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fsa:ReceivablesFromGroupEnterprisesMember 41410639 2023-10-01 2024-09-30 cmn:ConsolidatedMember fsa:DepositsLongtermInvestmentsAndReceivablesMember 41410639 2023-10-01 2024-09-30 cmn:ConsolidatedMember fsa:OtherReceivablesMember 41410639 2023-10-01 2024-09-30 fsa:ReceivablesFromGroupEnterprisesMember 41410639 2023-10-01 2024-09-30 fsa:DepositsLongtermInvestmentsAndReceivablesMember 41410639 2023-10-01 2024-09-30 fsa:OtherReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-10-01 2022-10-01 2024-09-30 2023-09-30 41410639 Jettime a/s Amager Strandvej 390-392 2770 Kastrup +45 32 46 73 00 www.jettime.com 2020-06-08 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-01-21 Peter Schäfer Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Jettime a/s for the financial year 1 October 2023 - 30 September 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 30 September 2024 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2023/24. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2025-01-21 Kastrup Anders Torbjörn Fred CEO Peter Schäfer Chairman Lars Thuesen Ingolf Bernhard Pedersen To the shareholders of Jettime a/s Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 September 2024 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 October 2023 - 30 September 2024 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Jettime a/s for the financial year 1 October 2023 - 30 September 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group´s and the Parent Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Parent Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the Parent Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2025-01-21 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jacob F Christiansen State Authorised Public Accountant mne18628 Jakob Thisted Binder State Authorised Public Accountant mne42816 1044000000 40000000 81000000 212000000 6000000 -12000000 43000000 -3000000 -65000000 33000000 -3000000 -69000000 474000000 240000000 266000000 26000000 10000000 8000000 0 19000000 -14000000 -46000000 -44000000 131000000 -12000000 -23000000 -26000000 0 -22000000 -27000000 0 60000000 78000000 -12000000 15000000 181 77 54 0.172 0.162 0.203 0.15 -0.148 0.087 0.002 -0.03 -0.192 -0.165 Corporate Social ResponsibilityThe business model has been described under the Principal activities in the Management’s Review.Jettime has over the past year increased its production and added more aircraft to the fleet. However, theCompany is at the same time well aware that the aviation industry must become more sustainable – and thatJettime as an airline holds a responsibility to contribute to this development.The framework for the overall strategic approach within CSR are the UN’s Sustainable Development Goalsnumber 12 (“Ensure Sustainable Consumption & production Patterns”) and number 8 (“Decent Work &Economic Growth”).Jettime has a societal impact as employer, purchaser and producer of air transport solutions. At the sametime, as an airline, Jettime has a climate and environmental impact, most significantly through fossil fuels andconsequently CO2 emissions.Jettime strives to continually improve within the areas of climate and environmental impact, as well as takinga social responsibility. Sustainable growth and development also entails striving for sustainable profitabilityand financial growth. Jettime concentrates the efforts to become a more sustainable airline on practical andoperational improvements with the aim of reducing the amount of CO2 emissions from our aircraft operation.Furthermore, several initiatives included in our service on board are visible to our guests.Risk MatrixIn relation to corporate social responsibility, Jettime has assessed the potential negative impact of the airline’soperation on climate and environment, social conditions, employee conditions, human rights and anticorruption.Through this assessment, 8 potential CSR risks affiliated to Jettime’s production or to theCompany’s suppliers and products have been identified. These risks will be addressed individually throughoutthe report.This financial year Jettime has continued to prioritize two of the risk factors with high likelihood; “Fossil fuelconsumptions & C02 emissions” and our “On board food and products”. In addition, IT security and dataprotection has been an area of attention and improvement during the past year. The overall targets withinsustainability and supporting the risk factors are;For the period 2021-2025:• Reduce CO2 emissions per passenger seat kilometer by 10%• Reduce single use plastic products on board our aircraft by 50%Even though fossil fuels are a necessity in operating a fleet of aircraft, Jettime believes things can be done tocontinuously reduce the fuel consumption and thereby lower the overall CO2 emissions. The “on board”service to our guests is a very visible element in our environmental work and a range of plastic products havebeen replaced by more sustainable alternatives.To ensure impact in Jettime’s organization and production, the relevant parts of the CSR strategy have beenplaced in the respective departments and teams of relevance who are working on the practical implementationof projects and initiatives such as reduction of CO2 and reduction of single-use plastic. The accountability ofthe overall sustainability plan is placed within the executive management.During the financial year we have initiated the reparations to be compliant with the EU CSR-D (CorporateSocial Reporting Directive by the financial year 2025-2026. The preparations entail prioritization of areaswithin the scope of Jettime’s business in regards to impact and opportunities as well as our role as supplier tolarge corporations, already included in the reporting directive obligations.1. Fossil fuel consumptions & CO2 emissionsReducing carbon dioxide is a pivotal aspect of Jettime’s environmental focus, as this by far is the single mostrelevant environmental denominator for Jettime and the airline industry in general. In relation to CO2emission, Jettime is registered and regulated by the EU Decree 2003/87EC where airlines register and reporttheir CO2 emission.The work on the improvement measures to achieve lower fuel consumption and CO2 emissions areconcentrated on 3 different initiatives;• Split Scimitar Winglets (Aerodynamic, Weight and Efficiency Improvement)All of Jettime’s aircraft are equipped with winglets which improve up-trust and optimize fuel economy andCO2 emission by up to 1,8% according to official Boeing calculations. Installing split scimitar winglets on theaircraft can further increase the fuel efficiency by lowering fuel consumption and CO2 emission by an extra1,8%. Management has decided to invest and install split scimitar winglets on all new aircraft added to thefleet from 2025 and onwards.Out of 11 aircraft currently in the fleet, 6 individuals are equipped with split scimitar winglets and 3 more areplanned to be retrofitted.• Cooperation with FuelVision (fuel efficiency application)During this financial year our partnership with FuelVision has matured. Jettime pilots are using theFuelVision app to enhance fuel efficient measures during the flight such as single engine taxi, reduced flapretraction and idle decent. Annual fuel saving measured to 290 tons equal to a reduction of 915 tons of CO2.Relevant procedures are incorporated into the operational manuals used by pilots.• Fleet RenewalAt year-end, Jettime operated one B737-700 and ten B737-800 aircraft. No additional aircraft has been addedto the fleet during this financial year.The passenger load factor on our flights has increased compared to the previous financial year from 88.4% to89% and improves the CO2 emission per Passenger Seat Kilometer (PSK). By end of 2025 our target is toreduce CO2 emission by 10% per PSK (vs. 2018 baseline) and we have reached 93% reduction so far with aPSK this financial year of 66.3 CO2 gram. The main drivers to the achievement of our target are; split scimitarwinglets, less position flights and the incorporated FuelVision procedures in the pilots operational procedures.2. On-Board food and productsThe service delivery onboard Jettime flights in terms of meals served and products used in the dry store havecontinued changing towards more sustainable alternatives in line with more options available amongst oursuppliers.Our guest meals served onboard does not contain meat from four-legged animals, instead we serve hot mealswith lots of vegetables and chicken or pure vegetarian. Single-use plastic is replaced by a food box and foodbowl made from degradable material and the cutlery is an EU-certified wooden product. During this financialyear a broader range of meal choices have been introduced to our guests on board and all without meet fromfour-legged animals. Our food supplier holds an ISO 14001 certification and uses pure wind energy in foodproduction. In the dry store assortment only plastic glasses remain since no suitable alternative has yet beenidentified. Both pilots and cabin crew perform a mandatory “green briefing” on board all flights and thereby enhance theguest experience and give them insight into the Jettime initiatives to become a more sustainable airline.In connection with the development towards more electronically based communication and workingequipment for our flight crew, less paper has been used on board Jettime’s aircraft with the introduction of anElectronic Flightbag as replacement of paper manuals for both pilots and cabin crew. A total of approximately20 kg of paper in each cockpit has been removed and has lowered the weight of the aircraft and therebyreduced the annual CO2 emission.3. Maintenance Repair (MR) waste – lubricants/chemicalsJettime has its own Technical Department in CPH airport that services the airline’s aircraft. In thisconnection, Jettime’s mechanics handle different types of waste that can pose a health risk. Likewise, thewaste has a potential negative impact on the environment if not handled correctly.To mitigate these risks, Jettime has contracted the environmental service partner Stena Recycling, whoensures correct storage and disposal of problematic waste and chemicals.No significant spillages have been reported in connection with technical maintenance of Jettime’s aircraft inthe financial year 2023/24.On board our aircraft the cabin crew conduct waste sorting as a standard procedure entailing separation ofcans (metal) and other waste.4. Employee strikesStrikes among employees of the airline can potentially have a major impact on Jettime’s ability to live up to itscustomer promise and the service experience expected of the airline’s passengers. Since the start-up ofJettime, there have been no strikes among any of Jettime’s employee groups.However, to mitigate this potential risk, Jettime has a number of policies relating to working environment andworking conditions. Moreover, seven different groups of employees are covered by collective agreements inJettime across three countries (Denmark, Sweden, Finland). Cooperation with the seven unions in Jettime, 4in Denmark, 2 in Finland and 1 in Sweden, takes place within the framework of national laws and agreementsaffecting the unit concerned, and Jettime expects a continued constructive cooperation with the unions in theyears to come.Jettime became a member of two employer industry organizations during the financial year 2023/24. JettimeAB is a member of the Swedish “Svensk Näringsliv” and the mother company Jettime a/s became a member of“Dansk Industri” and “Brancheforeningen for Dansk Luftfart”. Those memberships secure Jettime anincreased robustness in regards to potential employee strikes. 5. Physical Working EnvironmentAs an employer, Jettime is responsible for ensuring proper work conditions and a healthy workingenvironment. Jettime has a ‘Health and Safety and Environment Policy’ as well as a ‘Health and Safety andEnvironment Committee’. The Committee ensures compliance with legislation, policies on health, safety andenvironmental aspect and the work environment representatives from the 4 employee groups includingJettime OY in Finland meet 4 times a year.Jettime employees in Denmark and Finland have the benefit of a private health insurance provider whichoffers a wide range of treatments and services. Jettime bears the costs for the health insurance providerthrough the pension scheme. Jettime is in close dialogue with union representatives to prevent labor right violations. Should a potentiallabor violation occur in relation to an employee’s employment, the Company will cooperate with the relevantunion representative to reach a fair conclusion on the matter.6. Bribery and CorruptionJettime work with a code of conduct which includes our expectations towards our suppliers on anticorruption.Due to the fact that the company's main activities take place in the Nordic region, in which local authoritiesdemand full compliance with legislation on anti-corruption, it is management's assessment that the risk thatthe company becomes involved with corruption or bribery is limited. As a buyer, Jettime uses the services of anumber of subcontractors. To mitigate this, relevant suppliers will sign the code of conduct as part of thecontract procedure. Jettime does not accept bribery and corruption and expects our partners to maintain thesame integrity in relation to all business affairs.In the on-going follow-up with suppliers, Jettime has found no breaches regarding anti-corruption, anticompetitivebehavior, anti-trust or monopoly practices in the financial year 2023/24, and Jettime expects thispractice to continue onwards.7. Human Rights ComplianceJettime has no specific policies on human rights. As an operator in the Nordic region, we have deemedcompliance with human rights a given.By being an operator in the Nordic region, which is characterized by a high degree of protection of humanrights, the risk that the company's activities have a negative impact on human rights is considered low.Consequently, a separate policy on human rights has not been deemed necessary. We do, however, alwayscomply with all relevant legislation both locally and globally.In September 2022 Jettime launched a formal Whistleblower reporting platform on our Intranet for theemployees to use in case of suspicion or concerns regarding bribery, corruption or human rights violation etc.The platform is administered by an external law firm. No reports have been filed during the financial year2023-2024 nor before.During the year Jettime also opened a base in Arlanda, Sweden and has already from the beginning negotiateda collective agreement with the unions in order to secure working conditions for crew, and following Jettimeentering into Dansk Industri, the collective agreements with Dansk Metal and HK have also been updated.In the coming year Jettime will negotiate union agreements with the Danish and Finnish Pilots and cabincrew. The crew meal concept has also been updated during the year following a dialogue with unions and staff.The Company’s Employee Handbook contains a general corporate policy applying to all employees. Moreover,Jettime adhere to a ’Just Culture’ policy that applies to the entire Company. This implies that all employeeshave access to a reporting tool by means of which all potential safety issues may be reported anonymously andwithout consequence, which promotes openness about errors and incidents. In that way, a safer workingenvironment with a focus on communication and openness is ensured.As a buyer, Jettime uses the services of a number of subcontractors. Jettime has therefore introduced aJettime Code of Conduct. The document is mandatory for bigger partners and suppliers to sign, and itdemands decent working conditions for anyone involved in the Jettime supply chain.Management's review Gender compositionAt the end of the financial year 2023/24, the Company’s Board of Directors comprised of one owner and two non-owner members.Jettime’s Senior Management is defined by the Company’s Executive Team – consisting of the CEO, CCO, VPFinance & Business Support, VP Technical, VP Flight Operations and VP Management Support and Head ofSales.MaleBoard of Directors: 3Jettime’s Senior Management: 6Jettime’s mid-level management: 8Female:Board of Directors: 0Jettime’s Senior Management: 1Jettime’s mid-level management: 6Jettime has the ambition to have at least one person of each gender represented on Jettime’s Board ofDirectors by the end of 2025. Jettime has not in the financial year 2023/24 reached the target of genderrepresentation on the Board, as there have been no changes, additions or recruitments for Jettime’s Board inthis period. However, each board meeting includes representation from the senior management including onewoman.Jettime has a target to have at least two persons of each gender represented on Jettime’s Senior Managementteam. Jettime has not in the financial year 2023/24 reached the target of gender representation in the seniormanagement team-Jettime aims to ensure equal opportunities and representation for men and women and performs internalleadership training among the Company’s mid-level managers with the ambition of qualifying both male andfemale employees to enter the Senior Management or mid management level. Furthermore, Jettime strives toalways have both genders represented in the final job interview when selecting new hires to enhance diversityin our employee groups. Especially in the pilot recruitment area the availability of female pilots are close tonone. Throughout its business, Jettime is working with data and complies with GDPR legislation includingperforming internal audits according to a fixed schedule among our system owners. Further, Jettime is in theprocess of implementing its NIS2 compliance.As part of a highly regulated industry, Jettime has already implemented high standards for IT security and iscurrently evaluating steps to further improve the IT security and data protection standards.Data ethics is governed in Jettime’s IT policy manual section 9, which describes the data policy and the how toprotect and govern access to private and other data. Jettime is actively working to further improve IT and datasecurity and has engaged with external IT security experts.Finally, Jettime is actively working to protect all data, and has implemented data processing agreements withrelevant suppliers. Principal activitiesJettime is solely engaged in the Business-to-Business market offering air transport solutions for:• Primarily; Nordic tour operators who are offered full charter aircraft• Secondarily;• Other European airlines who are offered ad-hoc/short- and medium term capacity solutions(ACMI)• Ad-hoc full charter aircraftThe Group's activity is in all material respects performed through the parent company Jettime a/s ("Jettime"or "the Company"). Further the Group consist of a crewing company in Finland ("Jettime OY”) and a crewingcompany in Sweden ("Jettime AB”). Both companies are wholly owned by the parent company. Both JettimeOY and Jettime AB have no separate activity except for intercompany transactions with Jettime.Jettime is built on long-term partnerships with its customers and suppliers, a model that has proven its valueboth before and after the pandemic.Based on the post corona competition landscape the Company was established during summer 2020. Theairline industry has been through an unprecedented period, which has required extensive capital investmentsand a high degree of agility, and it was, and still is the ambition to exploit the ongoing industry consolidationto the benefit of the Company.After surviving a challenging hibernation and restart of operation during summer 2021 the continued focushas been to further strengthen the customer base and the operational platform as well as exploiting thebenefits of the IOSA certification obtained in September 2022, and as renewed during early 2024. This workhas taken place in parallel to balancing post-pandemic and Ukraine war related challenges across the industry.Jettime is well positioned to exploit market opportunities. Jettime is acknowledged as a competitive, agile,independent and experienced industry player in particularly the Nordic charter market. We are known for ouragility and flexibility, and we are used to working with different charter and ACMI partners, mimic theirservice concept and adapt quickly to new requirements.Development in activities and financial mattersThe financial year 2023/24 - the Company's fifth operating year – was still somewhat impacted by theaftermath of the covid-19 pandemic and the high inflation, leading to lower utilization of the fleet during thewinter season. During the year, Jettime has increased its operation and has gradually improved the utilizationon the fleet, the number of employees as well signed more aircraft to enter the fleet.The total flight production in 2023/24 amounted to 34.301 block hours compared to 29.347 in 2022/23.At the end of 2023/24 the Company had a fleet of 11 Boeing 737 NG aircraft compared to 11 at the end of2022/23.The average number of employees during 2023/24 was 449 compared to 405 in 2022/23. And finally, at theend of 2023/24, the Company had 457 employees compared to 430 at the end of 2022/23.The Company’s consolidated revenue in 2023/24 was DKK 1,994 million compared to DKK 1,708 million in2022/23. The Company showed a profit before tax of DKK 44 million in 2023/24, which compares to a profitof DKK 27 million in 2022/23. At year end 2023/24, the Company showed a positive equity of DKK 46 millioncompared to a positive equity of DKK 1 million at the end of 2022/23. Free cash at bank and in hand was DKK165 million at year end 2023/24 compared to DKK 104 million at the end of 2022/23.The total balance sheet amounted to DKK 537 million in 2023/24 up from DKK 518 million in 2022/23.In light of the result of controlled growth during a period affected by both post pandemic and war relatedeffects, Management considers the result before tax of MDKK 44 for 2023/24 as satisfactory.Capital resources and liquidityEquity at 30 September 2023 was DKK 1 million. During the financial year 2023/24, equity has beenimproved with DKK 45 million leading to an equity at 30 September 2024 of DKK 46 million.During 2023/24 the company has issued a loan of DKK 30 million to its parent company JT3H.In Management’s assessment, the liquidity from current free cash and from planned operations is sufficient tofinance the Company’s operation in the financial year 2023/24.InvestmentsThe Group’s investments for the year were DKK 59 million in total, including deposits and maintenance onoperationally leased aircraft, DKK 26 million.RisksPrice risksThe Company's use of jet fuel and CO2 emission quotas implies a particular risk due to the significantfluctuations in the energy market. The Company aims at hedging energy prices by entering into hedgingcontracts corresponding to more than 90% of its exposure.As a main rule, the Company enters into long-term flight agreements with charter companies. Hedging ofenergy prices is done either by the Company at the time of contracting with the charter companies and ingeneral at their expense - or by the charter companies where they carry the full price risk on energy.Foreign currency risksPurchase of jet fuel as well as lease- and aircraft related expenses are mainly settled in USD. This means thatprofit/loss for the year, cash flows and equity are influenced by the USD exchange rate development.It is company policy to hedge commercial currency risks. Hedging is primarily performed by natural hedge(balancing the Company’s USD costs with USD income and/or assets), and by means of forward exchangecontracts and options to hedge expected costs in USD within the coming 12 months. Speculative forwardexchange contracts are not made.Credit risksThe Company's credit risks relate primarily to financial assets recognized in the balance sheet.The Company does not have significant credit risks relating to one single customer or liaison as tradingconditions request prepayment from the customer before operating flights.Recognition & measurementThe principles for recognition & measurement are described in the accounting policies in note 1 & note 23.Subsequent eventsNo events have occurred after the balance sheet date which affect the Annual Report or the Company’sfinancial position.OutlookThe Company have experienced a significant drop in demand for charter flights for winter 2024/25 andsummer 2025, especially from Sweden and Finland, however demand for ACMI flights is strong and theCompany expects a significant increase in its ACMI production for 2024/25.The Company expects revenue of around DKK 2.000 million and a profit before tax of between DKK 10 to 30million in 2024/25. 3 0 14 0 0.33 1993733000 1707812000 1993733000 1707812000 1535579000 1332823000 1535579000 1332823000 115222000 98967000 145798000 123577000 342932000 276022000 312356000 251412000 289452000 244264000 259536000 220235000 5325000 4473000 5325000 4473000 48155000 27285000 47495000 26704000 0 0 582000 557000 -288000 -722000 -288000 -722000 3746000 5234000 3732000 5234000 7624000 4741000 7649000 4717000 43989000 27056000 43872000 27056000 -9022000 12300000 -9139000 12300000 53011000 14756000 53011000 14756000 582000 557000 52429000 14199000 0 0 0 0 4483000 5718000 4483000 5718000 40723000 37292000 40723000 37292000 45206000 43010000 45206000 43010000 10049000 10983000 10049000 10983000 254000 327000 254000 327000 9842000 5978000 9842000 5978000 25300000 6696000 25300000 6696000 45445000 23984000 45445000 23984000 0 0 1296000 699000 1240000 1528000 1240000 1528000 30000000 0 30000000 0 20975000 20922000 20975000 20922000 140570000 252934000 140570000 252934000 192785000 275384000 194081000 276083000 283436000 342378000 284732000 343077000 8722000 7855000 8722000 7855000 7608000 10445000 7608000 10445000 0 0 1072000 0 12728000 25318000 12385000 25247000 18918000 0 18918000 0 204000 204000 0 0 30487000 28158000 30487000 28158000 69945000 64125000 70470000 63850000 164590000 103651000 163177000 102753000 243257000 175631000 242369000 174458000 526693000 518009000 527101000 517535000 1000000 1000000 1000000 1000000 0 0 1296000 699000 -5317000 3415000 -5317000 3415000 -20000 -35000 0 0 0 0 0 0 49962000 -3049000 48646000 -3783000 45625000 1331000 45625000 1331000 224107000 338474000 224107000 338474000 224107000 338474000 224107000 338474000 7256000 15810000 7256000 15810000 7256000 15810000 7256000 15810000 90720000 50813000 90720000 50813000 82019000 33828000 81559000 33460000 0 0 3762000 3073000 0 3652000 0 3652000 76966000 74101000 74072000 70922000 249705000 162394000 250113000 161920000 256961000 178204000 257369000 177730000 526693000 518009000 527101000 517535000 1000000 3415000 -35000 3634000 -3049000 0 0 0 -3634000 0 0 0 15000 0 0 0 -11195000 0 0 0 0 0 0 0 53011000 0 2463000 0 0 0 1000000 -5317000 -20000 0 49962000 1000000 699000 3415000 3634000 -3783000 0 0 0 -3634000 0 0 15000 0 0 0 0 0 -11195000 0 0 0 582000 0 0 52429000 0 0 2463000 0 0 1000000 1296000 -5317000 0 48646000 53011000 14756000 484000 17012000 89996000 58334000 143491000 90102000 3746000 5234000 -7624000 -4741000 139613000 90595000 -19639000 0 119974000 90595000 -3432000 -43836000 -25550000 -10047000 -53000 -1976000 -29035000 -55859000 -30000000 -12264000 -30000000 -12264000 60939000 22472000 103651000 81179000 164590000 103651000 164590000 103651000 164590000 103651000 The accumulated cost for purchases of CO2 quotas in the financial year, which has still not been utilized are presented as part of the investing activities in the cash flow statement. The cost price for utilized Co2-quotas in the financial year are presented as operating cash flow. In connection with the preparation of the financial statements, management applies accounting estimates and judgements. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group accrues for future aircraft maintenance. The future costs for aircraft maintenance is subject to accounting estimates. Such accounting estimates are subject to more uncertainty due to i.e. changes in pricing for the separate events. The Group has recognized a receivable regarding future maintenance (prepayments) which is expected to offset future aircraft costs. The utilization of the receivable is subject to uncertainty due to the expected share of future maintenance costs to be covered by the receivable etc. The Group has recognised a deferred tax asset which are expected to be utilized within a short period of time. The tax asset primarily relates to accruals for future maintenance. Uncertainty exist in relation to the exact timing of the utilization. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Geographical segments Revenue, Scandinavia 1993733000 1707812000 1993733000 1707812000 Total 1993733000 1707812000 1993733000 1707812000 Business segments Charter and ad hoc 1894475000 1549510000 1894475000 1549510000 ACMI 99258000 158302000 99258000 158302000 Total 1993733000 1707812000 1993733000 1707812000 261732000 221009000 235903000 201182000 23832000 19716000 20363000 16204000 3888000 3539000 3270000 2849000 289452000 244264000 259536000 220235000 4700000 4981000 4700000 4981000 449 405 396 351 Total 0 0 0 0 Special items include significant income and expenses of a special nature relative to the enterprise's ordinary operating activities. Special items also include other significant amounts of a nonrecurring nature. Last year special items consisted of government support regarding COVID-19.Special items for the year are specified above, indicating where they are recognized in the income statement. 1746000 0 1746000 0 2000000 235000 1986000 235000 0 4999000 0 4999000 3746000 5234000 3732000 5234000 0 686000 0 686000 6238000 4055000 6198000 4031000 1386000 0 1451000 0 7624000 4741000 7649000 4717000 7433000 12300000 7316000 12300000 -18918000 963000 -18918000 963000 -9022000 12300000 -9139000 12300000 -2463000 963000 -2463000 963000 Total -11485000 13263000 -11602000 13263000 559000 6250000 37292000 559000 6250000 37292000 0 0 102310000 0 0 102310000 0 0 98879000 0 0 98879000 559000 6250000 40723000 559000 6250000 40723000 559000 532000 0 559000 532000 0 0 1235000 0 0 1235000 0 559000 1767000 0 559000 1767000 0 0 4483000 40723000 0 4483000 40723000 14000000 4722000 8448000 6696000 0 0 0 25549000 0 0 6945000 -6945000 14000000 4722000 15393000 25300000 3017000 4395000 2470000 0 934000 73000 3081000 0 3951000 4468000 5551000 0 10049000 254000 9842000 25300000 14000000 4722000 8448000 6696000 0 0 0 25549000 0 0 6945000 -6945000 14000000 4722000 15393000 25300000 3017000 4395000 2470000 0 934000 73000 3081000 0 3951000 4468000 5551000 0 10049000 254000 9842000 25300000 0 0 0 0 699000 176000 15000 -34000 582000 557000 1296000 699000 1296000 699000 Jettime OY Finland 100 Jettime AB Sweden 100 2250000 2250000 2250000 2250000 2250000 2250000 2250000 2250000 -722000 0 -722000 0 -66000 -500000 -66000 -500000 222000 222000 222000 222000 -1010000 -722000 -1010000 -722000 1240000 1528000 1240000 1528000 Fuel Vision ApS Copenhagen 25 0 20922000 252934000 0 20922000 252934000 0 -1279000 -13795000 0 -1279000 -13795000 30000000 1332000 10752000 30000000 1332000 10752000 0 0 109321000 0 0 109321000 30000000 20975000 140570000 30000000 20975000 140570000 30000000 20975000 140570000 30000000 20975000 140570000 Investments in subsidiaries are specified as follows: Positive differences arising on initial measurement of associates at net asset value 2224000 2224000 2224000 2224000 Investments in associates are specified as follows: 8722000 7855000 8722000 7855000 8722000 7855000 8722000 7855000 Amounts recognised in the income statement for the year 16455000 0 16455000 0 Amounts recognised in equity for the year 2463000 0 2463000 0 Deferred tax asset at 30 September 18918000 0 18918000 0 The recognised tax asset primarily relates to accruals for future aircraft maintenance. The recognised tax asset is expected to be used within a short period of time. Accrued delay costs 12153000 7279000 12153000 7279000 Provision, aircraft maintenance 199631000 324601000 199631000 324601000 Provision for obligation to return 12323000 6594000 12323000 6594000 224107000 338474000 224107000 338474000 The provisions are expected to mature as follows: Within 1 year -109206000 -57408000 -109206000 -57408000 Between 1 and 5 years -114901000 -281066000 -114901000 -281066000 After 5 years 0 0 0 0 224107000 338474000 224107000 338474000 0 0 0 0 7256000 15810000 7256000 15810000 7256000 15810000 7256000 15810000 0 3652000 0 3652000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Corporation tax -3746000 -5234000 7624000 4741000 5325000 4473000 288000 722000 -9022000 12300000 484000 17012000 15000 10000 -867000 -2483000 125462000 27962000 -114367000 8019000 90963000 20458000 -11195000 4378000 89996000 58334000 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 140948000 143749000 140948000 143749000 Between 1 and 5 years 446856000 328784000 446856000 328784000 After 5 years 172575000 0 172575000 0 Total 760379000 472533000 760379000 472533000 Aircraft leases 745815000 463438000 745815000 463438000 Rental of property, hangar, etc 14564000 9095000 14564000 9095000 Guarantee obligations Foreign payment guarantees 3326000 0 3326000 0 Other contingent liabilities The company is taxed jointly with the parent company JT3H ApS and SMBCO Invest ApS. The current tax expense is allocated among the companies of the Danish tax pool in proportion to their taxable income (full absorption with refunds for the losses). Basis Controlling interest JT3H ApS, c/o Nosca A/S, Østergade 4, 4690 HaslevJettime A/S is part of the consolidated report for JT3H ApS Majority shareholder and ultimate owner Transactions Transactions are conducted on market terms and conditions. With reference to section 96(3) of the Danish Financial Statements Act, note with fee to auditor appointed at the general meeting is included in the consolidated financial statements of JT3H ApS. The Annual Report of Jettime a/s for 2023/24 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The Consolidated Financial Statements and the Parent Company Financial Statements for 2023/24 are presented in TDKK. false In 2023/24 Management has decided to the change the accounting policies for measurement of Co2 quotas from fair value to cost. The change in accounting policies has resulted in a decrease of the Group's equity as of 1 October 2023 of TDKK 3,634 and a decrease in the total balance sheet as of 30 September 2023 of TDKK 3,634. Further, the change has resulted in an increase in the profit for the financial year 2022/23 of TDKK 3,225. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Jettime a/s, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. All leases of aircrafts are considered operating leases. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Information on business segments and geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Income from the sale of charter and ACMI flights is recognised in the income statement on the departure date.Income from the sale of duty-free and non-duty-free goods, included and reported as “Ancillary and Other”, is recognised in the income statement on delivery date. Revenue is recognised exclusive of VAT, taxes and sales discounts. ***Production costs***Production costs comprise e.g. costs of fuel, charges in connection with air transport and other costs of maintenance and operation of the aircraft fleet including lease costs.***Lease costs***The Company has entered into agreements on operating leases of aircraft. Payments relating to operating leases are recognized in the income statement over the term of the lease. Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. Staff costs comprise wages, salaries, pension and social security costs to own staff and hired full-time consultants. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. CO2-quotas are expensed as production costs when utilized. The item “Income from investments in associates” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Acquired trademarks and acquired licenses are measured at the lower of cost less accumulated amortisation and recoverable amount. Acquired trademarks are amortised on a straight-line basis over its useful life, which is assessed to be 5 years. Acquired licenses are amortised over the licence period; however not exceeding 3-8 years.Other similar rights consist of CO2-quotas. The CO2-quotas are measured at cost. The cost price for CO2-quotas are recognized based on the expected average price for the CO2-quotas used in the financial year. CO2-quotas are expensed when utilized over production costs in the financial statements. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Buildings 15 years Other fixtures and fittings, tools and equipment 3-5 years Airplanes 5 years The fixed assets’ residual values are determined at nil. The carrying amounts of intangible assets except of CO2-quotas and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in associates are recognised and measured under the equity method. The item “Investments in associates” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the associates. Associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of Deposits, Receivable future maintenance and Receivables from group enterprises.Deposits are initially recognized at cost. Subsequently, deposits denominated in foreign currencies are measured at the exchange rate at the balance sheet date. Receivable future maintenance comprises the contribution made to lessors for future maintenance work which is recognized to the extent that the payments are expected to be reimbursed at the time of incurrence of future maintenance costs. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning subsequent financial years. Other provisions consist of provision for future maintenance work on aircrafts, provision for the costs of returning aircraft on operating leases and accrued delay costs. Provisions are initially recognized at cost and are subsequently measured at net realisable value or value in use. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue Operating margin Operating profit/loss x 100 / Revenue Current ratio Current assets at year end x 100 / Total current liabilities at year end Solvency ratio Equity at year end x 100 / Total assets at year end