Kamux Corporation's Financial Statements Bulletin for January 1 - December 31, 2019

HELSINKI, Feb. 28, 2020 /PRNewswire/ -- Kamux continued its very strong growth: Revenue increased by 33.8% and adjusted operating profit by 25.2%

The figures in parenthesis refer to the comparison period, i.e. the same period in the previous year, unless stated otherwise.

October-December in brief

• Revenue increased by 33.8%, totalling EUR 175.4 million (131.1)
• Gross profit increased by 25.6% to EUR 20.0 million (16.0), or 11.4% (12.2) of revenue
• Adjusted operating profit (EBIT) increased by 25.2% to EUR 5.4 million (4.3), or 3.1% (3.3) of revenue
• Operating profit (EBIT) increased by 36.8% to EUR 5.4 million (3.9), or 3.1% (3.0) of revenue
• The number of cars sold increased by 28.3% to 14,395 cars (11,220)
• Like-for-like showroom revenue growth was 14.6% (0.7)
• Earnings per share were EUR 0.12 (0.08)

January-December in brief

• Revenue increased by 24.8%, totalling EUR 658.5 million (527.8)
• Gross profit increased by 22.8% to EUR 79.6 million (64.9), or 12.1% (12.3) of revenue
• Adjusted operating profit (EBIT) increased by 16.1% to EUR 25.4 million (21.9), or 3.9% (4.1) of revenue
• Operating profit (EBIT) increased by 33.8% to EUR 25.3 million (18.9), or 3.8% (3.6) of revenue
• The number of cars sold increased by 19.0% to 55,432 cars (46,596)
• Like-for-like showroom revenue growth was 6.3% (5.6)
• Earnings per share were EUR 0.48 (0.37)
• The Board of Directors proposes a dividend of EUR 0.23 per share to be distributed for the year 2019 (for the year 2018 a dividend EUR 0.16 per share was distributed)

CEO Juha Kalliokoski:

Kamux's revenue growth accelerated to reach a record level in the fourth quarter, increasing by 33.8% compared to the corresponding period of the previous year. At the same time, our operating profit growth was very strong. Sales of like-for-like showrooms increased by 14.6%. Our focus on inventory monitoring and management resulted in inventory turnover improving to 44.5 days (49.6). Return on equity (ROE) for 2019 was 25.3%.

During 2019, the importance of leading with knowledge increased. We see that our investments in digital development and leading with knowledge create a clear competitive advantage for the company in a situation where the seamless integration of supply and demand is increasingly important. Consolidation of the industry further continued in Finland and in Sweden during 2019.

In international business, our growth was very strong also in 2019. Due to the weak exchange rate of the Swedish krona, export sales from Sweden to Europe increased, which increased the prices of used cars in Sweden. We focused successfully in consumer purchases, which improved our offering and is a good example of our ability to react to changes in market situation.

In Sweden and Germany, this year we will focus on both growth and profitability. These two countries are still the key focus of our internationalization efforts.

In November, Vesa Uotila was appointed as Director of Business Development and Member of the Management Team. He will be responsible for the company's strategic development projects.

Outlook and financial targets

Kamux does not provide a short-term outlook. The company's medium-term annual financial targets for 2019-2022 are to increase revenue by over 10% and to reach an operating profit margin of at least 4% as well as a dividend payout of at least 30% of the profit for the financial year.

Key figures

* Operating profit adjusted for special expense items related to strategy planning, geographical expansion and during the comparative year also taxes from previous financial years, totaling EUR 0.1 million for the fourth quarter of 2019 and totaling EUR 0.1 million for 1-12/2019. (10-12/2018: EUR 0.4 million and 1-12/2018: EUR 3.0 million).

** Key figures 1-12/2019 and 10-12/2019 include the effects of the adoption of IFRS 16 Leases standard. Excluding the effects of IFRS 16, the comparable figures in 1-12/2019 were: Operating profit (EBIT) EUR 25.2 million, Adjusted operating profit EUR 25.3 million, Net debt EUR -8.1 million, Return on equity (ROE) 25.5%, Return on investment (ROI) 20.6% and Equity ratio 60.7% and 10-12/2019 Operating profit (EBIT) EUR 5.3 million and Adjusted operating profit EUR 5.4 million.

Publication schedule for financial reporting in 2020

Publication schedule for Kamux Corporation's financial reporting in 2020:

May 15, 2020: Kamux Corporation will publish its Interim Report for January-March 2020.

August 13, 2020: Kamux Corporation will publish its Half-Year Report for January-June 2020.

November 13, 2020: Kamux Corporation will publish its Interim Report for January-September 2020.

The Annual Report for 2019 including Financial Statements will be published on week 12/2020.

The Annual General Meeting of Kamux Corporation is scheduled to be held on Tuesday, April 21, 2020.

Financial Statements Bulletin press conference and webcast

Kamux will hold a Financial Statements Bulletin press conference for media and analysts today, February 28, 2020 at Hotel Kämp, Symposium meeting room, address Pohjoisesplanadi 29, Helsinki, at 11:00 (Finnish time) in Finnish and then in English at around 11:45. You can follow the press conference live in Finnish through a link at https://kamux.videosync.fi/2019-q4-tulos and in English https://kamux.videosync.fi/2019-q4-results. The Financial Statements Bulletin will be presented by CEO Juha Kalliokoski and CFO Marko Lehtonen.

In Hämeenlinna on February 28, 2020

Kamux Corporation

The Board of Directors

For more information:
Juha Kalliokoski, CEO
Tel. +358-50-544-5538

Marko Lehtonen, CFO
Tel. +358-50-575-2006

Satu Otala, Director of Communications
Tel. +358-400-629-337

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