Jetpak’s credit model works in all weathers

In close consultation with Soliditet, Jetpak has developed a new credit model, which, despite being subjected to a baptism of fire during the global economic downturn, eventually emerged with flying colours. Even during the darkest days of 2009, the model performed admirably with reference to its two specialist areas: minimising credit losses, and improving cash flow.

Who sends Zlatan Ibrahimovic’s computer to Milan when he leaves it in Malmö? Yes, it’s Jetpak – the Nordic region’s market leader in express logistics. Nevertheless, even Jetpak’s customers were affected by the economic downturn during 2008-2009, and, to some extent, the company itself.

“However, there was no increase in our credit losses during the financial crisis. We managed to keep this at an extremely low level, thanks to Soliditet,” says Peter Hallman, Financial Director at Jetpak Sweden. Since the spring of 2010, however, Jetpak’s performance has been gradually recovering, and rationalisation in certain areas has taken profitability to new heights. And while Soliditet cannot take all the credit, we’ve certainly been a contributory factor.

“Unquestionably. Our new credit model has minimised credit losses and improved our cash flow. Factors which are pivotal to generating profit,” explains Helene Wibom, CFO for Jetpak Group.Today, the presence of a broad financial awareness within the Jetpak organisation has reinforced the success of the credit model. Helene and Peter have launched training programmes, while Soliditet has taught staff how its rating models work – models which form the foundation of Jetpak’s decision support.

“Today, our sales team can carry out their own credit checks within Decision Support, and they understand that a company with a high turnover may not necessarily be a good customer,” explains Peter. Jetpak’s sales team is also ably supported by Soliditet’s automated credit limit setting, which dovetails with Jetpak’s own principles on applying limits.

It was Helene Wibom who originally took the initiative to modify Jetpak’s credit procedures. After getting in touch with Soliditet, she received help rebuilding the company’s credit structure from the ground upwards. One of Jetpak’s objectives was to reduce the number of credit days.

“And we have succeeded – now, we incentivise our sales team to keep the average credit days in their customer portfolios as low as possible,” explains Helene.

Facts about Jetpak

Jetpak Group AB operates partly within express logistics, as a provider of spontaneous, express deliveries and air transportation solutions, and partly creating customised distribution and logistics solutions. As well as running its own operations, Jetpak also collaborates with franchisers and agents based in Sweden, Norway, Denmark, and Finland.

Jetpak Group has representation at just over 140 sites across the Nordic region, with access to 700 delivery vehicles and 2,500 flight departures a day. And through its wide network of partnerships, Jetpak can make deliveries to every country around the world.

Jetpak is owned by investment companies Polaris Private Equity and Accent Equity Partners.

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