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Kamux Corporation’s Financial Statements Bulletin for January-December 2018

01.03.2019

Kamux Corporation         Financial Statements Bulletin              March 1, 2019 at 09:00

Kamux Corporation’s Financial Statements Bulletin for January-December 2018

KAMUX’S REVENUE INCREASED 14.7% AND OPERATING PROFIT FURTHER IMPROVED IN OCTOBER-DECEMBER 2018

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

October-December in brief

– The number of cars sold increased by 9.0% to 11,220 cars (10,294)

– Revenue increased by 14.7%, totaling EUR 131.1 million (114.3)

– Gross profit increased by 22.7% to EUR 16.0 million (13.0), or 12.2% (11.4) of revenue

– Adjusted operating profit (EBIT) increased by 31.3% to EUR 4.3 million (3.3), or 3.3% (2.9) of revenue

– Operating profit (EBIT) increased by 20.3% to EUR 3.9 million (3.3), or 3.0% (2.9) of revenue

– Earnings per share were EUR 0.08 (0.05)

– Like-for-like showroom revenue growth was 0.7% (2.4)

January-December in brief

– The number of cars sold increased by 13.8% to 46,596 cars (40,957)

– Revenue increased by 16.0%, totaling EUR 527.8 million (454.9)

– Gross profit increased by 20.5% to EUR 64.9 million (53.8), or 12.3% (11.8) of revenue

– Adjusted operating profit (EBIT) increased by 17.5% to EUR 21.9 million (18.6), or 4.1% (4.1) of revenue

– Operating profit (EBIT) increased by 16.5% to EUR 18.9 million (16.2), or 3.6% (3.6) of revenue

– Earnings per share were EUR 0.37 (0.30)

– Like-for-like showroom revenue growth was 5.6% (-4.9)

– The Board of Directors proposes a dividend of EUR 0.16 per share to be distributed for the year 2018 (for the year 2017 a dividend EUR 0.12 per share was distributed)

CEO Juha Kalliokoski:

“During the fourth quarter, Kamux’s revenue increased by 14.7% despite the challenging market situation and our profitability improved significantly compared to the corresponding period of the previous year.

All in all, 2018 was a year of success and profitable growth for Kamux, despite the market situation. Our internationalization continued strong, and we opened a total of eight new showrooms.

The Finnish market was particularly challenging during the fourth quarter. The sales of new cars decreased significantly, as Finland moved to WLTP-based car taxation. As a result, also the used car sales slowed down considerably compared to the previous year.

Public discussion on power sources of cars and the uncertainty factors related to the development of car values have confused car buyers and resulted in consumers postponing the purchase or trade of cars.

Despite the challenging market situation, we succeeded in increasing our sales and improving our profitability, which is evidence of the effectiveness of Kamux’s strategy.

Our internationalization is progressing strongly in Sweden and Germany. Market uncertainty was reflected in both countries, but the Swedish market was particularly challenging due to changes in the power source-based annual car tax. Despite this, we increased our market share in both countries.

In Germany, we moved on to the next growth stage in the greater Hamburg area with the opening of two new showrooms.

We continued to strengthen the company’s management to support growth and profitability. Jennie Stenbom started as the company’s Chief People Officer and a member of the Management Team on October 1, 2018. Ilkka Virtanen started as Kamux’s Director of Business Development and a member of the Management Team on October 29, 2018.”

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 10-12/2018 10-12/2017 Change, % 1-12/2018 1-12/2017 Change, %
Revenue 131.1 114.3 14.7% 527.8 454.9 16.0%
Gross profit 16.0 13.0 22.7% 64.9 53.8 20.5%
as percentage of revenue, % 12.2% 11.4% 12.3% 11.8%
Operating profit (EBIT) 3.9 3.3 20.3% 18.9 16.2 16.5%
as percentage of revenue, % 3.0% 2.9% 3.6% 3.6%
Adjusted operating profit* 4.3 3.3 31.3% 21.9 18.6 17.5%
as percentage of revenue, % 3.3% 2.9% 4.1% 4.1%
Revenue from integrated services 7.8 6.1 28.4% 27.1 22.8 18.5%
as percentage of revenue, % 6.0% 5.3% 5.1% 5.0%
Number of cars sold 11,220 10,294 9.0% 46,596 40,957 13.8%
Gross profit per sold car, EUR 1,422 1,263 12.6% 1,392 1,314 5.9%
Sales growth of like-for-like showrooms, % 0.7 % 2.4% 5.6% -4.9%
Net debt 9.6 7.3 32.2%
Inventories 71.0 55.2 28.6%
Inventory turnover, days 49.6 46.8 6.0%
Capital expenditures 0.7 0.4 65.1% 1.3 1.2 4.8%
Average number of employees duringthe period 472 418 12.9%
Return on equity (ROE), % 22.9% 26.6%
Return on investment (ROI), % 16.2% 17.2%
Equity ratio, % 60.0% 57.2%
Earnings per share, basic, EUR 0.08 0.05 70.0% 0.37 0.30 21.9%

* 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 0.4 million for the fourth quarter of 2018 and totaling EUR 3.0 million 1-12/2018 (10-12/2017: EUR 0.0 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:

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.

Financial Statements Bulletin press conference and webcast

Kamux will hold a Financial Statements Bulletin press conference for media and analysts today, March 1, 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 Financial Statements Bulletin will be presented by CEO Juha Kalliokoski and CFO Tapio Arimo.

In Hämeenlinna on March 1, 2019

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

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