2017-11-23 08:00:00 CET
2017-11-23 08:00:23 CET
REGULATED INFORMATION
Kamux Oyj - Interim report (Q1 and Q3)
Kamux Oyj: Kamux Corporation's Interim Report for January-September 2017
Kamux Corporation Interim Report November 23, 2017 09:00
Kamux Corporation's Interim Report for January-September 2017
KAMUX'S GROWTH ACCELERATED FROM FIRST HALF
The figures in parenthesis refer to the comparison period, i.e. the same period
in the previous year, unless otherwise mentioned.
Third quarter in brief
- The number of cars sold increased by 12.7 % to 11,083 cars (9,833)
- Revenue increased by 14.5 %, totaling EUR 122.1 million (106.7)
- Gross profit increased by 13.7 % to EUR 15.3 million (13.5) or 12.5 % (12.6)
of revenue
- Adjusted operating profit (EBIT) increased by 6.9 % to EUR 6.2 million (5.8),
or 5.1 % (5.4) of revenue
- Operating profit (EBIT) increased by 11.3 % to EUR 6.1 million (5.5), or
5.0 % (5.1) of revenue
- Earnings per share were EUR 0.12 (0.11)
- Sweden's operating profit (EBIT) increased to EUR 0.4 million (0.0), or 2.1 %
(0.0) of revenue
January-September in brief
- The number of cars sold increased by 11.0 % to 30,663 cars (27,614)
- Revenue increased by 11.0 %, totaling EUR 340.6 million (306.9)
- Gross profit increased by 8.0 % to EUR 40.8 million (37.8) or 12.0 % (12.3) of
revenue
- Adjusted operating profit (EBIT) increased by 2.3 % to EUR 15.3 million
(15.0), or 4.5 % (4.9) of revenue
- Operating profit (EBIT) decreased by 3.4 % to EUR 13.0 million (13.4), or
3.8 % (4.4) of revenue
- Earnings per share were EUR 0.25 (0.26)
CEO Juha Kalliokoski:
"Our growth accelerated from the first half and we achieved quarterly records in
revenue, operating profit and number of cars sold. In accordance with our
strategy, we continue our journey to become the leading European retail chain
specializing in used cars.
I am particularly pleased that the positive trend continued in Sweden. In the
third quarter, Sweden made a positive operating profit. In addition, we returned
to growth in Sweden and stabilized our operating model in the segment.
Kamux's growth in Germany, one of the largest markets in Europe, continued
strong. We will continue to focus on uniform implementation of the Kamux concept
and growing our presence in Northern Germany. Oliver Michels will start as
country director of Germany at the beginning of next year. Mr. Michels' strong
expertise in retail will support Kamux's growth in Germany.
There was a positive trend in the economy and in our operating environment in
Finland and the market situation improved from the first half of the year.
However, inventories in the industry were higher than average at the end of the
third quarter. There was still uncertainty among consumers due to the public car
tax and fuel discussions. We are pleased with the third quarter in Finland given
the challenges in the operating environment. We estimate that our development in
Finland was clearly better than the market.
Kamux achieved record revenue in integrated services. Like-for-like showroom
sales growth developed favorably compared to the first half of the year, but
were still at an unsatisfactory level. We continue to take measures to increase
sales of comparable stores.
In AutoBild Finland's Service1 purchase study published in September, Kamux was
recognized as the best used car company. The research was carried out using the
mystery shopping method. The result is great feedback of our sales staff's daily
work in customer service."
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 with an operating
profit margin of 4-5 % in 2019 and reaching at least 5 % operating profit margin
in the long term.
Key figures
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
EUR million 2017 2016 Change, % 2017 2016 Change, % 2016
-------------------------------------------------------------------------------
Revenue 122.1 106.7 14.5 % 340.6 306.9 11.0 % 404.8
Gross profit 15.3 13.5 13.7 % 40.8 37.8 8.0 % 49.2
as percentage of
revenue, % 12.5 % 12.6 % 12.0 % 12.3 % 12.2 %
Operating profit (EBIT) 6.1 5.5 11.3 % 13.0 13.4 -3.4 % 15.7
as percentage of
revenue, % 5.0 % 5.1 % 3.8 % 4.4 % 3.9 %
Adjusted operating
profit* 6.2 5.8 6.9 % 15.3 15.0 2.3 % 18.0
as percentage of
revenue, % 5.1 % 5.4 % 4.5 % 4.9 % 4.4 %
Revenue from integrated
services 5.8 5.0 14.7 % 16.8 14.0 19.3 % 19.3
as percentage of
revenue, % 4.7 % 4.7 % 4.9 % 4.6 % 4.8 %
Number of cars sold 11,083 9,833 12.7 % 30,663 27,614 11.0 % 36,290
Gross profit per sold
car, EUR 1,381 1,369 0.9 % 1,332 1,369 -2.7 % 1,357
Sales growth of like-
for-like showrooms, % -3.2 % 6.1 % -7.2 % 18.6 % 12.2 %
Net debt 8.7 22.3 -61.1 % 30.9
Inventories 54.6 42.9 27.2 % 47.9
Inventory turnover,
days 45.9 39.6 15.9 % 43.1
Capital expenditures 0.2 0.3 -8.0 % 0.8 0.8 -4.2 % 2.1
Average number of
employees during the
period 432 379 14.0 % 343
Return on equity (ROE),
% 24.9 % 49.3 % 43.8 %
Return on capital
employed (ROI), % 16.8 % 25.2 % 22.5 %
Equity ratio, % 56.8 % 41.2 % 36.9 %
Earnings per share,
basic, EUR 0.12 0.11 11.2 % 0.25 0.26 -3.8 % 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 0.1 million for the third quarter of
2017 (7-9/2016: EUR 0.3 million) and totaling EUR 2.3 million for 1-9/2017 (1-
9/2016: EUR 1.5 million).
Publication schedule for financial reporting in 2018
Kamux will publish its Financial Statements and Interim Reports in 2018 as
follows:
8 March 2018: Kamux Corporation will publish its Financial Statements Bulletin
2017.
24 May 2018: Kamux Corporation will publish its Interim Report for January-March
2018.
23 August 2018: Kamux Corporation will publish its Half-Year Financial Report
for January-June 2018.
22 November 2018: Kamux Corporation will publish its Interim Report for January-
September 2018.
The Annual Report for 2017 including Financial Statements will be published on
week 14/2018.
The Annual General Meeting of Kamux Corporation is scheduled to be held on
Thursday 26 April 2018.
Interim Report conference call
Kamux will hold an Interim Report conference call today November 23, 2017 at
14:00 (Finnish time) in Finnish and the English part is expected to begin around
14:30. The Interim 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=ef672859faaf0752c
00bcd2dfc7611883
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=6
00577647&tollFree=0
The conference access code is: 848 329 467.
In Hämeenlinna on November 23, 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
Appendix:
[]
© 2024 Nasdaq, Inc. All Rights Reserved |