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Kamux’s German subsidiary has decided to initiate legal proceedings against local procurement partner

22.07.2021

Kamux Corporation      Inside Information    July 22, 2021 at 9:50 (EEST)

Kamux’s German subsidiary has decided to initiate legal proceedings against local procurement partner

Kamux’s German subsidiary, Kamux Auto GmbH has decided to initiate legal proceedings against local procurement partner. The operator in question has received payments from Kamux Auto GmbH in March-June 2021 for cars that it has not been able to deliver despite numerous complaints. Kamux Auto GmbH demands refund of payments related to purchasing agreements made to the procurement partner totaling approximately EUR 3.7 million.

Since the recovery of payments depends on the outcome of the legal proceedings, Kamux Auto GmbH will recognize provisions amounting to EUR 3.9 million in June 2021 related to possible costs and losses. The possible costs and losses are reported in adjustment items, and they will not affect the 2021 outlook previously published by Kamux.

Kamux Corporation

 

Marko Lehtonen, CFO

Tel. +358 50 575 2006

ir@kamux.fi

 

Kamux Corporation 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 total of 79 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold approximately 300,000 used cars, 60,657 of which were sold in 2020. Kamux’s revenue reached EUR 724.1 million in 2020. In 2020, Kamux’s average number of employees was 713 in terms of full-time equivalent employees. The shares of Kamux are listed on the Nasdaq Helsinki stock exchange.

www.kamux.com