HELSINKI, Aug. 23, 2019 /PRNewswire/ -- Kamux Corporation's
Half Year Financial Report for January
1-June 30, 2019
Kamux's revenue increased by 22.9% and adjusted operating
profit continued to increase
The figures in parenthesis refer to the comparison period,
i.e. the same period in the previous year, unless stated
otherwise.
April-June in brief
- The number of cars sold increased by 17.6% to 13,441 cars
(11,433)
- Revenue increased by 22.9%, totaling EUR 157.3 million (128.0)
- Gross profit increased by 23.4% to EUR
20.1 million (16.3), or 12.8% (12.8) of revenue
- Adjusted operating profit (EBIT) increased by 10.7% to
EUR 6.7 million (6.1), or 4.3% (4.8)
of revenue
- Operating profit (EBIT) increased by 86.3% to EUR 6.7 million (3.6), or 4.3% (2.8) of
revenue
- Earnings per share were EUR 0.12
(0.05)
- Like-for-like showroom revenue growth was 2.4% (9.3)
January-June in brief
- The number of cars sold increased by 12.3% to 25,628 cars
(22,812)
- Revenue increased by 17.0%, totaling EUR 300.2 million (256.7)
- Gross profit increased by 18.8% to EUR
36.7 million (30.9), or 12.2% (12.0) of revenue
- Adjusted operating profit (EBIT) increased by 4.6% to
EUR 11.4 million (10.9), or 3.8%
(4.2) of revenue
- Operating profit (EBIT) increased by 35.4% to EUR 11.4 million (8.4), or 3.8% (3.3) of
revenue
- Earnings per share were EUR 0.20
(0.13)
- Like-for-like showroom revenue decline was -1.0% (9.1)
CEO Juha Kalliokoski:
"The market for cars is in a state of change that is influenced
by a number of factors: technology change, power source and climate
debate, emission measurement changes and driving and car related
tax policies that are difficult to predict. All of these together
have created uncertainty amongst consumers, which is very clearly
reflected in new car sales. As a company focused on used cars,
Kamux's position in this change is different. Despite the market
disturbance, people's need for mobility has not changed, and we
have been able to respond to customer needs more flexibly than
retailers of new cars. I am very pleased with Kamux's positive
development in this operating environment, where the strength of
our strategy stands out.
The second quarter was characterized by strong implementation of
our growth strategy and Kamux's concept. Our revenue grew by 22.9%,
totaling EUR 157.3 million. Our gross
profit increased by 23.4%. Adjusted operating profit increased by
10.7%, totaling EUR 6.7 million.
Return on equity (ROE) during the first half year was 26.9% and
return on investment totaled 16.0%.
In Finland, our revenue
increased during the second quarter by 15.0% and we increased our
gross profit by 19.4%. In Germany,
our revenue increased by 51.0%, along with relative profitability.
In Sweden, our revenue increased
by 63.5% and operating profit was at previous year's level.
We also performed well and according to plans in our purchases
and in growing our car stock to prepare for the summer season. This
was reflected in the inventory turnover.
Member of Group Management Team of Kamux Corporation and the
company CFO, M.Sc. (econ) Marko
Lehtonen started in his position on June 17, 2019."
Outlook and financial targets
Kamux does not provide a short-term outlook. The company's
medium-term financial targets for 2019-2022 are to increase revenue
by over 10% annually and to reach an operating profit margin of at
least 4%.
Key figures
EUR
million
|
4-6/2019**
|
4-6/2018
|
Change,
%
|
1-6/2019**
|
1-6/2018
|
Change,
%
|
1-12/2018
|
Revenue
|
157.3
|
128.0
|
22.9%
|
300.2
|
256.7
|
17.0%
|
527.8
|
Gross
profit
|
20.1
|
16.3
|
23.4%
|
36.7
|
30.9
|
18.8%
|
64.9
|
as percentage of
revenue, %
|
12.8%
|
12.8%
|
|
12.2%
|
12.0%
|
|
12.3%
|
Operating profit
(EBIT)
|
6.7
|
3.6
|
86.3%
|
11.4
|
8.4
|
35.4%
|
18.9
|
as percentage of
revenue, %
|
4.3%
|
2.8%
|
|
3.8%
|
3.3%
|
|
3.6%
|
Adjusted operating
profit*
|
6.7
|
6.1
|
10.7%
|
11.4
|
10.9
|
4.6%
|
21.9
|
as percentage of
revenue, %
|
4.3%
|
4.8%
|
|
3.8%
|
4.2%
|
|
4.1%
|
Revenue from
integrated services
|
7.9
|
6.4
|
22.9%
|
15.0
|
12.5
|
19.8%
|
27.1
|
as percentage of
revenue, %
|
5.0%
|
5.0%
|
|
5.0%
|
4.9%
|
|
5.1%
|
Number of cars
sold
|
13,441
|
11,433
|
17.6%
|
25,628
|
22,812
|
12.3%
|
46,596
|
Gross profit per sold
car, EUR
|
1,499
|
1,428
|
5.0%
|
1,434
|
1,356
|
5.8%
|
1,392
|
Sales growth of
like-for-like showrooms, %
|
2.4%
|
9.3 %
|
|
-1.0%
|
9.1%
|
|
5.6%
|
Net debt
|
|
|
|
57.8
|
10.3
|
463.8%
|
9.6
|
Inventories
|
|
|
|
79.2
|
61.7
|
28.3%
|
71.0
|
Inventory turnover,
days
|
|
|
|
51.3
|
48.0
|
6.8%
|
49.6
|
Capital
expenditures
|
0.8
|
0.2
|
296.9%
|
1.2
|
0.4
|
185.5%
|
1.3
|
Average number of
employees during the period
|
|
|
|
566
|
447
|
26.6%
|
472
|
Return on equity
(ROE), %
|
|
|
|
26.9%
|
21.5%
|
|
22.9%
|
Return on investment
(ROI), %
|
|
|
|
16.0%
|
16.5%
|
|
16.2%
|
Equity ratio,
%
|
|
|
|
44.6%
|
56.0%
|
|
60.0%
|
Earnings per share,
basic, EUR
|
0.12
|
0.05
|
127.5%
|
0.20
|
0.13
|
54.0%
|
0.37
|
* Operating profit adjusted for special items related to
strategy planning, strategy implementation, geographical expansion
and during comparative year also taxes from previous financial
years. During the second quarter of 2019 there were no special
items. During 1-6/2019 special items totaled EUR 0.0 million (4-6/2018: EUR 2.5 million, 1-6/2018: EUR 2.5 million and 1-12/2018: EUR 3.0 million).
** Key figures 1-6/2019 and 4-6/2019 include the effects of
adoption of IFRS 16 Leases standard. Excluding IFRS 16 effects the
comparable figures in 1-6/2019 were: Operating profit (EBIT)
EUR 11.4 million, Adjusted operating
profit EUR 11.4 million, Net debt
EUR 18.0 million, Return on equity
(ROE) 27.1%, Return on investment (ROI) 20.1% and Equity ratio
59.7% and 4-6/2019 Operating profit (EBIT) EUR 6.7 million and Adjusted operating profit
EUR 6.7 million.
Publication schedule for financial reporting in 2019
Publication schedule for Kamux Corporation's financial reporting
in 2019:
November 8, 2019: Kamux
Corporation will publish its Interim Report for
January-September 2019.
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,
2019 at hotel GLO Kluuvi, Video Wall meeting room, address
Kluuvikatu 4, Helsinki, at 11:00
(Finnish time) in Finnish and then in English at around 11:30. 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
Marko Lehtonen.
In Hämeenlinna on August 23,
2019
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
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/kamux/r/kamux-corporation-s-half-year-financial-report-for-january-1-june-30--2019,c2886975
The following files are available for download:
https://mb.cision.com/Main/17647/2886975/1094208.pdf
|
Kamux
Oyj_HalfYearFinancialReport_Q2_2019
|