Trasporti
Kamux Corporation's Interim Report for January 1--March 31, 2023: Kamux's revenue decreased and adjusted operating profit decreased significantly
"Based on the market development in the first quarter of 2023, the used car market seems to be slowly stabilizing after the very challenging year 2022. In Finland and Germany , after a sharp decline, the market grew cautiously during the first quarter, and in Sweden , the total market for used cars was only slightly down compared to the previous year. However, despite these positive signals, the demand for used cars was still sluggish and consumer confidence was weak during the first quarter, and Kamux's revenue decreased due to the decrease in car prices and the number of cars sold. Despite the decline in sales, we maintained our market position in all our operating countries.
Operating profit decreased significantly mainly due to the weakened gross margin. The imbalance between supply and demand lowered the prices of used cars considerably at the beginning of the first quarter especially in Finland and Sweden , and the margin earned from cars bought in 2022 was weak despite the inventory write-offs made at the turn of the year. Although the margin from cars was weak, it developed positively compared to the last quarter of 2022 and improved month-on-month during the first quarter. In Sweden , the operating profit was also weakened by the increased costs resulting from the capacity increase in 2022 and a difficult purchasing market due to the weak krona.
The electrification of the car fleet continues, and an increasing number of sold used cars are EVs or plug-in hybrids. The number of plug-in hybrids and EVs sold by Kamux increased by 16% compared to the first quarter of 2022. Non-rechargeable hybrids were sold less than in the comparison period.
At Kamux, we continued to implement our strategy and focus on the basics: buying and selling cars, as well as inventory management. With the signals indicating market stabilization, we started to cautiously increase the inventory ahead of the coming season at the end of the first quarter. I would like to again thank all Kamux employees for their contribution to the company and our customers."
In 2023, Kamux expects its adjusted operating profit to grow from the year 2022, when the adjusted operating profit was EUR 17.5 million .
The Company's medium-term financial targets are to increase revenue by over 20% annually, to increase adjusted operating profit annually, and to reach an adjusted operating profit margin of over 3.5% and a return on equity (ROE) of over 25%. Additionally, the Company's target is to distribute dividends of at least 25% of net profits. The Board of Directors of the Company estimates annually the balance between dividends to be distributed and funds to be used for Kamux's growth, and based on this assessment, makes a proposal on the amount of dividend to be distributed, which may for any single year differ significantly from the target level set in the dividend policy.
Kamux will update its strategy and financial targets at the beginning of 2024.
On April 14, 2023 , Kamux Corporation received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act ("SMA"), according to which the total holding of Elo Mutual Pension Insurance Company in Kamux Corporation shares and votes had decreased below five (5) percent on April 13, 2023 and was 4.97% following the notification.
On May 10, 2023 Kamux Corporation received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act ("SMA"), according to which the total holding of funds (Danica Pension Livsforsikringsaktie and Finnish Fund) managed by Danske Bank A/S ( Copenhagen, Denmark ) in Kamux Corporation shares and votes had decreased below five (5) percent on May 9, 2023 and was 4.95% following the notification.
Publication schedule for Kamux Corporation's financial reporting in 2023 is as follows:
News conference for investors, analysts and media will be held today on Friday, May 12, 2023 at 11:00 EET in English, and at 12:00 noon EET in Finnish. CEO Juha Kalliokoski and CFO Marko Lehtonen will present the Interim Report.
The conference can be followed as a live webcast at https://kamux.videosync.fi/2023-q1-results (in English at 11.00 EET) and https://kamux.videosync.fi/2023-q1-tulos (in Finnish at 12.00 EET).
Participation by conference call:
You can access the teleconference by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference.
http://palvelu.flik.fi/teleconference/?id=10010321
The conference in English will start at 11.00 EET and in Finnish at 12.00 noon EET . If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.
CEO Juha Kalliokoski , tel. +358 40 185 8633
CFO Marko Lehtonen , tel. +358 50 575 2006
Head of Communications & IR Katariina Hietaranta, tel. +358 50 557 6765
Kamux Corporation
Communications
The following files are available for download:
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