Kamux Oyj · OMXHEX:KAMUX
Kamux Oyj — Non-Deal Roadshow (April 2024)
35 slides from Kamux Oyj's roadshow presentation, April 2024
Slide 1: Introducing Kamux
Introducing Kamux Roadshow presentation, April 2024 ROADSHOW PRESENTATION APRIL 2024 1
Slide 2: The European used car market is huge and very fragmented
The European used car market is huge and very fragmented Used cars sold >35 Mn <0.5 Mn annually, pcs ROADSHOW PRESENTATION APRIL 2024 2
Slide 3: >EUR 100 Bn target market in the current operating countries
>EUR 100 Bn target market in the current operating countries Market size ~100 Bn ~10 Bn ~5 Bn Approx. 7.9 Others million used market share % cars sold in 75 our target 98 90 markets in 2023 Top-5 players 25 market % 2 10 ROADSHOW PRESENTATION APRIL 2024 3
Slide 4: Kamux focuses on buying and selling used cars
Kamux focuses on buying and selling used cars Europe’s 3rd largest used car retailer Revenue by Cars sold by A total of 77 stores country in 2023 country in 2023 in three operating countries* 10% 5,603 45 12,777 stores 21% MEUR 68,257 23 1,002.1 cars in total stores in total (62,922) (968.7) 9 70% 4
Slide 5: Kamux is Europe's third largest used car retailer
Kamux is Europe’s third largest used car retailer Largest used car Home # of operating Pcs in 2023 dealers in Europe in country countries 2023 Aures Holdings Czechia 4 98,134 Aramis France 6 81,618 Kamux Finland 3 68,257 Autohero Germany 9 63,066 ROADSHOW PRESENTATION APRIL 2024 5 SOURCE: COMPANY QU
Slide 6: Become the #1 used car retailer in Europe
OUR VISION Become the #1 used car retailer in Europe ROADSHOW PRESENTATION APRIL 2024 6
Slide 7: From entrepreneurship to a public company
From entrepreneurship to a public company • Juha Kalliokoski founded Kamux in 2003 in Hämeenlinna, Finland. He was CEO of the company until spring 2023. • Initially his goal was to support his family by selling cars. • For the first three years, Kamux had just one showroom in Hämeenlinna. • Kamux's
Slide 8: We have successfully grown organically
We have successfully grown organically Revenue (M€) Cars sold (1,000) Showrooms 1,002 78 79 78 78 68.5 68.3 937 969 CAGR 62.9 71 60.7 2007–2023 55.4 +28.0% 724 61 46,6 53 659 41.0 47 36.3 41 528 455 34 28.5 405 27 310 20.3 20 215 14.2 16 10.5 13 152 9 6.9 7 74 112 3.6 5.0 53 1.8 2.6 19 27 38 FIN SWE
Slide 9: Kamux growth has been profitable
Kamux growth has been profitable Revenue (M€) Adjusted operating profit (EUR million) and adjusted Revenue increased by 3.5% in 2023 operating profit (EBIT) margin (%) Adjusted operating profit decreased from the previous year in 2022 1000 3,5% 35 7 900 2.3% 30 6 3.3% 800 20.8% 29.5% 700 25 5 16.1%
Slide 10: In 2023, Kamux had an average of 885 employees
In 2023, Kamux had an average of 885 employees Average number of employees in • The age range of employees was 15–83 years 2023 • Approximately 31% of employees were under 25 years of age and 75 approximately 20% were over 55 years • During 2023, a total of 15 Kamux employees found a new role 227 wi
Slide 11: Our strategy
Our strategy ROADSHOW PRESENTATION APRIL 2024 11
Slide 12: M&A to accelerate growth
CUSTOMER PROMISE OPERATIONAL EFFICIENCY Become the most Industrialize friendly, convenient and standardize and trustworthy used operations across car retailer value chain M&A TO ACCELERATE GROWTH Customer-centric offering Global and local for consumers and purchasing teams to professionals utilize p
Slide 13: Kamux is part of circular economy and our ESG agenda supports strategic business goals
Kamux is part of circular economy and our ESG agenda supports strategic business goals TRUST- LOWER THRIVING & INCLUSIVE WORTHINESS EMISSION CARS WORKPLACE • Used cars you can trust • Affordable lower-emission cars • Attractive career paths, learning • Transparency for well-informed • Supporting the
Slide 14: Become the most friendly, convenient and trustworthy used car retailer
Become the most friendly, convenient and trustworthy used car retailer CUSTOMER QUALITY & ADD-ON SERVICE TRANSPARENCY SERVICES Bring customer to the epicenter of all Standardized processing of all cars Introduce innovative, hassle-free and activities, with tailored services for convenient service pa
Slide 15: Improve profitability through standardized operations leveraging economies of scale
Improve profitability through standardized operations leveraging economies of scale Unify operations in all countries PROCESSING PRICING SOURCING PEOPLE & LOGISTICS & ANALYTICS Gain Group scale by ramping up Bring more centralization and Centrally driven fair pricing by More focused roles and respon
Slide 16: Long-term targets
Long-term targets FINANCIAL Sold cars, pcs 100,000 / year Revenue, EUR EUR 1.5 billion / year mainly organic growth, with bolt-on M&A Adjusted EBIT margin, % 4% of Revenue relative profitability NON-FINANCIAL NPS, group average 60 customer feedback, regular inputs eNPS, group average 40 employee eng
Slide 17: Q4 & FY 2023 Results
Q4 & FY 2023 Results ROADSHOW PRESENTATION APRIL 2024 17
Slide 18: Q4/23: Clear improvement in gross profit in all markets, strong volume improvement in Finland and Germany
Q4/23: Clear improvement in gross profit in all markets, strong volume improvement in Finland and Germany 1 3 5 Revenue increased Adjusted operating profit Revenue from integrated services was by 8.4% to EUR 241.6 increased by 164.1% to EUR 15.4 million (15.3), or 6.4% (6.9) of million (222.9) boost
Slide 19: Used car market stabilized in 2023, but volumes still below 2021 levels
Used car market stabilized in 2023, but volumes still below 2021 levels Market Market Kamux Market development in Q4 2023 Kamux position and size market development in Q4 2023 New passenger car (2023) share registrations across Finland ~0.6 million ~8.0% We estimate that the market Kamux maintained
Slide 20: Strong volume development and significant gross profit improvement visible in operating profit improvement
Strong volume development and significant gross profit improvement visible in operating profit improvement 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 2021 2022 2023 2
Slide 21: Strong volume development in Finland and Germany, Sweden still lagging
Strong volume development in Finland and Germany Sweden still lagging Sold cars (pcs) +11.4% 20,000 19,364 18,699 1,567 18,000 1,422 17,215 16,760 16,728 16,952 16,242 16,354 15,601 15,688 1,223 1,414 16,000 1,099 1,490 1,397 15,324 3,529 1,322 4,106 1,248 1,280 14,681 1,300 14,000 3,678 1,134 3,493
Slide 22: Kamux Plus growth solid, finance fees continue to be challenged by high interest rates
Kamux Plus growth solid, finance fees continue to be challenged by high interest rates Revenue from integrated services MEUR 16 15.3 15.4 10% 13.6 9% 14 12.9 12.8 13.0 12.4 11.8 8% 11.5 12 6.9 % 10.7 7% 9.9 6.4 % 10 9.4 5.3 % 6% 5.2 % 5.2 % 5.0 % 5.0 % 4.9 % 4.8 % 8 4.5 % 5% 4.2 % 4% 6 4.3 % 3% 4 2%
Slide 23: Kamux Finland — high volumes boosted revenue, profitability improving
Kamux Finland — high volumes boosted revenue, profitability improving Revenue (EUR million) Operating Profit (EUR million) • Revenue increased by 19.1% compared to the previous year and was EUR 173.9 million (146.1). Revenue growth was due to 250 12 the increase in number of cars sold. +19.1% • Gros
Slide 24: Kamux Sweden — disappointing volume development, margin improvement contributing positively
Kamux Sweden — disappointing volume development, margin improvement contributing positively Revenue (EUR million) Operating Profit (EUR million) • Total revenue decreased by -2.5% compared to the previous year and was EUR 58.3 million (59.7). 90 2.0 • Gross margin increased compared to the previous
Slide 25: Kamux Germany — strong volume development, but changes in sales mix
Kamux Germany — strong volume development, but changes in sales mix Revenue (EUR million) Operating Profit (EUR million) • Total revenue increased by 3.4% compared to the previous year and was EUR 23.8 million (23.0). External revenue decreased 30 +3.4% 1.0 by -0.5%. • Gross margin increased compare
Slide 26: Financial development
Financial development ROADSHOW PRESENTATION APRIL 2024 26
Slide 27: Gradual recovery of used car markets boosting volumes, good margin development in Q4
Gradual recovery of used car markets boosting volumes, good margin development in Q4 • Revenue impacted by slightly lower average price than previous year, while sales mix changes affected by demand • Gross margin EUR 1,502 per car, improving from the previous year; good development especially in th
Slide 28: Key Figures
Key Figures (MEUR) 10-12/2023 10-12/2022 Change, % 1–12/2023 1–12/2022 Change, % Revenue 241.6 222.9 8.4% 1,002.1 968.7 3.5% Gross profit 26.1 21.2 23.4% 102.5 94.1 9.0% as percentage of revenue, % 10.8% 9.5% 10.2% 9.7% Operating profit (EBIT) 4.5 1.6 176.9% 15.8 17.0 -7.1% as percentage of revenue,
Slide 29: Successful inventory management
Successful inventory management Net Working Capital (EUR million) Inventories (EUR million) 130 -2.8% 150 140 +2.7% 120 110 130 120 100 110 90 100 80 90 70 80 60 70 50 60 50 40 40 30 30 20 20 10 10 0 0 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q42
Slide 30: Steady cash flow from Operating activities
Steady cash flow from Operating activities Cash Flow from Operating Activities Components of Cash Flow from Operating Activities (EUR million) Q4 2023 (EUR million) 30 27.6 30 25 -1.3 20 25 15 20 10 21.2 5 15 0 -5 10 -10 -15 5 5.4 2.3 -20 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 0
Slide 31: Moderate investments in showroom upgrades and IT systems, more digital capabilities in-house
Moderate investments in showroom upgrades and IT systems, more digital capabilities in-house Investments (EUR million) • Kamux seeks to gain a significant competitive advantage by investing in 2.5 leading with knowledge and making 2.0 strategic real estate investments 1.5 • More focus on building in
Slide 32: Dividend from 2023
Dividend from 2023 • The Board of Directors proposes a dividend of EUR 0.17 per share to be distributed for the year 2023 (EUR 0.15 per share) in two instalments • The first dividend instalment EUR 0.07 per share on April 29, 2024, and the second dividend instalment EUR 0.10 per share on October 31,
Slide 33: Outlook for 2024
Outlook for 2024 Kamux expects its adjusted operating profit for 2024 to exceed its 2023 adjusted operating profit, which was EUR 18.0 million. ROADSHOW PRESENTATION APRIL 2024 33
Slide 34: Thank You!
Thank You! ROADSHOW PRESENTATION APRIL 2024 34
Slide 35: 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