Kamux Oyj · OMXHEX:KAMUX
Kamux Oyj — Non-Deal Roadshow (October 2022)
48 slides from Kamux Oyj's roadshow presentation, October 2022
Slide 1: Trustworthy sales of affordable used cars
Trustworthy sales of affordable used cars Roadshow presentation September–October 2022 1 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 2: Kamux in a nutshell
Kamux in a nutshell 2 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 3: Kamux Vision: #1 used car retailer in Europe
Kamux Vision #1 used car retailer in Europe
Slide 4: Kamux is Europe's third largest used car retailer
Kamux is Europe’s third largest used car retailer Largest used car # of dealers in Europe Home Pcs in 2021 – operating in 2021 country Kamux estimate countries 47 showrooms Constellation UK 22 80,000–100,000 Group 22 Czech showrooms Aures Holding Republic 4 80,000–100,000 Kamux Finland 3 68,429 A to
Slide 5: Kamux's journey from a single showroom to Europe's 3rd largest used car dealer
Kamux’s journey from a single showroom to Europe’s 3rd largest used car dealer 2003 2012 2015 2017 2018 2021 Finland Sweden Germany 160,000 International 30% revenue cars sold revenue EUR growth vs. PY, 132 million Over 400,000 cars sold 2015 2019 2006 2010 2011 100,000 2017 Over 1,000 2nd Systemati
Slide 6: Promoting mobility with trustworthy sales of affordable used cars
Promoting mobility with trustworthy sales of affordable used cars Cornerstones of Cornerstones of customer proposal operational model Professional sourcing Attractive price Efficient inventory management Trust Low fixed cost model Seamless omnichannel customer experience Profitable integrated servic
Slide 7: Kamux's competitive advantages
Kamux’s competitive advantages Outstanding Data and omni- Cross-border analytics Efficient channel scale in sales powered by processes customer & purchasing custom-built experience KMS 7 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 8: Market information
Market information 8 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 9: The used car market is large, stable and fragmented
The used car market is large, stable and fragmented 9 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 10: Target market of EUR 100 billion with some 26 million cars
Target market of EUR 100 billion with some 26 million cars in the most attractive segments Total number of registered vehicles The most attractive, <8 years old cars per age group >8 years old cars Finland Sweden Germany 2.8 5.0 48.2 million million million Source: Traficom; ACEA; company’s analysis
Slide 11: The share of TOP 5 sellers of used cars is small in all operating countries
The share of TOP 5 sellers of used cars is small in all Kamux’s operating countries Finland Sweden Germany TOP 5 resellers Rest of the market <10% ~2% <20% Source: The Finnish Information Centre of Automobile Sector; Statistics Denmark; MRF; Vroom; OFV; Kraftfahrtbundesamt; SMMT; BOVAG; CCFA;
Slide 12: The market has traditionally been very stable..
The market has traditionally been very stable.. Used passenger car sales volume in Finland New registrations of passenger cars in Finland 1990-2021 160 000 CAGR +0,7% 140 000 631 071 634 062 625 064 632 980 627 046 599 626 613 563 120 000 100 000 80 000 60 000 40 000 20 000 0 Recession 1990 1992 199
Slide 13: ..but uncertainty in markets has impacted used car sales during Q2/2022
..but the uncertainty in markets have had a significant impact on sales of used cars during Q2/2022 -13,5% -20,9% • The market decline in 2 200 000 Q2/2022 was even stronger 2 000 000 than the COVID-19 impact in 1 800 000 Q2/2020 1 600 000 • Q2/2022 vs. Q2/2021 1 400 000 1 200 000 • Finland -12% 1 0
Slide 14: Trends in used car retail
Trends in used car retail Current trends Evolving trends 1. Changes in 2. Service in 3. New means of 4. Electrification market dynamics digital channels transportation and of motoring mobility as a service 14 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 15: Strategy
Strategy 15 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 16: Kamux seizes the huge market opportunity and accelerates growth
Kamux seizes the huge market opportunity as a strongly digital and international retail chain and Strategy period accelerates growth 2021―2023 Profitability development is built on business growth and scalability during the strategy period
Slide 17: Kamux Way to Accelerate Growth
Kamux Way to Accelerate Growth Seamless omni- Utilizing data Efficient Developing channel customer and leading processes, capabilities experience and with scalability and and continuous services knowledge store strategy learning Systems for Trust and knowledge affordability Induction management and
Slide 18: Seamless Omni-Channel Customer Experience
Seamless Omni-Channel Customer Experience RESEARCH COMPARISON AND CONSIDERATION The role of the seller is also key in digital transactions: • Creating customer and service experience PURCHASE • Supporting the purchasing process: chat, phone, video DECISION 95% of customers spend over 4hrs online to
Slide 19: Leading with knowledge and intelligence
Leading with knowledge and intelligence Kamux Management System is tailored for Kamux’s needs PHYSICAL AND DIGITAL WORLDS COMBINED TO A SEAMLESS CONNECTING SUPPLY AND DEMAND AT THE CUSTOMER EXPERIENCE EUROPEAN LEVEL First-class omnichannel customer service Customer needs We serve customers in the ch
Slide 20: Financials
Financials 20 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 21: Proven track record of successful, organic growth
Proven track record of successful, organic growth Revenue (EURm) Cars sold (1,000) Showrooms at year-end CAGR 68,4 78 79 937 2017-2021 60,7 71 +18.5% 724 55,4 61 46,6 53 659 41,0 47 36,3 41 528 455 35 28,5 405 310 20,3 24 19 215 14,2 16 10,5 13 152 6,9 9 112 5,0 7 38 53 74 3,6 4 1,8 2,6 19 27 1 2007
Slide 22: Integrated services are an important part of the offering and profitability
Integrated services are an important part of the Kamux offering and profitability Revenue from integrated services, MEUR % 40 12 11 35 10 30 9 8 25 7 20 5,1 % 5,1 % 6 5,0 % 5,0 % 4,6 % 5 15 4 10 3 2 5 1 0 0 2017 2018 2019 2020 2021 Kamux Plus Finance fees and insurance comissions Integrated services
Slide 23: Steady earnings growth
Steady earnings growth ROE (%) Earnings per share (EUR) Dividend per share (EUR) 30 0,80 0,3 25 0,24 0,23 0,60 0,58 0,20 20 0,49 0,2 0,48 0,16 15 0,40 0,37 Average Return 0,12 on Equity (ROE) 0,30 2017-2021 0,1 10 +24,1 % 0,20 5 1 0 0,00 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018
Slide 24: Strong financial position creates a good basis for growth
Strong financial position creates a good basis for growth Cash flow from operating activities (EUR Equity ratio* (%) million) 35 70 30 60 50 25 40 20 30 15 20 10 10 5 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 *The decrease in equity ratio in 2019 was caused by growth in the consolidated
Slide 25: Shareholder value created also through dividends
Shareholder value created also through dividends Average DPS growth EUR 2017-2021 0,30 120% 33.0% 100% 0,25 48 % 41 % tili- 80% 48 % of the kauden 0,20 of the 44 % for profit for 41 % profit voitosta 60% the of the tili-the period 0,15 44% period profit for 40% 40 % kauden of the the tili- voitosta
Slide 26: Key figures 2017-2019
Key figures 2017-2019 (MEUR) 2017 2018 2019 2020 2021 Revenue 454.9 527.8 658.5 724.1 937.4 Gross profit 53.8 64.9 79.6 91.5 101.3 as percentage of revenue, % 11.8% 12.3% 12.1% 12.6% 10.8% Operating profit (EBIT) 16.2 18.9 25.3 31.2 28.0 as percentage of revenue, % 3.6% 3.6% 3.8% 4.3% 3.0% Adjusted
Slide 27: Financial targets 2021–2023
Financial targets 2021–2023 • Revenue growth of over 20% annually Indicator Target Actual 1-6/2022 (from Feb 26, 2021) • Annually increasing adjusted EBIT and Revenue growth Over 20% 10.4% adjusted EBIT margin over 3.5% annually • Return on equity (ROE) over 25% Adjusted Annually increasing EUR 10.2
Slide 28: Operating countries
Operating countries 28 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 29: Key figures by operating country
Key figures by operating country Revenue by country Cars sold by country Personnel at the end of in 2021 in 2021 H1/2022 9% 5 408 75 EUR 14 361 68,429 25% 937.4 cars 230 Total million in total 874 in total (60,657) (820) (724.1) 65% 569 48 660 Finland Sweden Germany Finland Sweden Germany Finland Sw
Slide 30: Kamux Finland
Kamux Finland • Established since 2003 • 47 showrooms • 569 employees • Market leader with app. 8% share Revenue & profitability development Number of cars sold 700 8% 600 7% 60 000 500 6% 50 000 5% 40 000 400 4% 30 000 300 3% 20 000 200 2% 10 000 100 1% 0 00 % 2017 2018 2019 2020 2021 2017 2018 201
Slide 31: Kamux Sweden
Kamux Sweden • Established in 2012 • 22 showrooms • 230 employees • Kamux among the top 5 used car dealers with app. 1% share Revenue & profitability development Number of cars sold 350 6% 300 5% 20 000 250 4% 15 000 200 3% 10 000 150 2% 100 1% 5 000 50 % 0 00 -1% 2017 2018 2019 2020 2021 2017 2018
Slide 32: Kamux Germany
Kamux Germany • Established in 2015 • 8 showrooms • 75 employees • Kamux market share increasing, but still small Revenue & profitability development Number of cars sold 120 % 6 000 100 5 000 80 -2% 4 000 60 3 000 -4% 40 2 000 -6% 1 000 20 0 00 -8% 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 R
Slide 33: Q2/2022
Q2/2022 33 ROADSHOW PRESENTATION SEPTEMBER-OCTOBER 2022
Slide 34: Kamux Q2 2022 in brief
Kamux Q2 2022 in brief 1. 3. 5. Revenue increased by 7.9% Adjusted operating profit International operations grew, to EUR 246.8 million decreased and was EUR 4.5 external revenue in Sweden (228.8) million (6.8), or 1.8% (3.0) of increased by 6.1% to EUR 66.4 revenue million and in Germany by 1.4% to
Slide 35: Kamux strengthened its positions in all operating countries
Kamux strengthened its positions in all operating countries Market Kamux Market size market Market development Kamux position and (2021) share in Q2 2022 development in Q2 2022 Consolidation in Suomi ~0.6 million ~8.0% We estimate that the Kamux maintained its the industry cars #1 market for used ca
Slide 36: Number of sold cars decreased in Q2 2022 as the market contracted
Number of sold cars decreased in Q2 2022 as the market contracted in all operating countries Sold cars (pcs) 20,000 -6.4% 18,699 18,000 17,285 16,760 16,728 16,242 16,000 15,409 15,733 15,601 15,688 14,395 14,227 14,000 13,413 12,000 13,171 12,751 11,513 11,868 10,000 11,456 12,108 10,946 10,881 12,
Slide 37: Revenue from integrated services grew very strongly in Q2 22
Revenue from integrated services grew very strongly in Q2 2022 Revenue from integrated services +29% MEUR % 14 5.7% 6 5.4% 5.3% 12.9 12.8 5.1% 5.3% 11.8 5.2% 12 4.7% 5 4.6% 5.0% 10.7 10.2 4.5% 9.9 10 9.4 9.4 9.4 4.3% 4.2% 8.9 4 8.6 8.6 8 3 6 2 4 1 2 0 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 2
Slide 38: Key figures
Key figures (MEUR) 4-6/2022 4-6/2021 Change, % 1-6/2022 1-6/2021 Change, % 1-12/2021 Revenue 246.8 228.8 7.9% 484.1 438.6 10.4% 937.4 Gross profit 24.5 20.5 19.2% 48.7 43.7 11.5% 101.3 as percentage of revenue, % 9.9% 9.0% 10.1% 10.0% 10.8% Operating profit (EBIT) 4.5 2.8 59.8% 10.2 8.5 19.6% 28.0 a
Slide 39: Kamux Finland — Revenue growth continued in Q2 2022
Kamux Finland — Revenue growth continued in Q2 2022 Revenue (EUR million) +9.8% 1 75 1 50 1 25 • Revenue increased by 9.8% compared to the 1 00 previous year and was EUR 156.2 million 75 (142.3). 50 25 • Gross margin decreased to EUR 17.3 million 0 Q1 Q2 Q3 Q4 (18.0), or 11.1% (12.7) of revenue. 201
Slide 40: Kamux Sweden — Strong revenue growth in Q2 2022
Kamux Sweden — Strong revenue growth in Q2 2022 Revenue (EUR million) +10.2% 1 00 • Total revenue increased by 10.2% compared to 80 the previous year and was EUR 82.4 million 60 (74.8). 40 • Gross margin was at the previous year’s level at 20 EUR 4.9 million (4.9), or 5.9% (6.5) of revenue. 0 Q1 Q2
Slide 41: Kamux Germany — External revenue grew in a difficult market environment
Kamux Germany — External revenue grew in a difficult market environment Revenue (EUR million) -6.5% 30 • Exceptionally high internal sales to other 25 20 operating countries in the comparison period and 15 thus total revenue decreased by -6.5% compared 10 to the previous year and was EUR 25.0 millio
Slide 42: Net working capital and inventories remained high against the summer period
Net working capital and inventories remained high against the summer period Net Working Capital (EUR million) Inventories (EUR million) +16.9% 1 30 +29.4% 1 50 1 20 1 40 110 1 30 1 20 1 00 110 90 1 00 80 90 70 80 60 70 50 60 50 40 40 30 30 20 20 10 10 0 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2
Slide 43: Challenging market environment reflected in net cash flow
Challenging market environment reflected in net cash flow Cash Flow from Operating Activities Components of Cash Flow from Operating Activities (EUR million) Q2 2022 (EUR million) 25.0 20 22.5 20.0 17.5 15.0 15 12.5 10.0 7.5 5.0 10 2.5 3.6 0.0 -2.5 -2.4 -5.0 5 4.9 -7.5 2.9 -1.8 -10.0 -12.5 -15.0 0 Q
Slide 44: Investments in leading with knowledge and growth were continued
Investments in leading with knowledge and growth were continued Investments (EUR million) 2.5 • In line with our strategy, we have 2.0 systematically invested in growth 1 .5 • Kamux seeks to gain a significant 1 .0 competitive advantage by investing in 0.5 leading with knowledge and making 0.0 Q3 19
Slide 45: New openings and showrooms on September 1, 2022
New openings and showrooms on September 1, 2022 2022 FINLAND SWEDEN GERMANY TOTAL Q1 Oulu — — 1 Q2 — Malmö — 1 Nyköping Announced openings — — 2 Kalmar Announced showroom Petikko, Vantaa — — 2 expansions Pori 2022 FINLAND SWEDEN GERMANY TOTAL Total showrooms on Sept 1, 47* 22 8 77 2022 * Kamux combi
Slide 46: Outlook for 2022
Outlook for 2022, updated on August 11, 2022 In 2022, Kamux expects its revenue to be over EUR 1,000 million. The company expects its adjusted operating profit to be approximately EUR 23–30 million. Although Kamux’s business is not exposed to immediate Russia-related risks, the war in Ukraine and it
Slide 47: Thank you!
KAMUX 6 Thank you!
Slide 48: Disclaimer
Disclaimer Since these statements are based on It should be noted that Kamux and its current plans, estimates and projections, business are exposed to various risks and they involve risks and uncertainties that uncertainties, and certain statements herein may cause actual results to materially which