Kamux Oyj · OMXHEX:KAMUX
Kamux Oyj — Q1 2023 Earnings Presentation
28 slides from Kamux Oyj's earnings presentation, May 12, 2023
Slide 1: Kamux Interim Report Q1 2023
Kamux Interim Report Q1 2023 CEO Juha Kalliokoski CFO Marko Lehtonen Q1 2023 MAY 12, 2023 1
Slide 2: Table of contents
Table of contents Q1 2023 Interim Report Strategy, outlook Financial Q1 in brief and financial Summary development targets Q1 2023 MAY 12, 2023 2
Slide 3: Kamux Vision: #1 used car retailer in Europe
Kamux Vision #1 used car retailer in Europe Q1 2023 MAY 12, 2023 3
Slide 4: Q1 2023 in brief – decrease in car prices and sluggish demand burdened the operating profit
Kamux Q1 2023 in brief – decrease in car prices and sluggish demand burdened the operating profit 1 3 5 Revenue decreased Adjusted operating profit Sales of integrated services developed in by -6.0% to EUR 223.1 decreased by -85.4% to line with revenue. Revenue from integrated million (237.3) EUR 0.
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 Q1 2023 (2022) share New passenger car Finland ~0.6 million ~8.0% We estimate that the market Kamux maintained its registrations across 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 Tšekki 4 89,100 Industry consolidati
Slide 7: Q1 2023 — decrease in prices and sluggish demand had a negative impact on revenue
Kamux Q1 2023 — decrease in prices and sluggish demand had a negative impact on revenue and burdened 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 2
Slide 8: Number of sold cars decreased in Q1 2023 as the market stabilized slowly
Number of sold cars decreased in Q1 2023 as the market stabilized slowly Sold cars (pcs) 20,000 18,699 -1.8% 18,000 17,285 1,422 16,760 16,728 16,952 1,391 16,242 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 13,413 3,678 1,134 3,035 3,7
Slide 9: Revenue from integrated services decreased slightly in Q1 23
Revenue from integrated services decreased slightly in Q1 2023 Revenue from integrated services MEUR 16 15.3 10% 9% 14 12.9 12.8 13.0 11.8 8% 11.5 12 6.9 % 10.7 7% 10.2 9.9 10 9.4 9.4 8.6 5.3 % 6% 5.1 % 5.2 % 5.2 % 5.0 % 5.0 % 5.7 % 8 4.3 % 5% 4.2 % 4.5 % 4% 6 4.6 % 3% 4 2% 2 1% 0 0% Q2/20 Q3/20 Q4/
Slide 10: New openings and showrooms on May 12, 2023
New openings and showrooms on May 12, 2023 FINLAND SWEDEN GERMANY TOTAL Lielahti and Hatanpää were combined Q1/2023 Värmdö showroom closed -1 Utility vehicles in Tampere to Lakalaiva Q2/2023 Düren showroom opened +1 Total showrooms 47 23 8 78 on March 3, 2023 Announced openings/closures Raahe showro
Slide 11: Financial development
Financial development Q1 2023 MAY 12, 2023 11
Slide 12: Kamux's balance sheet continues to be very strong
Kamux’s balance sheet continues to be very strong • The impact of the war in Ukraine was limited in the comparison period • Used car prices decreased at the beginning of the year, burdening car margins • Gross margin per car was EUR 1,354, down on the previous year • Operating expenses increased com
Slide 13: Key Figures
Key Figures (MEUR) 1-3/2023 1-3/2022 Change, % 1-12/2022 Revenue 223.1 237.3 -6.0% 968.7 Gross profit 20.7 24.3 -14.5% 94.1 as percentage of revenue, % 9.3% 10.2% 9.7% Operating profit (EBIT) 0.6 5.7 -89.5% 17.0 as percentage of revenue, % 0.3% 2.4% 1.8% Adjusted operating profit 0,8 5.7 -85.4% 17.5
Slide 14: Kamux Finland — decrease in prices and the number of sold cars burdened revenue
Kamux Finland — decrease in prices and the number of sold cars burdened revenue and operating profit in Q1 2023 Revenue (EUR million) Operating Profit (EUR million) • Revenue decreased by -0.6% compared to the previous year and was EUR 152.0 million (153.0). -0.6% 180 12 -35.2% • Gross margin decrea
Slide 15: Kamux Sweden — negative operating income due to weaker average margin
Kamux Sweden — negative operating income in Q1 2022 due to weaker average margin and decrease in revenue Revenue (EUR million) Operating Profit (EUR million) • Total revenue decreased by -14.7% compared to the previous year and was EUR 68.6 million (80.4). -14.7% 90 2.0 • Gross margin decreased comp
Slide 16: Kamux Germany — revenue grew in Q1 2023 despite the sluggish market
Kamux Germany — revenue grew in Q1 2023 despite the sluggish market Revenue (EUR million) Operating Profit (EUR million) • Total revenue increased by 9.1% compared to the previous year and was EUR 25.0 million (22.9). External revenue increased +9.1% 30 1.0 by 8.3%. • Gross margin increased compared
Slide 17: Cautious increase in inventory reflected in net working capital and inventories
The cautious increase in inventory ahead of the coming season is reflected in net working capital and inventories Net Working Capital (EUR million) Inventories (EUR million) 130 150 -15.8% -9.0% 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 Q220 Q320 Q420
Slide 18: Increase in inventory ahead of the season also reflected in cash flow
Increase in inventory ahead of the season was also reflected in cash flow Cash Flow from Operating Activities Components of Cash Flow from Operating Activities (EUR million) Q1 2023 (EUR million) 30 4 25 2 3.9 20 0.0 15 0 10 -9.9 -2 5 0 -4 -5 -6 -10 -8.1 -15 -8 -2.1 -20 Q220 Q320 Q420 Q121 Q221 Q321
Slide 19: Investments in leading with knowledge and growth were continued
Investments in leading with knowledge and growth were continued, more focus on building in-house competence 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 w
Slide 20: 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,
Slide 21: Strategy, outlook and financial targets
Strategy, outlook and financial targets Q1 2023 MAY 12, 2023 21
Slide 22: 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 Q1 2023 MAY 12, 2023 22
Slide 23: Kamux 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 24: Financial Targets 2021–2023
Financial Targets 2021–2023 • Revenue growth of over 20% annually Indicator Target Actual (from Feb 26, 2021) 1-3/2023 • Annually increasing adjusted EBIT and adjusted Revenue growth Over 20% -6.0% EBIT margin over 3.5% annually • Return on equity (ROE) over 25% Adjusted Annually increasing EUR 0.8
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. Q1 2023 MAY 12, 2023 25
Slide 26: Q1 2023 in summary
Q1 2023 in summary 1 3 5 Revenue decreased Adjusted operating profit Sales of integrated services developed in by -6.0% to EUR 223.1 decreased by -85.4% to line with revenue. Revenue from integrated million (237.3) EUR 0.8 million (5.7), or services was EUR 11.5 million (11.8), or 0.4% of revenue (3
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