Financial statement first half 2020


FREJA continues a stable development

The transport and logistics company FREJA Transport & Logistics Holding A/S announces a satisfactory result for the first half of 2020. The integration of Transcargo has been completed and in spite of COVID-19 and continuous large investments in the Polish subsidiary, we deliver a good result above budget. We have seen a successful turnaround in the Swedish subsidiary,  improvement of the operation in Denmark and a continuous fine development in the daughter companies in Norway and Finland. Furthermore, the youngest daughter companies in Poland and China contribute positively. Continuous 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 COVID-19 and the resulting turbulence in the transport markets, the result for the first half of 2020 is very satisfactory
During the first half of 2020, FREJA Transport & Logistics Holding A/S has focused on adapting the company to the new market situation as a result of COVID-19, as well as the ongoing integration of the company in Poland. Ongoing focus on quality as well as safe and efficient transport solutions have resulted in additional sales to existing customers as well as an increase of new larger customers. This means that we have been able to obtain almost the same turnover as in 2019. On the other hand, the net profit is significantly improved, especially because of large operational improvements and an even stronger and closer cooperation across the countries.

The development in the subsidiaries in Norway and Finland continues to be very positive. In Denmark we continue the trend with a stable progress and for the first time in a long time, Sweden contributes positively, which is a significant improvement compared to the first half of 2019. Likewise, China and Poland contribute with positive results better than expected.

The following key figures for FREJA Group are published with respect to the first half of 2020
FREJA Transport & Logistics Holding A/S reports a small decrease in turnover for the first half of 2020 at 1.5 % compared to 2019. The total turnover for the first half of 2020 ends at a total of DKK 1.64 billion.

EBIT for the first six months of the year totals DKK 76.6 million in 2020 compared to DKK 30.0 million in 2019. The pre-tax profits of the first six months total DKK 66.9 million in 2020 compared to 22.3 million in 2019.

The Group equity capital has increased from DKK 272 million as of 30 June 2019 to DKK 331 million as of 30 June 2020. Because of a transition to IFRS16, the solvency ratio has fallen to 22 %.

“The financial statement for the first half of 2020 shows that our business model and our large focus on a cooperation across FREJA countries is worth the efforts. Our loyal and dedicated employees have shown exceptional efforts during these difficult COVID-19 times which means that FREJA has come out stronger of a very turbulent first half year,” says Group CEO Ulrik Rasmussen.

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 each 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.

For further information please contact

Jørgen J. Hansen

Founder & Chairman of the Board
+45 4019 5288
+45 9670 5101
jh@freja.com

Ulrik Rasmussen

Group CEO
+45 5234 5330
+45 9670 5330
ura@freja.com

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