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Kamux Corporation’s Interim Report for January 1 – March 31, 2022: Kamux’s revenue grew strongly at +13.1%, adjusted operating profit (EBIT) was at the previous year’s level


Kamux Corporation Interim Report 13.5.2022 at 09:00

Kamux Corporation’s Interim Report for January 1 – March 31, 2022: Kamux’s revenue grew strongly at +13.1%, adjusted operating profit (EBIT) was at the previous year’s level

This is a summary of Kamux Corporation’s Interim Report for January 1 – March 31, 2022. The complete report is attached to this release and is also available at the company website at

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 13.1%, totaling EUR 237.3 million (209.9)
  • Gross profit increased by 4.6% to EUR 24.3 million (23.2), or 10.2% (11.0) of revenue
  • Adjusted operating profit (EBIT) was at the previous year’s level, amounting to EUR 5.7 million (5.7), or 2.4% (2.7) of revenue
  • Operating profit (EBIT) was at the previous year’s level, amounting to EUR 5.7 million (5.7), or 2.4% (2.7) of revenue
  • The number of cars sold decreased by -3.9% to 15,601 cars (16,242)
  • Like-for-like showroom revenue growth was 8.6% (12.8)
  • Basic earnings per share were EUR 0.11 (0.09) and diluted earnings per share were EUR 0.10 (0.09)

Key figures

EUR million 1-3/2022 1-3/2021 Change, % 1-12/2021
Revenue 237.3 209.9 13.1% 937.4
Gross profit 24.3 23.2 4.6% 101.3
as percentage of revenue, % 10.2% 11.0% 10.8%
Operating profit (EBIT) 5.7 5.7 -0.5% 28.0
as percentage of revenue, % 2.4 % 2.7% 3.0%
Adjusted operating profit* 5.7 5.7 -0.5% 31.4
as percentage of revenue, % 2.4% 2.7% 3.3%
Revenue from integrated services 11.8 9.4 25.4% 42.8
as percentage of revenue, % 5.0% 4.5% 4.6%
Number of cars sold 15,601 16,242 -3.9% 68,429
Gross profit per sold car, EUR 1,554 1,427 8.9% 1,480
Sales growth of like-for-like showrooms, % 8.6% 12.8% 19.1%
Net debt 85.4 75.5 13.1% 70.4
Inventories 146.2 122.4 19.5% 132.8
Inventory turnover, days 56.7 54.3 4.4% 49.3
Capital expenditures 1.4 1.2 10.5% 7.4
Average number of employees during the period 875 795 10.1% 848
Return on equity (ROE), % 19.5% 26.5% 19.5%
Return on investment (ROI), % 11.2% 16.5% 12.5%
Equity ratio, % 46.4% 45.4% 47.3%
Earnings per share, basic, EUR 0.11 0.09 21.6% 0.49
Earnings per share, diluted, EUR 0.10 0.09 21.8% 0.49

* Operating profit adjusted for special items related to legal processes and taxes from previous financial years. During the first quarter of 2022, there were no items adjusting the operating profit (1-3/2021: EUR 0.0 million and 1-12/2021: EUR 3.4 million).

CEO Juha Kalliokoski:

“During the first quarter, we continued to firmly implement our growth strategy and succeeded in increasing our turnover, which is our most important goal, in a challenging market environment. Net sales grew by 13.1% and comparable showroom sales grew by 8.6%. I am particularly pleased with the external sales growth and the positive gross margin development in Sweden and Germany, as well as the growth in sales of integrated services in all markets. Gross margin per sold car also developed well.

The development in the number of sold cars was a disappointment. Sales developed well in Sweden and Germany, but in Finland the number of cars sold fell to 2020 level at approximately 11,000 cars. Due to rising prices and increased geopolitical uncertainty, fewer used cars were sold in all of our operating countries and in our view Russia’s attack on Ukraine in February had a clear negative impact on demand. Given the market development, we can be particularly pleased with the sales development in Sweden and Germany. Due to the sharply increased fuel prices, the reduced demand was especially focused on hybrid and electric cars, for which the purchasing market is particularly tense. The global shortage of components continues to prolong delivery times for new cars, resulting in limited availability of used cars. Despite the tense purchasing market, sales of hybrid and electric cars at Kamux increased by almost 40% compared to Q1 2021. We took the tense purchasing market into account already at the end of 2021 and increased the inventory of cars ahead the coming summer season. This is reflected in our inventory and inventory turnover during the first quarter.

On May 16, 2022, it will be five years since trading with Kamux shares began at Nasdaq Helsinki’s main market. Over these five years, we have taken a big step towards our vision to be the #1 used car retailer in Europe and have already reached third place. I would like to thank all our employees for their efforts on this journey and for their continued work for the benefit of the company and our customers. The number of shareholders has grown to more than 24,000, and I would also like to thank them all for their trust. We will continue to follow our path to growth, guided by our strategy.”

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 behavior and purchasing power, which may also create uncertainty regarding Kamux’s outlook for 2022.

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.

Significant events after the reporting period

On April 12, 2022, a total of 1,401 treasury shares were returned to the Company without consideration in accordance with the terms and conditions of the Company’s share-based incentive scheme due to the termination of employment of key persons. After the return, the Company holds a total of 11,994 treasury shares.

On April 21, 2022, the Company announced the plan to open its 24th store in Sweden in September 2022 in Kalmar.

In April 2022, as announced on March 22, 2022, the Company transferred a total of 26,521 treasury shares held by the Company without consideration in accordance with the terms and conditions of the Company’s share-based incentive scheme.

News conference

Kamux will hold a news conference and webcast for analysts and media today, Friday, May 13, 2022 at Hotel Kämp, meeting room Symposion (address Pohjoisesplanadi 29, Helsinki) at 11:00 EET in Finnish and at 12:00 noon EET in English. CEO Juha Kalliokoski and CFO Marko Lehtonen will present the Interim Report. The Finnish event can be followed live through a link at and in English at

Participation by conference call:
Finland Toll: +358 981710310
Sweden Toll: +46 856642651
United Kingdom Toll: +44 3333000804
United States Toll: +1 6319131422
PIN: 81509859#

Publication schedule for financial reporting in 2022

Publication schedule for Kamux Corporation’s financial reporting in 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

For further information, please contact:
CEO Juha Kalliokoski, tel. +358 40 185 8633
CFO Marko Lehtonen, tel. +358 50 575 2006
Head of Communications & IR Katariina Hietaranta, tel. +358 50 557 6765

Kamux Corporation

Kamux is a retail chain specializing in the sale of used cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 78 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold over 400,000 used cars, 68,429 of which were sold in 2021. Kamux’s revenue reached EUR 937.4 million in 2021. In 2021, Kamux’s average number of employees was 848 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd.

Kamux Corporation_Interim Report_Q1_2022