Slide 1: Kamux – Annual Results Presentation 2018
Kamux – Annual Results Presentation 2018 March 1, 2019 CEO Juha Kalliokoski CFO Tapio Arimo
Slide 2: Table of Contents
Table of Contents Annual Results Presentation 2018 Outlook and Financial Q4 and 2018 in Brief Financial Development Summary Targets
Slide 3: Kamux Vision: #1 used car retailer in Europe
Kamux Vision #1 used car retailer in Europe
Slide 4: Kamux Q4 2018 in Brief
Kamux Q4 2018 in Brief 1. 3. 5. Revenue increased to Adjusted operating profit Internationalization proceeded strongly and revenue increased in Sweden by EUR 131.1 increased to EUR 4.3 million (114.3) million (3.3) 35.9% to EUR 27.0 million and in Germany by 41.1% to EUR 8.2 million Gross profit inc
Slide 5: Kamux's Market Position Strengthened in Q4 in a Challenging Operating Environment
Kamux’s Market Position Strengthened in Q4 in a Challenging Operating Environment Market Market size Kamux’s Market development during Q4 Kamux’s position and development (2018) market share during Q4 Finland ~0.5 million ~8.0% The Finnish market was Kamux maintained its market cars #1 impacted by p
Slide 6: Kamux in Q4 2018 — Profitable Growth Continued
Kamux in Q4 2018 — Profitable Growth Continued Revenue (EUR million) Adjusted Operating Profit (EUR million) 160 7 14.7% 140 6 120 31.3% 5 100 4 80 3 60 2 40 20 1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 2016 2017 2018 • Revenue growth in Q4 2018 was on a good level • Adjusted operating profit gre
Slide 7: Number of Cars Sold Grew by 9.0%
Number of Cars Sold Grew by 9.0% Sold Cars (pcs) 14,000 9.0% 12,564 12,000 11,379 11,433 11,220 11,083 10,294 9,833 9,698 9,882 10,000 9,258 8,523 8,676 8,000 10,328 9,246 9,337 9,486 9,066 6,000 8,522 8,452 8,255 8,325 7,933 7,419 7,571 4,000 2,000 1,346 1,290 1,547 1,448 1,620 1,518 1,107 218 1,16
Slide 8: Integrated Services Revenue Continued to Grow
Integrated Services Revenue Continued to Grow MEUR Integrated Services Revenue 6.0% % 12 6 5.3% 5.3% 5.0% 5.1% 5.0% 4.7% 4.7% 4.7% 4.7% 4.8% 10 5 4.3% 8 7.8 4 6.8 6.1 6.4 6.1 6 5.6 5.8 3 5.2 5.4 4.9 5.0 4.2 4 2 2 1 0 0 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Finance f
Slide 9: Kamux 2018 in Brief – a Year of Strong Growth despite the Market Challenges
Kamux 2018 in Brief – a Year of Strong Growth despite the Market Challenges 1. 3. 5. Revenue increased Adjusted operating profit Internationalization proceeded strongly and 16.0% to EUR increased to EUR 21.9 revenue increased in Sweden by 39.3% to EUR 527.8 million (454.9) million (18.6) 101.9 milli
Slide 10: Kamux in 2018 — Profitable Growth Continued
Kamux in 2018 — Profitable Growth Continued Revenue (EUR million) Adjusted Operating Profit (EUR million) MEUR % 16.0% 550 25 8.0 +17.5% 500 +12.4% 7.0 450 3.4% 20 400 6.0 350 4.4% 5.0 15 4.1% 300 4.1% 4.0 250 10 3.0 200 150 2.0 100 5 1.0 50 0 0 0.0 2016 2017 2018 2016 2017 2018 • Revenue growth inc
Slide 11: Number of Sold Cars Grew by 13.8%
Number of Sold Cars Grew by 13.8% Sold Cars (pcs) 13.8% 50 000 +12.9% 46 596 45 000 40 957 40 000 36 290 35 000 30 000 38 217 25 000 34 348 20 000 31 375 15 000 10 000 5 000 4 784 6 133 4 098 0 817 1 825 2 246 2016 2017 2018 Finland Sweden Germany
Slide 12: Integrated Services Revenue Continued to Grow
Integrated Services Revenue Continued to Grow Integrated Services Revenue MEUR % 40 6 5,0% 5,1% 35 4,8% 5 30 27,1 4 25 22,8 20 19,3 3 15 2 10 1 5 0 0 2016 2017 2018 Finance fees and insurance commissions Integrated services % of revenue Sales of Kamux Plus
Slide 13: Financial Development
Financial Development Tapio Arimo CFO
Slide 14: Key Figures
Key Figures 10-12/ 10-12/ 1-12/ 1-12/ (MEUR) Change, % Change, % 2018 2017 2018 2017 Revenue 131.1 114.3 14.7 % 527.8 454.9 16.0 % Gross profit 16.0 13.0 22.7 % 64.9 53.8 20.5 % as percentage of revenue, % 12.2 % 11.4 % 12.3 % 11.8 % Operating profit (EBIT) 3.9 3.3 20.3 % 18.9 16.2 16.5 % as percent
Slide 15: Kamux's Revenue Grew 14.7% in Q4 2018
Kamux’s Revenue Grew 14.7% in Q4 2018 160 • The number of used cars sold by Kamux in 140 14.7% the fourth quarter grew by 9.0% and totaled 11,220 cars (10,294). 120 • Kamux’s revenue grew by 14.7% Q4 2018. 100 80 • The increase in revenue was driven by new showrooms, expansions of existing 60 showro
Slide 16: Kamux Finland — Stable Growth
Kamux Finland — Stable Growth Revenue (EUR million) 11.6% +13.6% +14.3% +10.8% 120 • Revenue grew by 12.6% in 2018 compared to 100 80 the previous year and was EUR 419.1 million 60 (372.4). 40 20 0 • Gross margin increased to EUR 54.3 million Q1 Q2 Q3 Q4 (46.4) and 13.0% (12.5 %) of revenue. 2016 20
Slide 17: Kamux Sweden — Very Strong Revenue Growth Continued
Kamux Sweden — Very Strong Revenue Growth Continued Revenue (EUR million) 34.5% +35.9% +51.2% 30 +38.0% • Revenue grew by 39.3% in 2018 compared to 25 20 the previous year and was EUR 101.9 million 15 (73.2). 10 5 0 • Operating profit was EUR 0.9 million (-0.1) Q1 Q2 Q3 Q4 and 0.9% (-0.1%) of revenu
Slide 18: Kamux Germany — Revenue Growth Continued
Kamux Germany — Revenue Growth Continued Revenue (EUR million) 42.2% +41.1% 10 +21.2% +21.6% • Revenue grew by 31.8% compared to the 8 6 previous year and was EUR 30.1 million (22.8). 4 2 • Operating loss was EUR -1.8 million (-1.9). 0 Q1 Q2 Q3 Q4 2016 2017 2018 • Development of Kamux’s concept and
Slide 19: Net Working Capital and Inventories Grew
Net Working Capital and Inventories Grew Net Working Capital (EUR million) Inventories (EUR million) 70 80 23.7% 28.6% 60 70 60 50 50 40 40 30 30 20 20 10 10 0 0 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
Slide 20: Cash Flow from Operations
Cash Flow from Operations Cash Flow from Operations (EUR million) 10 8 6 4 2 0 -2 -4 -6 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Cash Flow from Operations Special Items Net Working Capital Change Cash Flow from Operations excluding Special Items and Net Working Capital
Slide 21: Investments in Growth Continued According to Strategy
Investments in Growth Continued According to Strategy Investments (EUR million) 1.5 In line with our strategy, we have 1.0 systematically invested in our future 0.5 • Personnel: recruitment and training 0.0 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 • Internationalizatio
Slide 22: Dividend Proposal and Annual General Meeting
Dividend Proposal and Annual General Meeting • The Board of Directors will propose to the AGM a dividend of EUR 0.16 per share (0.12) • Earnings per share was EUR 0.37 (0.30) in 2018 • The proposed dividend is 44% (40%) of net profit • The Annual General Meeting will be held on April 12, 2019 in Hel
Slide 23: Outlook and Financial Targets
Outlook and Financial Targets
Slide 24: 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 25: Summary
Summary
Slide 26: Summary 2018
Summary 2018 Revenue grew to Profitability improved – EUR 527.8 adjusted operating profit million (454.9) EUR 21.9 million (18.6) Internationalization Like-for-like continued very showroom revenue strong – Sweden achieved clearly growth 5.6 % positive EBIT (-4.9)
Slide 27: Questions?
Questions?
Slide 28: 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