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Code of conduct and good governance
Kamux aims to be a car retail forerunner in creating a culture of trust and openness. We comply with laws and regulations and require our employees to follow Kamux’s Code of Conduct in their daily work.
Each new Kamux salesperson receives a thorough training for the working ways of the Code of Conduct. Internally, this promotes the good consumer sales and governance practices facilitating the excellent customer experience which is of strategic importance to Kamux.
At Kamux, we do not advance our own interests nor accept bribes and do not approve, facilitate or advance money laundering or grey economy. We also require all suppliers of cars, services or other goods partnering with us to comply with our Code of Conduct in addition to laws and regulations.
We always comply with the Consumer Protection Act and during the sales process, we disclose the condition of the car and its potential shortcomings honestly and participate in car repair costs in accordance withthe life-cycle approach recommended by consumer advice services.
Kamux offers its employees an anonymous whistle blowing channel for reporting any possible actions violating the Code of Conduct, possible misconduct or suspicions of misconduct. There is also a general feedback email available on the company’s website. In 2019, we received two whistle blowing notifications from outside the company, which were processed and investigated according to the process. They did not warrant further action.
Excellent customer experience
Kamux wants to offer the best customer experience in used car retail. The goal is for our customer interactions to be smooth, transparent, creating trust and encouraging recommendations. For customers buying a car, we offer the possibility of smooth omnichannel interactions – most of our customers today choose a combination of online and showroom service.
All customers who have purchased a car are sent a customer satisfaction survey. The results of the survey function as a key indicator for the success of our operations and service. Kamux has set the customer satisfaction target level at 4.5/5. In 2019, a total of 5,140 of Kamux’s car-purchasing customers (6,081 in 2018) took part in the survey, and we achieved an overall score of 4.3/5 (4.2/5 in 2018) in our markets. Customer satisfaction improved from the previous year towards the target we have set. We believe that this development was supported by the internal trainings we organized during the year, which focused on customer experience.
Kamux’s after-sales service team together with sales are tasked with managing claims in accordance with the company’s internal guidelines in all operating countries. We aim to handle claims as openly, quickly and fairly as possible to achieve a firstclass customer experience in all situations, which is why we increased resources in our after-sales service in 2019.
Value for owners
Kamux is committed to profitable growth. Our goal is to increase our shareholder value through long-term, systematic work. We estimate that our growth is based on a solid foundation; we develop our existing showrooms and open new showrooms in strategically important sales venues in growth centers and in good retail hub locations. We increase sales by using digital sales and customer service channels and cross-selling.
After the stock exchange listing in 2017, Kamux’s revenue has increased by approximately 20 percent per year. During the financial year 2019, our revenue increased to EUR 658.5 million, growing by 24.8 percent from the previous year. Our adjusted operating profit was EUR 25.4 million, accounting for 3.9 percent of revenue. Return on equity in 2019 was 25%. Kamux aims to distribute a dividend of at least 30 percent of profit for the financial year. For the financial year 2019, Kamux’s Board of Directors proposed a dividend payout of 48.4 percent of profit.
Our tax footprint was EUR 74.1 (56.8) million. The most significant amounts related to payment of taxes were the car taxes as well as marginal and VAT taxes paid. We paid EUR 5.0 (4.9) million in income tax in 2019.