Kamux Oyj: Kamux Corporation's Financial Statements Bulletin for January-December 2017
Kamux Corporation Financial Statements Bulletin March 8, 2018 09:00
Kamux Corporation's Financial Statements Bulletin for January-December 2017
KAMUX'S GROWTH ACCELERATED AND PROFITABILITY IMPROVED IN OCTOBER-DECEMBER 2017
The figures in parentheses refer to the comparison period, i.e. the same period in the previous year, unless otherwise mentioned.
Fourth quarter in brief
- The number of cars sold increased by 18.6 % to 10,294 cars (8,676)
- Revenue increased by 16.9 %, totaling EUR 114.3 million (97.8)
- Gross profit increased by 13.7 % to EUR 13.0 million (11.4), or 11.4 % (11.7) of revenue
- Adjusted operating profit (EBIT) increased by 9.2 % to EUR 3.3 million (3.0), or 2.9 % (3.1) of revenue
- Operating profit (EBIT) increased by 45.9 % to EUR 3.3 million (2.2), or 2.9 % (2.3) of revenue
- Earnings per share were EUR 0.05 (0.03)
- Like-for-like showroom revenue growth was 2.4 % (-3.3 %)
January-December in brief
- The number of cars sold increased by 12.9 % to 40,957 cars (36,290)
- Revenue increased by 12.4 %, totaling EUR 454.9 million (404.8)
- Gross profit increased by 9.3 % to EUR 53.8 million (49.2), or 11.8 % (12.2) of revenue
- Adjusted operating profit (EBIT) increased by 3.4 % to EUR 18.6 million (18.0), or 4.1 % (4.4) of revenue
- Operating profit (EBIT) increased by 3.6 % to EUR 16.2 million (15.7), or 3.6 % (3.9) of revenue
- Earnings per share were EUR 0.30 (0.29)
- The Board of Directors proposes a dividend of EUR 0.12 per share to be distributed for the year 2017 (for the year 2016 a dividend EUR 0.06 per share was distributed)
CEO Juha Kalliokoski:
"Our growth accelerated during the fourth quarter of 2017. I am especially pleased with our like-for-like showroom revenue showing positive growth and continuing to develop in the right direction.
Our internationalization continues according to our plans. Sweden is growing strongly and profitability is increasing. In December we opened our tenth store in Sweden in Karlstad. In Germany we continue to focus on establishing our presence in the Hamburg region.
In line with our strategy, we continued to strengthen our organization. In the beginning of the year Robin Toss started as country director of Sweden, and he will steer our operations there going forward. Country director Oliver Michels has since the beginning of January lead the implementation of Kamux's operational model in Germany. In February Mikko-Heikki Inkeroinen started as our Chief Digital Officer and member of Kamux's management team. Mr. Inkeroinen is responsible for the company's digital business development, end-to-end customer experience, and marketing.
Our absolute profitability continued to improve, but our adjusted operating profit margin weakened slightly in the fourth quarter. This was partly due to significantly increased marketing efforts, as typically the last quarter of the year is the weakest in the industry in terms of sales.
In Finland, we took a significant new step in November by establishing a Kamux Green shop-in-shop in Helsinki's Konala store. The shop-in-shop has strong expertise in the sales of hybrid, electric, natural gas and ethanol cars.
The market for used cars was challenging in 2017 because of car tax and diesel debates in the beginning of the year. Regardless of this, Kamux further strengthened its position in all its operating countries. Due to its customer centric business model, Kamux can quickly react to different market situations. I am very confident in our development in Finland, Sweden and Germany in the coming year.
The significant size of the used car market combined with our concept, organization, strong balance sheet and cash flow provide us with an excellent opportunity for continued strong growth and implementation of our strategy in 2018."
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
| EUR million | 10-12/ 2017 | 10-12/ 2016 | Change, % | 1-12/ 2017 | 1-12/ 2016 | Change, % |
| Revenue | 114.3 | 97.8 | 16.9 % | 454.9 | 404.8 | 12.4 % |
| Gross profit | 13.0 | 11.4 | 13.7 % | 53.8 | 49.2 | 9.3 % |
| as percentage of revenue, % | 11.4 % | 11.7 % | 11.8 % | 12.2 % | ||
| Operating profit (EBIT) | 3.3 | 2.2 | 45.9 % | 16.2 | 15.7 | 3.6 % |
| as percentage of revenue, % | 2.9 % | 2.3 % | 3.6 % | 3.9 % | ||
| Adjusted operating profit* | 3.3 | 3.0 | 9.2 % | 18.6 | 18.0 | 3.4 % |
| as percentage of revenue, % | 2.9 % | 3.1 % | 4.1 % | 4.4 % | ||
| Revenue from integrated services | 6.1 | 5.2 | 16.6 % | 22.8 | 19.3 | 18.6 % |
| as percentage of revenue, % | 5.3 % | 5.3 % | 5.0 % | 4.8 % | ||
| Number of cars sold | 10,294 | 8,676 | 18.6 % | 40,957 | 36,290 | 12.9 % |
| Gross profit per sold car, EUR | 1,263 | 1,318 | -4.1 % | 1,314 | 1,357 | -3.1 % |
| Sales growth of like-for-like showrooms, % | 2.4 % | -3.3 % | -4.9 % | 12.2 % | ||
| Net debt | 7.3 | 30.9 | -76.5 % | |||
| Inventories | 55.2 | 47.9 | 15.1 % | |||
| Inventory turnover, days | 46.8 | 43.1 | 8.8 % | |||
| Capital expenditures | 0.4 | 1.3 | -67.0 % | 1.2 | 2.1 | -42.5 % |
| Average number of employees during the period | 418 | 343 | 21.9 % | |||
| Return on equity (ROE), % | 26.6 % | 43.8 % | ||||
| Return on capital employed (ROI), % | 17.2 % | 22.5 % | ||||
| Equity ratio, % | 57.2 % | 36.9 % | ||||
| Earnings per share, basic, EUR | 0.05 | 0.03 | 55.0 % | 0.30 | 0.29 | 2.5 % |
* Operating profit adjusted for the costs related to the initial public offering, special items related to strategy planning, strategy implementation geographical expansion and a cash settled share-based payment in the comparison period, totaling EUR 0.0 million for the fourth quarter of 2017 (10-12/2016: EUR 0.8 million) and totaling EUR 2.4 million for 1-12/2017 (1-12/2016: EUR 2.3 million).
Publication schedule for financial reporting in 2018
Kamux will publish its Financial Statements and Interim Reports in 2018 as follows:
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.
Financial Statements Bulletin press conference and webcast
Kamux will hold a Financial Statements Bulletin press conference for media and analysts today March 8, 2018 at hotel GLO video wall -room, address Kluuvikatu 4, Helsinki at 13:00 (Finnish time) in Finnish and then in English at around 13:30. You can follow the press conference live through a link found at http://www.kamux.com/tiedotteet-ja-julkaisut/raportit-ja-esitykset/. The Financial Statements Bulletin will be presented by CEO Juha Kalliokoski and CFO Tapio Arimo.
In Hämeenlinna on March 8, 2018
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 Communications Tel. +358 400 629 337
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