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Kamux Corporation’s Interim Report for January 1 – March 31, 2020


Kamux Corporation                Interim Report                      May 15, 2020 at 09:00

Kamux Corporation’s Interim Report for January 1 – March 31, 2020

Kamux’s revenue grew strongly by 17.0% and its financial position strengthened

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

January-March in brief

– Revenue increased by 17.0%, totaling EUR 167.4 million (143.0)

– Gross profit increased by 10.0% to EUR 18.3 million (16.6), or 10.9% (11.6) of revenue

– Adjusted operating profit (EBIT) decreased by -15.2% to EUR 4.0 million (4.7), or 2.4% (3.3) of revenue

– Operating profit (EBIT) decreased by -14.7% to EUR 4.0 million (4.6), or 2.4% (3.2) of revenue

– The number of cars sold increased by 16.7% to 14,227 cars (12,187)

– Like-for-like showroom revenue growth was 1.0% (-4.4)

– Earnings per share were EUR 0.06 (0.08)

– 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 1-3/2020 1-3/2019 Change, % 1-12/2019
Revenue 167.4 143.0 17.0% 658.5
Gross profit 18.3 16.6 10.0% 79.6
as percentage of revenue, % 10.9% 11.6% 12.1%
Operating profit (EBIT) 4.0 4.6 -14.7% 25.3
as percentage of revenue, % 2.4% 3.2% 3.8%
Adjusted operating profit* 4.0 4.7 -15.2% 25.4
as percentage of revenue, % 2.4% 3.3% 3.9%
Revenue from integrated services 8.9 7.1 25.8% 32.9
as percentage of revenue, % 5.3% 5.0% 5.0%
Number of cars sold 14,227 12,187 16.7% 55,432
Gross profit per sold car, EUR 1,284 1,362 -5.7% 1,437
Sales growth of like-for-like showrooms, % 1.0% -4.4% 6.3%
Net debt 45.4 50.1 -9.4% 38.5
Inventories 77.6 70.4 10.3% 70.2
Inventory turnover, days 44.8 48.6 -7.8% 44.5
Capital expenditures 1.1 0.4 158.0% 2.7
Average number of employees during the period 661 553 19.5% 595
Return on equity (ROE), % 23.6% 22.0% 25.3%
Return on investment (ROI), % 13.2% 12.9% 16.7%
Equity ratio, % 44.9% 45.6% 45.1%
Earnings per share, basic, EUR 0.06 0.08 -19.8% 0.48

* Operating profit adjusted for special expense items related to strategy planning and geographical expansion. There were no special items for the first quarter of 2020 (1-3/2019: EUR 0.0 million and 1-12/2019: EUR 0.1 million).

CEO Juha Kalliokoski:

“Kamux’s revenue increased strongly, by 17.0%, in the first quarter despite the ongoing corona pandemic. The exceptional circumstances were reflected in gross margin and profitability. The gross profit was impacted by an exceptionally large write-down of inventory, profit impact of EUR 1.6 million, related to market situation caused by corona pandemic. Inventory turnover, 44.8 days, was at a good level. Return on equity (ROE) was 23.6%.

In this exceptional operating environment, the cornerstones of our business model and customer interaction based on digital combined with home deliveries supported used car sales. In addition, we carried out several measures related to managing sales and purchases and customer communication to support sales in March. We balanced supply and demand by managing closely our centralized purchasing function. Because the supply chain is completely in Kamux’s own hands, it can be controlled and managed quickly. The restrictions and recommendations on mobility to stop the spread of the corona pandemic had an impact in all of our operating countries, but especially in Germany. In Germany, the brick-and-mortar stores were closed for over four weeks of which two weeks in March due to widespread closures by the state.

Kamux’s independence and the possibility to make quick decisions were central in enabling active business in exceptional circumstances. The current operating environment and the restrictions related to the pandemic affect us by decreasing the volume of business and profitability. However, our business model, response capability, the company’s cash reserves and financial position help us mitigate the negative impacts.

Kamux’s first business acquisition took place in early 2020, when Kamux acquired the Autosilta business from Jagro Oy. The acquisition was concluded on January 9. On the next day, Kamux opened a showroom in Espoo Niittykumpu in the former premises of Autosilta.

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:

August 13, 2020: Kamux Corporation will publish its Half-Year Report for January-June 2020.

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

Interim Report press conference and webcast

Kamux will hold an Interim Report webcast, conference call and press conference for media and analysts today, May 15, 2020 at 11:00 (EET) in Finnish and then in English at around 11:45 (EET).

Due to the corona pandemic, public meetings of over ten people are not allowed according to the decision of the Regional State Administrative Agencies, and because of that only five analysts or representatives of the media can attend the press conference in person (Hotel Kämp, Symposion meeting room, Pohjoisesplanadi 29, Helsinki). The participants will be chosen in order of registration. Pre-registration is required. Registrations by e-mail:

You can follow the press conference live in Finnish through a link at and in English The Interim Report will be presented by CEO Juha Kalliokoski and Group Controller Milla Kärpänen.

In Hämeenlinna on May 15, 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_Interim Report_Q1_2020