Kamux Oyj: Kamux Corporation’s Interim report for January-September 2018
Kamux Corporation Interim Report November 22, 2018 09:00
Kamux Corporation’s Interim report for January-September 2018
KAMUX’S PROFITABLE GROWTH CONTINUED DURING JULY-SEPTEMBER 2018
The figures in parenthesis refer to the comparison period, i.e. the same period in the previous year, unless otherwise mentioned.
July-September in brief
– The number of cars sold increased by 13.4% to 12,564 cars (11,083)
– Revenue increased by 14.6%, totaling EUR 140.0 million (122.1)
– Gross profit increased by 17.4% to EUR 18.0 million (15.3), or 12.8% (12.5) of revenue
– Adjusted operating profit (EBIT) increased by 7.2% to EUR 6.6 million (6.2), or 4.7% (5.1) of revenue
– Operating profit (EBIT) increased by 8.3% to EUR 6.6 million (6.1), or 4.7% (5.0) of revenue
– Earnings per share were EUR 0.16 (0.12)
– Like-for-like showroom revenue growth was 4.2% (-3.2)
January-September in brief
– The number of cars sold increased by 15.4% to 35,376 cars (30,663)
– Revenue increased by 16.5%, totaling EUR 396.7 million (340.6)
– Gross profit increased by 19.8% to EUR 48.9 million (40.8), or 12.3% (12.0) of revenue
– Adjusted operating profit (EBIT) increased by 14.5% to EUR 17.5 million (15.3), or 4.4% (4.5) of revenue
– Operating profit (EBIT) increased by 15.5% to EUR 15.0 million (13.0), or 3.8% (3.8) of revenue
– Earnings per share were EUR 0.28 (0.25)
CEO Juha Kalliokoski:
“During the third quarter, Kamux’s growth continued in line with our strategy, and our profitability was at a good level. Revenue increased by 14.6% and gross profit increased by 17.4 %.
In Finland, the changes to vehicle taxation based on WLTP emissions testing had a negative impact on the sales of new cars. This also had an impact on sales of used cars and consumer behavior. In view of the current market situation, our accomplishments in the quarter were good. In Finland, we opened showrooms in Lempäälä in Ideapark in July and in Järvenpää in November. We will open our third showroom in Oulu in January.
Our international expansion is progressing according to plan. We opened our 12th showroom in Sweden in Västerås and our third showroom in Germany in Ahrensburg. In addition we will open three showrooms in Sweden and one in Germany during this year and in the beginning of next year.
We have further strengthened Kamux’s management to support our growth and profitability. On October 1, 2018, Jennie Stenbom assumed her position as Kamux’s Chief People Officer and Member of the Management Team. On October 29, 2018, Ilkka Virtanen assumed his position as Director, Business Development and Member of the Management Team. Virtanen is responsible for the company’s strategic development projects and business development.”
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 | 7-9/ 2018 | 7-9/ 2017 | Change, % | 1-9/ 2018 | 1-9/ 2017 | Change, % | 1-12/ 2017 |
| Revenue | 140.0 | 122.1 | 14.6% | 396.7 | 340.6 | 16.5% | 454.9 |
| Gross profit | 18.0 | 15.3 | 17.4% | 48.9 | 40.8 | 19.8% | 53.8 |
| as percentage of revenue, % | 12.8% | 12.5% | 12.3% | 12.0% | 11.8% | ||
| Operating profit (EBIT) | 6.6 | 6.1 | 8.3% | 15.0 | 13.0 | 15.5% | 16.2 |
| as percentage of revenue, % | 4.7% | 5.0% | 3.8% | 3.8% | 3.6% | ||
| Adjusted operating profit* | 6.6 | 6.2 | 7.2% | 17.5 | 15.3 | 14.5% | 18.6 |
| as percentage of revenue, % | 4.7% | 5.1% | 4.4% | 4.5% | 4.1% | ||
| Revenue from integrated services | 6.8 | 5.8 | 17.0% | 19.3 | 16.8 | 14.9% | 22.8 |
| as percentage of revenue, % | 4.8% | 4.7% | 4.9% | 4.9% | 5.0% | ||
| Number of cars sold | 12,564 | 11,083 | 13.4% | 35,376 | 30,663 | 15.4% | 40,957 |
| Gross profit per sold car, EUR | 1,431 | 1,381 | 3.6% | 1,382 | 1,332 | 3.8% | 1,314 |
| Sales growth of like-for-like showrooms, % | 4.2% | -3.2% | 7.3% | -7.2% | -4.9% | ||
| Net debt | 4.3 | 8.7 | -50.5% | 7.3 | |||
| Inventories | 66.4 | 54.6 | 21.5% | 55.2 | |||
| Inventory turnover, days | 49.1 | 45.9 | 6.9% | 46.8 | |||
| Capital expenditures | 0.2 | 0.2 | -38.6% | 0.6 | 0.8 | -27.8% | 1.2 |
| Average number of employees duringthe period | 456 | 432 | 5.6% | 418 | |||
| Return on equity (ROE), % | 21.7% | 24.9% | 26.6% | ||||
| Return on investment (ROI), % | 15.7% | 16.8% | 17.2% | ||||
| Equity ratio, % | 56.4% | 56.8% | 57.2% | ||||
| Earnings per share, basic, EUR | 0.16 | 0.12 | 25.8% | 0.28 | 0.25 | 12.5% | 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 0.0 million for the third quarter of 2018 and totaling EUR 2.5 million 1-9/2018 (7-9/2017: EUR 0.1 million, 1-9/2017: EUR 2.3 million and 1-12/2017: EUR 2.4 million).
Publication schedule for financial reporting in 2019
Publication schedule for Kamux Corporation’s financial reporting in 2019:
March 1, 2019: Kamux Corporation will publish its Financial Statements Bulletin 2018.
May 10, 2019: Kamux Corporation will publish its Interim Report for January–March 2019.
August 23, 2019: Kamux Corporation will publish its Half-Yearly Report for January–June 2019.
November 8, 2019: Kamux Corporation will publish its Interim Report for January–September 2019.
The Annual Report for 2018 including Financial Statements will be published in week 12/2019.
The Annual General Meeting of Kamux Corporation is scheduled to be held on Friday, April 12, 2019.
Interim Report press conference and webcast
Kamux will hold an Interim Report press conference for media and analysts today, November 22, 2018 at hotel GLO Kluuvi, Video Wall meeting 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 at http://www.kamux.com/en/releases-and-publications/reports-and-presentations/. The Interim Report will be presented by CEO Juha Kalliokoski and CFO Tapio Arimo.
In Hämeenlinna on November 22, 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