HELSINKI, Aug. 13, 2021 /PRNewswire/ -- Kamux Corporation's
Half Year Financial Report for January 1 -
June 30, 2021
Kamux saw very strong growth, revenue +52.0% -
Adjusted operating profit (EBIT) at previous year's
level
The figures in parentheses refer to the comparison period,
i.e. the same period in the previous year, unless stated
otherwise.
April-June in brief
- Revenue increased by 52.0%, totaling EUR
228.8 million (150.5)
- Gross profit decreased by -0.5% to EUR
20.5 million (20.6), or 9.0% (13.7) of revenue
- Adjusted operating profit (EBIT) was at previous year's level,
amounting to EUR 6.8 million (6.8),
or 3.0% (4.6) of revenue
- Operating profit (EBIT) decreased by -63.3% to EUR 2.8 million (7.7), or 1.2% (5.1) of
revenue
- The number of cars sold increased by 25.0% to 16,760 cars
(13,413)
- Like-for-like showroom revenue growth was 37.9% (-16.9)
- Earnings per share were EUR 0.04
(0.16)
- Kamux's German subsidiary initiated legal proceedings against a
local procurement partner, due to which an EUR 3.9 million provision was recognized into the
second quarter related to possible costs and losses. This had a
negative impact on the operating profit.
January-June in brief
- Revenue increased by 38.0%, totaling EUR
438.6 million (317.9)
- Gross profit increased by 12.4% to EUR
43.7 million (38.9), or 10.0% (12.2) of revenue
- Adjusted operating profit (EBIT) increased by 15.2% to
EUR 12.4 million (10.8), or 2.8%
(3.4) of revenue
- Operating profit (EBIT) decreased by -27.0% to EUR 8.5 million (11.7), or 1.9% (3.7) of
revenue
- The number of cars sold increased by 19.4% to 33,002 cars
(27,640)
- Like-for-like showroom revenue growth was 24.5% (-8.3)
- Earnings per share were EUR 0.12
(0.22)
Key figures
|
EUR
million
|
4-6/
2021
|
4-6/
2020
|
Change,
%
|
1-6/
2021
|
1-6/
2020
|
Change,
%
|
1-12/
2020
|
|
Revenue
|
228.8
|
150.5
|
52.0%
|
438.6
|
317.9
|
38.0%
|
724.1
|
|
Gross profit
|
20.5
|
20.6
|
-0.5%
|
43.7
|
38.9
|
12.4%
|
91.5
|
|
as percentage of revenue, %
|
9.0%
|
13.7%
|
|
10.0%
|
12.2%
|
|
12.6%
|
|
Operating profit (EBIT)
|
2.8
|
7.7
|
-63.3%
|
8.5
|
11.7
|
-27.0%
|
31.2
|
|
as percentage of revenue, %
|
1.2%
|
5.1%
|
|
1.9%
|
3.7%
|
|
4.3%
|
|
Adjusted operating profit*
|
6.8
|
6.8
|
-1.4%
|
12.4
|
10.8
|
15.2%
|
30.7
|
|
as percentage of revenue, %
|
3.0%
|
4.6%
|
|
2.8%
|
3.4%
|
|
4.2%
|
|
Revenue from integrated services
|
9.9
|
8.6
|
15.3%
|
19.3
|
17.5
|
10.2%
|
37.1
|
|
as percentage of revenue, %
|
4.3%
|
5.7%
|
|
4.4%
|
5.5%
|
|
5.1%
|
|
Number of cars sold
|
16,760
|
13,413
|
25.0%
|
33,002
|
27,640
|
19.4%
|
60,657
|
|
Gross profit per sold car, EUR
|
1,225
|
1,538
|
-20.3%
|
1,324
|
1,407
|
-5.9%
|
1,509
|
|
Sales growth of like-for-like showrooms,
%
|
37.9%
|
-16.9%
|
|
24.5%
|
-8.3%
|
|
-3.8%
|
|
Net debt
|
|
|
|
76.2
|
36.1
|
111.3%
|
53.5
|
|
Inventories
|
|
|
|
122.8
|
68.1
|
80.3%
|
93.6
|
|
Inventory turnover, days
|
|
|
|
46.5
|
45.1
|
2.9%
|
47.2
|
|
Capital expenditures
|
2.2
|
1.1
|
100.6%
|
3.4
|
2.2
|
53.4%
|
4.9
|
|
Average number of employees during the
period
|
|
|
|
820
|
664
|
23.5%
|
713
|
|
Return on equity (ROE), %
|
|
|
|
22.0%
|
25.6%
|
|
26.3%
|
|
Return on investment (ROI), %
|
|
|
|
13.6%
|
13.8%
|
|
16.9%
|
|
Equity ratio, %
|
|
|
|
39.3%
|
45.1%
|
|
50.1%
|
|
Earnings per share, basic, EUR
|
0.04
|
0.16
|
-76.3%
|
0.12
|
0.22
|
-43.8%
|
0.58
|
* Operating profit adjusted for special items related to
strategy planning, juridical processes and taxes from previous
financial years, totaling EUR 3.9
million for the second quarter of 2021 and totaling
EUR 3.9 million for 1-6/2021
(4-6/2020: EUR -0.9 million,
1-6/2020: EUR -0.9 million and
1-12/2020: EUR -0.5 million).
CEO Juha Kalliokoski:
"We accelerated our growth in accordance with our strategy
during the second quarter and had very strong revenue growth in all
our operating countries. Our revenue increased by 52.0% and
like-for-like showroom revenue growth was 37.9%. Adjusted operating
profit (EBIT) was at the previous year's level totaling
EUR 6.8 million. Profitability
development in the second quarter cannot be deemed
satisfactory.
We succeeded in our investments in the spring to purchase cars
to ensure sufficient inventory during the summer sales season,
which is reflected in the development of revenue and the number of
cars sold. To support the implementation of our growth strategy, we
have actively sought new procurement partners. After a good initial
collaboration, a new procurement partner of our German subsidiary
turned out to be a disappointment. Constant delivery difficulties,
as cited by the partner, eventually led to a decision to
discontinue the partnership and to start legal proceedings to
recover the receivables. Related to this, we recognized
EUR 3.9 million cost provision in the
second quarter.
As part of our investments in leading with knowledge, we
launched the Kamux Management System in Finland in May. The Kamux Management System
has already been in use before in Germany. Implementing a new system in such a
large user group is never without its challenges, but I am very
proud of Kamux employees for their attitude in learning the new
tool. The Kamux Management System enables the progress of several
strategically important projects and will also scale for future
growth.
Uncertainty continues regarding the corona pandemic, virus
variants and their effect on the situation globally, in different
countries and on the economy. Nevertheless, we remain determined in
progressing and implementing several areas of our growth
strategy."
Outlook for the year 2021
In 2021, Kamux expects its revenue to reach EUR 800-850 million and adjusted operating profit
to increase from the previous year.
Financial targets for 2021-2023
The company's medium-term financial targets are to increase
revenue by over 20% annually, to increase adjusted operating profit
annually, and to reach an adjusted operating profit margin of over
3.5% and a return on equity (ROE) of over 25%. Additionally, the
company's target is to distribute dividends of at least 25% of net
profits. The Board of Directors of the Company estimates annually
the balance between dividends to be distributed and funds to be
used for Kamux's growth and based on this assessment, makes a
proposal on the amount of dividends to be distributed, which may
for any single year differ significantly from the target level set
in the dividend policy.
Publication schedule for financial reporting in 2021
Publication schedule for Kamux Corporation's financial reporting
in 2021:
November 12, 2021: Kamux
Corporation will publish its Interim Report for
January-September 2021.
Briefings
Kamux will hold a Half Year Financial Report press conference
and webcast for media and analysts today, August 13, 2021 at Hotel Kämp, Symposion meeting
room in Helsinki at 11:00 (EET) in
Finnish and then in English at around 12:00 (EET). Only
pre-registered participants can attend the event on site as due to
the corona pandemic, participation to the event is restricted in
accordance with the applicable meeting restrictions. You can follow
it as a live webcast in Finnish through a link at
https://kamux.videosync.fi/2021-q2-tulos and in English at
https://kamux.videosync.fi/2021-q2-results. A conference call
will be held at the same time as the webcast.
Participation by conference call:
Finland: +358 981 710 310
Sweden: +46 856 642 651
United Kingdom: +44 333 300
0804
United States: +1 631 913 1422
PIN: 96413199#
The Half Year Financial Report will be presented by CEO
Juha Kalliokoski and CFO
Marko Lehtonen.
In Hämeenlinna on August 13,
2021
Kamux Corporation
The Board of Directors
For more information:
Juha Kalliokoski, CEO, Tel. +358
40 185 8633
Marko Lehtonen, CFO, Tel. +358 50
575 2006
Satu Otala, Director of
Communications, Tel. +358 400 629 337
ir@kamux.fi
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The following files are available for download:
|
https://mb.cision.com/Main/17647/3395771/1453508.pdf
|
Kamux
Oyj_HalfYearFinancialReport_Q2_2021_FINAL
|
