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Kamux Oyj (0RP3)

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Thursday 24 August, 2017

Kamux Oyj

Kamux Oyj: Kamux Corporation's Half Year Financial Report for January-June 2017

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

EUR million4-6/

2017
4-6/

2016
Change, %1-6/

2017
1-6/

2016
Change, %1-12/

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=e07749ed8fa031463905159af8a651a26

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=534514682&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

Appendix:




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kamux Oyj via Globenewswire


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