Slide 1: Revenue increased and adjusted operating profit at previous year's level
Revenue increased and adjusted operating profit at previous year’s level Half Year Financial Report for January–June 2023 CEO Tapio Pajuharju CFO Marko Lehtonen Q2 2023 AUGUST 11, 2023 1
Slide 2: Table of contents
Table of contents Half Year Financial Report for January–June 2023 Market position, Outlook and Financial Q2 in brief Q2 Highlights, financial targets, development Strategy Summary Q2 2023 AUGUST 11, 2023 2
Slide 3: Kamux Vision: #1 used car retailer in Europe
Kamux Vision #1 used car retailer in Europe Q2 2023 AUGUST 11, 2023 3
Slide 4: Q2 2023 in brief – solid topline and recovering margins, yet increased costs
Kamux Q2 2023 in brief – solid topline and recovering margins, yet increased costs hurting operating profit 1 3 5 Revenue increased Adjusted operating profit Revenue from integrated services by 3.3% to EUR 255.0 was at previous year’s level decreased and was EUR 12.4 million million (246.8) and was
Slide 5: Kamux maintained its positions in all operating countries
Kamux maintained its positions in all operating countries Market Market Kamux Market development in Q1 2023 Kamux position and size* market development in Q2 2023 New passenger car (2022) share registrations across Finland ~0.6 million ~8.0% We estimate that the market Kamux maintained its cars #1 f
Slide 6: Kamux is Europe's fifth largest used car retailer
Kamux is Europe’s fifth largest used car retailer Largest used car dealers in Home # of operating Pcs in 2022 – Kamux Europe in 2022 country countries estimate* A lot happened in the Constellation Group UK 22 90,000–100,000 used car market in 2022. Aures Holdings Czechia 4 89,100 Industry consolidat
Slide 7: Q2 2023 — revenue increased as number of sold cars grew
Kamux Q2 2023 — revenue increased as number of sold cars grew, yet increased cost level was hurting the operating profit Revenue (EUR million) Adjusted operating profit (EUR million) 280 13 260 12 240 11 220 10 200 9 180 8 160 7 140 6 120 100 5 80 4 60 3 40 2 20 1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 20
Slide 8: Number of sold cars increased in Q2 2023
Number of sold cars increased in Q2 2023 Sold cars (pcs) 20,000 18,699 +9.7% 18,000 17,285 1,422 17,215 16,760 16,728 16,952 1,391 16,242 1,414 16,000 15,733 1,490 1,397 15,601 15,688 1,223 1,099 15,324 1,401 4,106 1,248 1,280 14,681 3,143 1,300 14,000 3,678 1,134 3,493 3,035 3,757 3,463 2,876 3,407
Slide 9: Kamux Plus growth solid, but finance fees decreased in Q2 2023
Kamux Plus growth solid, but finance fees decreased in Q2 2023 Revenue from integrated services MEUR 16 15.3 10% 9% 14 12.9 12.8 13.0 12.4 11.8 8% 11.5 12 6.9 % 10.7 7% 10.2 9.9 10 9.4 9.4 5.3 % 6% 5.1 % 5.2 % 5.2 % 5.0 % 5.0 % 4.9 % 8 4.3 % 5% 4.2 % 4.5 % 4% 6 4.6 % 3% 4 2% 2 1% 0 0% Q3/20 Q4/20 Q1
Slide 10: New openings and showrooms
New openings and showrooms FINLAND SWEDEN GERMANY TOTAL Lielahti and Hatanpää were Värmdö showroom Q1/2023 combined -1 closed Utility vehicles in Tampere to Lakalaiva Raahe showroom Düren showroom Q2/2023 closed at the end of +-0 opened May Total showrooms 46 23 8 77 on August 11, 2023 Announced New
Slide 11: Strategy Period 2021–2023: Accelerates Growth
Strategy Period 2021–2023 Kamux seizes the huge market opportunity as a strongly digital and international retail chain and ACCELERATES GROWTH Profitability development is built on business growth and scalability during the strategy period Q2 2023 AUGUST 11, 2023 11
Slide 12: Way to Accelerate Growth
Kamux Way to Accelerate Growth Seamless omni- Utilizing data and Efficient processes, Developing channel customer leading with scalability and store capabilities and experience knowledge strategy continuous learning and services Trust and Systems for Industrialised Induction affordability knowledge
Slide 13: Financial development
Financial development Q2 2023 AUGUST 11, 2023 13
Slide 14: Kamux's financial performance and margins were gradually recovering
Kamux’s financial performance and margins were gradually recovering • Average price per car slightly lower than previous year, impacting revenue • Gross margin per car was EUR 1,527, slightly down on the previous year • Operating expenses increased compared to the previous year due to growth of pers
Slide 15: Key Figures
Key Figures (MEUR) 4–6/2023 4–6/2022 Change, % 1–6/2023 1–6/2022 Change, % 1–12/2022 Revenue 255.0 246.8 3.3% 478.1 484.1 -1.2% 968.7 Gross profit 26.3 24.5 7.5% 47.0 48.7 -3.4% 94.1 as percentage of revenue, % 10.3% 9.9% 9.8% 10.1% 9.7% Operating profit (EBIT) 3.9 4.5 -14.3% 4.5 10.2 -56.0% 17.0 as
Slide 16: Kamux Finland — increase in sold cars drove revenue up
Kamux Finland — increase in number of sold cars drove revenue up and operating profit increased in Q2 2023 Revenue (EUR million) Operating Profit (EUR million) • Revenue increased by 10.8% compared to the previous year and was EUR 173.0 +10.8% million (156.2). Revenue growth was due to 200 12 the in
Slide 17: Kamux Sweden — improved margins driving turnaround in profitability
Kamux Sweden — improved margins driving turnaround in profitability in Q2 2023 Revenue (EUR million) Operating Profit (EUR million) • Total revenue decreased by -3.8% compared to the previous year and was EUR 79.2 -3.8% million (82.4). 90 2.0 • Gross margin increased compared to the 80 previous year
Slide 18: Kamux Germany — inventory clean up and expansion costs burdened profit
Kamux Germany — inventory clean up and expansion costs burdened operating profit in Q2 2023 Revenue (EUR million) Operating Profit (EUR million) • Total revenue increased by 5.0% compared to the previous year and was EUR 26.3 +5.0% million (25.0). External revenue increased 30 1.0 by 6.3%. • Gross m
Slide 19: Inventory was in efficient use in Q2 2023
Inventory was in efficient use in Q2 2023 Net Working Capital (EUR million) Inventories (EUR million) 130 +0.6% 150 -6.9% 120 140 110 130 120 100 110 90 100 80 90 70 80 60 70 50 60 50 40 40 30 30 20 20 10 10 0 0 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q320 Q420 Q121 Q221 Q321 Q42
Slide 20: Seasonal inventory build-up amid recovering market
Seasonal inventory build-up amid recovering market Cash Flow from Operating Activities Components of Cash Flow from Operating Activities (EUR million) Q2 2023 (EUR million) 30 8 25 6 20 4.7 4 15 2.4 2 10 0 -13.6 5 0 -2 -5 -4 -10 -8.1 -6 -15 -8 -20 -1.6 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q4
Slide 21: Investments in leading with data and growth continued
Investments in leading with data and growth continued Investments (EUR million) • In line with our strategy, we have systematically invested in growth 2.5 • Kamux seeks to gain a significant 2.0 competitive advantage by investing in 1.5 leading with knowledge and making 1.0 strategic real estate inv
Slide 22: Dividend from 2022
Dividend from 2022 • AGM decided that a dividend of EUR 0.15 per share (EUR 0.20 per share) be paid • Earnings per share were EUR 0.27 (0.49) • Payout ratio is 55% (41%) • Dividend paid in two instalments • EUR 0.05 per share was paid on May 2, 2023 • EUR 0.10 per share will be paid on October 31, 2
Slide 23: Outlook and financial targets
Outlook and financial targets Q2 2023 AUGUST 11, 2023 23
Slide 24: Financial Targets 2021–2023
Financial Targets 2021–2023 • Revenue growth of over 20% annually Indicator Target Actual (from Feb 26, 2021) 1-6/2023 • Annually increasing adjusted EBIT and adjusted Revenue growth Over 20% -1.2% EBIT margin over 3.5% annually • Return on equity (ROE) over 25% Adjusted Annually increasing EUR 5.4
Slide 25: Outlook for 2023
Outlook for 2023 In 2023, Kamux expects its adjusted operating profit to grow from the year 2022, when the adjusted operating profit was EUR 17.5 million. Q2 2023 AUGUST 11, 2023 25
Slide 26: Q2 2023 in summary
Q2 2023 in summary 1 3 5 Revenue increased Adjusted operating profit Revenue from integrated services by 3.3% to EUR 255.0 was at previous year’s level decreased and was EUR 12.4 million million (246.8) and was EUR 4.5 million (12.8), or 4.9 % (5.2) of total revenue. (4.5), or 1.8% (1.8) of revenue
Slide 27: Thank You!
Thank You!
Slide 28: Disclaimer
Disclaimer It should be noted that Kamux and its business are exposed to various risks and uncertainties, and certain statements herein which are not historical facts, including without limitation, those regarding expectations for market growth and developments; expectations for growth and profitabi