Kamux Oyj · OMXHEX:KAMUX
Kamux Oyj — H1 2022 Earnings Presentation
31 slides from Kamux Oyj's earnings presentation, Aug 12, 2022
Slide 1: Kamux Half Year Report January–June 2022
Kamux Half Year Report January–June 2022 CEO Juha Kalliokoski CFO Marko Lehtonen 1 AUGUST 12, 2022 Q2/2022
Slide 2: Table of Contents
Table of Contents Half Year Report January–June 2022 Strategy, Q2 in brief Financial outlook and Summary development financial targets 2 AUGUST 12, 2022 Q2/2022
Slide 3: Kamux Vision: #1 used car retailer in Europe
Kamux Vision #1 used car retailer in Europe
Slide 4: Among pure used car dealers, Kamux holds the 3rd place
Among dealers focusing purely on used cars, Kamux holds the 3rd place Largest used car dealers Home Operating countries Pcs in 2021 – Kamux estimate in Europe in 2021 country Constellation Group UK AT, BE, CZ, DK, FI, FR, DE, GR, HU, IE, IT, LU, NL, NO, PL, PT, RO, SL, 80,000 – 100,000 SE, CH, TK, U
Slide 5: Kamux Q2 2022 in brief
Kamux Q2 2022 in brief 1. 3. 5. Revenue increased by 7.9% Adjusted operating profit International operations grew – to EUR 246.8 million (228.8) decreased and was EUR 4.5 external revenue in Sweden million (6.8), or 1.8% (3.0) of increased by 6.1% to EUR 66.4 revenue million and in Germany by 1.4% t
Slide 6: The market for used cars contracted strongly in all operating countries during Q2/2022
The market for used cars contracted strongly in all operating countries during Q2/2022 -13,5% -20,9% • The market decline in 2,200,000 Q2/2022 was even stronger 2,000,000 than the COVID-19 impact in 1,800,000 Q2/2020 1,600,000 • Q2/2022 vs. Q2/2021 1,400,000 1,200,000 • Finland -12% 1,000,000 • Swed
Slide 7: Kamux strengthened its positions in all operating countries
Kamux strengthened its positions in all operating countries Market Kamux Market size market Market development Kamux position and (2021) share in Q2 2022 development in Q2 2022 Consolidation in Suomi ~0.6 million ~8.0% We estimate that the Kamux maintained its the industry cars #1 market for used ca
Slide 8: Q2 2022 revenue increase driven by higher average prices
Kamux Q2 2022 — revenue increase driven by higher average prices, integrated services grew significantly Revenue (EUR million) Adjusted Operating Profit (EUR million) 7.9% 260 13 240 12 220 11 200 10 180 9 160 8 -33.6% 140 7 120 6 100 5 80 4 60 3 40 2 20 1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2021 2019
Slide 9: Number of sold cars decreased in Q2 2022
Number of sold cars decreased in Q2 2022 as the market contracted in all operating countries Sold cars (pcs) 20,000 -6.4% 18,699 18,000 17,285 16,760 16,728 16,242 16,000 15,409 15,733 15,601 15,688 14,395 14,227 14,000 13,413 12,000 13,171 12,751 11,513 11,868 10,000 11,456 12,108 10,946 10,881 12,
Slide 10: Revenue from integrated services grew very strongly in Q2 22
Revenue from integrated services grew very strongly in Q2 2022 Revenue from integrated services +29% MEUR % 14 5.7% 6 5.4% 5.3% 12.9 12.8 5.1% 5.3% 11.8 5.2% 12 4.7% 5 4.6% 5.0% 10.7 10.2 4.5% 9.9 10 9.4 9.4 9.4 4.3% 4.2% 8.9 4 8.6 8.6 8 3 6 2 4 1 2 0 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 2
Slide 11: New openings and showrooms on August 12, 2022
New openings and showrooms on August 12, 2022 2022 FINLAND SWEDEN GERMANY TOTAL Q1 Oulu — — 1 Q2 — Malmö — 1 Nyköping Announced openings — — 2 Kalmar Announced showroom Petikko, Vantaa — — 2 expansions Pori 2022 FINLAND SWEDEN GERMANY TOTAL Total showrooms on August 12, 48* 22 8 78 2022 * Kamux tran
Slide 12: Financial development
Financial development 12 AUGUST 12, 2022 Q2/2022
Slide 13: Revenue grew in a challenging market environment
Revenue grew in a challenging market environment • The war in Ukraine and increasing inflation, particularly the higher fuel and energy prices, have had a significant impact on consumer behavior • Revenue from integrated services grew 29.4%, clearly faster Strong balance sheet is than revenue the ba
Slide 14: Key figures
Key figures (MEUR) 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 a
Slide 15: Kamux Finland — Revenue growth continued in Q2 2022
Kamux Finland — Revenue growth continued in Q2 2022 Revenue (EUR million) +9.8% 175 150 • Revenue increased by 9.8% compared to the 125 100 previous year and was EUR 156.2 million 75 (142.3). 50 25 • Gross margin decreased to EUR 17.3 million 0 Q1 Q2 Q3 Q4 (18.0), or 11.1% (12.7) of revenue. 2019 20
Slide 16: Kamux Sweden — Strong revenue growth in Q2 2022
Kamux Sweden — Strong revenue growth in Q2 2022 Revenue (EUR million) +10.2% 100 • Total revenue increased by 10.2% compared to 80 the previous year and was EUR 82.4 million 60 (74.8). 40 • Gross margin was at the previous year’s level at 20 EUR 4.9 million (4.9), or 5.9% (6.5) of revenue. 0 Q1 Q2 Q
Slide 17: Kamux Germany — External revenue grew in a difficult market environment
Kamux Germany — External revenue grew in a difficult market environment Revenue (EUR million) -6.5% 30 • Exceptionally high internal sales to other 25 20 operating countries in the comparison period and 15 thus total revenue decreased by -6.5% compared 10 to the previous year and was EUR 25.0 millio
Slide 18: Net working capital and inventories remained high
Net working capital and inventories remained high against the summer period Net Working Capital (EUR million) Inventories (EUR million) +16.9% 130 +29.4% 150 120 140 110 130 120 100 110 90 100 80 90 70 80 60 70 50 60 50 40 40 30 30 20 20 10 10 0 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 2
Slide 19: Challenging market environment reflected in net cash flow
Challenging market environment reflected in net cash flow Cash Flow from Operating Activities Components of Cash Flow from Operating Activities (EUR million) Q2 2022 (EUR million) 25.0 20 22.5 20.0 17.5 15.0 15 12.5 10.0 7.5 5.0 10 2.5 3.6 0.0 -2.5 -2.4 -5.0 5 4.9 -7.5 2.9 -1.8 -10.0 -12.5 -15.0 0 Q
Slide 20: Investments in leading with knowledge and growth were continued
Investments in leading with knowledge and growth were continued Investments (EUR million) 2.5 • In line with our strategy, we have 2.0 systematically invested in growth 1.5 1.0 • Kamux seeks to gain a significant competitive 0.5 advantage by investing in leading with 0.0 knowledge and making strateg
Slide 21: Dividend from 2021
Dividend from 2021 • AGM decided that a dividend of EUR 0.20 per share (EUR 0.24 per share) be paid • Earnings per share were EUR 0.49 (EUR 0.58) • Payout ratio is 41% (41%) • Dividend paid in two instalments • EUR 0.08 was paid on April 29, 2022 • EUR 0.12 will be paid on Oct 28, 2022 21 AUGUST 12,
Slide 22: Strategy, outlook and financial targets
Strategy, outlook and financial targets 22 AUGUST 12, 2022 Q2/2022
Slide 23: Strategy period 2021–2023 accelerates growth
Kamux seizes the huge market opportunity as a strongly digital and international retail chain and Strategy period accelerates growth 2021―2023 Profitability development is built on business growth and scalability during the strategy period
Slide 24: Seamless Omni-Channel Customer Experience
Seamless Omni-Channel Customer Experience RESEARCH COMPARISON AND CONSIDERATION The role of the seller is also key in digital transactions: • Creating customer and service experience PURCHASE • Supporting the purchasing process: chat, phone, video DECISION 95% of customers spend over 4hrs online to
Slide 25: Kamux Way to Accelerate Growth
Kamux Way to Accelerate Growth Seamless omni- Utilizing data Efficient Developing channel customer and leading processes, capabilities experience and with scalability and and continuous services knowledge store strategy learning Systems for Trust and knowledge affordability Induction management and
Slide 26: Financial targets 2021–2023
Financial targets 2021–2023 • Revenue growth of over 20% annually Indicator Target Actual 1-6/2022 (from Feb 26, 2021) • Annually increasing adjusted EBIT and Revenue growth Over 20% 10.4% adjusted EBIT margin over 3.5% annually • Return on equity (ROE) over 25% Adjusted Annually increasing EUR 10.2
Slide 27: Outlook for 2022
Outlook for 2022, updated on August 11, 2022 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. Although Kamux’s business is not exposed to immediate Russia-related risks, the war in Ukraine and it
Slide 28: Summary
Summary
Slide 29: Summary Q2 2022
Summary Q2 2022 1. 3. 5. Revenue increased by 7.9% Adjusted operating profit International operations grew – to EUR 246.8 million (228.8) decreased and was EUR 4.5 external revenue in Sweden million (6.8), or 1.8% (3.0) of increased by 6.1% to EUR 66.4 revenue million and in Germany by 1.4% to EUR 2
Slide 30: Thank you!
KAMUX 6 Thank you!
Slide 31: Disclaimer
Disclaimer Since these statements are based on It should be noted that Kamux and its current plans, estimates and projections, business are exposed to various risks and they involve risks and uncertainties that uncertainties, and certain statements herein may cause actual results to materially which