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Kamux Corporation’s Half Year Financial Report for January 1 – June 30, 2020


Kamux Corporation                Half Year Financial Report                           August 13, 2020 at 09:00

Kamux Corporation’s Half Year Financial Report for January 1 – June 30, 2020

Kamux’s Business Model Proved its Strength in an Exceptional Situation – Profitability Improved, Revenue Declined by -4.3%

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

April-June in brief

– Revenue decreased by -4.3%, totaling EUR 150.5 million (157.3)

– Gross profit increased by 2.4% to EUR 20.6 million (20.1), or 13.7% (12.8) of revenue

– Adjusted operating profit (EBIT) increased by 1.6% to EUR 6.8 million (6.7), or 4.6% (4.3) of revenue

– Operating profit (EBIT) increased by 14.7% to EUR 7.7 million (6.7), or 5.1% (4.3) of revenue

– The number of cars sold was at previous year’s level, amounting to 13,413 cars (13,441)

– Like-for-like showroom revenue decline was -16.9% (2.4)

– Earnings per share were EUR 0.16 (0.12)

January-June in brief

– Revenue increased by 5.9%, totaling EUR 317.9 million (300.2)

– Gross profit increased by 5.8% to EUR 38.9 million (36.7), or 12.2% (12.2) of revenue

– Adjusted operating profit (EBIT) decreased by -5.3% to EUR 10.8 million (11.4), or 3.4% (3.8) of revenue

– Operating profit (EBIT) increased by 2.7% to EUR 11.7 million (11.4), or 3.7% (3.8) of revenue

– The number of cars sold increased by 7.9% to 27,640 cars (25,628)

– Like-for-like showroom revenue decline was -8.3% (-1.0)

– Earnings per share were EUR 0.22 (0.20)

– The business acquisition of Autosilta was concluded on January 9, 2020.

– As published in a stock exchange release on March 20, due to the corona pandemic, it is not likely that Kamux will reach its medium-term targets this year.

Key figures

EUR million 4-6/   2020 4-6/   2019 Change, % 1-6/   2020 1-6/   2019 Change, % 1-12/   2019
Revenue 150.5 157.3 -4.3% 317.9 300.2 5.9% 658.5
Gross profit 20.6 20.1 2.4% 38.9 36.7 5.8% 79.6
as percentage of revenue, % 13.7% 12.8% 12.2% 12.2% 12.1%
Operating profit (EBIT) 7.7 6.7 14.7% 11.7 11.4 2.7% 25.3
as percentage of revenue, % 5.1% 4.3% 3.7% 3.8% 3.8%
Adjusted operating profit* 6.8 6.7 1.6% 10.8 11.4 -5.3% 25.4
as percentage of revenue, % 4.6% 4.3% 3.4% 3.8% 3.9%
Revenue from integrated services 8.6 7.9 9.3% 17.5 15.0 17.1% 32.9
as percentage of revenue, % 5.7% 5.0% 5.5% 5.0% 5.0%
Number of cars sold 13,413 13,441 -0.2% 27,640 25,628 7.9% 55,432
Gross profit per sold car, EUR 1,538 1,499 2.6% 1,407 1,434 -1.9% 1,437
Sales growth of like-for-like showrooms, % -16.9% 2.4% -8.3% -1.0% 6.3%
Net debt 36.1 57.8 -37.6% 38.5
Inventories 68.1 79.2 -14.0% 70.2
Inventory turnover, days 45.1 51.3 -12.0% 44.5
Capital expenditures 1.1 0.8 41.2% 2.2 1.2 83.7% 2.7
Average number of employees during the period 664 566 17.3% 595
Return on equity (ROE), % 25.6% 26.9% 25.3%
Return on investment (ROI), % 13.8% 16.0% 16.7%
Equity ratio, % 45.1% 44.6% 45.1%
Earnings per share, basic, EUR 0.16 0.12 33.3% 0.22 0.20 11.9% 0.48

* Operating profit adjusted for special expense items related to strategy planning, geographical expansion and taxes from previous financial years, totaling EUR -0.9 million for the second quarter of 2020 and totaling EUR -0.9 million for 1-6/2020 (4-6/2019: EUR 0.0 million, 1-6/2019: EUR 0.0 million and 1-12/2019: EUR 0.1 million).

CEO Juha Kalliokoski:

“The corona pandemic significantly decreased used car sales in April. Sales started to recover in May and were already strong in June. Our quick response and our flexible business model enabled us to improve profitability in these exceptional circumstances. We carried out several measures related to ensuring safe customer interaction and safe working conditions as well as purchasing volumes and inventory management. In the second quarter of 2020, Kamux Group’s revenue decreased by -4.3%, but the adjusted operating profit grew by 1.6%.

In Finland, the operating profit adjusted for special items increased to EUR 8.1 million (7.6) in the second quarter. This is an excellent accomplishment considering that Kamux’s revenue in Finland decreased by 7.5%. In Finland, the operating profit in the second quarter was affected by a EUR 0.9 million tax refund related to taxes from previous financial years.

In Sweden, the restrictions related to the corona pandemic were lighter than in Finland and Germany, but they impacted people’s mobility and behavior. In Sweden, revenue increased slightly, and profitability was at previous year’s level.

In April, the showrooms in Germany were closed for two and a half weeks due to a government order. Despite the opening of the stores, wearing a mask is still compulsory and many strict regulations remain in force. Even in the extremely exceptional circumstances, total revenue in Germany increased by 17% compared to the corresponding period of the previous year. Thanks for this go to our German personnel, who were determined and persistent in the challenging operating environment.

Our strengths in the second quarter also included our inventory turnover and our digitally focused operating model, which enabled car sales also during strict mobility restrictions. Kamux’s strong financial position provides a solid basis for possible new waves of the pandemic.

We appointed Karri Kauppila as acting Country Director of Kamux Sweden as of August 1. Under Karri’s lead, we will continue working ambitiously to build profitable growth in the Swedish market. Karri has several years of business experience from Sweden and strong experience especially in marketing and sales, as well as in people management.”

Outlook and financial targets

Kamux does not provide a short-term outlook. The company’s medium-term annual financial targets for 2019-2022 are to increase revenue by over 10% and to reach an operating profit margin of at least 4% as well as a dividend payout of at least 30% of the profit for the financial year.

The global corona pandemic and the restrictions and regulations related to it have caused significant changes to Kamux’s operating environment, leading to the company publishing a stock exchange release on March 20, 2020, informing that it is not likely that Kamux will reach its medium-term targets in 2020. No changes have been made to the medium-term targets set by the Board of Directors because of the situation.

Publication schedule for financial reporting in 2020

Publication schedule for Kamux Corporation’s financial reporting in 2020:

November 13, 2020: Kamux Corporation will publish its Interim Report for January-September 2020.

Half Year Report Press Conference and Webcast

Kamux will hold a Half Year Report webcast and press conference for media and analysts today, August 13, 2020 at hotel Kämp, Symposion meeting room, address Pohjoisesplanadi 29, Helsinki, at 11:00 (EET) in Finnish and then in English at around 11:45 (EET). You can follow the press conference as a live webcast in Finnish through a link at and in English at  The Half Year Report will be presented by CEO Juha Kalliokoski and CFO Marko Lehtonen.

In Hämeenlinna on August 13, 2020

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

Kamux Oyj_HalfYearFinancialReport_Q2_2020_FINAL