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Kamux saw very strong growth, revenue +52.0% – Adjusted operating profit (EBIT) at previous year’s level


Kamux Corporation                Half Year Financial Report                           August 13, 2021 at 09:00

Kamux Corporation’s Half Year Financial Report for January 1 – June 30, 2021

Kamux saw very strong growth, revenue +52.0% – Adjusted operating profit (EBIT) at previous year’s level

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 increased by 52.0%, totaling EUR 228.8 million (150.5)
  • Gross profit decreased by -0.5% to EUR 20.5 million (20.6), or 9.0% (13.7) of revenue
  • Adjusted operating profit (EBIT) was at previous year’s level, amounting to EUR 6.8 million (6.8), or 3.0% (4.6) of revenue
  • Operating profit (EBIT) decreased by -63.3% to EUR 2.8 million (7.7), or 1.2% (5.1) of revenue
  • The number of cars sold increased by 25.0% to 16,760 cars (13,413)
  • Like-for-like showroom revenue growth was 37.9% (-16.9)
  • Earnings per share were EUR 0.04 (0.16)
  • Kamux’s German subsidiary initiated legal proceedings against a local procurement partner, due to which an EUR 3.9 million provision was recognized into the second quarter related to possible costs and losses. This had a negative impact on the operating profit.

January-June in brief

  • Revenue increased by 38.0%, totaling EUR 438.6 million (317.9)
  • Gross profit increased by 12.4% to EUR 43.7 million (38.9), or 10.0% (12.2) of revenue
  • Adjusted operating profit (EBIT) increased by 15.2% to EUR 12.4 million (10.8), or 2.8% (3.4) of revenue
  • Operating profit (EBIT) decreased by -27.0% to EUR 8.5 million (11.7), or 1.9% (3.7) of revenue
  • The number of cars sold increased by 19.4% to 33,002 cars (27,640)
  • Like-for-like showroom revenue growth was 24.5% (-8.3)
  • Earnings per share were EUR 0.12 (0.22)

Key figures

EUR million 4-6/   2021 4-6/   2020 Change, % 1-6/   2021 1-6/   2020 Change, % 1-12/   2020
Revenue 228.8 150.5 52.0% 438.6 317.9 38.0% 724.1
Gross profit 20.5 20.6 -0.5% 43.7 38.9 12.4% 91.5
as percentage of revenue, % 9.0% 13.7% 10.0% 12.2% 12.6%
Operating profit (EBIT) 2.8 7.7 -63.3% 8.5 11.7 -27.0% 31.2
as percentage of revenue, % 1.2% 5.1% 1.9% 3.7% 4.3%
Adjusted operating profit* 6.8 6.8 -1.4% 12.4 10.8 15.2% 30.7
as percentage of revenue, % 3.0% 4.6% 2.8% 3.4% 4.2%
Revenue from integrated services 9.9 8.6 15.3% 19.3 17.5 10.2% 37.1
as percentage of revenue, % 4.3% 5.7% 4.4% 5.5% 5.1%
Number of cars sold 16,760 13,413 25.0% 33,002 27,640 19.4% 60,657
Gross profit per sold car, EUR 1,225 1,538 -20.3% 1,324 1,407 -5.9% 1,509
Sales growth of like-for-like showrooms, % 37.9% -16.9% 24.5% -8.3% -3.8%
Net debt 76.2 36.1 111.3% 53.5
Inventories 122.8 68.1 80.3% 93.6
Inventory turnover, days 46.5 45.1 2.9% 47.2
Capital expenditures 2.2 1.1 100.6% 3.4 2.2 53.4% 4.9
Average number of employees during the period 820 664 23.5% 713
Return on equity (ROE), % 22.0% 25.6% 26.3%
Return on investment (ROI), % 13.6% 13.8% 16.9%
Equity ratio, % 39.3% 45.1% 50.1%
Earnings per share, basic, EUR 0.04 0.16 -76.3% 0.12 0.22 -43.8% 0.58

* Operating profit adjusted for special items related to strategy planning, juridical processes and taxes from previous financial years, totaling EUR 3.9 million for the second quarter of 2021 and totaling EUR 3.9 million for 1-6/2021 (4-6/2020: EUR -0.9 million, 1-6/2020: EUR -0.9 million and 1-12/2020: EUR -0.5 million).

CEO Juha Kalliokoski:

“We accelerated our growth in accordance with our strategy during the second quarter and had very strong revenue growth in all our operating countries. Our revenue increased by 52.0% and like-for-like showroom revenue growth was 37.9%. Adjusted operating profit (EBIT) was at the previous year’s level totaling EUR 6.8 million. Profitability development in the second quarter cannot be deemed satisfactory.

We succeeded in our investments in the spring to purchase cars to ensure sufficient inventory during the summer sales season, which is reflected in the development of revenue and the number of cars sold. To support the implementation of our growth strategy, we have actively sought new procurement partners. After a good initial collaboration, a new procurement partner of our German subsidiary turned out to be a disappointment. Constant delivery difficulties, as cited by the partner, eventually led to a decision to discontinue the partnership and to start legal proceedings to recover the receivables. Related to this, we recognized EUR 3.9 million cost provision in the second quarter.

As part of our investments in leading with knowledge, we launched the Kamux Management System in Finland in May. The Kamux Management System has already been in use before in Germany. Implementing a new system in such a large user group is never without its challenges, but I am very proud of Kamux employees for their attitude in learning the new tool. The Kamux Management System enables the progress of several strategically important projects and will also scale for future growth.

Uncertainty continues regarding the corona pandemic, virus variants and their effect on the situation globally, in different countries and on the economy. Nevertheless, we remain determined in progressing and implementing several areas of our growth strategy.”

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:

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


Kamux will hold a Half Year Financial Report press conference and webcast for media and analysts today, August 13, 2021 at Hotel Kämp, Symposion meeting room in Helsinki at 11:00 (EET) in Finnish and then in English at around 12:00 (EET). Only pre-registered participants can attend the event on site as due to the corona pandemic, participation to the event is restricted in accordance with the applicable meeting restrictions. You can follow it as a live webcast in Finnish through a link at and in English at  A conference call will be held at the same time as the webcast.

Participation by conference call:

Finland: +358 981 710 310

Sweden: +46 856 642 651

United Kingdom: +44 333 300 0804

United States: +1 631 913 1422

PIN: 96413199#


The Half Year Financial Report will be presented by CEO Juha Kalliokoski and CFO Marko Lehtonen.

In Hämeenlinna on August 13, 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

Kamux Oyj_HalfYearFinancialReport_Q2_2021_FINAL