Kamux Corporation, Half Year Financial Report, 11.8.2023 at 9:00
HÄMEENLINNA, Finland, Aug. 11,
2023 /PRNewswire/ -- Kamux Corporation's Half Year
Financial Report for January 1–June 30, 2023: Revenue increased and
adjusted operating profit at previous year's level
This is a summary of Kamux Corporation's Half Year Financial
Report for January 1–June 30, 2023. The complete report is attached
to this release and is also available at the company website at
kamux.com.
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 3.3%, totaling EUR
255.0 million (246.8)
- Gross profit increased by 7.5% to EUR
26.3 million (24.5), or 10.3% (9.9) of revenue
- Adjusted operating profit (EBIT) was at previous year's level
and was EUR 4.5 million (4.5), or
1.8% (1.8) of revenue
- Operating profit (EBIT) decreased by -14.3% to EUR 3.9 million (4.5), or 1.5% (1.8) of
revenue
- The number of cars sold increased by 9.7% to 17,215 cars
(15,688)
- Like-for-like showroom revenue growth was 2.9% (5.5)
- Basic and diluted earnings per share were EUR 0.06 (0.07)
- As announced earlier, Tapio Pajuharju assumed his role as CEO
of Kamux on June 1, 2023. Kamux's
founder and previous CEO Juha
Kalliokoski continues as a member of the Company's Board of
Directors.
January–June in brief
- Revenue decreased by -1.2%, totaling EUR
478.1 million (484.1)
- Gross profit decreased by -3.4% to EUR
47.0 million (48.7), or 9.8% (10.1) of revenue
- Adjusted operating profit (EBIT) decreased by -47.2% to
EUR 5.4 million (10.2), or 1.1% (2.1)
of revenue
- Operating profit (EBIT) decreased by -56.0% to EUR 4.5 million (10.2), or 0.9% (2.1) of
revenue
- The number of cars sold increased by 4.0% to 32,539 cars
(31,289)
- Like-for-like showroom revenue decreased -2.4% (7.0)
- Basic and diluted earnings per share were EUR 0.06 (0.18)
Key Figures
|
EUR million
|
4−6/2023
|
4−6/2022
|
Change, %
|
1−6/2023
|
1−6/2022
|
Change, %
|
1−12/2022
|
|
Revenue
|
255.0
|
246.8
|
3.3 %
|
478.1
|
484.1
|
-1.2 %
|
968.7
|
|
Gross profit
|
26.3
|
24.5
|
7.5 %
|
47.0
|
48.7
|
-3.4 %
|
94.1
|
|
as percentage of
revenue, %
|
10.3 %
|
9.9 %
|
|
9.8 %
|
10.1 %
|
|
9.7 %
|
|
Operating profit
(EBIT)
|
3.9
|
4.5
|
-14.3 %
|
4.5
|
10.2
|
-56.0 %
|
17.0
|
|
as percentage of
revenue, %
|
1.5 %
|
1.8 %
|
|
0.9 %
|
2.1 %
|
|
1.8 %
|
|
Adjusted operating
profit*
|
4.5
|
4.5
|
1.2 %
|
5.4
|
10.2
|
-47.2 %
|
17.5
|
|
as percentage of
revenue, %
|
1.8 %
|
1.8 %
|
|
1.1 %
|
2.1 %
|
|
1.8 %
|
|
Revenue from integrated
services
|
12.4
|
12.8
|
-2.9 %
|
23.9
|
24.6
|
-2.7 %
|
52.9
|
|
as percentage of
revenue, %
|
4.9 %
|
5.2 %
|
|
5.0 %
|
5.1 %
|
|
5.5 %
|
|
Number of cars
sold
|
17,215
|
15,688
|
9.7 %
|
32,539
|
31,289
|
4.0 %
|
62,922
|
|
Gross profit per sold
car, EUR
|
1,527
|
1,559
|
-2.0 %
|
1,446
|
1,557
|
-7.2 %
|
1,495
|
|
Sales growth of
like-for-like showrooms, %
|
2.9 %
|
5.5 %
|
|
-2.4 %
|
7.0 %
|
|
0.6 %
|
|
Net debt
|
|
|
|
79.3
|
85.6
|
-7.3 %
|
59.1
|
|
Inventories
|
|
|
|
133.6
|
143.5
|
-6.9 %
|
114.1
|
|
Inventory turnover,
days
|
|
|
|
58.0
|
55.4
|
4.8 %
|
51.5
|
|
Capital
expenditures
|
0.5
|
0.5
|
-6.0 %
|
0.9
|
1.9
|
-52.7 %
|
3.1
|
|
Average number of
employees during the period
|
|
|
|
861
|
874
|
-1.5 %
|
883
|
|
Return on equity (ROE),
%
|
|
|
|
5.9 %
|
22.2 %
|
|
10.1 %
|
|
Return on investment
(ROI), %
|
|
|
|
4.1 %
|
12.6 %
|
|
7.2 %
|
|
Equity ratio,
%
|
|
|
|
46.5 %
|
44.5 %
|
|
53.2 %
|
|
Earnings per share,
basic and diluted, EUR
|
0.06
|
0.07
|
-15.9 %
|
0.06
|
0.18
|
-65.6 %
|
0.27
|
|
|
*) Operating profit
adjusted for special items related to strategic planning, legal
processes, taxes from previous financial years, own real estate
operations and other items, totaling EUR 0.6 million for the second
quarter of 2023 and totaling EUR 0.9 million for 1−6/2023
(4−6/2022: EUR -0.1 million, 1−6/2022: EUR -0,1 million and
1−12/2022: EUR 0.4 million).
|
CEO Tapio Pajuharju:
"The used car market developed favorably in the second quarter
of 2023 in all of Kamux's operating countries, although the volumes
were still significantly lower than in 2021, which was a good year.
In Germany, there were large
regional differences in market development, and in
Schleswig-Holstein in northern Germany, which is important to Kamux,
development was unfavorable. In line with the positive momentum in
the market, the number of cars sold by Kamux increased by almost 10
percent in the second quarter, although in Sweden we fell short of the previous year's
figures mainly due to challenges in availability of cars, caused by
the weak Swedish krona. With the increase in the number of cars
sold, the Group's revenue grew by 3.3 percent to EUR 255.0 million, although the fees and
commissions received from financing partners were lower than in the
previous year.
Gross margin developed favorably in Finland and Sweden. I'm very pleased to note that the
measures taken to improve profitability in Sweden have started to bring some initial
results. In Germany, the gross
margin weakened due to measures taken to clean up the inventory. Q2
adjusted operating profit was at the previous year's level at
EUR 4.5 million, but the reported
operating profit decreased due to one-off items at the Group level.
The operating profit was also challenged by costs related to the
opening of the Düren showroom and marketing activities taken to
build awareness of Kamux in Germany. In addition, operating profit was
negatively affected by increased costs resulting from the capacity
increase in Sweden in 2022 and
costs increasing faster than revenue in Finland.
With the exception of Sweden,
the used car purchasing market normalized during the reporting
period. In Sweden, the purchasing
market was difficult, as a large part of the used cars released on
the market were sold outside of Sweden as a result of the weak Swedish
krona.
The electrification of the car fleet continues, and although the
vast majority of used cars sold are still combustion
engine-powered, an increasing number of used cars sold in
Finland and Sweden are EVs or plug-in hybrids. The number
of plug-in hybrids and EVs sold by Kamux increased by 62% compared
to the second quarter of 2022.
I have now been hands on at Kamux's steering wheel approximately
two months, and I would like to warmly thank the whole Kamux team
for their solid contribution to the company as well as all of our
customers and especially for the warm welcome I have experienced. I
will continue to onboard the company and the business. During the
rest of the year, we will also focus on the Company's strategy. At
this point, it has become rather clear that, as in a good preowned
car that has already some mileage on it, it is also time to perform
maintenance as well as upgrades at Kamux, e.g. to further enhance
customer attention and service across all channels as well as to
further increase productivity. These measures will improve Kamux's
competitiveness and enhance profitability."
Outlook for the year 2023 (unchanged)
In 2023, Kamux expects its adjusted operating profit to grow
from the year 2022, when the adjusted operating profit was
EUR 17.5 million.
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 dividend to be distributed, which may for
any single year differ significantly from the target level set in
the dividend policy.
Kamux will update its strategy and financial targets at the
beginning of 2024.
Significant events after the reporting period
On August 2, 2023, Kamux announced
that Kerim Nielsen, Country Director
for Sweden and member of the Group
Management Team, has decided to pursue a career opportunity outside
of Kamux Corporation in early 2024. He will continue in his current
position at least until December 31,
2023.
Publication schedule for financial reporting in 2023
Publication schedule for Kamux Corporation's financial reporting
in 2023 is as follows:
- Interim Report for January–September 2023
November 10, 2023
News conference
News conference for investors, analysts and media will be held
today on Friday, August 11, 2023, at
Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2,
Helsinki at 11:00 EET in English. CEO Tapio Pajuharju and CFO Marko Lehtonen will present the Half Year
Report.
The conference can be followed as a live webcast
at https://kamux.videosync.fi/2023-q2-results
Participation by conference call:
You can access the teleconference by registering on the link
below. After the registration you will be provided phone numbers
and a conference ID to access the conference.
http://palvelu.flik.fi/teleconference/?id=10010322
The conference in English will start at 11.00 EET. If you wish
to ask a question, please dial *5 on your telephone keypad to enter
the queue.
For further information, please contact:
CEO Tapio Pajuharju, tel. +358 50
577 4200
CFO Marko Lehtonen, tel. +358 50 575
2006
Head of Communications & IR Katariina Hietaranta, tel. +358 50
557 6765
Kamux Corporation
Communications
Kamux is a retail chain specializing in the sale of used cars
and related integrated services that has grown rapidly. Kamux
combines online shopping with an extensive showroom network to
provide its customers with a great service experience anytime,
anywhere. In addition to digital channels, the company has a total
of 77 car showrooms in Finland,
Sweden and Germany. Since its founding, the company has
sold over 450,000 used cars, 62,922 of which were sold in 2022.
Kamux's revenue in 2022 was EUR 968.7
million and its average number of employees was 883 in terms
of full-time equivalent employees. Kamux Corporation is listed on
Nasdaq Helsinki Ltd. For more information, please visit
www.kamux.com
The following files are available for download:
|
https://mb.cision.com/Main/17647/3816112/2223955.pdf
|
Kamux Corporation_Half
Year Financial Report 2023
|
View original
content:https://www.prnewswire.co.uk/news-releases/kamux-corporations-half-year-financial-report-for-january-1june-30-2023-revenue-increased-and-adjusted-operating-profit-at-previous-years-level-301898571.html