Slide 1: Full Year 2023 Results
Strong revenue growth in Finland, good gross profit development on Group level Full Year 2023 Results CEO Tapio Pajuharju CFO Jukka Havia Q4 2023 RESULTS MARCH 1, 2024 1
Slide 2: Table of contents
Table of contents FY 2023 Results Market position, Outlook and Financial Q4 in brief Q4 Highlights, financial targets, development Strategy Summary Q4 2023 RESULTS MARCH 1, 2024 2
Slide 3: Kamux Vision: #1 used car retailer in Europe
Kamux Vision #1 used car retailer in Europe Q4 2023 RESULTS MARCH 1, 2024 3
Slide 4: Clear improvement in gross profit in all markets, strong volume improvement in Finland and Germany
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) boosted EUR
Slide 5: 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 6: Strong volume development and significant gross 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 7: 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 8: Kamux Plus growth solid, finance fees 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 9: New openings and showrooms
New openings and showrooms FINLAND SWEDEN GERMANY TOTAL Lielahti and Hatanpää combined. Värmdö showroom Q1/2023 -1 Utility vehicles in closed Tampere to Lakalaiva Raahe showroom Düren showroom Q2/2023 +-0 closed end of May opened Halmstad and Q3/2023 Linköping to larger Heide relocated +-0 premises
Slide 10: 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 11: 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 12: 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 13: We will update our strategy and long-term targets at the CMD on March 20, 2024
We will update our strategy and long-term targets at the CMD on March 20, 2024 Q4 2023 RESULTS MARCH 1, 2024 13
Slide 14: Financial development
Financial development Q4 2023 RESULTS MARCH 1, 2024 14
Slide 15: 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 16: 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 17: 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 18: 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 19: Moderate investments in showroom upgrades and IT systems
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 20: 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 21: Outlook and financial targets
Outlook and financial targets Q4 2023 RESULTS MARCH 1, 2024 21
Slide 22: Financial Targets 2021–2023
Financial Targets 2021–2023 • Kamux's strategy and financial targets for the Indicator Target Actual years 2021–2023 were based on strong revenue (from Feb 26, 2021) 1-12/2023 growth, aiming for nearly doubling the company's Revenue growth Over 20% 3.5% annually revenue. • Essential changes in the o
Slide 23: 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. Q4 2023 RESULTS MARCH 1, 2024 23
Slide 24: Clear improvement in gross profit in all markets, strong volume improvement in Finland and Germany
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) boosted EUR
Slide 25: Thank You!
Thank You! Q4 2023 RESULTS MARCH 1, 2024 25
Slide 26: 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