HELSINKI, Nov. 8, 2019 /PRNewswire/ -- Kamux
continued its strong and profitable growth: Revenue increased by
30.6% and adjusted operating profit by 29.0%
The figures in parenthesis refer to the comparison period,
i.e. the same period in the previous year, unless stated
otherwise.
July-September in brief
- Revenue increased by 30.6%, totaling EUR 182.8 million (140.0)
- Gross profit increased by 27.1% to EUR
22.8 million (18.0), or 12.5% (12.8) of revenue
- Adjusted operating profit (EBIT) increased by 29.0% to
EUR 8.6 million (6.6), or 4.7% (4.7)
of revenue
- Operating profit (EBIT) increased by 30.0% to EUR 8.6 million (6.6), or 4.7% (4.7) of
revenue
- The number of cars sold increased by 22.6% to 15,409 cars
(12,564)
- Like-for-like showroom revenue growth was 9.6% (4.2)
- Earnings per share were EUR 0.16
(0.16)
January-September in brief
- Revenue increased by 21.8%, totaling EUR 483.1 million (396.7)
- Gross profit increased by 21.9% to EUR
59.6 million (48.9), or 12.3% (12.3) of revenue
- Adjusted operating profit (EBIT) increased by 13.9% to
EUR 20.0 million (17.5), or 4.1%
(4.4) of revenue
- Operating profit (EBIT) increased by 33.0% to EUR 20.0 million (15.0), or 4.1% (3.8) of
revenue
- The number of cars sold increased by 16.0% to 41,037 cars
(35,376)
- Like-for-like showroom revenue growth was 2.8% (7.3)
- Earnings per share were EUR 0.36
(0.28)
CEO Juha Kalliokoski:
"During the third quarter, Kamux's revenue and operating profit
increased hand in hand. Our revenue increased by 30.6%, totaling
EUR 182.8 million. Our adjusted
operating profit increased by 29.0%, totaling EUR 8.6 million. We succeeded particularly well
in inventory management and efficient sales management.
During the third quarter, our revenue increased strongly in all
of our operating countries. Our operating profit margin improved in
Finland and in Germany compared to the last year. In
Sweden, the operating profit
margin was slightly under last year's level, and we shall focus in
particular on improving profitability in Sweden.
Despite the social debate, people's need for mobility remains
unchanged, and Kamux has been able to respond to customer needs
well even in the current situation. We have focused on the
systematic implementation of Kamux's operating model during a time
when the car market is influenced by factors such as technology
change, power source and climate debate as well as possible new
car-related tax policies.
Unlike traditional brick and mortar retail, Kamux's business
model has been digital from the beginning, and the role of digital
in the company will increase further. A total of 800,000 visits are
made to Kamux's Finnish, Swedish and German websites each month,
and we have a presence in ten digital marketing channels, in
addition to our 71 showrooms. Majority of our customers choose to
interact with us both online and in the showroom. Cross-selling,
i.e. a customer purchase process that takes place in a digital
environment via the website, chat service and phone, already
accounts for 30% of sales in Finland and 26% of the Group's sales.
The fresh inventory at the end of the third quarter creates a
good foundation for the rest of the year. However, unlike usually
in retail, car sales do not peak during the Christmas sales season.
Historically, compared to the third quarter the final quarter of
the year has been more modest in terms of sales.
In October, Kamux appointed Olli
Kilpi as the company's Chief People Officer and Ilkka Virtanen as Director of International
Business. With the appointments to the Management Team, we wanted
to ensure that these senior executives, who have already done an
excellent job as members of Kamux's Management Team, will be
broadening their management perspectives as well as strengthening
their competence and focusing their expertise on functions that are
important to the future of the company."
Outlook and financial targets
Kamux does not provide a short-term outlook. The company's
medium-term annual financial targets for 2019-2022 are to increase
revenue by over 10% and to reach an operating profit margin of at
least 4%.
Key figures
EUR
million
|
7-9/2019**
|
7-9/2018
|
Change,
%
|
1-9/2019**
|
1-9/2018
|
Change,
%
|
1-12/2018
|
Revenue
|
182.8
|
140.0
|
30.6%
|
483.1
|
396.7
|
21.8%
|
527.8
|
Gross
profit
|
22.8
|
18.0
|
27.1%
|
59.6
|
48.9
|
21.9%
|
64.9
|
as percentage of
revenue, %
|
12.5%
|
12.8 %
|
|
12.3%
|
12.3%
|
|
12.3%
|
Operating profit
(EBIT)
|
8.6
|
6.6
|
30.0%
|
20.0
|
15.0
|
33.0%
|
18.9
|
as percentage of
revenue, %
|
4.7%
|
4.7%
|
|
4.1%
|
3.8%
|
|
3.6%
|
Adjusted operating
profit*
|
8.6
|
6.6
|
29.0%
|
20.0
|
17.5
|
13.9%
|
21.9
|
as percentage of
revenue, %
|
4.7%
|
4.7%
|
|
4.1%
|
4.4%
|
|
4.1%
|
Revenue from
integrated services
|
8.6
|
6.8
|
26.6%
|
23.5
|
19.3
|
22.2%
|
27.1
|
as percentage of
revenue, %
|
4.7%
|
4.8%
|
|
4.9%
|
4.9%
|
|
5.1%
|
Number of cars
sold
|
15,409
|
12,564
|
22.6%
|
41,037
|
35,376
|
16.0%
|
46,596
|
Gross profit per sold
car, EUR
|
1,482
|
1,431
|
3.6%
|
1,452
|
1,382
|
5.1%
|
1,392
|
Sales growth of
like-for-like showrooms, %
|
9.6%
|
4.2%
|
|
2.8%
|
7.3%
|
|
5.6%
|
Net debt
|
|
|
|
39.9
|
4.3
|
828.5%
|
9.6
|
Inventories
|
|
|
|
76.1
|
66.4
|
14.7%
|
71.0
|
Inventory turnover,
days
|
|
|
|
48.2
|
49.1
|
-1.8%
|
49.6
|
Capital
expenditures
|
0.6
|
0.2
|
272.5%
|
1.8
|
0.6
|
208.3%
|
1.3
|
Average number of
employees during the period
|
|
|
|
579
|
456
|
27.0%
|
472
|
Return on equity
(ROE), %
|
|
|
|
24.9%
|
21.7%
|
|
22.9%
|
Return on investment
(ROI), %
|
|
|
|
16.9%
|
15.7%
|
|
16.2%
|
Equity ratio,
%
|
|
|
|
44.8%
|
56.4%
|
|
60.0%
|
Earnings per share,
basic, EUR
|
0.16
|
0.16
|
5.6%
|
0.36
|
0.28
|
27.4%
|
0.37
|
* Operating profit adjusted for special items related to
strategy planning, geographical expansion and during the
comparative year also taxes from previous financial years. During
the third quarter of 2019 there were no special items. During
1-9/2019 special items totaled EUR 0.0
million (7-9/2018: EUR 0.0
million, 1-9/2018: EUR 2.5
million and 1-12/2018: EUR 3.0
million).
** Key figures 1-9/2019 and 7-9/2019 include the effects of
the adoption of IFRS 16 Leases standard. Excluding the effects of
IFRS 16, the comparable figures in 1-9/2019 were: Operating profit
(EBIT) EUR 19.8 million, Adjusted
operating profit EUR 19.9 million,
Net debt EUR 0.4 million, Return on
equity (ROE) 25.1%, Return on investment (ROI) 21.1% and Equity
ratio 58.3% and 7-9/2019 Operating profit (EBIT) EUR 8.4 million and Adjusted operating profit
EUR 8.4 million.
Publication schedule for financial reporting in 2020
Publication schedule for Kamux Corporation's financial reporting
in 2020:
February 28, 2020: Kamux
Corporation will publish its Financial Statements Bulletin
2019.
May 15, 2020: Kamux Corporation
will publish its Interim Report for January-March 2020.
August 13, 2020: Kamux Corporation
will publish its Half-Year Report for January-June 2020.
November 13, 2020: Kamux
Corporation will publish its Interim Report for
January-September 2020.
The Annual Report for 2019 including Financial Statements will
be published on week 12/2020.
The Annual General Meeting of Kamux Corporation is scheduled to
be held on Tuesday, April 21,
2020.
Interim Report press conference and webcast
Kamux will hold an Interim Report press conference for media and
analysts today, November 8, 2019 at
hotel GLO Kluuvi, Video Wall meeting room, address Kluuvikatu 4,
Helsinki, at 11:00 (Finnish time)
in Finnish and then in English at around 11:30. You can follow the
press conference live in Finnish through a link at
https://kamux.videosync.fi/2019-q3-tulokset and in English at
https://kamux.videosync.fi/2019-q3-results. The Interim Report will
be presented by CEO Juha Kalliokoski
and CFO Marko Lehtonen.
In Hämeenlinna on November 8,
2019
Kamux Corporation
The Board of Directors
For more information:
Juha
Kalliokoski, CEO
Tel. +358-50-544-5538
Marko Lehtonen, CFO
Tel. +358-50-575-2006
Satu Otala, Director of
Communications
Tel. +358-400-629-337
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/kamux/r/kamux-corporation-s-interim-report-for-january-1---september-30--2019,c2956869
The following files are available for download:
https://mb.cision.com/Main/17647/2956869/1137816.pdf
|
Kamux Interim Report
Q3 2019
|