Kamux Corporation Interim Report May 24, 2017 12:00
Kamux Corporation`s Interim Report for January-March 2017
Revenue and adjusted operating profit increased
First quarter in brief
- The number of cars sold by Kamux increased by 13.8% to 9,698 cars (1-3/2016: 8,523)
- Kamux`s revenue increased by 12.6%, totaling EUR 109.3 million (97.0)
- Gross profit increased by 5.4% to EUR 12.5 million (11.9) or 11,5% (12,3) of revenue
- Adjusted operating profit (EBIT) increased by 5.5% to EUR 4.6 million (4.4), or 4.3% (4.5) of revenue
- Earnings per share were EUR 0.07 (0.07)
of revenue, %
Operating profit (EBIT)
of revenue, %
Adjusted operating profit*
of revenue, %
Revenue from integrated services
of revenue, %
Number of cars sold
Gross profit per car sold, EUR
Same store sales growth, %
Inventory turnover, days
Average number of employees during the period
Return on equity (ROE), %
Return on capital employed (ROI), %
Equity ratio, %
Basic earnings per share, EUR
* Operating profit adjusted for the costs related to the initial public offering, special items related to strategy planning, strategy implementation and geographical expansion, totaling EUR 1.2 million for the first quarter of 2017 (1-3/2016: EUR 0.4 million).
Outlook and financial targets
Kamux does not provide a short term outlook. In the medium term, the company`s targets are to increase revenue to at least EUR 700 million in 2019 and the operating profit margin of 4-5% in 2019 and at least 5% in the long term.
CEO Juha Kalliokoski:
"Kamux continued strong growth and international expansion during the first quarter of 2017. Our revenue increased to EUR 109.3 million by 12.6%. Our adjusted operating profit (EBIT) increased to EUR 4.6 million with increase of 5.5%. The number of cars sold increased by 13.8% to 9,698 cars. The revenue from integrated services increased to EUR 5.4 million, representing 5.0% of the revenue. Our operating environment was challenging during the first quarter in Finland due to the uncertainty caused by the road transport report published by the Ministry of Transport and Communications. Taking this into account, I am satisfied with our performance during the first quarter.
In the beginning of the year we continued to expand our showroom network. In January, we celebrated the official opening of our new showroom in Nedderfeld, Germany, and in February, we opened a new showroom in Turku, Finland. We aim to open several new showrooms during 2017 in the countries where we operate. In Sweden, we focused on the further development of our business processes, and we believe this will support our Swedish operations during the rest of the year. In April, we made a significant recruitment when Mr. Olli Kilpi was appointed as our director of international operations. Kilpi has a long and diverse background in retail, including working as the CEO of McDonalds in Sweden and Norway as well as working for Henkel and Procter and Gamble. In 2017, we aim to strengthen our organization further particularly in the areas of digitalization and international expansion.
A cornerstone of our strategy is to grow profitably by opening new showrooms and increasing sales at current stores. Excellent customer experience is an important part of Kamux`s operating model, and we aim to be a forerunner also in the area of digital customer experience. As a part of our digital strategy, we opened an online store in Finland in February.
After the reporting period, we started our journey as a publicly listed company on the pre-list of Nasdaq Helsinki on May 12, 2017, and trading of Kamux`s share on the official list of Nasdaq Helsinki began on May 16, 2017. The objective of the listing is to support Kamux`s growth strategy and international expansion, as well as increase Kamux`s visibility in Finland and abroad. The listing is an important milestone in our journey to become the leading used car retailer in Europe."
Publication schedule for financial reporting in 2017
Kamux will publish its financial reports in 2017 as follows:
Interim report for January-June 2017 on Thursday August 24, 2017.
Interim report for January-September 2017 on Thursday November 23, 2017.
Interim report conference call
Kamux will hold an interim report conference call today on May 24, 2017 at 15:00 (Finnish time). The interim report will be presented by CEO Juha Kalliokoski and CFO Tapio Arimo. Participants are requested to call in and register a few minutes prior to the start of the conference call at https://praecomspark.webex.com/praecomspark/onstage/g.php?MTID=e50a5daac7d7a72ac9fe399c6aae1dc6f.
The numbers are: UK call-in toll number: +44-203-478-5289, Finland toll: +358 9 3158 4349 and Sweden toll: +46 8 5051 3563.
Global call-in numbers: https://praecomspark.webex.com/praecomspark/globalcallin.php?serviceType=EC&ED=534514682&tollFree=0.
The conference access code is: 842 758 004.
In Hämeenlinna on May 24, 2017
The Board of Directors
For more information:
Juha Kalliokoski, CEO
Tel. +358 50 544 5538
Tapio Arimo, CFO
Tel. +358 40 829 6452
Satu Heikkilä, Director of Marketing and Communications
Tel. +358 400 629 337
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kamux Oyj via GlobeNewswire