Slide 1: Kamux — Quarterly Results Presentation
Kamux — Quarterly Results Presentation January―March 2019 May 10, 2019 CEO Juha Kalliokoski Interim CFO Milla Kärpänen
Slide 2: Table of Contents
Table of Contents Quarterly Results Presentation Q1/2019 Outlook and Financial Q1/2019 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 Q1 2019 in Brief
Kamux Q1 2019 in Brief 1. 3. 5. Internationalization proceeded strongly. Revenue Adjusted operating increased to EUR Revenue increased in Sweden by 38.6% profit was close to to EUR 33.4 million and in Germany by 143.0 million last year's level EUR (128.7) 66.6% to EUR 10.8 million 4.7 million (4.8)
Slide 5: Kamux's Market Position Strengthened in Q1, Power Sources Much Discussed in Finland
Kamux’s Market Position Strengthened in Q1, Power Sources Much Discussed in Finland Market size Kamux’s Kamux’s position and development Market (2018) market share Market development during Q1 during Q1 Finland ~0.5 million ~8.0% We estimate the market Kamux maintained its market cars #1 declined sl
Slide 6: Kamux Q1 2019 — Revenue Increased 11.1%
Kamux Q1 2019 — Revenue Increased 11.1% Revenue (EUR million) Adjusted Operating Profit (EUR million) 160 +11.1% 7 140 6 -3.0% 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 • Adjusted operating profit (EBIT) Q1 2019 decreased by -3.0 • The growth was fully o
Slide 7: Number of Cars Sold Grew by 7.1%
Number of Cars Sold Grew by 7.1% Sold Cars (pcs) 14 000 +7.1% 12 564 12 187 12 000 11 379 11 433 11 083 11 220 10 294 9 698 9 882 10 000 8 000 10 328 9 688 9 246 9 337 9 486 9 066 6 000 8 522 8 255 8 325 4 000 2 000 1 620 1 518 1 753 1 123 1 346 1 290 1 547 1 448 1 025 418 434 491 482 495 499 616 63
Slide 8: Integrated Services Revenue Continued to Grow Q1 2019
Integrated Services Revenue Continued to Grow Q1 2019 Integrated Services Revenue MEUR % 6,0% 12 6 5,3% 5,0% 5,1% 5,0% 5,0% 4,7% 4,7% 4,8% 10 5 8 7,8 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 Finance fees and insurance commissions Sales o
Slide 9: Financial Development
Financial Development
Slide 10: Key Figures
Key Figures (MEUR) 1−3/2019 1−3/2018 Change, % 1−12/2018 Revenue 143.0 128.7 11.1% 527.8 Gross profit 16.6 14.6 13.7% 64.9 as percentage of revenue, % 11.6% 11.3% 12.3% Operating profit (EBIT) 4.6 4.8 -3.1% 18.9 Adoption of IFRS 16 effects in Q1/19: as percentage of revenue, % 3.2% 3.7% 3.6% Adjuste
Slide 11: Kamux's Revenue Grew
Kamux’s Revenue Grew 160 +11.1% • The number of used cars sold by Kamux in 140 the first quarter grew by 7.1% 120 and totaled 12,187 cars (11,379). 100 • Kamux’s revenue grew by 11.1% Q1 2019. 80 • The increase in revenue was driven by new 60 showrooms. 40 • Like-for-like sales growth in Q1 was -4.4
Slide 12: Kamux Finland — Stable Growth
Kamux Finland — Stable Growth Revenue (EUR million) 120 +4.7% • Revenue grew by 4.7% compared to the previous 100 year and was EUR 108.3 million (103.5). 80 • Gross margin increased to EUR 13.5 million 60 40 (12.4) and 12.5 % (12.0%) of revenue. 20 • Operating profit close to last year’s level EUR 5
Slide 13: Kamux Sweden — Strong Revenue Growth Continued
Kamux Sweden — Strong Revenue Growth Continued Revenue (EUR million) +38.6% • Revenue grew 38.6% compared to the 35 previous year and was EUR 33.4 million 30 25 (24.1). 20 15 • Operating profit was EUR 0.2 million (0.1) 10 and 0.7% (0.5%) of revenue. 5 0 • Adoption of IFRS 16 had no effect on Q1 Q2
Slide 14: Kamux Germany — Very Strong Revenue Growth Continued
Kamux Germany — Very Strong Revenue Growth Continued Revenue (EUR million) +66.6% 12 10 • Revenue grew by 66.6% compared to the 8 6 previous year and was EUR 10.8 million (6.5). 4 • Operating loss was EUR -0.4 million (-0.5). 2 0 • Adoption of IFRS 16 had no material effect on Q1 Q2 Q3 Q4 operating
Slide 15: Net Working Capital and Inventories Grew
Net Working Capital and Inventories Grew Net Working Capital (EUR million) Inventories (EUR million) 70 +26.3% 80 +24.5% 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 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
Slide 16: Cash Flow from Operations was Positive in Q1
Cash Flow from Operations was Positive in Q1 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 Cash Flow from Operations Special Items IFRS 16 effect Net working Capital Change Cash Flow from Operations excluding Special Items, IFRS 1
Slide 17: Investments in Growth Continued According to Strategy
Investments in Growth Continued According to Strategy Investments (EUR million) 1,0 In line with our strategy, we have systematically invested in our future 0,5 • Personnel: recruitment and training 0,0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 • Internationalization: the necessary resou
Slide 18: Outlook and Financial Targets
Outlook and Financial Targets
Slide 19: 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 20: Dividend Development
Dividend Development Paid dividends (EUR millions) 7 33.4% 6 5 • Dividend paid for the financial year 4 2018 was EUR 0.16 per share (0.12) 3 • Dividend was 44% of the net profit 2 (40%) 1 0 2016 2017 2018 2019
Slide 21: Summary
Ars.) a Wf iOND mene Surminary
Slide 22: Summary Q1/2019
Summary Q1/2019 Gross profit increased Revenue grew to by 13.7% to EUR EUR 143.0 million (128.7) 16.6 million (14.6) Internationalization Adjusted operating profit continued very strongly: revenue was EUR 4.7 million (4.8) increased in Sweden by 38.6% and in Germany by 66.6%
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