HÄMEENLINNA, Finland, Nov. 18,
2022 /PRNewswire/ -- This is a summary of
Kamux Corporation's Interim Report for January 1—September 30,
2022. The complete report is attached to this release and is also
available at the company website at www.kamux.com.
The figures in parentheses refer to the comparison period,
i.e., the same period in the previous year, unless stated
otherwise.
July—September in brief
- Revenue increased by 2.8%, totaling EUR
261.7 million (254.6)
- Gross profit decreased by -16.5% to EUR
24.2 million (29.0), or 9.2% (11.4) of revenue
- Adjusted operating profit (EBIT) decreased by -47.8% to
EUR 5.2 million (10.0), or 2.0% (3.9)
of revenue
- Operating profit (EBIT) decreased by -47.8% to EUR 5.2 million (10.0), or 2.0% (3.9) of
revenue
- The number of cars sold decreased by -9.3% to 16,952 cars
(18,699)
- Like-for-like showroom revenue growth was 0.5% (13.9)
- Basic and diluted earnings per share were EUR 0.09 (0.18)
January—September in brief
- Revenue increased by 7.6%, totaling EUR
745.8 million (693.3)
- Gross profit increased by 0.3% to EUR
72.9 million (72.7), or 9.8% (10.5) of revenue
- Adjusted operating profit (EBIT) decreased by -31.5% to
EUR 15.4 million (22.4), or 2.1%
(3.2) of revenue
- Operating profit (EBIT) decreased by -16.8% to EUR 15.4 million (18.5), or 2.1% (2.7) of
revenue
- The number of cars sold decreased by -6.7% to 48,241 cars
(51,701)
- Like-for-like showroom revenue growth was 4.6% (20.3)
- Basic and diluted earnings per share were EUR 0.27 (0.31)
Key figures
EUR
million
|
7-9/2022
|
7-9/2021
|
Change,
%
|
1-9/2022
|
1-9/2021
|
Change,
%
|
1-12/2021
|
Revenue
|
261.7
|
254.6
|
2.8 %
|
745.8
|
693.3
|
7.6 %
|
937.4
|
Gross profit
|
24.2
|
29.0
|
-16.5 %
|
72.9
|
72.7
|
0.3 %
|
101.3
|
as percentage of
revenue, %
|
9.2 %
|
11.4 %
|
|
9.8 %
|
10.5 %
|
|
10.8 %
|
Operating profit
(EBIT)
|
5.2
|
10.0
|
-47.8 %
|
15.4
|
18.5
|
-16.8 %
|
28.0
|
as percentage of
revenue, %
|
2.0 %
|
3.9 %
|
|
2.1 %
|
2.7 %
|
|
3.0 %
|
Adjusted operating
profit*
|
5.2
|
10.0
|
-47.8 %
|
15.4
|
22.4
|
-31.5 %
|
31.4
|
as percentage of
revenue, %
|
2.0 %
|
3.9 %
|
|
2.1 %
|
3.2 %
|
|
3.3 %
|
Revenue from integrated
services
|
13.0
|
10.7
|
21.7 %
|
37.6
|
30.0
|
25.4 %
|
42.8
|
as percentage of
revenue, %
|
5.0 %
|
4.2 %
|
|
5.0 %
|
4.3 %
|
|
4.6 %
|
Number of cars
sold
|
16,952
|
18,699
|
-9.3 %
|
48,241
|
51,701
|
-6.7 %
|
68,429
|
Gross profit per sold
car, EUR
|
1,427
|
1,549
|
-7.9 %
|
1,511
|
1,406
|
7.5 %
|
1,480
|
Sales growth of
like-for-like showrooms, %
|
0.5 %
|
13.9 %
|
|
4.6 %
|
20.3 %
|
|
19.1 %
|
Net debt
|
|
|
|
79.6
|
58.7
|
35.5 %
|
70.4
|
Inventories
|
|
|
|
140.0
|
117.8
|
18.8 %
|
132.8
|
Inventory turnover,
days
|
|
|
|
52.9
|
48.8
|
8.4 %
|
49.3
|
Capital
expenditures
|
0.6
|
1.7
|
-66.5 %
|
2.4
|
5.1
|
-52.5 %
|
7.4
|
Average number of
employees during the period
|
|
|
|
878
|
839
|
4.6 %
|
848
|
Return on equity (ROE),
%
|
|
|
|
17.5 %
|
18.6 %
|
|
19.5 %
|
Return on investment
(ROI), %
|
|
|
|
10.7 %
|
11.7 %
|
|
12.5 %
|
Equity ratio,
%
|
|
|
|
47.4 %
|
41.7 %
|
|
47.3 %
|
Earnings per share,
basic, EUR
|
0.09
|
0.18
|
-51.0 %
|
0.27
|
0.31
|
-12.8 %
|
0.49
|
Earnings per share,
diluted, EUR
|
0.09
|
0.18
|
-51.3 %
|
0.27
|
0.31
|
-13.0 %
|
0.49
|
* Operating profit
adjusted for special items related to legal processes and taxes
from previous financial years, totaling EUR 0.0 million for the
third quarter of 2022 and totaling EUR -0.1 million for 1−9/2022
(7-9/2021: EUR 0.0 million, 1−9/2021: EUR 3.9 million and
1−12/2021: EUR 3.4 million).
|
CEO Juha Kalliokoski:
"Despite the continued challenging market situation, we
succeeded in growing our market share in all our operating
countries also during the third quarter. The demand for used cars
was sluggish, as accelerated inflation and the energy crisis
weakened consumers' purchasing power and confidence in the
future.
Revenue developed positively in all countries as a result of
higher average prices, and sales of integrated services continued
to develop well. Margin per car developed positively in
Germany, but weakened in
Sweden and especially in
Finland due to rapid changes in
demand between different power sources and the related measures to
adjust inventory. Operating costs remained well under control and
were at previous year's level. The decrease in operating profit was
due to the decline in the number of cars sold and the weakening of
margin per car.
There was a clear change in the demand for used cars during the
third quarter, as the very strong demand for electric and hybrid
cars at the beginning of the year weakened as a result of the
electricity price increases and the news coverage on the energy
crisis. However, the number of hybrid and electric cars sold by the
company increased by 29% compared to the third quarter of 2021. Our
work to adjust the inventory of cars for sale to better match the
demand progressed, especially in Finland, although it slowed down significantly
as the demand for electric and hybrid cars weakened and the demand
was directed towards low-consumption and more affordable combustion
engine cars. With the generally weakened demand, the availability
of used cars has improved substantially.
Despite the challenging market situation, we continued to invest
in growth in accordance with our strategy. In Sweden, we prepared to open two new showrooms,
and the Nyköping and Kalmar showrooms were opened in October. In
Finland, we combined the Olari and
Niittykumpu showrooms into one large showroom, and in Germany the Wentorf operations were
transferred to the nearby showroom in Nedderfeld.
We have yesterday published news about the change of CEO at
Kamux. Having led the company for almost 20 years, I have decided
that now is a good time for me to step down from the operational
role and as CEO of Kamux. It has been a pleasure to develop Kamux
together with the entire staff and the Board of Directors and we
can be proud of Kamux's growth to Europe's third largest dealer focusing purely
on used cars. I am also extremely pleased that Kamux's new CEO is
Tapio Pajuharju and from the bottom of my heart I wish Tapio the
best of success in his new role in taking the Company from third to
number one position in Europe. I
want to thank my family and friends, all Kamux employees, the Board
of Directors, partners, and the shareholders who have lived with us
through the various phases of the Company and the market."
Revised outlook for the year 2022 (Updated on November 18, 2022)
In 2022, Kamux expects its revenue to be over EUR 1,000 million and adjusted operating profit
to be approximately EUR 23−26 million.
Although Kamux's business is not exposed to immediate
Russia-related risks, the war in
Ukraine and its effects have
weakened consumer confidence. This has led to a strong contraction
in the demand for used cars in all Kamux's operating countries from
March 2022 onwards. The weakened
demand and the measures taken to address the inventory to match the
current demand have also had a negative impact on Kamux's
profitability.
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.
Significant events after the reporting period
On November 17, 2022 Kamux
published that the founder and CEO of Kamux Corporation, Mr.
Juha Kalliokoski, has decided to
step down from his current position as CEO, and the Board of
Directors of the Company has appointed Mr. Tapio Pajuharju, M.Sc.
(Econ.), b. 1963, as the new CEO. The change of CEO will take place
during the first half of 2023, at a time to be specified later, so
that Tapio Pajuharju will assume his role as CEO latest on
June 1, 2023, and Juha Kalliokoski will step down from the
Company's operative management at the latest on July 1, 2023.
On November 17, 2022 Kamux also
published the proposals of the Shareholders' Nomination Board to
Kamux Corporation's Annual General Meeting 2023. The Shareholders'
Nomination Board proposes to the AGM that of the current members of
the Board of Directors, Mr. Terho
Kalliokoski, Ms. Reija
Laaksonen, Mr. Antti Mäkelä, Mr. Harri Sivula and Ms. Jaana Viertola-Truini be
re-elected as members of the Board of Directors and the Company's
ceding CEO, Mr. Juha Kalliokoski, be
elected as new member of the Board of Directors. Additionally, the
Shareholders' Nomination Board proposes to the AGM that
Terho Kalliokoski be elected as
Chair of the Board of Directors and Harri
Sivula be elected as Vice Chair of the Board of Directors.
Mr. Tuomo Vähäpassi, current member of the Board of Directors, has
stated that he is no longer available to be re-elected for a new
term. Mr. Tapio Pajuharju, current member of the Board of
Directors, has been appointed as the Company's new CEO as of
June 1, 2023, at the latest.
The Shareholders' Nomination Board proposes to the AGM that the
annual remuneration for the Chair and members of the Board of
Directors be modestly raised from the 2022 level, and the committee
fees to remain on the 2022 level. Accordingly, the proposed
remuneration is as follows: chairperson of the Board of Directors
EUR 68,000 (before EUR 65,000), member of the Board of Directors
EUR 31,000 (before EUR 30,000), chairperson of the Audit Committee
EUR 5,000, member of the Audit
Committee EUR 2,500, chairperson of
the Personnel and Remuneration Committee EUR
5,000 and member of the Personnel and Remuneration Committee
EUR 2,500.
Publication schedule for financial reporting in 2023
Publication schedule for Kamux Corporation's financial
reporting in 2023 is as follows:
Financial Statements Bulletin 2022
March 3,
2023
Interim Report for January—March 2023
May 12,
2023
Half-Year Report for January—June 2023
August 11, 2023
Interim Report for January—September 2023
November 10, 2023
The Annual Report for 2022 including Financial Statements
will be published on the week commencing March 27, 2023.
The Annual General Meeting of Kamux Corporation is scheduled
to be held on April 20, 2023.
News conference
News conference for investors, analysts and media will be held
today, Friday, November 18, 2022 at
Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2,
Helsinki at 11:00 EET in English, and at 12:00 noon EET in Finnish. CEO Juha Kalliokoski and CFO Marko Lehtonen will present the Interim
Report.
The conference can be followed as a live webcast at
https://kamux.videosync.fi/2022-q3-results (in English at 11.00
EET) and https://kamux.videosync.fi/2022-q3-tulos (in Finnish at
12.00 EET).
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.
https://palvelu.flik.fi/teleconference/?id=1008170
The conference in English will start at 11.00 EET and in Finnish
at 12.00 noon 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 Juha Kalliokoski, tel. +358 40
185 8633
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 78 car showrooms in Finland,
Sweden and Germany. Since its founding, the company has
sold over 400,000 used cars, 68,429 of which were sold in 2021.
Kamux's revenue reached EUR 937.4
million in 2021. In 2021, Kamux's average number of
employees was 848 in terms of full-time equivalent employees. Kamux
Corporation is listed on Nasdaq Helsinki Ltd.
The following files are available for download:
https://mb.cision.com/Main/17647/3669048/1679473.pdf
|
Kamux Oyj_Interim
Report_Q3_2022
|
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