Quarterly Report • Aug 12, 2022
Quarterly Report
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Kamux Corporation's Half Year Financial Report for January 1—June 30, 2022
The figures in parentheses refer to the comparison period, i.e., the same period in the previous year, unless stated otherwise.
| EUR million | 4−6/ 2022 |
4−6/ 2021 |
Change, % | 1−6/ 2022 |
1−6/ 2021 |
Change, % | 1−12/ 2021 |
|---|---|---|---|---|---|---|---|
| Revenue | 246.8 | 228.8 | 7.9% | 484.1 | 438.6 | 10.4% | 937.4 |
| Gross profit | 24.5 | 20.5 | 19.2% | 48.7 | 43.7 | 11.5% | 101.3 |
| as percentage of revenue, % | 9.9% | 9.0% | 10.1% | 10.0% | 10.8% | ||
| Operating profit (EBIT) | 4.5 | 2.8 | 59.8% | 10.2 | 8.5 | 19.6% | 28.0 |
| as percentage of revenue, % | 1.8% | 1.2% | 2.1% | 1.9% | 3.0% | ||
| Adjusted operating profit* | 4.5 | 6.8 | -33.6% | 10.2 | 12.4 | -18.4% | 31.4 |
| as percentage of revenue, % | 1.8% | 3.0% | 2.1% | 2.8 % | 3.3% | ||
| Revenue from integrated services | 12.8 | 9.9 | 29.4% | 24.6 | 19.3 | 27.5% | 42.8 |
| as percentage of revenue, % | 5.2% | 4.3% | 5.1% | 4.4% | 4.6% | ||
| Number of cars sold | 15,688 | 16,760 | -6.4% | 31,289 | 33,002 | -5.2% | 68,429 |
| Gross profit per sold car, EUR | 1,559 | 1,225 | 27.3% | 1,557 | 1,324 | 17.6% | 1,480 |
| Sales growth of like-for-like showrooms, % | 5.5% | 37.9% | 7.0% | 24.5% | 19.1% | ||
| Net debt | 85.6 | 76.2 | 12.3% | 70.4 | |||
| Inventories | 143.5 | 122.8 | 16.9% | 132.8 | |||
| Inventory turnover, days | 55.4 | 46.5 | 19.1% | 49.3 | |||
| Capital expenditures Average number of employees during the |
0.5 | 2.2 | -77.5% | 1.9 | 3.4 | -45.8% | 7.4 |
| period | 874 | 820 | 6.6% | 848 | |||
| Return on equity (ROE), % | 22.2% | 22.0% | 19.5% | ||||
| Return on investment (ROI), % | 12.6% | 13.6% | 12.5% | ||||
| Equity ratio, % | 44.5% | 39.3% | 47.3% | ||||
| Earnings per share, basic, EUR | 0.07 | 0.04 | 96.2% | 0.18 | 0.12 | 44.0% | 0.49 |
| Earnings per share, diluted, EUR | 0.07 | 0.04 | 96.5% | 0.18 | 0.12 | 44.2% | 0.49 |
* Operating profit adjusted for special items related to legal processes and taxes from previous financial years, totaling EUR -0.1 million for the second quarter of 2022 and totaling EUR -0.1 million for 1−6/2022 (4−6/2021: EUR 3.9 million, 1−6/2021: EUR 3.9 million and 1−12/2021: EUR 3.4 million).
"During the second quarter we succeeded in increasing our market share in all of our operating countries despite a challenging market environment. Fluctuation in the number of cars sold was remarkably high in many countries, but our unit sales decreased less than the market. The war in Ukraine as well as the accelerating inflation, particularly the sharply increased fuel prices, weakened consumer confidence and the demand for used cars decreased very strongly. In addition, we succeeded in increasing our revenue which is our most important goal. Revenue grew by 7.9%, and like-for-like showroom sales grew by 5.5%. Sales of integrated services developed very well, but margin development per car in Finland and Sweden was not satisfactory.
As during the first quarter, the reduced demand was directed particularly towards electric and hybrid cars, and regarding combustion engine cars, towards low-consumption models. In order to meet the change in demand, we took active measures to address our inventory of cars for sale and we expect to continue this work. Given the continued limited availability of used cars and the tough purchasing market for the most popular models, we succeeded well in our purchasing operations and the number of hybrid and electric cars we sold increased by almost 38% compared to Q2 of 2021.
Despite the challenging market environment, we continued to invest in growth in accordance with our strategy. In Finland, two showrooms moved to larger premises, and in Sweden we opened one new showroom and announced two new showrooms to be opened in the fall. In Finland, we also started a strong brand marketing campaign at the end of the quarter to further boost sales.
Furthermore, we invested in growing the organization's capabilities and I'm happy to share that with the appointment of Jarkko Lehtismäki as Chief Digital Officer the renewal and strengthening of the Group Management Team initiated in January is now complete.
I would like to thank all Kamux employees for their determined work for the benefit of the company and our customers also during this challenging quarter."
The used car market offers an attractive opportunity for expansion and growth. Strong revenue growth defines Kamux's strategy, which aims for nearly doubling our revenue during 2021―2023. Profitability development during the strategy period is built on business growth and scalability.
The Company's strategic focus areas are:
In line with our strategy, we continued the activities aimed at accelerating growth during the second quarter of 2022. In May, we opened a new large showroom in Malmö, Sweden, and in Finland the showrooms in Pori and Petikko, Vantaa moved to larger premises. A larger store size supports scalability and the streamlining of processes in line with the Kamux concept. During the spring, we also announced new showrooms in Sweden, in Nyköping and Kalmar, to be opened in September 2022. In addition, we have continued to invest in training and leadership development, as well as in the utilization of data and analytics.
A renewed, more comprehensive Kamux Plus service was introduced in Finland at the beginning of the reporting period and the pilot of the monthly fee-based Kamux Huoleton service, launched in 2021, was continued.
Kamux lowered its financial guidance for full-year 2022 revenue and operating profit on August 11, 2022. According to the updated outlook, in 2022 Kamux expects its revenue to be over EUR 1,000 million. The company expects its adjusted operating profit to be approximately EUR 23−30 million. Previously, Kamux expected its revenue to be at least EUR 1,100 million and adjusted operating profit to increase from the previous year.
Although Kamux's business is not exposed to immediate Russia-related risks, the war in Ukraine and its effects have weakened consumer confidence. This has led to a strong contraction in the demand for used cars in all Kamux's operating countries from March 2022 onwards. The weakened demand and the measures taken to address the inventory to match the current demand have also had a negative impact on Kamux's profitability.
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.
According to Company estimates, the used car market contracted strongly during the second quarter in all of the Company's operating countries. The market for used cars contracted the strongest in Sweden. Accelerated inflation and rising interest rates as well as geopolitical uncertainty and rising fuel prices weakened consumer confidence and slowed car sales. Consolidation in the industry continued and trade between consumers continued to decrease. The prices of used cars remained mostly unchanged during the second quarter. The Company estimates that it maintained its position as the market leader in Finland and continues to be among the five largest players in Sweden. In Germany, Kamux's market share in used car sales is still small, but the Company estimates that it increased slightly during the second quarter. New passenger car registrations fell by 14.0% in January−June 2022 and by 15.4% in June 2022 across the European Union (ACEA).
Kamux estimates that the market for used cars in its three operating countries totals approximately 8.6 million sold cars, corresponding to more than EUR 100 billion a year. In 2021, according to Kamux's estimate, approximately 0.6 million used cars were sold in Finland, approximately 1.3 million in Sweden and approximately 6.7 million in Germany.
The COVID-19 pandemic that characterized 2020 and 2021 did not have a significant impact on consumers' mobility and purchase behavior during the reporting period. The circulating virus variants, however, were reflected in personnel absences during the second quarter.
Revenue increased by 7.9% compared to the corresponding period of the previous year and was EUR 246.8 million (228.8). The increase in revenue was driven by higher average prices for cars, the opening of new showrooms, and sales growth of like-for-like showrooms. Kamux's revenue from integrated services increased to EUR 12.8 million (9.9), or 5.2% (4.3) of total revenue.
The number of cars sold by Kamux in Finland, Sweden and Germany decreased by -6.4% compared to the corresponding period of the previous year and was 15,688 (16,760). Revenue per sold car was EUR 15,731 (13,650).
Revenue increased by 10.4% compared to the corresponding period of the previous year and was EUR 484.1 million (438.6). Kamux's revenue from integrated services increased to EUR 24.6 million (19.3), or 5.1% (4.4) of total revenue.
The number of cars sold by Kamux in Finland, Sweden and Germany decreased by -5.2% compared to the corresponding period of the previous year and was 31,289 (33,002). Revenue per sold car was EUR 15,471 (13,292).
| EUR million | 4−6/2022 | 4−6/2021 | 1−6/2022 | 1−6/2021 | 1−12/2021 |
|---|---|---|---|---|---|
| Sales of used cars | 234.0 | 218.9 | 459.4 | 419.3 | 894.6 |
| Financing fees and insurance commissions | 10.9 | 8.2 | 20.9 | 16.2 | 36.2 |
| Sales of Kamux Plus | 1.9 | 1.6 | 3.7 | 3.2 | 6.6 |
| Total | 246.8 | 228.8 | 484.1 | 438.6 | 937.4 |
Gross profit increased by 19.2% compared to the corresponding period of the previous year and was EUR 24.5 million (20.5). During the comparison period, gross profit in Germany was burdened by an exceptional cost item of EUR 3.7 million that was related to ongoing juridical processes. In Kamux Group, gross profit as percentage of revenue increased by 0.9 percentage points to 9.9% (9.0).
Adjusted operating profit decreased by -33.6% mainly due to negative development in operating profit in Finland, and was EUR 4.5 million (6.8). The adjusted operating profit as percentage of revenue was 1.8% (3.0). The adjusted operating profit has been adjusted for special items related to legal processes and taxes from previous financial years. The items adjusting the operating profit totaled EUR -0.1 million (3.9) in the second quarter.
Operating profit (EBIT) increased by 59.8% compared to the previous year, amounting to EUR 4.5 million (2.8).
Financial income and costs amounted to EUR -0.8 million (0.4).
Profit before taxes was EUR 3.7 million (3.3). Basic and diluted earnings per share amounted to EUR 0.07 (0.04).
Gross profit increased by 11.5% compared to the corresponding period of the previous year and amounted to EUR 48.7 million (43.7). Gross profit as percentage of revenue increased by 0.1 percentage points to
10.1% (10.0). During the comparison period, gross profit in Germany was burdened by an exceptional cost item of EUR 3.7 million, booked during the second quarter, that was related to ongoing juridical processes.
The adjusted operating profit decreased by -18.4% mainly due to negative development in operating profit in Finland, and was EUR 10.2 million (12.4). The adjusted operating profit as percentage of revenue was 2.1% (2.8). The items adjusting the operating profit totaled EUR -0.1 million (3.9) in January−June. The adjustment items include EUR -0.1 million of items related to legal processes and EUR 0.0 million of expenses related to taxes from previous financial years.
Operating profit (EBIT) increased by 19.6% compared to the previous year and was EUR 10.2 million (8.5). Profit before taxes was EUR 9.2 million (7.9). Basic and diluted earnings per share were to EUR 0.18 (0.12).
| pcs | 4−6/ 2022 |
4−6/ 2021 |
Change, % | 1−6/ 2022 |
1−6/ 2021 |
Change, % | 1−12/ 2021 |
|---|---|---|---|---|---|---|---|
| Number of cars sold excluding internal sales |
|||||||
| Finland | 10,881 | 11,513 | -5.5% | 21,827 | 23,621 | -7.6% | 48,660 |
| Sweden | 3,527 | 3,757 | -6.1% | 6,934 | 6,792 | 2.1% | 14,361 |
| Germany | 1,280 | 1,490 | -14.1% | 2,528 | 2,589 | -2.4% | 5,408 |
| Segments total | 15,688 | 16,760 | -6.4% | 31,289 | 33,002 | -5.2% | 68,429 |
| EUR million | 4−6/ 2022 |
4−6/ 2021 |
Change, % | 1−6/ 2022 |
1−6/ 2021 |
Change, % | 1−12/ 2021 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Finland | 156.2 | 142.3 | 9.8% | 309.2 | 288.9 | 7.0% | 611.0 |
| Sweden | 82.4 | 74.8 | 10.2% | 162.8 | 141.1 | 15.4% | 296.6 |
| Germany | 25.0 | 26.7 | -6.5% | 47.9 | 48.1 | -0.4% | 98.6 |
| Segments total | 263.6 | 243.8 | 8.1% | 519.9 | 478.1 | 8.8% | 1,006.1 |
| Group functions and eliminations | -16.8 | -15.0 | -11.6% | -35.9 | -39.4 | 9.0% | -68.7 |
| Total | 246.8 | 228.8 | 7.9% | 484.1 | 438.6 | 10.4% | 937.4 |
| Gross Profit | |||||||
| Finland | 17.3 | 18.0 | -3.9% | 35.1 | 36.5 | -3.8% | 79.6 |
| Sweden | 4.9 | 4.9 | -0.1% | 9.7 | 8.7 | 11.6% | 19.0 |
| Germany | 2.3 | -2.4 | 195.4% | 3.9 | -1.5 | 356.8% | 2.6 |
| Segments total | 24.5 | 20.5 | 19.2% | 48.7 | 43.7 | 11.5% | 101.3 |
| Group functions and eliminations | - | - | - | - | - | - | - |
| Total | 24.5 | 20.5 | 19.2% | 48.7 | 43.7 | 11.5% | 101.3 |
| Gross profit, as percentage of revenue, % |
|||||||
| Finland | 11.1% | 12.7% | 11.3% | 12.6% | 13.0% | ||
| Sweden | 5.9% | 6.5% | 6.0% | 6.2% | 6.4% | ||
| Germany | 9.0% | -8.9% | 8.1% | -3.1% | 2.6% | ||
| Segments total | 9.3% | 8.4% | 9.4% | 9.1% | 10.1% | ||
| Group functions and eliminations | - | - | - | - | - | ||
| Total | 9.9% | 9.0% | 10.1% | 10.0% | 10.8% |
| 4−6/ | 4−6/ | 1−6/ | 1−6/ | 1−12/ | |||
|---|---|---|---|---|---|---|---|
| EUR million Operating profit |
2022 | 2021 | Change, % | 2022 | 2021 | Change, % | 2021 |
| Finland | 6.7 | 8.3 | -19.4% | 14.4 | 16.6 | -13.4% | 37.8 |
| Sweden | 0.0 | 0.3 | -94.5% | 0.2 | 0.4 | -37.2% | 1.3 |
| Germany | 0.1 | -4.5 | 102.5% | -0.4 | -5.4 | 93.0% | -5.1 |
| Segments total | 6.8 | 4.2 | 63.0% | 14.2 | 11.6 | 23.2% | 34.0 |
| Group functions and eliminations | -2.3 | -1.4 | -69.6% | -4.0 | -3.0 | -33.6% | -6.1 |
| Total | 4.5 | 2.8 | 59.8% | 10.2 | 8.5 | 19.6% | 28.0 |
| Operating profit, as percentage of revenue, % |
|||||||
| Finland | 4.3% | 5.8% | 4.6% | 5.7% | 6.2% | ||
| Sweden | 0.0% | 0.4% | 0.2% | 0.3% | 0.5% | ||
| Germany | 0.5% | -16.7% | -0.8% | -11.3% | -5.2% | ||
| Segments total | 2.6% | 1.7% | 2.7% | 2.4% | 3.4% | ||
| Group functions and eliminations | - | - | - | - | - | ||
| Total | 1.8% | 1.2% | 2.1% | 1.9% | 3.0% | ||
| Special items adjusting operating profit |
|||||||
| Finland | - | - | - | - | 0.0 | ||
| Sweden | - | - | - | - | - | ||
| Germany | 0.1 | -3.9 | 0.1 | -3.9 | -3.5 | ||
| Segments total | 0.1 | -3.9 | 0.1 | -3.9 | -3.5 | ||
| Group functions and eliminations | -0.0 | -0.0 | -0.0 | -0.0 | 0.0 | ||
| Total | 0.1 | -3.9 | 0.1 | -3.9 | -3.4 | ||
| Operating profit adjusted for special items |
|||||||
| Finland | 6.7 | 8.3 | -19.4% | 14.4 | 16.6 | -13.4% | 37.8 |
| Sweden | 0.0 | 0.3 | -94.5% | 0.2 | 0.4 | -37.2% | 1.3 |
| Germany | 0.1 | -0.6 | 109.2% | -0.4 | -1.5 | 71.2% | -1.6 |
| Segments total | 6.8 | 8.1 | -16.3% | 14.2 | 15.5 | -8.3% | 37.5 |
| Group functions and eliminations | -2.3 | -1.4 | -70.0% | -4.0 | -3.0 | -33.7% | -6.1 |
| Total | 4.5 | 6.8 | -33.6% | 10.2 | 12.4 | -18.4% | 31.4 |
| Operating profit adjusted for special items, as percentage of revenue, % |
|||||||
| Finland | 4.3% | 5.8% | 4.6% | 5.7% | 6.2% | ||
| Sweden | 0.0% | 0.4% | 0.2% | 0.3% | 0.5% | ||
| Germany | 0.2% | -2.1% | -0.9% | -3.2% | -1.7% | ||
| Segments total | 2.6% | 3.3% | 2.7% | 3.2% | 3.7% | ||
| Group functions and eliminations | - | - | - | - | - | ||
| Total | 1.8% | 3.0% | 2.1% | 2.8% | 3.3% |
| percentage, % | 4−6/2022 | 4−6/2021 | 1−6/2022 | 1−6/2021 | 1−12/2021 |
|---|---|---|---|---|---|
| Financing services | |||||
| Finland | 49 | 46 | 49 | 45 | 46 |
| Sweden | 47 | 45 | 46 | 45 | 44 |
| Germany | 30 | 18 | 29 | 19 | 19 |
| Insurance services | |||||
| Finland | 47 | 47 | 47 | 48 | 48 |
| Sweden | 86 | 90 | 84 | 90 | 88 |
| Kamux Plus | |||||
| Finland | 28 | 19 | 28 | 20 | 19 |
| Sweden | 28 | 22 | 26 | 22 | 22 |
Revenue increased by 9.8% compared to the corresponding period of the previous year and was EUR 156.2 million (142.3). Rising fuel prices and geopolitical uncertainty had a negative impact on demand, and demand focused particularly on hybrid and electric cars. In addition, rising interest rates had a negative impact on demand, which was weakest at the very beginning of the second quarter. The number of cars sold decreased by -632, or -5.5% compared to the second quarter of the previous year, and was 10,881 (11,513). Revenue growth was driven by higher average prices for sold cars, new showrooms and sales growth of like-for-like showrooms. Sales of the renewed Kamux Plus service developed very well, and the favorable sales development in financing services continued. Revenue from integrated services increased to EUR 10.5 million (8.3), or 6.7% (5.9) of revenue. Operating profit decreased by -19.4% compared to the corresponding period of the previous year, mainly as a result of decreased number of sold cars, and was EUR 6.7 million (8.3), or 4.3% (5.8) of revenue. Measures to address the inventory of cars for sale to meet the change in demand also had a negative impact on operating profit.
Revenue increased by 7.0% compared to the corresponding period of the previous year and was EUR 309.2 million (288.9). The number of cars sold during January−June decreased by -1,794, or -7.6% compared to the corresponding period of the previous year and was 21,827 (23,621). Revenue from integrated services increased to EUR 20.4 million (16.5), or 6.6% (5.7) of revenue during January−June. Operating profit decreased by -13.4% compared to the comparison period and was EUR 14.4 million (16.6), or 4.6% (5.7) of revenue.
Total revenue increased by 10.2% compared to the corresponding period of the previous year and was EUR 82.4 million (74.8). External revenue increased by 6.1%, amounting to EUR 66.4 million (62.6). The number of cars sold during the second quarter decreased by -230, or -6.1% compared to the second quarter of the previous year and was 3,527 (3,757). Revenue growth was driven by higher average prices for sold cars, new showrooms and sales growth of like-for-like showrooms. The new showroom opened in Malmö in May 2022 also contributed to revenue growth. Revenue from integrated services increased to EUR 1.4 million (1.1), or 2.2% (1.8) of external revenue. Operating profit decreased compared to the corresponding period of the previous year and was EUR 0.0 million (0.3), or 0.0% (0.4) of total revenue. The decrease in operating profit was mainly due to unfavorable sales mix as demand shifted to electric and hybrid cars. The operating profit was also weakened by investments in growth.
Total revenue increased by 15.4% compared to the corresponding period of the previous year and was EUR 162.8 million (141.1). External revenue increased by 16.7% and was EUR 128.3 million (110.0). The number of cars sold during January−June increased by 142, or 2.1% compared to the corresponding period of the previous year and was 6,934 (6,792). Revenue from integrated services increased to EUR 2.8 million (2.2),
or 2.2% (2.0) of external revenue during January−June. Operating profit decreased compared to the corresponding period of the previous year and was EUR 0.2 million (0.4), or 0.2% (0.3) of total revenue.
Total revenue decreased by -6.5% compared to the corresponding period of the previous year, amounting to EUR 25.0 million (26.7). Internal sales within the Group from Germany to other operating countries was exceptionally high during the comparison period. External revenue increased by 1.4% and was EUR 24.2 million (23.9). The number of cars sold during the second quarter decreased by -210, or -14.1% compared to the second quarter of the previous year and was 1,280 (1,490). Sales of financing services progressed very well and revenue from integrated services increased to EUR 0.9 million (0.4), or 3.7% (1.7) of external revenue. Operating income improved compared to the corresponding period of the previous year and was EUR 0.1 million (-4.5), or 0.5% (-16.7) of total revenue. The operating loss in Germany in the second quarter of 2021 was impacted by an exceptional cost item of EUR 3.9 million that was related to ongoing juridical processes at the time.
Total revenue decreased by -0.4% compared to the corresponding period of the previous year and was EUR 47.9 million (48.1). External revenue increased by 17.0% and was EUR 46.6 million (39.8). The number of cars sold during January−June decreased by -61, or -2.4% compared to the corresponding period of the previous year and was 2,528 (2,589). Revenue from integrated services increased to EUR 1.4 million (0.6) during January−June, or 3.1% (1.6) of the external revenue. Operating loss decreased compared to the corresponding period of the previous year and was EUR -0.4 million (-5.4), or -0.8% (-11.3) of total revenue. The 2G rule for retail was introduced in December 2021 had an impact on showroom visits during the first quarter.
As of June 30, 2022, the consolidated balance sheet total was EUR 237.5 million (232.9), of which total equity amounted to EUR 105.0 million (91.0). Net debt amounted to EUR 85.6 million (76.2). Non-current bank loans amounted to EUR 16.6 million (14.0).
In spring 2020, Kamux renewed its five-year credit facility agreement of EUR 40 million with Nordea Bank Corporation. The credit facility agreement includes a five-year term loan of EUR 18 million and a five-year revolving credit facility of EUR 22 million. In addition to the revolving credit facility, Kamux has a lease guarantee facility of EUR 0.4 million. At the end of the reporting period, EUR 14.0 million of the term loan and EUR 9.9 million of the revolving credit facility were drawn. The term loan is currently repaid in biannual instalments of EUR 1.0 million.
In January 2022, Kamux Corporation issued a commercial paper totaling EUR 15.0 million. The commercial paper matures in October 2022. The funds acquired through the commercial paper are used to fund working capital.
Following the completion of the Oulu showroom and processing center, a fifteen-year term loan of EUR 5.0 million was drawn for the property in March 2022. The term loan is repaid in bi-annual instalments of EUR 0.2 million.
Net working capital amounted to EUR 119.5 million (97.6) as of June 30, 2022. The value of the inventory was EUR 143.5 million (122.8).
Kamux's cash flow from operating activities for January−June amounted to EUR -7.7 million (-7.2). Cash and cash equivalents at the end of the period amounted to EUR 2.2 million (15.7).
Equity ratio at the end of the review period was 44.5% (39.3). Return on capital employed (ROI) was 12.6% (13.6) and return on equity (ROE) was 22.2% (22.0).
Kamux seeks to gain a significant competitive advantage by investing in leading with knowledge as well as digital customer and business processes.
Kamux's capital expenditure for January−June amounted to EUR 1.9 million (3.4), and it consisted mainly of investments in IT systems, the Oulu showroom and processing center and ordinary maintenance in the
showrooms. The company financed this capital expenditure with its existing cash and cash equivalents, cash flow from operations as well as a revolving credit facility and commercial papers.
Kamux's research and development costs are mainly related to further development of the Company's retail concept and improvement of its business processes.
In January−June, Kamux's average number of employees amounted to 874 (820) in terms of full-time employees. Recruitment of new personnel will be continued to support Kamux's growth.
| 1−6/2022 | 1−6/2021 | 1−12/2021 | |
|---|---|---|---|
| Finland | 569 | 548 | 562 |
| Sweden | 230 | 191 | 206 |
| Germany | 75 | 80 | 80 |
| Total | 874 | 820 | 848 |
Kamux's largest shareholders as of June 30, 2022 were Juha Kalliokoski, including both the shares owned by Juha Kalliokoski and by an investment company controlled by persons closely associated to Juha Kalliokoski (14.7%), Elo Mutual Pension Insurance Company (5.3%), and Jussi Mäkinen (3.4%).
During January−June, 14,482,352 (17,113,728) Kamux shares were traded on Nasdaq Helsinki Ltd. The highest share price was EUR 11.91 (16.40) and the lowest price was EUR 7.66 (12.48). On the last trading day of the reporting period, June 30, 2022, the closing share price was EUR 7.77 (16.39). Kamux's volumeweighted average share price during January−June was EUR 10.19 (14,35). Market capitalization, excluding treasury shares, measured at the reporting period's closing price was EUR 310.9 million (655.3).
At the end of June 2022, Kamux's share capital amounted to EUR 80,000 and the number of shares was 40,017,420. In January 2022, a total of 612 shares and in April, a total of 1,401 shares were returned to the Company without consideration due to the termination of employment of persons covered by the sharebased incentive plan. In April 2022, the Company issued a total of 26,521 shares held by the Company to the key personnel of the Kamux Group for the payment of the share-based incentive scheme of 2021. In May-June, the Company transferred to the Members of the Board of Directors a total of 11,263 shares held by the Company as part of their annual compensation. At the end of the reporting period, the Company held 731 treasury shares, representing 0.00% of all shares.
In January, Kamux announced that it would renew and strengthen the composition and responsibilities of the Group Management Team to support the implementation of the updated strategy announced in March 2021. According to the Company, the growth target and internationalization in line with the strategy require a new type of composition and expertise in the Group Management Team.
The work of the Group Management Team was reorganized and three new members were appointed to the Management Team. At the same time, Kamux appointed Martin Verrelli as Country Manager for Germany and Juha Saarinen as Group Purchasing Director. In June, Kamux appointed Jarkko Lehtismäki as Chief Digital Officer. Contrary to an earlier announcement, Lehtismäki will take up his duties already on September 1, 2022.
At the end of the reporting period, Kamux's Management Team comprised the following persons:
Martin Verrelli, Country Manager for Germany (from July 1, 2022)
Jarkko Lehtismäki, Chief Digital Officer (as of September 1, 2022)
On February 26, 2021, the Board of Directors of Kamux Corporation decided to approve the new long-term share-based incentive plan for the Group's key personnel for years 2021−2023. The general terms and conditions of the plan were described and published in a separate stock exchange release on February 26, 2021. The entire plan is accounted for as an equity-settled payment with net settlement features. The plan is divided into three one-year earning periods, the first of which began at the beginning of the year 2021. The commitment period following the earning periods ends at April 30, 2024. In addition, the plan includes an additional component based on the market value of the Company. Based on the additional component, if the criteria are met, additional shares are distributed after the end of the 2023 earnings period. The fair value of the plan was determined on the grant date. The fair value of the plan is expensed during the three years until the end of the commitment period. During January−June 2022, the total effect of the sharebased plans on the consolidated income for the financial year was EUR -0.2 million (-0.2).
Resolutions of the Annual General Meeting of Kamux Corporation and the Decisions of the Constitutive Meeting of the Board of Directors
Kamux Corporation's Annual General Meeting was held on Wednesday, April 20, 2022. The Meeting approved the Annual Accounts for the financial year 2021 and discharged the members of the Board of Directors and the CEO from liability. The Annual General Meeting also made an advisory resolution to approve the remuneration report for the governing bodies.
The Board of Directors' proposal for a dividend of EUR 0.20 per share was approved. The dividend is paid in two instalments. The shareholders did not demand the distribution of a minority dividend. The record date for the first dividend instalment, EUR 0.08, was April 22, 2022, and the dividend was paid on April 29, 2022. The record date for the second dividend instalment, EUR 0.12, is October 21, 2022, and the dividend will be paid on October 28, 2022. The Board of Directors was authorized, if necessary, to decide on a new dividend payment record date and pay date for the second instalment if the rules and statutes of the Finnish book-entry system change or otherwise so require.
Composition and remuneration of the Board of Directors
In accordance with the proposal of the Shareholders' Nomination Board, the Annual General Meeting confirmed that the Board of Directors will consist of seven members. In accordance with the proposal of the Shareholders' Nomination Board, Ms. Reija Laaksonen, Mr. Antti Mäkelä, Mr. Tapio Pajuharju, Mr. Harri Sivula, and Mr. Tuomo Vähäpassi were re-elected as members of the Board of Directors and Mr. Terho Kalliokoski and Ms. Jaana Viertola-Truini were elected as new members of the Board of Directors. In accordance with the proposal of the Shareholders' Nomination Board, the Annual General Meeting elected Mr. Harri Sivula as the Chairperson of the Board and Mr. Tuomo Vähäpassi as the Vice Chairperson of the Board.
In accordance with the proposal of the Shareholders' Nomination Board, the Annual General Meeting resolved that an annual compensation of EUR 65,000 be paid to the Chairperson of the Board and EUR 30,000 to the Board Members, and an additional compensation of EUR 5,000 per year to the Chairperson of the Audit Committee and EUR 2,500 to each member of the Audit Committee. It was resolved that 40% of the annual fee of the Chairperson and the members of the Board of Directors are paid in Kamux Corporation shares either purchased at a prevailing market price from the market or alternatively by using own shares held by the Company. The transfer of own shares or acquisition of shares directly for the members of the Board of Directors will be executed after the publication of the interim report for the period January 1, 2022 to March 31, 2022. The rest of the annual fee will be paid in cash, which is used to cover taxes arising from the fees. The Company pays the transaction costs and transfer taxes related to the purchase and transfer of shares. The fees of the Committee members are paid in cash. If the Board of Directors decides to establish new committees, the annual fees of the Chairperson and the members of the new committee
will be equal to the annual fees of the Chairperson and the members of the Audit Committee. Travel expenses are reimbursed in accordance with the Company's travel policy.
Authorized Public Accountant PricewaterhouseCoopers Oy was re-elected as the Company's auditor in accordance with the proposal of the Board of Directors. The remuneration of the auditor will be paid according to a reasonable invoice as approved by the Company. PricewaterhouseCoopers Oy has informed that Authorized Public Accountant Mr. Markku Launis will act as the principal auditor.
Authorizing the Board of Directors to decide on a share issue
The Annual General Meeting resolved to authorize the Board of Directors, in accordance with the proposal of the Board, to resolve on the issuance of a maximum of 4,000,000 shares in one or more tranches corresponding to approximately 10% of all the shares in the Company. The Board of Directors decides on the terms and conditions of the issuance of shares. The authorization concerns both the issuance of new shares as well as the transfer of treasury shares either against payment or without consideration. The issuance of shares may be carried out in deviation from the shareholders' pre-emptive right (directed issue). The authorization cancels the previous authorization regarding share issue given to the Board of Directors by the Annual General Meeting on April 20, 2021. The authorization is valid until the closing of the next Annual General Meeting, however, no longer than until June 30, 2023.
Authorization of the Board of Directors to decide on the repurchase of the Company's own shares
The Annual General Meeting resolved to authorize the Board of Directors, in accordance with the proposal of the Board, to resolve on the repurchase of a maximum of 2,000,000 own shares of the Company using the unrestricted equity of the Company, representing about 5% of all the shares in the Company. The authorization also includes the right to accept the Company's own shares as a pledge. The shares shall be acquired through public trading, for which reason the shares are acquired otherwise than in proportion to the share ownership of the shareholders and the consideration paid for the shares shall be the market price of the Company's share in public trading at Nasdaq Helsinki Ltd at the time of the acquisition. Shares may also be acquired outside public trading for a price which, at the most, corresponds to the market price in public trading at the time of the acquisition. The authorization includes the Board's right to resolve on a directed repurchase or the acceptance of shares as a pledge, if there is a compelling financial reason for the Company to do so as provided for in Chapter 15, section 6 of the Finnish Limited Liability Companies Act. The shares shall be acquired to be used for execution of the Company's share-based incentive schemes or for other purposes determined by the Board of Directors. The decision to repurchase or redeem the Company's own shares or to accept them as pledge shall not be made so that the shares of the Company in the possession of or held as pledges by the Company and its subsidiaries would exceed 10% of all shares. The Board of Directors shall decide on any other matters related to the repurchase of the Company's own shares and/or accepting them as a pledge. The authorization cancels the previous authorization given to the Board of Directors by the Annual General Meeting on April 20, 2021. The authorization is valid until the closing of the next Annual General Meeting, however, no longer than until June 30, 2023.
Amendment of the Rules of Procedure for the Shareholders' Nomination Board
The Annual General Meeting resolved to amend the rules of procedure for the Shareholders' Nomination Board in accordance with the proposal of the Nomination Board.
Decisions of the Constitutive Meeting of the Board of Directors
In its constitutive meeting convening after the Annual General Meeting, the Board of Directors decided to appoint Mr. Tuomo Vähäpassi (Chairperson), Mr. Tapio Pajuharju and Ms. Jaana Viertola-Truini as members of the Audit Committee. Additionally, the Board resolved to establish a Personnel and Remuneration Committee and appointed Ms. Reija Laaksonen (Chairperson), Mr. Antti Mäkelä and Mr. Terho Kalliokoski as members.
The decisions of the Annual General Meeting and the constitutive meeting of the Board of Directors were published in a stock exchange release on April 20, 2022.
The Company's Corporate Governance Statement 2021 and Remuneration Report 2021 were published on March 23, 2022 as part of the Company's Annual Report. The reports are available on the Company's website at kamux.com.
On May 17, 2022 Kamux Corporation received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act ("SMA"), according to which the total holding of funds (Swedbank Robur Nordenfond ja Swedbank Robur Småbolagsfond Norden) managed by Swedbank Robur Fonder AB (Sundbyberg, Sweden) in Kamux Corporation shares and votes had decreased below five (5) percent on May 16, 2022 and was 4.38% following the notification.
In June 2018, Kamux announced that it had received a tax reassessment decision from the Finnish Tax Administration. The decision was related to a tax audit carried out by the Finnish Tax Administration in 2016―2018 concerning Kamux Suomi Oy and the tax years 2012―2016. Kamux expensed the total amount of the tax reassessment decision, approximately EUR 2.6 million, in full in its result for the second quarter of 2018. However, Kamux considered the decision to be unfounded and appealed against the decision.
In June 2020, the Finnish Tax Administration's Adjustment Board partially approved the appeal by Kamux on the tax reassessment decision and ruled that the Company receive a refund of approximately EUR 0.9 million. Kamux recognized the total amount of the refund, EUR 0.9 million, in its result for the second quarter of 2020 as credit in other operating expenses. Both parties have the opportunity to appeal the decision. Kamux considers the decision of the Adjustment Board partly unfounded, and the Company has placed the issue before the Administrative Court and applied for a rectification of the Adjustment Board's ruling.
According to the Company's assessment, there were changes in the short-term risks and uncertainties during the second quarter.
The war in Ukraine has caused significant uncertainty across Europe. The geopolitical situation has been reflected in the markets of many European countries, for example, in connection with monetary policy, investment markets and inflation, including energy and fuel prices. If prolonged, the situation may continue to have an impact on people's consumption behavior and purchasing power, which may also be reflected in used car sales.
The global COVID-19 pandemic and the restrictions and regulations related to it have caused significant changes in Kamux's operating environment. There are many uncertainties related to the situation and the spreading, new waves or duration of the pandemic that have already impacted Kamux's business, financial position, and results of operations negatively and may continue to do so in the future as well.
Kamux's revenue and operating profit have experienced strong growth in recent years. However, in the future, Kamux's revenue and operating profit may increase more slowly or decrease compared to historical performance.
Kamux's geographical expansion involves several risks, and any failure in recognizing suitable co-operation partners, recruiting new employees or achieving the estimated benefits from internationalization may have a material adverse effect on Kamux. Furthermore, the Company's success will depend on, inter alia, the Company's management and other skilled employees, as well as its ability to recruit, develop, train, motivate and retain skilled employees.
Kamux's rapid and strong growth and business expansion during the past few years have set new requirements for the scope and monitoring of internal guidelines and policies. Any failure in the implementation and monitoring of these guidelines or policies may lead to financial consequences for Kamux and weaken the Company's reputation.
Kamux operates in the used car retail market, and uncertain general economic conditions in the countries in which Kamux operates may have an adverse effect on Kamux's business, financial position, and results of operations.
Kamux operates in a competitive and fragmented used car market, and competition may increase in the future.
Changes in car tax legislation or preparation of legislation may have a material adverse effect on the sales of new and used cars and on Kamux. Kamux's tax burden could increase as a result of changes to tax laws or their application or as a result of a tax audit. Public discussion on car power sources and possible changes
in power sources as well as political decisions related to power sources may occasionally have an effect on Kamux's business, considering that the consumer demand may fluctuate.
Kamux's IT systems are pivotal to the Company's operations, and they cover all the major areas of the business. Failure of the IT systems and services to operate as planned may disturb Kamux's operations and have an adverse effect on its business.
Kamux believes that its brand and reputation among its customers are important to the Company's success. Kamux's failure to maintain an adequate service level or an adverse event that damages the Company's reputation may have a significant adverse effect on Kamux.
Kamux offers its customers third party financial products, which have a significant impact on its ability to make a profit. Possible major changes in lending by financial institutions, in the interest rate offered to customers or in the financial situation of an individual financial institution may affect the supply and competitiveness of [such] financial products in the market.
The main principles of Kamux's risk management are described in the consolidated financial statements and on Kamux's website at www.kamux.com.
On August 11, 2022 Kamux published a profit warning and lowered its guidance on full-year 2022 revenue and operating profit. The rationale for updating the outlook is the weakened consumer confidence caused by the war in Ukraine and its effects. This has led to a stronger than anticipated contraction in the demand for used cars in all Kamux's operating countries from March 2022 onwards. The weakened demand and the measures taken to address the inventory to match the current demand have also had a negative impact on Kamux's profitability.
Kamux's updated outlook for 2022 is as follows: In 2022, Kamux expects its revenue to be over EUR 1,000 million. The company expects its adjusted operating profit to be approximately EUR 23−30 million.
Previously, Kamux expected its revenue to be at least EUR 1,100 million and adjusted operating profit to increase from the previous year.
Kamux presents alternative performance measures as additional information to performance measures presented in the consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows prepared in accordance with IFRS. In Kamux's view, the alternative performance measures provide significant additional information related to Kamux's operating results, financial position and cash flows, and they are widely utilized by analysts, investors and other parties.
The alternative performance measures should not be considered separately from measures under IFRS or as substitutes for corresponding measures under IFRS. All companies do not calculate alternative performance measures in a uniform way and therefore the alternative performance measures presented by Kamux may not be comparable with similarly named measures presented by other companies.
| EUR million | 4−6/2022 | 4−6/2021 | 1−6/2022 | 1−6/2021 | 1−12/2021 |
|---|---|---|---|---|---|
| Operating profit (EBIT) | 4.5 | 2.8 | 10.2 | 8.5 | 28.0 |
| Legal processes | -0.1 | 3.9 | -0.1 | 3.9 | 3.5 |
| Taxes related to previous financial years | 0.0 | - | 0.0 | - | -0.1 |
| Total adjustment items | -0.1 | 3.9 | -0.1 | 3.9 | 3.4 |
| Adjusted operating profit | 4.5 | 6.8 | 10.2 | 12.4 | 31.4 |
| Gross profit | = | Revenue + Other operating income – Materials and services |
|---|---|---|
| Earnings before interest, tax, depreciation, and amortization (EBITDA) |
= | Operating profit + Depreciation and amortization |
| Adjusted operating profit (EBIT) | = | Operating profit adjusted for special items relating to strategic planning, legal processes and taxes related to previous financial years. |
| Net debt | = | Non-current borrowings + Current borrowings + Lease liabilities – Cash and cash equivalents |
| Financial debt | = | Non-current borrowings + Current borrowings |
| Like-for-like showroom revenue growth | 100 *( = |
Like-for-like showroom car sales -1 ) Like-for-like showroom car sales in the previous year New showrooms are included in the calculation when they have been open for 13 months and, therefore, the first time the showroom is included in the |
| measure is its 25th operating month. | ||
| Inventory turnover | 365 365 = |
Inventories (average for 12 months) Materials and services (rolling 12 months) |
| 100 * 100 * |
Profit for the period (rolling 12 months) Equity (average for 12 months) |
|
| Return on equity (ROE), % | = | |
| Return on capital employed (ROI), % | 100 100 = |
Profit for the period + Finance costs (rolling 12 months) Equity + Financial debt (average for 12 months) |
| Equity ratio, % | 100 100 = |
Equity Balance sheet total – Advance payments received |
| Gearing, % | 100 100 = |
Net debt Equity |
| Earnings per share, basic | = | Profit for the period (attributable to owners of the Company) Weighted average number of outstanding shares adjusted for share issue for the period |
| Net working capital | = | Inventories + Trade and other receivables + Current income tax receivables – Trade and other payables – Current income tax liabilities – Non-current and current provisions |
This Half Year Financial Report has been prepared according to the IAS 34 Interim Financial Reporting standard. The Half Year Financial Report is based on the accounting policies and calculation methods used in the financial statements for the year 2021 as well as on the new and amended IFRS standards described in the financial statements for the year 2021. However, the Half Year Financial Report does not include all the information and notes that are presented in the Annual Financial Statements. As such, the Half Year Financial Report should be read together with the Annual Financial Statements for the year 2021. The same accounting principles are applied in this Half Year Financial Report as in the Annual Financial Statements.
The figures presented in the Half Year Financial Report are independently rounded.
Preparing the Half Year Financial Report requires the management to make accounting estimates and judgments as well as assumptions that affect the application of the accounting principles and the carrying amounts of assets, liabilities, income and expenses. The actual outcomes may differ from these estimates and judgments. In preparation of this Half Year Financial Report, the most significant estimates made by the management relating to the Group's accounting policies and uncertainties are the same as those applied in the Financial Statements for the year 2021.
The Half Year Financial Report is unaudited.
| EUR million | 4−6/2022 | 4−6/2021 | 1−6/2022 | 1−6/2021 | 1−12/2021 |
|---|---|---|---|---|---|
| Revenue | 246.8 | 228.8 | 484.1 | 438.6 | 937.4 |
| Other operating income | 0.3 | 0.3 | 0.5 | 0.7 | 1.4 |
| Materials and services | -222.6 | -208.5 | -435.9 | -395.6 | -837.5 |
| Personnel costs | -12.3 | -11.0 | -24.0 | -22.4 | -47.6 |
| Other operating expenses | -4.5 | -3.7 | -8.4 | -6.9 | -13.8 |
| Depreciation and amortization | -3.1 | -3.0 | -6.1 | -5.9 | -11.9 |
| Operating profit | 4.5 | 2.8 | 10.2 | 8.5 | 28.0 |
| Finance income and costs | -0.8 | 0.4 | -1.0 | -0.6 | -1.5 |
| Profit before income tax | 3.7 | 3.3 | 9.2 | 7.9 | 26.4 |
| Income tax | -0.8 | -1.8 | -2.1 | -3.0 | -6.8 |
| Profit for the period | 2.9 | 1.5 | 7.1 | 4.9 | 19.6 |
| Other comprehensive income | |||
|---|---|---|---|
| -- | ---------------------------- | -- | -- |
| Items that may be subsequently reclassified to profit or loss |
|||||
|---|---|---|---|---|---|
| Translation differences | -0.0 | 0.0 | -0.0 | -0.0 | -0.1 |
| Other comprehensive income for the period, net of tax |
-0.0 | 0.0 | -0.0 | -0.0 | -0.1 |
| Total comprehensive income for the period | 2.9 | 1.5 | 7.1 | 4.9 | 19.6 |
| Profit for the period attributable to | |||||
| owners of the Company | 2.9 | 1.5 | 7.1 | 4.9 | 19.6 |
| Total comprehensive income for the period attributable to |
|||||
| owners of the Company | 2.9 | 1.5 | 7.1 | 4.9 | 19.6 |
| Earnings per share for profit attributable to owners of the Company |
|||||
| Earnings per share, basic, EUR | 0.07 | 0.04 | 0.18 | 0.12 | 0.49 |
| Earnings per share, diluted, EUR | 0.07 | 0.04 | 0.18 | 0.12 | 0.49 |
| EUR million | Jun 30, 2022 | Jun 30, 2021 | Dec 31, 2021 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 6.2 | 6.0 | 6.4 |
| Goodwill | 14.0 | 14.0 | 14.0 |
| Property, plant and equipment | 6.8 | 3.6 | 6.0 |
| Lease assets | 42.7 | 49.8 | 44.6 |
| Other receivables | 0.2 | 0.2 | 0.2 |
| Deferred tax assets | 1.4 | 1.4 | 1.4 |
| Total non-current assets | 71.2 | 75.0 | 72.6 |
| Current assets | |||
| Inventories | 143.5 | 122.8 | 132.8 |
| Trade and other receivables | 19.6 | 19.5 | 18.1 |
| Current income tax assets | 1.0 | - | 0.0 |
| Cash and cash equivalents | 2.2 | 15.7 | 0.9 |
| Total current assets | 166.3 | 157.9 | 151.9 |
| TOTAL ASSETS | 237.5 | 232.9 | 224.5 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to owners of the Company | |||
| Share capital | 0.1 | 0.1 | 0.1 |
| Reserve for invested unrestricted equity | 24.7 | 24.7 | 24.7 |
| Translation differences | 0.0 | 0.1 | 0.0 |
| Treasury shares | - | -0.1 | -0.0 |
| Retained earnings | 73.1 | 61.4 | 61.3 |
| Profit for the period | 7.1 | 4.9 | 19.6 |
| Total equity attributable to owners of the Company | 105.0 | 91.0 | 105.7 |
| Non-current liabilities | |||
| Borrowings | 16.6 | 14.0 | 13.0 |
| Lease liabilities | 34.6 | 41.8 | 36.4 |
| Other non-current liabilities | 0.0 | 0.1 | 0.1 |
| Provisions | 0.4 | 0.4 | 0.4 |
| Total non-current liabilities | 51.6 | 56.2 | 49.8 |
| Current liabilities | |||
| Borrowings | 27.2 | 27.0 | 12.5 |
| Lease liabilities | 9.4 | 9.1 | 9.5 |
| Derivative financial instruments | 0.1 | 0.0 | 0.1 |
| Trade and other payables | 41.2 | 46.2 | 41.9 |
| Provisions | 3.1 | 3.2 | 3.4 |
| Current income tax liabilities | - | 0.3 | 1.6 |
| Total current liabilities | 80.9 | 85.7 | 68.9 |
| Total liabilities | 132.5 | 141.9 | 118.8 |
| TOTAL EQUITY AND LIABILITIES | 237.5 | 232.9 | 224.5 |
| Reserve for invested |
||||||
|---|---|---|---|---|---|---|
| Share | unrestricted | Translation | Treasury | Retained | Total | |
| EUR million | capital | equity | differences | shares | earnings | equity |
| Equity at Jan 1, 2022 | 0.1 | 24.7 | 0.0 | -0.0 | 81.0 | 105.7 |
| Profit for the period | 7.1 | 7.1 | ||||
| Other comprehensive income | -0.0 | -0.0 | ||||
| Total comprehensive income | -0.0 | 7.1 | 7.1 | |||
| Transactions with owners: | ||||||
| Conveyance of treasury shares | 0.0 | 0.0 | ||||
| Share-based payments | 0.2 | 0.2 | ||||
| Dividends for owners | -8.0 | -8.0 | ||||
| Equity at Jun 30, 2022 | 0.1 | 24.7 | 0.0 | - | 80.2 | 105.0 |
| Equity at Jan 1, 2021 | 0.1 | 24.7 | 0.1 | -0.2 | 71.0 | 95.7 |
| Profit for the period | 4.9 | 4.9 | ||||
| Other comprehensive income | -0.0 | -0.0 | ||||
| Total comprehensive income | -0.0 | 4.9 | 4.9 | |||
| Transactions with owners: | ||||||
| Conveyance of treasury shares | 0.1 | 0.1 | ||||
| Share-based payments | 0.0 | 0.0 | ||||
| Dividends to shareholders | -9.6 | -9.6 | ||||
| Equity at Jun 30, 2021 | 0.1 | 24.7 | 0.1 | -0.1 | 66.3 | 91.0 |
| EUR million | 4−6/ 2022 |
4−6/ 2021 |
1−6/ 2022 |
1−6/ 2021 |
1−12/ 2021 |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Profit for the period | 2.9 | 1.5 | 7.1 | 4.9 | 19.6 |
| Adjustments for: | |||||
| Depreciation and amortization | 3.1 | 3.0 | 6.1 | 5.9 | 11.9 |
| Finance income and costs | 0.8 | -0.4 | 1.0 | 0.6 | 1.5 |
| Change in provisions | -0.1 | 0.1 | -0.3 | 0.1 | 0.3 |
| Write-down of inventories | -0.0 | -0.0 | 0.2 | -0.1 | -0.2 |
| Income taxes | 0.8 | 1.8 | 2.1 | 3.0 | 6.8 |
| Other non-cash items | 0.2 | 0.1 | 0.3 | 0.1 | -0.0 |
| Changes in working capital: | |||||
| Change in trade receivables and other receivables | -2.5 | 1.1 | -1.4 | -3.0 | -1.7 |
| Change in trade payables and other payables | -1.1 | 0.4 | -5.0 | 13.7 | 15.1 |
| Change in inventories | 1.2 | -0.0 | -12.6 | -29.2 | -39.6 |
| Interests paid | -0.2 | -0.2 | -0.5 | -0.5 | -0.9 |
| Other financial items, net | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
| Income taxes paid | -1.6 | -1.3 | -4.7 | -2.8 | -5.5 |
| Net cash inflow (outflow) from operating activities | 3.6 | 6.0 | -7.7 | -7.2 | 7.3 |
| Cash flows from investing activities | |||||
| Investments in property, plant and equipment | -0.2 | -1.2 | -1.2 | -1.5 | -4.3 |
| Investments in intangible assets | -0.3 | -1.0 | -0.6 | -2.0 | -3.1 |
| Net cash inflow (outflow) from investing activities | -0.5 | -2.2 | -1.9 | -3.4 | -7.4 |
| Cash flows from financing activities | |||||
| Proceeds from bank loans | 2.3 | 17.8 | 24.4 | 25.0 | 35.5 |
| Repayments of bank loans | - | - | -6.0 | -1.0 | -27.0 |
| Repayments of lease liabilities | -2.4 | -2.2 | -4.8 | -4.3 | -9.0 |
| Dividends paid | -3.2 | -4.4 | -3.2 | -4.4 | -9.6 |
| Other cash flows from financing activities | 0.5 | 0.0 | 0.4 | -0.0 | 0.1 |
| Net cash inflow (outflow) from financing activities | -2.9 | 11.3 | 10.7 | 15.2 | -9.9 |
| Net decrease/increase in cash and cash equivalents | 0.2 | 15.1 | 1.2 | 4.6 | -10.0 |
| Cash and cash equivalents at the beginning of the period | 1.8 | 0.4 | 0.9 | 11.2 | 11.2 |
| Effects of exchange rate changes on cash and cash | |||||
| equivalents | 0.2 | 0.2 | 0.2 | -0.1 | -0.2 |
| Cash and cash equivalents at the end of period | 2.2 | 15.7 | 2.2 | 15.7 | 0.9 |
| 4−6/2022 | 4−6/2021 | 1−6/2022 | 1−6/2021 | 1−12/2021 | |
|---|---|---|---|---|---|
| Profit for the period attributable to Owners of the Company (EUR million) |
2.9 | 1.5 | 7.1 | 4.9 | 19.6 |
| Impact of share-based compensation plan on number of shares |
-28 | -47 | -16 | -57 | -47 |
| Weighted average number of shares outstanding during the period, basic, in thousands of shares |
39,980 | 39,933 | 39,978 | 39,925 | 39,932 |
| Earnings per share, basic (EUR) | 0.07 | 0.04 | 0.18 | 0.12 | 0.49 |
| Impact of share-based compensation plan on number of shares Weighted average number of shares outstanding during the period, fully diluted, in thousands of |
-30 | 14 | -14 | 27 | 22 |
| shares | 39,985 | 39,993 | 39,984 | 39,989 | 40,001 |
| Earnings per share, fully diluted (EUR) | 0.07 | 0.04 | 0.18 | 0.12 | 0.49 |
| Segments | Group | ||||||
|---|---|---|---|---|---|---|---|
| EUR million | Finland | Sweden | Germany | total | functions | Eliminations | Group |
| 1−6/2022 | |||||||
| Revenue | 309.2 | 162.8 | 47.9 | 519.9 | -35.9 | 484.1 | |
| internal | -0.0 | 34.5 | 1.3 | 35.9 | -35.9 | -0.0 | |
| external | 309.2 | 128.3 | 46.6 | 484.1 | 484.1 | ||
| sales of used cars | 288.9 | 125.5 | 45.1 | 459.5 | 459.5 | ||
| integrated services | 20.4 | 2.8 | 1.4 | 24.6 | 24.6 | ||
| Gross profit | 35.1 | 9.7 | 3.9 | 48.7 | 48.7 | ||
| EBITDA | 18.5 | 1.7 | 0.2 | 20.4 | -4.0 | 16.3 | |
| Depreciation and amortization | -4.1 | -1.5 | -0.5 | -6.1 | -0.0 | -6.1 | |
| Operating profit | 14.4 | 0.2 | -0.4 | 14.2 | -4.0 | 10.2 | |
| Finance income and costs | -1.0 | ||||||
| Profit before income tax | 9.2 |
| Segments | Group | ||||||
|---|---|---|---|---|---|---|---|
| EUR million | Finland | Sweden | Germany | total | functions | Eliminations | Group |
| 1−6/2021 | |||||||
| Revenue | 288.9 | 141.1 | 48.1 | 478.1 | -39.4 | 438.6 | |
| internal | 0.0 | 31.1 | 8.3 | 39.4 | -39.4 | -0.0 | |
| external | 288.9 | 110.0 | 39.8 | 438.7 | 438.7 | ||
| sales of used cars | 272.4 | 107.8 | 39.2 | 419.3 | 419.3 | ||
| integrated services | 16.5 | 2.2 | 0.6 | 19.3 | 19.3 | ||
| Gross profit | 36.5 | 8.7 | -1.5 | 43.7 | 43.7 | ||
| EBITDA | 20.6 | 1.8 | -4.9 | 17.5 | -3.0 | 14.5 | |
| Depreciation and amortization | -4.0 | -1.4 | -0.6 | -5.9 | -0.0 | -5.9 | |
| Operating profit | 16.6 | 0.4 | -5.4 | 11.6 | -3.0 | 8.5 | |
| Finance income and costs | -0.6 | ||||||
| Profit before income tax | 7.9 |
| Segments | Group | ||||||
|---|---|---|---|---|---|---|---|
| EUR million | Finland | Sweden | Germany | total | functions | Eliminations | Group |
| 1−12/2021 | |||||||
| Revenue | 611.0 | 296.6 | 98.6 | 1,006.1 | -68.7 | 937.4 | |
| internal | -0.0 | 57.9 | 10.8 | 68.7 | -68.7 | -0.0 | |
| external | 611.0 | 238.7 | 87.7 | 937.4 | 937.4 | ||
| sales of used cars | 575.3 | 233.5 | 85.8 | 894.6 | 894.6 | ||
| integrated services | 35.6 | 5.2 | 2.0 | 42.8 | 42.8 | ||
| Gross profit | 79.6 | 19.0 | 2.6 | 101.3 | 101.3 | ||
| EBITDA | 45.7 | 4.2 | -4.0 | 45.9 | -6.0 | 39.9 | |
| Depreciation and amortization | -7.9 | -2.9 | -1.1 | -11.9 | -0.0 | -11.9 | |
| Operating profit | 37.8 | 1.3 | -5.1 | 34.0 | -6.1 | 28.0 | |
| Finance income and costs | -1.5 | ||||||
| Profit before income tax | 26.4 |
| EUR million | Jun 30, 2022 | Jun 30, 2021 | Dec 31, 2021 |
|---|---|---|---|
| Inventories | 143.5 | 122.8 | 132.8 |
| Trade and other receivables | 19.6 | 19.5 | 18.1 |
| Current income tax receivables | 1.0 | - | 0.0 |
| Trade and other payables | -41.2 | -46.2 | -41.9 |
| Provisions | -3.4 | -3.5 | -3.7 |
| Current income tax liabilities | - | -0.3 | -1.6 |
| Net working capital | 119.5 | 92.4 | 103.8 |
| EUR million | Jun 30, 2022 | Jun 30, 2021 | Dec 31, 2021 |
|---|---|---|---|
| Non-current interest-bearing liabilities | |||
| Bank loans | 16.6 | 14.0 | 13.0 |
| Lease liabilities | 34.6 | 41.8 | 36.4 |
| Total non-current interest-bearing liabilities | 51.3 | 55.8 | 49.4 |
| Current interest-bearing liabilities | |||
| Bank loans | 7.3 | 12.0 | 7.0 |
| Bank overdrafts | 4.9 | - | 5.5 |
| Issued commercial papers | 15.0 | 15.0 | - |
| Lease liabilities | 9.4 | 9.1 | 9.5 |
| Total current interest-bearing liabilities | 36.5 | 36.1 | 22.0 |
| Total interest-bearing liabilities | 87.8 | 91.9 | 71.3 |
| Less cash and cash equivalents | -2.2 | -15.7 | -0.9 |
| Net debt | 85.6 | 76.2 | 70.4 |
Additional information on Net debt development is presented in the section Consolidated balance sheet and financial position.
| EUR million | Jun 30, 2022 | Jun 30, 2021 | Dec 31, 2021 |
|---|---|---|---|
| Foreign currency derivatives | |||
| Fair value | -0.1 | -0.0 | -0.1 |
| Value of underlying instrument | 14.1 | 7.4 | 14.7 |
| EUR million | Lease assets | Lease liabilities |
|---|---|---|
| Jan 1, 2022 | 44.6 | 45.9 |
| Increases | 4.0 | 4.0 |
| Decreases | -0.2 | -0.2 |
| Depreciation | -4.8 | - |
| Exchange rate differences and other changes | -0.9 | -0.9 |
| Interest expenses | - | -0.2 |
| Repayments of lease liability | - | -4.5 |
| Jun 30, 2022 | 42.7 | 44.0 |
| EUR million | Lease assets | Lease liabilities |
|---|---|---|
| Jan 1, 2021 | 46.9 | 47.7 |
| Increases | 7.8 | 7.6 |
| Decreases | -0.2 | -0.2 |
| Depreciation | -4.7 | - |
| Exchange rate differences and other changes | -0.1 | 0.2 |
| Interest expenses | - | -0.3 |
| Repayments of lease liability | - | -4.0 |
| Jun 30, 2021 | 49.8 | 51.0 |
| 4−6/ | 4−6/ | 1−6/ | 1−6/ | 1−12/ | |
|---|---|---|---|---|---|
| EUR million | 2022 | 2021 | 2022 | 2021 | 2021 |
| Depreciation of lease assets | -2.5 | -2.4 | -4.8 | -4.7 | -9.5 |
| Interest cost from lease liabilities | -0.1 | -0.1 | -0.2 | -0.3 | -0.5 |
| Costs from short-term leases | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 |
| Costs from service components included in lease agreements | -0.1 | -0.1 | -0.2 | -0.1 | -0.3 |
| Total expense in the statement of comprehensive income | -2.7 | -2.6 | -5.3 | -5.1 | -10.3 |
| EUR million | Jun 30, 2022 | Jun 30, 2021 | Dec 31, 2021 |
|---|---|---|---|
| Loans | 28.8 | 26.0 | 25.4 |
| guarantees given against loans | 110.0 | 104.0 | 104.0 |
| Other commitments | |||
| EUR million | Jun 30, 2022 | Jun 30, 2021 | Dec 31, 2021 |
| Rent and other payment guarantees | 0.3 | 0.5 | 0.4 |
| EUR million | 4−6/ 2022 |
4−6/ 2021 |
1−6/ 2022 |
1−6/ 2021 |
1−12/ 2021 |
|---|---|---|---|---|---|
| Sales of used cars | - | - | - | - | 0.1 |
| Purchases of used cars | -0.2 | - | -0.2 | -0.0 | -0.1 |
| EUR million | Jun 30, 2022 | Jun 30, 2021 | Dec 31, 2021 |
|---|---|---|---|
| Lease liabilities | 2.0 | 3.7 | 2.1 |
Kamux's key management personnel, members of the Board of Directors and their family members have the right to buy cars from Kamux and sell cars to Kamux in accordance with the personnel policy applicable to the whole staff.
The Group's lease liabilities to related parties include the present value of future lease payments for showrooms leased from the Group's CEO, his immediate family members and companies under their control.
Publication schedule for Kamux Corporation's financial reporting in 2022:
November 18, 2022: Kamux Corporation will publish its Interim Report for January—September 2022
Hämeenlinna, August 11, 2022
Kamux Corporation Board of Directors
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