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Kamux Corporation’s Interim Report for January 1 – March 31, 2021


Kamux Corporation                Interim Report                      May 12, 2021 at 09:00

Kamux Corporation’s Interim Report for January 1 – March 31, 2021

Kamux Saw Very Strong and Very Profitable Growth – Revenue Growth +25.4% and Adjusted Operating Profit +44.0%

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 25.4%, totaling EUR 209.9 million (167.4)

– Gross profit increased by 26.9% to EUR 23.2 million (18.3), or 11.0% (10.9) of revenue

– Adjusted operating profit (EBIT) increased by 44.0% to EUR 5.7 million (4.0), or 2.7% (2.4) of revenue

– Operating profit (EBIT) increased by 44.0% to EUR 5.7 million (4.0), or 2.7% (2.4) of revenue

– The number of cars sold increased by 14.2% to 16,242 cars (14,227)

– Like-for-like showroom revenue growth was 12.8% (1.0)

– Earnings per share were EUR 0.09 (0.06)

Key figures

EUR million 1-3/2021 1-3/2020 Change, % 1-12/2020
Revenue 209.9 167.4 25.4% 724.1
Gross profit 23.2 18.3 26.9% 91.5
as percentage of revenue, % 11.0% 10.9% 12.6%
Operating profit (EBIT) 5.7 4.0 44.0% 31.2
as percentage of revenue, % 2.7% 2.4% 4.3%
Adjusted operating profit* 5.7 4.0 44.0% 30.7
as percentage of revenue, % 2.7% 2.4% 4.2%
Revenue from integrated services 9.4 8.9 5.3% 37.1
as percentage of revenue, % 4.5% 5.3% 5.1%
Number of cars sold 16,242 14,227 14.2% 60,657
Gross profit per sold car, EUR 1,427 1,284 11.1% 1,509
Sales growth of like-for-like showrooms, % 12.8% 1.0% -3.8%
Net debt 75.5 45.4 66.3% 53.5
Inventories 122.4 77.6 57.6% 93.6
Inventory turnover, days 54.3 44.8 21.2% 47.2
Capital expenditures 1.2 1.1 8.2% 4.9
Average number of employees during the period 795 661 20.3% 713
Return on equity (ROE), % 26.5% 23.6% 26.3%
Return on investment (ROI), % 16.5% 13.2% 16.9%
Equity ratio, % 45.4% 44.9% 50.1%
Earnings per share, basic, EUR 0.09 0.06 36.5% 0.58

* Operating profit adjusted for special items related to strategy planning and taxes from previous financial years. There were no special items for 1-3/2021 (1-3/2020: EUR 0.0 million and 1-12/2020: EUR -0.5 million).

CEO Juha Kalliokoski:

“We saw very strong and very profitable growth in the first quarter. Kamux’s revenue increased by 25.4% and adjusted operating profit by 44.0%. We have worked decisively to implement our strategy, which focuses on accelerating growth and developing scalability.

We are still living in the midst of the corona pandemic, but the measures taken by the governments in Finland and Sweden did not have a considerable adverse effect on our business. In Germany, on the other hand, the entire first quarter was a very exceptional time due to the lock-down of society and the related measures taken. The unusual situation was also reflected on used car retail and Kamux’s profitability in Germany. In all countries, we were flexible in making swift substitute employee arrangements to ensure the health of both our personnel as well as our customers.

During the first quarter, we invested in car purchasing for the spring and summer seasons to ensure sufficient inventory levels, as we are aiming at strong growth in all operating countries.

We implemented our strategy in the first quarter by developing a the Kamux Huoleton (“Carefree”), a service based on monthly-fee driving. The Gothenburg showroom, opened in May, is a good example of a larger showroom in line with our strategy. The showroom and car processing center to be established in Oulu, which was announced in May, is a strategic property investment that enables long-term development of operations in accordance with our strategic focus areas.

Outlook for the year 2021

In 2021, Kamux expects its revenue to reach EUR 800-850 million and 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 2021

Publication schedule for Kamux Corporation’s financial reporting in 2021:

August 13, 2021: Kamux Corporation will publish its Half-Year Report for January-June 2021.

November 12, 2021: Kamux Corporation will publish its Interim Report for JanuarySeptember 2021.

Interim Report Webcast

Kamux will hold an Interim Report webcast and conference call for media and analysts today, May 12, 2021 at 11:00 (EET) in Finnish and then in English at around 12:00 (EET). The event will be hold only through web and you can follow it as a live webcast in Finnish through a link at and in English at  The Interim Report will be presented by CEO Juha Kalliokoski and CFO Marko Lehtonen.

In Hämeenlinna on May 12, 2021

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. +358 400 629 337

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