Kamux Oyj · OMXHEX:KAMUX
Kamux Oyj — H1 2019 Earnings Presentation
24 slides from Kamux Oyj's earnings presentation, Aug 23, 2019
Slide 1: Kamux – Half Year Results Presentation January―June 2019
Kamux – Half Year Results Presentation January―June 2019 August 23, 2019 CEO Juha Kalliokoski CFO Marko Lehtonen
Slide 2: Table of Contents
Table of Contents Half Year Results Presentation 2019 Outlook and Financial Q2/2019 in Brief Financial Development Targets Summary
Slide 3: Kamux Vision: #1 used car retailer in Europe
Kamux Vision #1 used car retailer in Europe
Slide 4: Kamux Q2 2019 in Brief
Kamux Q2 2019 in Brief 1. 3. 5. Revenue increased by Internationalization proceeded strongly and Adjusted operating profit 22.9% increased by 10.7% revenue increased in Sweden by to EUR 157.3 million to EUR 6.7 million (6.1) 63.5% to EUR 38.0 million and in (128.0) Germany by 51.0% to EUR 10.7 milli
Slide 5: Used car market is large and fragmented
Used car market is large and fragmented Europe Finland Sweden Germany Top 5 players Top 5 players Top 5 players account for less account for less account for New than 20% of the ~2% of the “There are virtually than 10% of the cars market market market no other strongly Used digital, Kamux-like cars
Slide 6: Kamux’s Market Position Strengthened in Q2
Kamux’s Market Position Strengthened in Q2 Market Kamux’s Market Kamux’s position and size market development development during “Technology change, power Market (2018) share during Q2 Q2 source and climate debate, Finland ~0.5 ~8.0% We estimate the Kamux maintained its emission measurement million
Slide 7: Kamux in Q2 2019 — Profitable Growth According to Our Strategy
Kamux in Q2 2019 — Profitable Growth According to Our Strategy Revenue (EUR million) Adjusted Operating Profit (EUR million) +22.9% +10.7% 160 7 140 6 120 5 100 4 80 3 60 2 40 20 1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2019 2017 2018 2019 • Revenue growth in Q2 2019 was at good level • Adjusted oper
Slide 8: Number of Cars Sold Grew by 17.6%
Number of Cars Sold Grew by 17.6% Sold Cars (pcs) +17.6% 14 000 13 441 12 564 12 187 12 000 11 379 11 433 11 083 11 220 10 294 9 698 9 882 10 000 8 000 10 615 10 328 9 688 9 246 9 337 9 486 9 066 6 000 8 522 8 255 8 325 4 000 2 000 1 993 1 620 1 518 1 753 1 123 1 346 1 290 1 547 1 448 1 025 418 434
Slide 9: Integrated Services Revenue Grew
Integrated Services Revenue Grew MEUR Integrated Services Revenue 6,0% % 12 6 5,3% 5,0% 5,1% 5,0% 5,0% 5,0% 5,0% 4,7% 4,7% 4,8% 10 5 7,8 7,9 8 4 7,1 6,8 6,1 6,4 6,1 6 5,6 5,8 3 5,4 4 2 2 1 0 0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Finance fees and insurance commissions Sales of
Slide 10: Financial Development
Financial Development Marko Lehtonen CFO
Slide 11: Key Figures
Key Figures 4-6/ 4-6/ 1-6/ 1-6/ 1−12/ (MEUR) Change, % Change, % 2019 2018 2019 2018 2018 Revenue 157.3 128.0 22.9% 300.2 256.7 17.0% 527.8 Gross profit 20.1 16.3 23.4% 36.7 30.9 18.8% 64.9 as percentage of revenue, % 12.8% 12.8% 12.2% 12.0% 12.3% Operating profit (EBIT) 6.7 3.6 86.3% 11.4 8.4 35.4%
Slide 12: Kamux’s Revenue Grew Strongly
Kamux’s Revenue Grew Strongly +22.9% 160 • The number of used cars sold by Kamux in 140 the second quarter grew by 17.6% and totaled 13,441 (11,433). 120 • Kamux’s revenue grew by 22.9% in Q2 2019. 100 80 • The increase in revenue was driven by new showrooms and like-for-like revenue growth. 60 • Li
Slide 13: Kamux Finland — Strong Growth Continued
Kamux Finland — Strong Growth Continued Revenue (EUR million) • Revenue grew by 15.0% compared to the +15.0% 120 previous year and was EUR 118.1 million 100 (102.7). 80 • Gross margin increased to EUR 16.2 million 60 40 (13.6) and 13.7% (13.2%) of revenue. 20 • Operating profit grew to EUR 7.6 milli
Slide 14: Kamux Sweden — Strong Revenue Growth Continued
Kamux Sweden —Strong Revenue Growth Continued Revenue (EUR million) +63.5% • Total revenue grew by 63.5% compared to 35 30 the previous year and was EUR 38.0 million 25 (23.3). 20 15 • Operating profit was EUR 0.4 million (0.4) 10 and 1.0% (1.9%) of revenue. 5 0 • Revenue of the integrated services
Slide 15: Kamux Germany — Very Strong Growth
Kamux Germany — Very Strong Growth Revenue (EUR million) +51.0% 12 10 • Total revenue grew by 51.0% compared to the 8 previous year and was EUR 10.7 million (7.1). 6 • Integrated services revenue increased to EUR 4 2 0.3 million (0.2), or 3.0% (3.0) of external 0 Q1 Q2 Q3 Q4 revenue. 2017 2018 2019
Slide 16: Net Working Capital and Inventories Grew
Net Working Capital and Inventories Grew Net Working Capital (EUR million) Inventories (EUR million) +33.9% +28.3% 70 80 60 70 60 50 50 40 40 30 30 20 20 10 10 0 0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19
Slide 17: Cash Flow from Operations was positive in Q2
Cash Flow from Operations was positive in Q2 Cash Flow from Operations (EUR million) 10 8 6 4 2 0 -2 -4 -6 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Cash flow from Operations Special Items IFRS 16 impact Net Working Capital Change Cash Flow from Operations excluding Special items,
Slide 18: Investments into Future Growth Continued According to Strategy
Investments into Future Growth Continued According to Strategy Investments (EUR million) In line with our strategy, we have systematically 1,0 invested in our future growth. 0,5 Kamux seeks to gain a significant competitive advantage by investing in leading with knowledge as well as digital customer
Slide 19: Outlook and Financial Targets
Outlook and Financial Targets
Slide 20: Outlook and Financial Targets
Outlook and Financial Targets € € € Revenue growth of EBIT margin of Distribute dividends of Kamux does not over 10% annually at least 4% in at least 30% of net publish a short-term 2019-2022 2019-2022 profits outlook Revenue Profitability Dividend Policy Outlook
Slide 21: Summary
Summary
Slide 22: Summary Q2/2019
Summary Q2/2019 Revenue increased by Adjusted operating profit 22.9% to increased by 10.7% EUR 157.3 to EUR 6.7 million (6.1) million (128.0) Gross profit increased by Internationalization 23.4% to continued strongly EUR 20.1 million (16.3)
Slide 23: Questions?
Questions?
Slide 24: Disclaimer
Disclaimer It should be noted that Kamux and its Since these statements are based on current business are exposed to various risks and plans, estimates and projections, they uncertainties, and certain statements involve risks and uncertainties that may herein which are not historical facts, cause ac