HELSINKI, Nov. 12, 2021 /PRNewswire/ -- Kamux saw very
strong growth, revenue +22.8% - Adjusted operating profit (EBIT)
remained below the comparison period
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 22.8%, totaling EUR 254.6 million (207.4)
- Gross profit increased by 0.4% to EUR
29.0 million (28.9), or 11.4% (13.9) of revenue
- Adjusted operating profit (EBIT) decreased by -19.1% to
EUR 10.0 million (12.4), or 3.9%
(6.0) of revenue
- Operating profit (EBIT) decreased by -17.5% to EUR 10.0 million (12.1), or 3.9% (5.8) of
revenue
- The number of cars sold increased by 8.2% to 18,699 cars
(17,285)
- Like-for-like showroom revenue growth was 13.9% (3.1)
- Earnings per share were EUR 0.18
(0.23)
January-September in brief
- Revenue increased by 32.0%, totaling EUR 693.3 million (525.3)
- Gross profit increased by 7.3% to EUR 72.7 million (67.7), or 10.5% (12.9) of
revenue
- Adjusted operating profit (EBIT) decreased by -3.1% to
EUR 22.4 million (23.2), or 3.2%
(4.4) of revenue
- Operating profit (EBIT) decreased by -22.2% to
EUR 18.5 million (23.8), or 2.7%
(4.5) of revenue
- The number of cars sold increased by 15.1% to 51,701
cars (44,924)
- Like-for-like showroom revenue growth was 20.3%
(-4.6)
- Earnings per share were EUR
0.31 (0.45)
- Kamux's German subsidiary initiated legal proceedings
against a local procurement partner, due to which an EUR 3.9 million provision related to possible
costs and losses was recognized in the second quarter. This had a
negative impact on the operating profit.
Key figures
EUR million
|
7-9 /2021
|
7-9 /2020
|
Change, %
|
1-9 /2021
|
1-9 /2020
|
Change, %
|
1-12 /2020
|
Revenue
|
254.6
|
207.4
|
22.8%
|
693.3
|
525.3
|
32.0%
|
724.1
|
Gross
profit
|
29.0
|
28.9
|
0.4%
|
72.7
|
67.7
|
7.3%
|
91.5
|
as percentage of
revenue, %
|
11.4%
|
13.9%
|
|
10.5%
|
12.9%
|
|
12.6%
|
Operating profit
(EBIT)
|
10.0
|
12.1
|
-17.5%
|
18.5
|
23.8
|
-22.2%
|
31.2
|
as percentage of
revenue, %
|
3.9%
|
5.8%
|
|
2.7%
|
4.5%
|
|
4.3%
|
Adjusted operating
profit*
|
10.0
|
12.4
|
-19.1%
|
22.4
|
23.2
|
-3.1%
|
30.7
|
as percentage of
revenue, %
|
3.9%
|
6.0 %
|
|
3.2%
|
4.4%
|
|
4.2%
|
Revenue from
integrated services
|
10.7
|
9.4
|
12.9%
|
30.0
|
27.0
|
11.2%
|
37.1
|
as percentage of
revenue, %
|
4.2%
|
4.6%
|
|
4.3%
|
5.1%
|
|
5.1%
|
Number of cars
sold
|
18,699
|
17,285
|
8.2%
|
51,701
|
44,924
|
15.1%
|
60,657
|
Gross profit per sold
car, EUR
|
1,549
|
1,669
|
-7.2%
|
1,406
|
1,508
|
-6.8%
|
1,509
|
Sales growth of
like-for-like showrooms, %
|
13.9%
|
3.1%
|
|
20.3%
|
-4.6%
|
|
-3.8%
|
Net debt
|
|
|
|
58.7
|
45.0
|
30.4%
|
53.5
|
Inventories
|
|
|
|
117.8
|
95.2
|
23.8%
|
93.6
|
Inventory turnover,
days
|
|
|
|
48.8
|
50.9
|
-4.2%
|
47.2
|
Capital
expenditure
|
1.7
|
1.0
|
59.8%
|
5.1
|
3.3
|
55.4%
|
4.9
|
Average number of
employees during the period
|
|
|
|
839
|
690
|
21.6%
|
713
|
Return on equity
(ROE), %
|
|
|
|
18.6%
|
27.0%
|
|
26.3%
|
Return on investment
(ROI), %
|
|
|
|
11.7%
|
15.5%
|
|
16.9%
|
Equity ratio,
%
|
|
|
|
41.7%
|
43.4%
|
|
50.1%
|
Earnings per share,
basic, EUR
|
0.18
|
0.23
|
-20.5%
|
0.31
|
0.45
|
-31.8%
|
0.58
|
* Operating profit adjusted for special items related to
strategy planning, legal processes and taxes from previous
financial years, totaling EUR 0.0
million for the third quarter of 2021 and totaling
EUR 3.9 million for 1-9/2021
(7-9/2020: EUR 0.2 million, 1-9/2020:
EUR -0.6 million and 1-12/2020:
EUR -0.5 million).
CEO Juha Kalliokoski:
"In the third quarter, we continued to grow very strongly in
accordance with our strategy. Revenue increased by 22.8% and sales
of like-for-like showrooms by 13.9%. In September, we raised our
revenue outlook for 2021. According to the updated outlook, the
revenue for 2021 is expected to be EUR
850-900 million, whereas the earlier outlook was
EUR 800-850 million.
The adjusted operating profit remained below the corresponding
period in the previous year and was EUR 10.0
million. It must be noted that the comparison period was
exceptional in used car retail. The uncertainties created by the
outbreak of the corona pandemic dissipated and the restrictions
were cancelled, which boosted sales and profitability strongly in
July-September of last year. In the third quarter, inventory
turnover developed favorably in the Group.
The used car market declined in all three countries but
particularly strongly in Germany.
In Germany, the market decline was
more pronounced in the northern part of the country, in the greater
Hamburg area, where Kamux's
showrooms are located. According to our estimate, the market
declined in this area by more than 15% in the third quarter. Kamux
nevertheless grew in all its markets.
We will continue to focus on our strategic focus areas, such as
leading with knowledge and training our personnel particularly in
management and leadership. We also aim to further improve customer
experience.
The corona pandemic is still a factor affecting Kamux's
business. We do not know how the corona pandemic will develop and
how it will impact different countries, the economy and people's
movement or behavior in the near future. We at Kamux will focus
determinedly on implementing the Company's growth strategy despite
the uncertainty caused by the corona pandemic."
Outlook for the year 2021
On September 24, 2021, Kamux
updated its outlook for 2021. The Company raised its revenue
outlook for 2021 while maintaining its outlook for adjusted
operating profit unchanged. Kamux's updated outlook for 2021 is as
follows: In 2021, Kamux expects its revenue to be EUR 850-900 million. The Company expects its
adjusted operating profit to increase from the previous year.
Previously, Kamux expected its revenue to reach EUR 800-850 million in 2021 and its adjusted
operating profit to increase from the previous year.
Financial targets for 2021-2023
The Company's medium-term financial targets are to increase
revenue by over 20% annually, to increase adjusted operating profit
annually, and to reach an adjusted operating profit margin of over
3.5% and a return on equity (ROE) of over 25%. Additionally, the
Company's target is to distribute dividends of at least 25% of net
profits. The Board of Directors of the Company estimates annually
the balance between dividends to be distributed and funds to be
used for Kamux's growth and based on this assessment, makes a
proposal on the amount of dividends to be distributed, which may
for any single year differ significantly from the target level set
in the dividend policy.
Publication schedule for financial reporting in 2022
Publication schedule for Kamux Corporation's financial reporting
in 2022:
March 4, 2022: Kamux Corporation
will publish its Financial Statements Bulletin 2021.
May 13, 2022: Kamux Corporation
will publish its Interim Report for January-March 2022.
August 12, 2022: Kamux Corporation
will publish its Half-Year Report for January-June 2022.
November 18, 2022: Kamux
Corporation will publish its Interim Report for
January-September 2022.
The Annual Report for 2021 including Financial Statements will
be published on week 12/2022.
The Annual General Meeting of Kamux Corporation is scheduled to
be held on April 20, 2022.
Briefings
Kamux will hold an Interim Report press conference and webcast
for media and analysts today, November 12,
2021, at the Symposion meeting room in Hotel Kämp in
Helsinki at 11:00 (EET) in Finnish
and then in English at around 12:00 (EET). You can follow it as a
live webcast in Finnish at https://kamux.videosync.fi/2021-q3-tulos
and in English at https://kamux.videosync.fi/2021-q3-results.
A conference call will be held in connection with the
webcast.
Registration for personally attending the briefing is requested
by email to ir@kamux.fi by November 10,
2021.
Participation by conference call:
Finland: +358 981 710 310
Sweden: +46 856 64 2651
United Kingdom: +44 333 300
0804
United States: +1 631 913
1422
PIN: 73583036#
The Interim Report will be presented by CEO Juha Kalliokoski and CFO Marko Lehtonen.
In Hämeenlinna on November 12,
2021
Kamux Corporation
The Board of Directors
For more information:
Juha Kalliokoski, CEO, Tel. +358
40 185 8633
Marko Lehtonen, CFO, Tel. +358 50
575 2006
Satu Otala, Director of
Communications, Tel. +358 400 629 337
ir@kamux.fi
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/kamux/r/kamux-corporation-s-interim-report-for-january-1---september-30--2021,c3451992
The following files are available for download:
https://mb.cision.com/Main/17647/3451992/1494896.pdf
|
Kamux Oyj_Interim
Report_Q3_2021_FINAL
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