Kamux Oyj: Kamux Corporation's Half Year Financial Report for January-June 2018
Kamux Corporation Half Year Financial Report August 23, 2018 09:00
Kamux Corporation's Half Year Financial Report for January-June 2018
KAMUX'S ADJUSTED OPERATING PROFIT INCREASED BY 36.2% IN APRIL-JUNE 2018
The figures in parenthesis refer to the comparison period, i.e. the same period in the previous year, unless otherwise mentioned.
April-June in brief
- The number of cars sold increased by 15.7% to 11,433 cars (9,882)
- Revenue increased by 17.2%, totaling EUR 128.0 million (109.2)
- Gross profit increased by 25.7% to EUR 16.3 million (13.0), or 12.8% (11.9) of revenue
- Adjusted operating profit (EBIT) increased by 36.2% to EUR 6.1 million (4.5), or 4.8% (4.1) of revenue
- Operating profit (EBIT) increased by 4.6% to EUR 3.6 million (3.5), or 2.8% (3.2) of revenue. Operating profit (EBIT) includes special items, of which EUR 2.4 million are expenses related to taxes from previous financial years
- Earnings per share were EUR 0.05 (0.06)
- Like-for-like showroom revenue growth was 9.3% (-11.6%)
January-June in brief
- The number of cars sold increased by 16.5% to 22,812 cars (19,580)
- Revenue increased by 17.5%, totaling EUR 256.7 million (218.4)
- Gross profit increased by 21.2% to EUR 30.9 million (25.5), or 12.0% (11.7) of revenue
- Adjusted operating profit (EBIT) increased by 19.5% to EUR 10.9 million (9.1), or 4.2% (4.2) of revenue
- Operating profit (EBIT) increased by 22.0% to EUR 8.4 million (6.9), or 3.3% (3.2) of revenue
- Earnings per share were EUR 0.13 (0.13)
CEO Juha Kalliokoski:
"During the second quarter, Kamux's business experienced strong growth. Our profitability improved clearly and developed positively in all countries. The robust development of our gross margin resulted in a significant increase in adjusted operating profit for the second quarter of 2018. Both our revenue and sales of like-for-like showrooms grew clearly. During the second quarter, operating profit was affected by special items, of which EUR 2.4 million are expenses related to taxes from previous financial years.
In Finland, our revenue growth accelerated and our operative profitability continued to improve. Our international business operations developed positively, as well. In Sweden, our revenue growth was solid and our operating profit was clearly positive. In Germany, our revenue continued to grow and our operating loss decreased significantly.
In line with our strategy, we further strengthened the company's management to support growth and profitability. Tommi Iiskonmäki, who has acted as Kamux's HR Director, was appointed as Kamux's Country Director in Finland in June. Ilkka Virtanen was appointed as Director, Business Development and member of the Kamux Management Team. Virtanen will join Kamux at the latest on November 1, 2018, and he will be responsible for Kamux's strategic development projects and business development, with a special focus on new growth opportunities."
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 to reach an operating profit margin of at least 5% in the long term.
Key figures
| EUR million | 4-6/ 2018 | 4-6/ 2017 | Change, % | 1-6/ 2018 | 1-6/ 2017 | Change, % | 1-12/ 2017 |
| Revenue | 128.0 | 109.2 | 17.2% | 256.7 | 218.4 | 17.5% | 454.9 |
| Gross profit | 16.3 | 13.0 | 25.7% | 30.9 | 25.5 | 21.2% | 53.8 |
| as percentage of revenue, % | 12.8% | 11.9% | 12.0% | 11.7% | 11.8% | ||
| Operating profit (EBIT) | 3.6 | 3.5 | 4.6% | 8.4 | 6.9 | 22.0% | 16.2 |
| as percentage of revenue, % | 2.8% | 3.2% | 3.3% | 3.2% | 3.6% | ||
| Adjusted operating profit* | 6.1 | 4.5 | 36.2% | 10.9 | 9.1 | 19.5% | 18.6 |
| as percentage of revenue, % | 4.8% | 4.1% | 4.2% | 4.2% | 4.1% | ||
| Revenue from integrated services | 6.4 | 5.6 | 15.0% | 12.5 | 11.0 | 13.8% | 22.8 |
| as percentage of revenue, % | 5.0% | 5.1% | 4.9% | 5.0% | 5.0% | ||
| Number of cars sold | 11,433 | 9,882 | 15.7% | 22,812 | 19,580 | 16.5% | 40,957 |
| Gross profit per sold car, EUR | 1,428 | 1,314 | 8.7% | 1,356 | 1,304 | 4.0% | 1,314 |
| Sales growth of like-for-like showrooms, % | 9.3% | -11.6% | 9.1% | -9.3% | -4.9% | ||
| Net debt | 10.3 | 11.8 | -12.9% | 7.3 | |||
| Inventories | 61.7 | 52.6 | 17.3% | 55.2 | |||
| Inventory turnover, days | 48.0 | 46.0 | 4.4% | 46.8 | |||
| Capital expenditures | 0.2 | 0.2 | -17.4% | 0.4 | 0.6 | -22.9% | 1.2 |
| Average number of employees during the period | 447 | 407 | 9.8% | 418 | |||
| Return on equity (ROE), % | 21.5% | 26.1% | 26.6% | ||||
| Return on investment (ROI), % | 16.5% | 16.1% | 17.2% | ||||
| Equity ratio, % | 56.0% | 53.7% | 57.2% | ||||
| Earnings per share, basic, EUR | 0.05 | 0.06 | -17.4% | 0.13 | 0.13 | -0.4% | 0.30 |
* Operating profit adjusted for special items related to strategy planning, strategy implementation, geographical expansion and taxes from previous financial years as well as the costs related to the initial public offering in the comparison period, totaling EUR 2.5 million for the second quarter of 2018 and totaling EUR 2.5 million 1-6/2018 (4-6/2017: EUR 1.0 million, 1-6/2017: EUR 2.2 million and 1-12/2017: EUR 2.4 million).
Publication schedule for financial reporting in 2018
Kamux will publish its Interim Reports in 2018 as follows:
November 22, 2018: Kamux Corporation will publish its Interim Report for January-September 2018.
Half Year Financial Report press conference and webcast
Kamux will hold a Half Year Financial Report press conference for media and analysts today, August 23, 2018 at hotel Klaus K, meeting room Studio K, address Bulevardi 2/4, 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 at http://www.kamux.com/en/releases-and-publications/reports-and-presentations/. The Half Year Financial Report will be presented by CEO Juha Kalliokoski and CFO Tapio Arimo.
In Hämeenlinna on August 23, 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 Otala, Director of Communications
Tel. +358 400 629 337