Kamux Corporation's Interim Report for January-March 2019

HELSINKI, May 10, 2019 /PRNewswire/ -- Kamux's revenue increased by 11% - strong international growth, operating profit was close to last year's level.

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

January-March in brief

- The number of cars sold increased by 7.1% to 12,187 cars (11,379)

- Revenue increased by 11.1%, totaling EUR 143.0 million (128.7)

- Gross profit increased by 13.7% to EUR 16.6 million (14.6), or 11.6% (11.3) of revenue

- Adjusted operating profit (EBIT) decreased by -3.0% to EUR 4.7 million (4.8), or 3.3% (3.7) of revenue

- Operating profit (EBIT) decreased by -3.1% to EUR 4.6 million (4.8), or 3.2% (3.7) of revenue

- Earnings per share were EUR 0.08 (0.08)

- Like-for-like showroom revenue decline was -4.4% (8.8)

CEO Juha Kalliokoski:

"During the first quarter, our revenue increased by 11.1%, totaling EUR 143.0 million.

Our company's international development was strong. In Sweden, we grew by 38.6% and our revenue totaled EUR 33.4 million, with Germany's corresponding figures at 66.6% and EUR 10.8 million.

In Finland, we grew by 4.7%, with our revenue totaling EUR 108.3 million. Although our growth was slightly slower than usual, we believe that we have further increased our market share in Finland. Our gross profit increased by 8.9% to EUR 13.5 million. Our operating profit in Finland was close to last year's level totaling EUR 5.9 million, since we invested in future growth.

Our profitability was close to last year's level, with our adjusted operating profit totaling EUR 4.7 million. Our gross profit was EUR 16.6 million (14.6) and gross profit margin increased to 11.6% (11.3). Due to investments in future growth operating profit margin decreased and was 3.2% (3.7). We invested as planned in Kamux's brand building, IT-systems and personnel, with a special focus on competence development and recruitment methods. We are working actively towards improving our profitability and turning the sales growth of like-for-like showrooms positive.

Public discussion around power sources picked up in Finland before the parliamentary election. Consumers' uncertainty affected used car sales, resulting in consumers postponing the purchase or trade of cars. However, the need for mobility has remained unchanged and Kamux's operating model works well despite the market situation, as evidenced by our results from the first quarter.

During the first quarter, we opened three new showrooms in Finland and two new showrooms in Sweden. In addition, we have announced the opening of four new showrooms.

We appointed Marko Lehtonen as the company's CFO and member of the Group's Management Team on March 14, 2019. Lehtonen will start in his new position on June 17, 2019 at the latest."

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, totaling EUR 0.0 million for the first quarter of 2019 (1-3/2018: EUR 0.0 million and 1-12/2018: EUR 3.0 million).

** Key figures 1-3/2019 include the effects of adoption of IFRS 16 Leases standard. Excluding IFRS 16 effects the comparable figures in 1-3/2019 were: Operating profit (EBIT) EUR 4.7 million, Adjusted operating profit EUR 4.7 million, Net debt EUR 10.1 million, Return on equity (ROE) 22.2%, Return on investment (ROI) 16.0% and Equity ratio 61.6%.

Publication schedule for financial reporting in 2019

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

August 23, 2019: Kamux Corporation will publish its Half-Yearly Report for January-June 2019.

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

Interim Report press conference and webcast

Kamux will hold an Interim Report press conference for media and analysts today, May 10, 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 Interim Report will be presented by CEO Juha Kalliokoski and Interim CFO, Group Controller Milla Kärpänen.

In Hämeenlinna on May 10, 2019

Kamux Corporation

The Board of Directors

For more information:

Juha Kalliokoski, CEO
Tel. +358-50-544-5538

Milla Kärpänen, Interim CFO, Group Controller
Tel. +358-40-342-4214

Satu Otala, Director of Communications
Tel. +358-400-629-337

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