2017-08-24 12:00:22 CEST
2017-08-24 12:00:22 CEST
REGULATED INFORMATION
Kamux Oyj - Half Year financial report
Kamux Oyj: Kamux Corporation's Half Year Financial Report for January-June 2017
Kamux Corporation Half Year Financial Report August
24, 2017 13:00
Kamux Corporation's Half Year Financial Report for January-June 2017
Kamux's profitable growth continued in line with strategy
Second quarter in brief
- The number of cars sold increased by 6.7 % to 9,882 cars (4-6/2016: 9,258)
- Revenue increased by 5.7 %, totaling EUR 109.2 million (103.3)
- Gross profit increased by 4.4 % to EUR 13.0 million (12.4) or 11.9 % (12.0) of
revenue
- Adjusted operating profit (EBIT) decreased by 6.2 % to EUR 4.5 million (4.8),
or 4.1 % (4.6) of revenue
- Operating profit (EBIT) decreased by 13.5 % to EUR 3.5 million (4.0), or
3.2 % (3.9) of revenue
- Earnings per share were EUR 0.06 (0.08)
- Sweden's operating profit (EBIT) increased to EUR 0.0 million (-0.2), or
0.2 % (-1.1) of revenue
- Kamux listed on the Nasdaq Helsinki main market in May 2017
January-June in brief
- The number of cars sold increased by 10.1 % to 19,580 cars (1-6/2016: 17,781)
- Revenue increased by 9.0 %, totaling EUR 218.4 million (200.3)
- Gross profit increased by 4.9 % to EUR 25.5 million (24.3) or 11.7 % (12.2) of
revenue
- Adjusted operating profit (EBIT) decreased by 0.6% to EUR 9.1 million (9.2),
or 4.2 % (4.6) of revenue
- Operating profit (EBIT) decreased by 13.5 % to EUR 6.9 million (8.0), or
3.2 % (4.0) of revenue
- Earnings per share were EUR 0.13 (0.15)
CEO Juha Kalliokoski:
"Kamux continued to execute its strategy of profitable growth and
internationalization. I am especially pleased with our development in Sweden,
which turned positive during the second quarter. We focused on developing our
processes in Sweden during the first half and our positive development there
shows that our actions have been effective and we are on the right path.
In Germany we continued our very strong growth, which proves that our concepts
works also in Germany's used car market. In Germany we continued to focus on the
Kamux way of working.
Our operating environment in Finland was challenging during the first half. This
was due to the uncertainty caused by the road transport report published by the
Ministry of Transport and Communications and increase in used car inventory
levels, which put pressure on prices. Taking this into account, our performance
in Finland during the second quarter was satisfactory. Revenue from integrated
services continued to grow during the second quarter.
We continued to expand our showroom network during the second quarter. In May,
we opened new showrooms in Espoo Koskelo and Iisalmi, both in Finland. In June
we opened an extension to our showroom in Örebro, Sweden. We also aim to
strengthen our organization further particularly in the areas of digital and
international.
A major milestone during the second quarter was our listing on the Nasdaq
Helsinki main market. The objective of the listing was to support Kamux's growth
strategy and international expansion, as well as increase Kamux's visibility in
Finland and abroad. Our aim is to become the leading used car retailer in Europe
and the listing supports Kamux's journey there."
Outlook and financial targets
Kamux does not provide a short term outlook. In the medium term, the company's
targets are to increase revenue to at least EUR 700 million in 2019 and the
operating profit margin of 4-5 % in 2019 and at least 5 % in the long term.
Key figures
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
EUR million 2017 2016 Change, % 2017 2016 Change, % 2016
-------------------------------------------------------------------------------
Revenue 109.2 103.3 5.7 % 218.4 200.3 9.0 % 404.8
Gross profit 13.0 12.4 4.4 % 25.5 24.3 4.9 % 49.2
as percentage of
revenue, % 11.9 % 12.0 % 11.7 % 12.2 % 12.2 %
Operating profit
(EBIT) 3.5 4.0 -13.5 % 6.9 8.0 -13.5 % 15.7
as percentage of
revenue, % 3.2 % 3.9 % 3.2 % 4.0 % 3.9 %
Adjusted operating
profit* 4.5 4.8 -6.2 % 9.1 9.2 -0.6 % 18.0
as percentage of
revenue, % 4.1 % 4.6 % 4.2 % 4.6 % 4.4 %
Revenue from
integrated services 5.6 4.9 14.4 % 11.0 9.0 21.9 % 19.3
as percentage of
revenue, % 5.1 % 4.7 % 5.0 % 4.5 % 4.8 %
Number of cars sold 9,882 9,258 6.7 % 19,580 17,781 10.1 % 36,290
Gross profit per sold
car, EUR 1,314 1,344 -2.2 % 1,304 1,369 -4.8 % 1,357
Sales growth of like-
for-like showrooms, % -11.6 % 26.9 % -9.3 % 26.8 % 12.2 %
Net debt 11.8 25.9 -54.6 % 30.9
Inventories 52.6 41.6 26.4 % 47.9
Inventory turnover,
days 46.0 39.0 18.0 % 43.1
Capital expenditures 0.2 0.4 -46.7 % 0.6 0.6 -2.4 % 2.1
Average number of
employees during the
period 407 356 14.3 % 343
Return on equity
(ROE), % 26.1 % 56.9 % 43.8 %
Return on capital
employed (ROI), % 16.1 % 25.6 % 22.5 %
Equity ratio, % 53.7 % 35.9 % 36.9 %
Earnings per share,
basic, EUR 0.06 0.08 -18.7 % 0.13 0.15 -14.9 % 0.29
* Operating profit adjusted for the costs related to the initial public
offering, special items related to strategy planning, strategy implementation
and geographical expansion, totaling EUR 1.0 million for the second quarter of
2017 (4-6/2016: EUR 0.8 million) and totaling EUR 2.2 million for 1-6/2017 (1-
6/2016: EUR 1.2 million).
Publication schedule for financial reporting in 2017
Kamux will publish its financial reports in 2017 as follows:
Interim report for January-September 2017 on Thursday November 23, 2017.
Half year Financial Report conference call
Kamux will hold a Half Year Financial Report conference call today on May
24, 2017 at 14:30 (Finnish time). The Half Year Financial Report will be
presented by CEO Juha Kalliokoski and CFO Tapio Arimo. Participants are
requested to call in and register a few minutes prior to the start of the
conference call at:
https://praecomspark.webex.com/praecomspark/onstage/g.php?MTID=e07749ed8fa031463
905159af8a651a26
The numbers are: UK call-in toll number: +44-203-478-5289, Finland toll:
+358 9 3158 4349 and Sweden toll: +46 8 5051 3563.
Global call-in numbers:
https://praecomspark.webex.com/praecomspark/globalcallin.php?serviceType=EC&ED=5
34514682&tollFree=0.
The conference access code is: 845 132 453.
In Hämeenlinna on August 24, 2017
Kamux Corporation
The Board of Directors
For more information:
Juha Kalliokoski, CEO
Tel. +358 50 544 5538
Tapio Arimo, CFO
Tel. +358 40 829 6452
Satu Heikkilä, Director of Marketing and Communications
Tel. +358 400 629 337
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