January March 2019 May 10, 2019 CEO Juha Kalliokoski Interim CFO - - PowerPoint PPT Presentation

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January March 2019 May 10, 2019 CEO Juha Kalliokoski Interim CFO - - PowerPoint PPT Presentation

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Kamux Quarterly Results Presentation January March 2019 May 10, 2019 CEO Juha Kalliokoski Interim CFO Milla Krpnen Table of Contents Quarterly Results Presentation Q1/2019 Outlook and Financial Q1/2019 in Brief Financial

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SLIDE 1

Kamux — Quarterly Results Presentation January―March 2019

May 10, 2019

CEO Juha Kalliokoski Interim CFO Milla Kärpänen

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SLIDE 2

Table of Contents Quarterly Results Presentation Q1/2019

Q1/2019 in Brief Financial Development Outlook and Financial Targets Summary

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SLIDE 3

Kamux Vision

#1 used car retailer

in Europe

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SLIDE 4

Kamux Q1 2019 in Brief

Revenue increased to EUR

143.0 million

(128.7) Gross profit increased by

13.7% to

EUR 16.6 million (14.6) Adjusted operating profit was close to last year's level EUR

4.7 million (4.8)

We opened new car showrooms in Oulu Limingantulli,

Klaukkala, Kajaani, Karlskrona and Norrtälje

Internationalization proceeded strongly. Revenue increased in Sweden by 38.6% to EUR 33.4 million and in Germany by

66.6% to EUR 10.8 million

Like-for-like showroom revenue declined -4.4 %

(8.8%)

1. 2. 3. 4.

5.

6.

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SLIDE 5

Kamux’s Market Position Strengthened in Q1, Power Sources Much Discussed in Finland

Market Market size (2018) Kamux’s market share Market development during Q1 Kamux’s position and development during Q1 Finland ~0.5 million cars ~8.0% #1 We estimate the market declined slightly. Market was affected by public discussion around power sources picked up in Finland before the parliamentary election. Kamux maintained its market leader position. Sweden ~1.2 million cars ~0.5% Top 10 We estimate the market declined slightly. Kamux grew strongly and strengthened its position among the ten largest used car dealers. Germany ~7.2 million cars ~0.0% We estimate the used car market remained unchanged. Kamux grew its market share.

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SLIDE 6

Kamux Q1 2019 — Revenue Increased 11.1%

  • The growth was fully organic and it was based on the

sales of new showrooms.

  • Adjusted operating profit (EBIT) Q1 2019 decreased by -3.0

and it was EUR 4.7 million (4.8) which is close to last year's level.

Revenue (EUR million) Adjusted Operating Profit (EUR million)

20 40 60 80 100 120 140 160 Q3 Q1 Q2 Q4 +11.1% 2017 2019 2018 1 2 3 4 5 6 7 Q1 Q2 Q3 Q4

  • 3.0%

2017 2018 2019

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SLIDE 7

Number of Cars Sold Grew by 7.1%

Sold Cars (pcs)

616 636 746 1 025 1 123 1 346 1 290 1 547 1 448 1 620 1 518 1 753 8 255 8 325 9 246 8 522 9 337 9 486 10 328 9 066 9 688 2 000 4 000 6 000 8 000 10 000 12 000 14 000 12 187 482 434 Q1 18 418 Q3 17 Q1 17 Q3 18 Q2 17 Q4 17 495 499 Q2 18 11 433 9 698 9 882 11 083 10 294 11 379 12 564 Q4 18 Q1 19 11 220 491 +7.1% Suomi Ruotsi Saksa

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SLIDE 8

Integrated Services Revenue Continued to Grow Q1 2019

Integrates services % of Revenue Sales of Kamux Plus Finance fees and insurance commissions

Integrated Services Revenue

3 5 12 6 4 6 2 4 1 8 10 2 6,0% Q2 18 6,8 5,0% Q2 17 Q3 18 7,8 Q1 18 5,3% Q1 19 MEUR 6,4 Q1 17 % Q3 17 5,1% 4,7% Q4 17 4,7% 5,0% 4,8% Q4 18 5,0% 5,4 5,6 5,8 6,1 6,1 7,1

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SLIDE 9

Financial Development

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SLIDE 10

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

as percentage of revenue, %

3.2% 3.7% 3.6%

Adjusted operating profit

4.7 4.8

  • 3.0%

21.9

as percentage of revenue, %

3.3% 3.7% 4.1%

Revenue from integrated services

7.1 6.1 16.5% 27.1

as percentage of revenue, %

5.0% 4.7% 5.1%

Sales growth of like-for-like showrooms, %

  • 4.4%

8.8% 5.6%

Inventory turnover, days

48.6 45.6 6.7% 49.6

Return on equity (ROE), %

22.0% 26.2% 22.9%

Return on capital employed (ROI), %

12.9% 18.8% 16.2%

Equity ratio, %

45.6% 58.9 % 60.0%

Adoption of IFRS 16 effects in Q1/19: Excluding IFRS 16 effects

  • Operating Profit (EBIT) decreased by

2.7% and amounted to EUR 4.7 million and 3.3% of revenue.

  • Return on equity was 22.2%,

Return on capital employed 16.0% and Equity ratio 61.6%.

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SLIDE 11

Kamux’s Revenue Grew

  • The number of used cars sold by Kamux in

the first quarter grew by 7.1% and totaled 12,187 cars (11,379).

  • Kamux’s revenue grew by 11.1% Q1 2019.
  • The increase in revenue was driven by new

showrooms.

  • Like-for-like sales growth in Q1 was -4.4%

(8.8%).

20 40 60 80 100 120 140 160 Q4 17 Q1 17 Q2 17 Q3 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 +11.1%

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SLIDE 12

Kamux Finland — Stable Growth

  • Revenue grew by 4.7% compared to the previous

year and was EUR 108.3 million (103.5).

  • Gross margin increased to EUR 13.5 million

(12.4) and 12.5 % (12.0%) of revenue.

  • Operating profit close to last year’s level EUR 5.9

million (6.0) and 5.5% (5.8%) of revenue.

  • Excluding IFRS 16 effect the operating profit

remained at previous year’s level EUR 6.0 million.

  • Oulu Limingantulli showroom was opened in

January, Kajaani in February and Klaukkala in

  • March. In April, we announced the opening of

Forssa showroom

  • Like-for-like showroom growth declined.

Revenue (EUR million) Operating Profit (EUR million)

20 40 60 80 100 120 Q1 Q2 Q3 Q4 +4.7% 2019 2018 2017 2 4 6 8 Q1 Q3 Q2 Q4

  • 2.0%

2017 2018 2019

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SLIDE 13

Kamux Sweden — Strong Revenue Growth Continued

  • Revenue grew 38.6% compared to the

previous year and was EUR 33.4 million (24.1).

  • Operating profit was EUR 0.2 million (0.1)

and 0.7% (0.5%) of revenue.

  • Adoption of IFRS 16 had no effect on
  • perating profit.
  • Karlskrona showroom was opened in January

and Norrtälje in March. In April, we announced the opening of Helsingborg showroom

  • Like-for-like showroom revenue increased

slightly. Revenue (EUR million) Operating Profit (EUR million)

5 10 15 20 25 30 35 Q2 Q1 Q3 Q4 +38.6% 2017 2019 2018

  • 1,0
  • 0,5

0,0 0,5 1,0 Q2 Q1 Q3 Q4 2016 2017 2018

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SLIDE 14

Kamux Germany — Very Strong Revenue Growth Continued

  • Revenue grew by 66.6% compared to the

previous year and was EUR 10.8 million (6.5).

  • Operating loss was EUR -0.4 million (-0.5).
  • Adoption of IFRS 16 had no material effect on
  • perating profit.
  • In January we announced the fifth showroom
  • pening in Tostedt in Germany and in May the

sixth opening in Heide.

  • Like-for-like showroom growth was very strong.

Revenue (EUR million) Operating Profit (EUR million)

2 4 6 8 10 12 Q1 Q2 Q3 Q4 +66.6% 2017 2018 2019

  • 1,0
  • 0,8
  • 0,6
  • 0,4
  • 0,2

0,0 Q1 Q2 Q3 Q4 2017 2018 2019

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SLIDE 15

Net Working Capital and Inventories Grew

Net Working Capital (EUR million) Inventories (EUR million)

10 20 30 40 50 60 70 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 +26.3% 10 20 30 40 50 60 70 80 Q1 17 Q1 18 Q4 18 Q2 17 Q3 17 Q4 17 Q2 18 Q3 18 Q1 19 +24.5%

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SLIDE 16

Cash Flow from Operations was Positive in Q1

  • 6
  • 4
  • 2

2 4 6 8 10 Q1 19 Q2 18 Q3 17 Q1 17 Q2 17 Q4 17 Q3 18 Q1 18 Q4 18

Cash Flow from Operations (EUR million)

Cash Flow from Operations Net working Capital Change Special Items Cash Flow from Operations excluding Special Items, IFRS 16 effect and Net Working Capital Change IFRS 16 effect

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SLIDE 17

Investments in Growth Continued According to Strategy

In line with our strategy, we have systematically invested in our future

  • Personnel: recruitment and training
  • Internationalization: the necessary resources

to grow internationally

  • Digital functions: developing the CRM-ERP

system, analytics, data management and financial management systems

Investments (EUR million) Group Functions (EUR million)

0,0 0,5 1,0 Q3 18 Q1 17 Q2 17 Q3 17 Q4 17 Q4 18 Q1 18 Q2 18 Q1 19 0,0 0,5 1,0 1,5 2,0 Q2 18 Q4 18 Q3 17 Q1 17 Q2 17 Q4 17 Q1 18 Q3 18 Q1 19

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SLIDE 18

Outlook and Financial Targets

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SLIDE 19

Outlook and Financial Targets

Kamux does not publish a short-term

  • utlook

Revenue growth of

  • ver 10% annually

2019-2022 EBIT margin of at least 4% in 2019-2022 Distribute dividends of at least 30% of net profits

Revenue Profitability Dividend Policy

€ €

€

Outlook

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SLIDE 20

Dividend Development

  • Dividend paid for the financial year

2018 was EUR 0.16 per share (0.12)

  • Dividend was 44% of the net profit

(40%)

1 2 3 4 5 6 7 2016 2017 2018 2019 33.4%

Paid dividends (EUR millions)

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SLIDE 21

Summary

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SLIDE 22

Summary Q1/2019

Revenue grew to EUR 143.0 million (128.7) Adjusted operating profit was EUR 4.7 million (4.8) Gross profit increased by 13.7% to EUR

16.6 million (14.6)

Internationalization continued very strongly: revenue increased in Sweden by 38.6% and in Germany by 66.6%

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SLIDE 23

Questions?

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SLIDE 24

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 profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties that may cause actual results to materially differ from those expressed in such forward-looking

  • statements. All statements are based on the

management’s best assumptions and beliefs in light of the information currently available to it and Kamux assumes no obligation to publicly update or revise any forward-looking statement except to the extent legally required.