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Kamux Quarterly Results Presentation January―March · Presentation January―March 2019 May 10,...
Transcript of Kamux Quarterly Results Presentation January―March · Presentation January―March 2019 May 10,...
Kamux —Quarterly Results
PresentationJanuary―March 2019
May 10, 2019
CEO Juha Kalliokoski
Interim CFO Milla Kärpänen
Table of Contents Quarterly Results Presentation Q1/2019
Q1/2019 in Brief Financial DevelopmentOutlook and Financial
TargetsSummary
Kamux Vision
#1 used car retailer
in Europe
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.
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.
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)
0
20
40
60
80
100
120
140
160
Q3Q1 Q2 Q4
+11.1%
2017 20192018
0
1
2
3
4
5
6
7
Q1 Q2 Q3 Q4
-3.0%
2017 2018 2019
Number of Cars Sold Grew by 7.1%
Sold Cars (pcs)
616 636 7461 025 1 123 1 346 1 290 1 547 1 448 1 620 1 518 1 753
8 255 8 325
9 2468 522
9 337 9 48610 328
9 0669 688
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
12 187
482434
Q1 18
418
Q3 17Q1 17 Q3 18Q2 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
Integrated Services Revenue Continued to Grow Q1 2019
Integrates services % of RevenueSales of Kamux PlusFinance fees and insurance commissions
Integrated Services Revenue
3
5
0
12
6
4
0
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 5,86,1 6,1
7,1
Financial Development
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%.
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%).
0
20
40
60
80
100
120
140
160
Q4 17Q1 17 Q2 17 Q3 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
+11.1%
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)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
+4.7%
201920182017
0
2
4
6
8
Q1 Q3Q2 Q4
-2.0%
2017 2018 2019
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
operating 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)
0
5
10
15
20
25
30
35
Q2Q1 Q3 Q4
+38.6%
2017 20192018
-1,0
-0,5
0,0
0,5
1,0
Q2Q1 Q3 Q4
2016 2017 2018
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
operating profit.
• In January we announced the fifth showroom
opening 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)
0
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
Net Working Capital and Inventories Grew
Net Working Capital (EUR million) Inventories (EUR million)
0
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%
0
10
20
30
40
50
60
70
80
Q1 17 Q1 18 Q4 18Q2 17 Q3 17 Q4 17 Q2 18 Q3 18 Q1 19
+24.5%
Cash Flow from Operations was Positive in Q1
-6
-4
-2
0
2
4
6
8
10
Q1 19Q2 18Q3 17Q1 17 Q2 17 Q4 17 Q3 18Q1 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
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 18Q1 17 Q2 17 Q3 17 Q4 17 Q4 18Q1 18 Q2 18 Q1 19
0,0
0,5
1,0
1,5
2,0
Q2 18 Q4 18Q3 17Q1 17 Q2 17 Q4 17 Q1 18 Q3 18 Q1 19
Outlook and
Financial Targets
Outlook and Financial Targets
Kamux does not
publish a short-term
outlook
Revenue growth of
over 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
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%)
0
1
2
3
4
5
6
7
2016 2017 2018 2019
33.4%
Paid dividends (EUR millions)
Summary
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%
Questions?
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.