Kamux Corporation's Interim Report for January 1 - September 30, 2020

- Kamux Corporation  Interim Report    November 13, 2020 at 09:00

HELSINKI, Finland, Nov. 13, 2020 /PRNewswire/ -- Kamux Saw Strong and Very Profitable Growth - Revenue Growth +13.5% and Adjusted Operating Profit +44.0%

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 13.5%, totaling EUR 207.4 million (182.8)

- Gross profit increased by 26.3% to EUR 28.9 million (22.8), or 13.9% (12.5) of revenue

- Adjusted operating profit (EBIT) increased by 44.0% to EUR 12.4 million (8.6), or 6.0% (4.7) of revenue

- Operating profit (EBIT) increased by 41.1% to EUR 12.1 million (8.6), or 5.8% (4.7) of revenue

- The number of cars sold increased by 12.2% to 17,285 cars (15,409)

- Like-for-like showroom revenue growth was 3.1% (9.6)

- Earnings per share were EUR 0.23 (0.16)

January-September in brief

- Revenue increased by 8.7%, totaling EUR 525.3 million (483.1)

- Gross profit increased by 13.7% to EUR 67.7 million (59.6), or 12.9% (12.3) of revenue

- Adjusted operating profit (EBIT) increased by 15.9% to EUR 23.2 million (20.0), or 4.4% (4.1) of revenue

- Operating profit (EBIT) increased by 19.2% to EUR 23.8 million (20.0), or 4.5% (4.1) of revenue

- The number of cars sold increased by 9.5% to 44,924 cars (41,037)

- Like-for-like showroom revenue decline was -4.6% (2.8)

- Earnings per share were EUR 0.45 (0.36)

- The business acquisition of Autosilta was concluded on January 9, 2020.

- As published in a stock exchange release on March 20, due to the corona pandemic, it is not likely that Kamux will reach its medium-term targets this year.

Key figures

CEO Juha Kalliokoski:

"With regards to the corona pandemic, the third quarter saw people's shopping behavior and mobility becoming partially normalized while concentrating within domestic borders in all our operating countries. This was reflected in the used car market, which grew in Finland, Sweden, and Germany. We achieved very profitable growth in all three markets. Our strengths and key enablers of growth include our digitally focused operating model and cross-selling. In changing situations, our ability to react quickly and to have comprehensive knowledge of the market dynamics are also crucial.

Kamux's revenue increased by 13.5% and the adjusted operating profit by 44.0%. In Finland, the operating profit increased to 8.2% (6.9) of revenue. In Sweden, the operating profit grew significantly compared to the previous year, amounting to EUR 1.4 million (0.5). In Germany, the operating profit was positive for the first time since starting operations in the market. Return on equity was 27.0% (24.9).

The purchasing market was challenging in the summer. As new car sales picked up in September, the availability of used cars in the market improved. We systematically increased our inventory towards the end of the third quarter. At the same time, in our purchasing activities, we took into account the seasonal variation typical of the used car sales, where the active sales of the summer season level off towards the end of the year.

The future impacts of the corona pandemic are not yet known, but the year 2020 has demonstrated that Kamux's concept is working and that we are able to respond quickly even to significant changes in the operating environment.

We appointed Aleksandar Amann as Country Director of Kamux Germany in September. He took up his post at the beginning of November. Mr. Amann has extensive business experience in used car retail, including car sales, purchasing, logistics, and leading large-scale processes and business operations."

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.

The global corona pandemic and the restrictions and regulations related to it have caused significant changes to Kamux's operating environment, leading to the company publishing a stock exchange release on March 20, 2020, informing that it is not likely that Kamux will reach its medium-term targets in 2020. No changes have been made to the medium-term targets set by the Board of Directors because of the situation.

Publication schedule for financial reporting in 2021

Publication schedule for Kamux Corporation's financial reporting in 2021:

February 26, 2021: Kamux Corporation will publish its Financial Statements Bulletin 2020.

May 12, 2021: Kamux Corporation will publish its Interim Report for January-March 2021.

August 13, 2021: Kamux Corporation will publish its Half-Year Report for January-June 2021.

November 12, 2021: Kamux Corporation will publish its Interim Report for January-September 2021.

The Annual Report for 2020 including Financial Statements will be published on week 11/2021.

The Annual General Meeting of Kamux Corporation is scheduled to be held on Tuesday, April 20, 2021.

Interim Report Press Conference and Webcast

Kamux will hold an Interim Report webcast and press conference for media and analysts today, November 13, 2020 at hotel Kämp, Symposion meeting room, address Pohjoisesplanadi 29, Helsinki, at 11:00 (EET) in Finnish and then in English at around 11:45 (EET). You can follow the press conference as a live webcast in Finnish through a link at https://kamux.videosync.fi/2020-q3-tulokset and in English at https://kamux.videosync.fi/2020-q3-results.  The Interim Report will be presented by CEO Juha Kalliokoski and CFO Marko Lehtonen.

In Hämeenlinna on November 13, 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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