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Kamux Corporation’s Financial Statements Bulletin for January 1 – December 31, 2021


Kamux Corporation                Financial Statements Bulletin                      March 4, 2022 at 09:00

Kamux Corporation’s Financial Statements Bulletin for January 1 – December 31, 2021

Kamux’s revenue grew very strongly +22.8% and adjusted operating profit (EBIT) grew strongly +19.0%

The figures in parentheses refer to the comparison period, i.e. the same period in the previous year, unless stated otherwise.

October-December in brief

– Revenue increased by 22.8%, totaling EUR 244.1 million (198.8)

– Gross profit increased by 20.1% to EUR 28.6 million (23.8), or 11.7% (12.0) of revenue

– Adjusted operating profit (EBIT) increased by 19.0% to EUR 9.0 million (7.5), or 3.7% (3.8) of revenue

– Operating profit (EBIT) increased by 27.9% to EUR 9.4 million (7.4), or 3.9% (3.7) of revenue

– The number of cars sold increased by 6.3% to 16,728 cars (15,733)

– Like-for-like showroom revenue growth was 16.0% (-1.6)

– Earnings per share were EUR 0.18 (0.13)

January-December in brief

– Revenue increased by 29.5%, totaling EUR 937.4 million (724.1)

– Gross profit increased by 10.6% to EUR 101.3 million (91.5), or 10.8% (12.6) of revenue

– Adjusted operating profit (EBIT) increased by 2.3% to EUR 31.4 million (30.7), or 3.3% (4.2) of revenue

– Operating profit (EBIT) decreased by -10.3% to EUR 28.0 million (31.2), or 3.0% (4.3) of revenue

– The number of cars sold increased by 12.8% to 68,429 cars (60,657)

– Like-for-like showroom revenue growth was 19.1% (-3.8)

– Earnings per share were EUR 0.49 (0.58)

– The Board of Directors proposes a dividend of EUR 0.20 per share to be distributed for the year 2021 (for the year 2020 a dividend EUR 0.24 per share was distributed). The dividend proposed is 41% of the earnings per share for the financial year.

– 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. After the end of the financial year 2021, Kamux received the decision of the Stuttgart District Court dated January 10, 2022 regarding the legal proceedings. The district court ruled the claim in favor of Kamux. Due to significant uncertainties in the collection of the receivables, Kamux has not recognized any receivables at this point, and the decision did not have any immediate effects on the financial result.

Key figures

EUR million 10-12 /2021 10-12 /2020 Change,  % 1-12 /2021 1-12 /2020 Change,  %
Revenue 244.1 198.8 22.8% 937.4 724.1 29.5%
Gross profit 28.6 23.8 20.1% 101.3 91.5 10.6%
as percentage of revenue, % 11.7% 12.0% 10.8% 12.6%
Operating profit (EBIT) 9.4 7.4 27.9% 28.0 31.2 -10.3%
as percentage of revenue, % 3.9% 3.7% 3.0% 4.3%
Adjusted operating profit* 9.0 7.5 19.0% 31.4 30.7 2.3%
as percentage of revenue, % 3.7% 3.8% 3.3% 4.2%
Revenue from integrated services 12.9 10.2 26.5% 42.8 37.1 15.4%
as percentage of revenue, % 5.3% 5.1% 4.6% 5.1%
Number of cars sold 16,728 15,733 6.3% 68,429 60,657 12.8%
Gross profit per sold car, EUR 1,709 1,513 13.0% 1,480 1,509 -2.0%
Sales growth of like-for-like showrooms, % 16.0% -1.6% 19.1% -3.8%
Net debt 70.4 53.5 31.7%
Inventories 132.8 93.6 41.9%
Inventory turnover, days 49.3 47.2 4.6%
Capital expenditures 2.3 1.6 42.9 % 7.4 4.9 51.3%
Average number of employees during the period 848 713 18.9%
Return on equity (ROE), % 19.5% 26.3%
Return on investment (ROI), % 12.5% 16.9%
Equity ratio, % 47.3% 50.1%
Earnings per share, basic, EUR 0.18 0.13 38.0 % 0.49 0.58 -15.9%

* Operating profit adjusted for special items related to strategy planning, legal processes and taxes from previous financial years, totaling EUR -0.5 million for the fourth quarter of 2021 and totaling EUR 3.4 million for 1-12/2021 (10-12/2020: EUR 0.1 million and 1-12/2020: EUR -0.5 million).

CEO Juha Kalliokoski:

“In the fourth quarter, we continued our strong growth in accordance with our strategy. Revenue increased by 22.8%, and sales of like-for-like showrooms increased by 16.0%, which was a particularly great success. Also gross profit increased by 20.1%, and adjusted operating profit increased by 19.0%.

Due to the corona pandemic that flared up once again during the fourth quarter of the year, we made various substitute arrangements in our showrooms to ensure the health of our customers and personnel. Keeping this in mind, I am extremely pleased with the development of the fourth quarter.

In January 2022, we raised our revenue outlook for 2021, and in accordance with the guidance we provided, the revenue for 2021 was EUR 937.4 million and our adjusted operating profit increased from the previous year to EUR 31.4 million.

The component shortage and delivery difficulties affecting new car sales impact the used car market as well, as used cars have entered the market more slowly. We have wanted to ensure adequate inventory levels for 2022, and this was reflected in inventories and inventory turnover towards the end of 2021.

The effects of the corona pandemic were particularly strong in Germany, where the restrictions related to the corona virus tightened significantly towards the end of the year and influenced people’s behavior and mobility as well as the market. It is impossible to predict how the corona pandemic will evolve in the future and what effect it will have on how people do business in different countries. Despite the pandemic, we focus decisively on the implementation of our growth strategy and its focus areas, such as leading with knowledge, efficient processes and scalability, omnichannel customer experience, and developing capabilities.

At the start of the year, we renewed and strengthened the Management Team and its responsibilities to support the implementation of the strategy. The significance of international business and purchasing skills is highlighted in the expertise and experience of the Management Team.

I want to thank all our employees for their committed, persistent, and target-oriented work for the good of the company and our customers. The input of each employee matters, and we will continue to develop the competence of our personnel.”

Outlook for the year 2022

In 2022, Kamux expects its revenue to be at least EUR 1,100 million and adjusted operating profit to increase from the previous year.

Although Kamux’s business is not exposed to immediate Russia-related risks, Russian military actions in Ukraine have caused significant uncertainty across Europe. The situation may have an impact on people’s consumption behaviour and purchasing power, which may also create uncertainty regarding Kamux’s outlook for 2022.

Outlook for the year 2021

On January 21, 2022, Kamux updated its outlook for 2021. The Company raised its revenue outlook for 2021 while keeping 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 936938 million. The Company expects its adjusted operating profit to increase from the previous year.

Previously, Kamux expected its revenue to reach EUR 850-900 million in 2021 and its adjusted operating profit to increase from the previous year.

Financial targets for 20212023

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:

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 JanuarySeptember 2022.

The Annual Report for 2021 including Financial Statements will be published on week 12/2022.

The Annual General Meeting of Kamux Corporation is planned to be held on April 20, 2022.


Kamux will hold a Financial Statements Bulletin press conference and webcast for media and analysts today, Friday March 4, 2022, 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 and in English at  A conference call will be held in connection with the webcast.

Registration for personally attending the briefing is requested by email to by March 1, 2022.

Participation by conference call:

Finland: +358 981 710 310

Sweden: +46 856 642 651

United Kingdom: +44 333 300 0804

United States: +1 631 913 1422

PIN: 82722755#

The Interim Report will be presented by CEO Juha Kalliokoski and CFO Marko Lehtonen.

In Hämeenlinna on March 4, 2022

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 40 164 5036

Kamux Oyj_Financial Statements Bulletin_Q4_2021_FINAL