not only in the future drive the CTS customers, but it will also drive the other air freight activities that Jetpak currently has in Denmark. Because I have to be fair and say that when we acquired 3D, we were putting it all together in Denmark, and the 3D focus is a road focus, so in that way it has not been that successful also like being facing COVID-19 at the same time. It has not been that successful to drive the air freight business in Denmark from a road unit. This will be a dedicated, strong air freight unit for the future. As capacity is ramping up during the year, I mean, we expect quite some benefits from the CTS acquisition, both directly but also indirectly. Excellent. Let's go back for the moment, and thank you very much for the questions. Yeah. Sure. Hello, Kenneth. Hello, Håkan. We currently have no questions coming through, so as a final reminder to everyone, if you would like to ask a question, please press Star one now. It looks like there are no further questions, so I will hand back to you, Kenneth, just to conclude today's conference. Yes. Thank you to all of you for listening to Håkan and myself today. I hope that our presentation of the Q4 and also, like, the expectations that we have, like, for the coming year clarified whatever question that you may have. As you probably know, I mean, we are just a call or mail away, and then you can just shoot on if there's anything that you forgot. I think we have been pretty clear on the way forward and the reason that we have decided not to propose any dividend. I think that you can all be, I mean, looking forward to what we will be trying to do on the M&A being successful or not. I think it's from a shareholder perspective should be a strong and good initiative. We will wait and see. Happy for you participating, and have a good day. Bye. Thank you for joining today's call. You may now disconnect. Hosts, please stay on the line and wait for instructions.