HELSINKI, Aug. 23, 2019 /PRNewswire/ -- Kamux Corporation's Half Year Financial Report for January 1-June 30, 2019

Kamux's revenue increased by 22.9% and adjusted operating profit continued to increase

The figures in parenthesis refer to the comparison period, i.e. the same period in the previous year, unless stated otherwise.

April-June in brief

- The number of cars sold increased by 17.6% to 13,441 cars (11,433)

- Revenue increased by 22.9%, totaling EUR 157.3 million (128.0)

- Gross profit increased by 23.4% to EUR 20.1 million (16.3), or 12.8% (12.8) of revenue

- Adjusted operating profit (EBIT) increased by 10.7% to EUR 6.7 million (6.1), or 4.3% (4.8) of revenue

- Operating profit (EBIT) increased by 86.3% to EUR 6.7 million (3.6), or 4.3% (2.8) of revenue

- Earnings per share were EUR 0.12 (0.05)

- Like-for-like showroom revenue growth was 2.4% (9.3)

January-June in brief

- The number of cars sold increased by 12.3% to 25,628 cars (22,812)

- Revenue increased by 17.0%, totaling EUR 300.2 million (256.7)

- Gross profit increased by 18.8% to EUR 36.7 million (30.9), or 12.2% (12.0) of revenue

- Adjusted operating profit (EBIT) increased by 4.6% to EUR 11.4 million (10.9), or 3.8% (4.2) of revenue

- Operating profit (EBIT) increased by 35.4% to EUR 11.4 million (8.4), or 3.8% (3.3) of revenue

- Earnings per share were EUR 0.20 (0.13)

- Like-for-like showroom revenue decline was -1.0% (9.1)

CEO Juha Kalliokoski:

"The market for cars is in a state of change that is influenced by a number of factors: technology change, power source and climate debate, emission measurement changes and driving and car related tax policies that are difficult to predict. All of these together have created uncertainty amongst consumers, which is very clearly reflected in new car sales. As a company focused on used cars, Kamux's position in this change is different. Despite the market disturbance, people's need for mobility has not changed, and we have been able to respond to customer needs more flexibly than retailers of new cars. I am very pleased with Kamux's positive development in this operating environment, where the strength of our strategy stands out.

The second quarter was characterized by strong implementation of our growth strategy and Kamux's concept. Our revenue grew by 22.9%, totaling EUR 157.3 million. Our gross profit increased by 23.4%. Adjusted operating profit increased by 10.7%, totaling EUR 6.7 million. Return on equity (ROE) during the first half year was 26.9% and return on investment totaled 16.0%.

In Finland, our revenue increased during the second quarter by 15.0% and we increased our gross profit by 19.4%. In Germany, our revenue increased by 51.0%, along with relative profitability. In Sweden, our revenue increased by 63.5% and operating profit was at previous year's level.

We also performed well and according to plans in our purchases and in growing our car stock to prepare for the summer season. This was reflected in the inventory turnover.

Member of Group Management Team of Kamux Corporation and the company CFO, M.Sc. (econ) Marko Lehtonen started in his position on June 17, 2019."

Outlook and financial targets

Kamux does not provide a short-term outlook. The company's medium-term financial targets for 2019-2022 are to increase revenue by over 10% annually and to reach an operating profit margin of at least 4%.

Key figures

* Operating profit adjusted for special items related to strategy planning, strategy implementation, geographical expansion and during comparative year also taxes from previous financial years. During the second quarter of 2019 there were no special items. During 1-6/2019 special items totaled EUR 0.0 million (4-6/2018: EUR 2.5 million, 1-6/2018: EUR 2.5 million and 1-12/2018: EUR 3.0 million).

** Key figures 1-6/2019 and 4-6/2019 include the effects of adoption of IFRS 16 Leases standard. Excluding IFRS 16 effects the comparable figures in 1-6/2019 were: Operating profit (EBIT) EUR 11.4 million, Adjusted operating profit EUR 11.4 million, Net debt EUR 18.0 million, Return on equity (ROE) 27.1%, Return on investment (ROI) 20.1% and Equity ratio 59.7% and 4-6/2019 Operating profit (EBIT) EUR 6.7 million and Adjusted operating profit EUR 6.7 million.

Publication schedule for financial reporting in 2019

Publication schedule for Kamux Corporation's financial reporting in 2019:

November 8, 2019: Kamux Corporation will publish its Interim Report for January-September 2019.

Half Year Financial Report press conference and webcast

Kamux will hold a Half Year Financial Report press conference for media and analysts today, August 23, 2019 at hotel GLO Kluuvi, Video Wall meeting room, address Kluuvikatu 4, Helsinki, at 11:00 (Finnish time) in Finnish and then in English at around 11:30. You can follow the press conference live through a link at http://www.kamux.com/en/releases-and-publications/reports-and-presentations/. The Half Year Financial Report will be presented by CEO Juha Kalliokoski and CFO Marko Lehtonen.

In Hämeenlinna on August 23, 2019

Kamux Corporation
The Board of Directors

For more information:
Juha Kalliokoski, CEO
Tel. +358-50-544-5538
Marko Lehtonen, CFO
Tel. +358-50-575-2006
Satu Otala, Director of Communications
Tel. +358-400-629-337

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SOURCE Kamux