Technology

Kamux Corporation’s Half Year Financial Report for January 1–June 30, 2024: Revenue decreased and adjusted operating profit decreased significantly, a weak Q2 in Sweden

Published

1 month ago

August 16, 2024

Kamux Corporation, Half Year Financial Report, 16.8.2024 at 9:00

ESPOO, Finland, Aug. 16, 2024 /PRNewswire/ — Kamux Corporation’s Half Year Financial Report for January 1—June 30, 2024: Revenue decreased and adjusted operating profit decreased significantly, a weak Q2 in Sweden.

This is a summary of Kamux Corporation’s Half Year Financial Report for January 1—June 30, 2024. The complete report is attached to this release and is also available at the company website at www.kamux.com.

The figures in parentheses refer to the comparison period, i.e., the same period in the previous year, unless stated otherwise.

April–June in brief

Revenue decreased by -0.9% and was EUR 252.6 million (255.0)Gross profit decreased by -6.1% to EUR 24.7 million (26.3), or 9.8% (10.3) of revenueAdjusted operating profit (EBIT) decreased by -41.3% to EUR 2.7 million (4.5), or 1.1% (1.8) of revenueOperating profit (EBIT) decreased by -45.9% and was EUR 2.1 million (3.9), or 0.8% (1.5) of revenueThe number of cars sold decreased by -1.0% to 17,037 cars (17,215)Like-for-like showroom revenue decreased by -5.7% (2.9)Basic and diluted earnings per share were EUR 0.00 (0.06)

January–June in brief

Revenue increased by 3.2%, totaling EUR 493.4 million (478.1)Gross profit increased by 4.3% to EUR 49.0 million (47.0), or 9.9% (9.8) of revenueAdjusted operating profit (EBIT) remained at the previous year’s level and was EUR 5.4 million (5.4), or 1.1% (1.1) of revenueOperating profit (EBIT) decreased by -1.8% to EUR 4.4 million (4.5), or 0.9% (0.9) of revenueThe number of cars sold increased by 2.0% to 33,174 cars (32,539)Like-for-like showroom revenue growth was 0.1% (-2.4)Basic and diluted earnings per share were EUR 0.03 (0.06)

Key Figures

EUR million

4−6/2024

4−6/2023

Change, %

1−6/2024

1−6/2023

Change, %

1−12/2023

Revenue

252.6

255.0

-0.9 %

493.4

478.1

3.2 %

1,002.1

Gross profit

24.7

26.3

-6.1 %

49.0

47.0

4.3 %

102.5

as percentage of revenue, %

9.8 %

10.3 %

9.9 %

9.8 %

10.2 %

Operating profit (EBIT)

2.1

3.9

-45.9 %

4.4

4.5

-1.8 %

15.8

as percentage of revenue, %

0.8 %

1.5 %

0.9 %

1.6 %

Adjusted operating profit*

2.7

4.5

-41.3 %

5.4

0.0 %

18.0

as percentage of revenue, %

1.1 %

1.8 %

1.1 %

1.8 %

Revenue from integrated services

13.6

12.4

9.2 %

26.9

23.9

12.4 %

53.0

as percentage of revenue, %

5.4 %

4.9 %

5.5 %

5.0 %

5.3 %

Number of cars sold

17,037

17,215

-1.0 %

33,174

32,539

2.0 %

68,257

Gross profit per sold car, EUR

1,449

1,527

-5.1 %

1,478

1,446

2.3 %

1,502

Sales growth of like-for-like showrooms, %

-5.7 %

2.9 %

0.1 %

-2.4 %

2.9 %

Net debt

75.8

79.3

-4.4 %

53.8

Inventories

140.1

133.6

4.9 %

117.2

Inventory turnover, days

53.1

58.0

-8.6 %

46.9

Capital expenditures

0.6

0.5

20.1 %

1.8

0.9

103.0 %

1.8

Average number of employees during the period

906

861

5.2 %

885

Return on equity (ROE), %

7.8 %

5.9 %

8.7 %

Return on investment (ROI), %

6.0 %

4.1 %

6.6 %

Equity ratio, %

45.0 %

46.5 %

51.9 %

Earnings per share, basic and diluted, EUR

0.00

0.06

-93.6 %

0.03

0.06

-43.0 %

0.24

*) Operating profit adjusted for special items related to strategic planning and consulting, taxes from previous financial years, own real estate operations and other items, totaling EUR 0.6 million for the second quarter of 2024 and EUR 1.0 million for 1−6/2024 (4−6/2023: EUR 0.6 million, 1−6/2023: EUR 0,9 million and 1−12/2023: EUR 2.2 million including also special items related to legal processes).

CEO Tapio Pajuharju:

“Despite the somewhat favorable development of the used car demand in all our operating countries, the second quarter was challenging for Kamux. The difficult sourcing market, and in particular the challenges in Sweden, were reflected in our revenue and profitability.

In Finland, the market slowed down in June, yet in Sweden and Germany, the market momentum remained mainly favorable throughout the quarter. The car sourcing market became increasingly difficult throughout the period in all of our operating countries, and we did not fully succeed in acquiring enough cars matching the demand. At Kamux, the good sales momentum continued in Germany, where the number of cars sold increased by almost 20%. In Finland, the number of cars sold remained at the same level as in the comparison period, and in Sweden the number of cars decreased substantially.

In Sweden, the second quarter had a good start, but June in particular was a major disappointment. We did not proceed in onboarding the new sellers as quickly as we had planned, and in addition, while the corrective actions related to previously detected misconduct have progressed as planned, they have required more effort and resources than expected. During August, it became evident that implementing the corrective actions has taken a toll and in order to speed up the commercial recovery, we needed to make a change in Kamux Sweden’s leadership. However, we believe that we will have a well-performing team in Sweden later this year and that all corrective actions will be completed gradually towards the end of the year. However, the challenge in Sweden has turned out to be bigger than previously estimated.

In Finland, we fell slightly below market development due to the challenged sourcing market in passenger cars. We have elected to maintain solid profitability, and we did succeed relatively well in maintaining our margin per sold car even in the substantially tightened sourcing market.

At the group level, the number of cars sold in the second quarter fell one percent below the comparison period due to the negative development in Sweden. The group’s revenue also fell by one percent, as the revenue growth in Finland and Germany was not high enough to offset the decrease in Sweden. In Finland, revenue grew mainly due to the slightly higher average price of cars sold. In Germany, revenue grew with the volume of cars sold, but on the other hand the average price of cars sold decreased as a result of the planned change in our offering. In Sweden, the average price of sold cars was lower than in the comparison period.

Gross profit decreased compared to the comparison period due to the negative development in Sweden. In Germany, gross profit developed favorably. In all our operating countries, gross profit was impacted by maintenance expenses which increased due to inflation. Sales of integrated services, especially Kamux Plus, developed favorably. Adjusted operating profit for the second quarter decreased compared to the comparison period and was EUR 2.7 million (EUR 4.5 million). Operating cash flow for January–June was EUR -14.2 million (EUR -16.2 million).

The sourcing market for used cars tightened in all our operating countries. Sales of new cars have been slow, and as a consequence the number of used cars entering the market is lower. At the same time, the market dynamics and competition have also changed, as many dealers who previously focused on new cars have invested noticeably more in used cars than before. In Sweden, the situation was further complicated due to the low exchange rate of the Swedish krona. This has made Sweden an attractive sourcing market for many eurozone countries.

During the past quarter, we have continued the dedicated and systematic implementation of our omnichannel strategy by upgrading our showrooms and web presence to match our concept, especially in Finland, but also in Sweden and Germany. We have also made several changes to our showroom network. On top of this, we decided to accelerate the measures defined in our strategy to improve the productivity and profitability of our operations. With the measures initiated during the second quarter, we target approximately EUR 5.0–7.0 million in annualized savings by the end of 2025. The measures are divided into two parts: In the first part, we will standardize indirect purchases, such as maintenance, washing, repairs and spare parts, and combine volumes. The second part includes the streamlining of the showroom network and own processes and organization. At the same time, we will continue to invest in growth, particularly by developing our webstore and showroom network.

Customer satisfaction is an important metric for us. The Net Promoter Score (NPS), where our long-term target is 60, decreased slightly in the second quarter and was 49 (51 in Q1) at the group level – still a very good level within the car industry. During the fall, we will continue actions dedicated to improving customer experience as well as upgrading our showrooms to match our concept. Due to the changes in the sourcing market, we are also accelerating our international sourcing activities and the standardization of car processing in order to get them ready for sale quicker, as well as to reduce costs.

I would like to once again express my warm thanks to all Kamux employees for their good work in a challenging market. I would also like to thank our customers and partners for their trust.”

Outlook for the year 2024 (unchanged)

Kamux expects its adjusted operating profit for 2024 to exceed its 2023 adjusted operating profit, which was EUR 18.0 million.

Significant events after the reporting period

On August 13, 2024, Kamux announced that Andy Rietschel, Kamux Sweden’s Managing Director and a member of the Group Management Team, leaves Kamux. The resignation was effective immediately. Aino Hökeberg, Kamux’s Chief Marketing and Concept Officer and a member of the Group Management Team, acts as the interim Managing Director of Kamux Sweden.

On August 9, 2024, Kamux announced that Marjo Nurmi, the Group’s Chief People and Sustainability Officer and a member of the Group Management Team, has decided to become an entrepreneur and will leave Kamux. She will continue in her current position and as a member of the Group Management Team until September 30, 2024.

On July 5, 2024, Kamux announced that Vesa Uotila, the Group’s Chief Business Development Officer and a member of the Group Management Team, had decided to leave Kamux in order to join private equity investor Sponsor Capital as a partner. He continued as Chief Business Development Officer and a member of the Group Management Team until August 7, 2024, and he will serve as an advisor to the company until the end of 2024.

Kamux Corporation’s financial reporting in 2024

The publication schedule for Kamux Corporation’s financial reporting in 2024 is as follows:

Interim Report for January—September 2024 November 8, 2024

News conference

News conference for investors, analysts and media will be held today, Friday, August 16, 2024, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EEST. CEO Tapio Pajuharju and CFO Jukka Havia will present the Half Year Report.

The conference can be followed as a live webcast at https://kamux.videosync.fi/q2-2024

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. If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.

https://palvelu.flik.fi/teleconference/?id=50049836

For more information, please contact:
CEO Tapio Pajuharju, tel. +358 50 577 4200
CFO Jukka Havia, tel. +358 50 355 3757
Head of Communications & IR Katariina Hietaranta, tel. +358 50 557 6765

Kamux Corporation
Communications

Kamux is a retail chain specialized in preowned cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 74 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold over 500,000 used cars, 68,257 of which were sold in 2023. Kamux’s revenue in 2023 was EUR 1,002 million and its average number of employees was 885 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/kamux/r/kamux-corporation-s-half-year-financial-report-for-january-1-june-30–2024–revenue-decreased-and-ad,c4025073

The following files are available for download:

https://mb.cision.com/Main/17647/4025073/2947733.pdf

Kamux_Half Year Financial Report Q2 2024

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Technology

Nuvve Updates Shareholders on Compliance Measures

Published

7 mins ago

September 25, 2024

SAN DIEGO, Sept. 24, 2024 /PRNewswire/ — Nuvve Holding Corp. (Nasdaq: NVVE), a leader in vehicle-to-grid (V2G) technology, has issued a letter to shareholders regarding actions taken to regain compliance with Nasdaq’s Bid Price Rule.

Nuvve recently executed a 1-for-10 reverse stock split, resulting in 652,727 shares outstanding. The Company encourages shareholders to protect their shares against market manipulation through actions such as holding shares in cash accounts and requesting “no loan” status.

For shareholder letter: https://nuvve.com/shareholder-letter/

For more information, contact investors@nuvve.com.

About Nuvve Holding Corp. Nuvve (Nasdaq: NVVE) transforms electric vehicles into grid resources, driving the transition to a net-zero future. Learn more at nuvve.com

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SOURCE Nuvve Holding Corp.

Technology

Wire and tube industry expos to spark international trade in Shanghai

Published

7 mins ago

September 25, 2024

SHANGHAI, Sept. 25, 2024 /PRNewswire/ — The wire China 2024 and Tube China 2024, organized by Shanghai Electric Cable Research Institute Co., Ltd., Messe Düsseldorf (Shanghai) Co., Ltd., Metallurgical Council of the China Council for the Promotion of Int’l Trade (MC-CCPIT), are scheduled to be held from September 25 to 28 at the Shanghai New International Expo Centre, aiming to drive industry advancement and foster connections.

This year, the two expos will span 10 pavilions, encompassing a total exhibition area of 109,250 square meters. Nearly 1,500 businesses from about 30 countries and regions are expected to participate. The two exhibitions will cover the entire industry chain of cables, wires and tubes, offering a professional and efficient one-stop platform for exchanges worldwide.

wire China 2024: supporting enterprises to foster new quality productive forces

The wire China 2024 event is poised to occupy an area of 80,500 sqm, setting a milestone in its growth trajectory. With the participation of nearly 1,100 enterprises from 26 countries and regions, the expo will serve as a platform to showcase the latest developments and trends in the industry.

The exhibition will showcase an array of offerings including wire and cable manufacturing and processing machinery, auxiliary cable processing equipment, raw and auxiliary materials for cables (optical cables), finished wire products and cables, measurement and control technology, testing engineering solutions. The showcase is designed to assist enterprises in accelerating their transition toward digitalization, fostering flexibility, enabling smart production, nurturing new quality productive forces and enhancing the production competitiveness of businesses. The 2024 edition will cover five major areas: Digital Intelligent & Innovative Equipment, Technology Tools & Auxiliary Materials, Green and Low-carbon Solutions, Wires & Cables and Measures & Control Technology.

China has been promoting development of new quality productive forces since the start of 2024, with burgeoning sectors like artificial intelligence; new materials; commercial aerospace; the low-altitude economy and smart connected vehicles. These innovations are infusing the wire industry with vitality and drawing the attention of numerous overseas enterprises to China. This year, the event will host businesses from countries and regions such as South Korea, Japan, the United States, Switzerland, the United Kingdom, Spain and Turkiye. Business delegations from Germany, Italy, France and Austria will be present at the W1 Pavilion to exhibit their innovations and latest breakthroughs.

Heavyweight participants

This year, the event has garnered robust backing from prominent industry associations, including the Asian Wire & Cable Industry Corporation Alliance (AWCCA); Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK); the Association of the German Trade Fair Industry (AUMA); the German Mechanical Engineering Industry Association (VDMA); the ITA/ICE-Italian Trade Agency (ITA); the Italian Wire Machinery Manufacturers Association (ACIMAF) and the Austrian Federal Economic Chamber (WKÖ).

List of some well-known participating brands:

NIEHOFF, WAFIOS, SIKORA, MAILLEFER, ROSENDAHL NEXTROM, BOROUGE, SAMP, PROTON, ELANTAS, ENEOS NUC, HANWHA, TOTOKU, KOS, MFL GROUP, TEIJIN ARAMID, ZUMBACH, EUROLLS, SWPG, ESTEVES, SHENG CHYEAN, PETROFER, HUNTSMAN, DSR, SMATER, SINGCHEER, HONTA, G.Y.M., HANDING, JCDOFAMA, XINGMING, GOLDEN TECHNOLOGIES , INOVANCE, DONY GROUP, LIQIANG MECHANICAL & ELECTRICAL, AEROSPACE NANHAI, YI TENG ELECTRIC, HUAYUAN, PANGHAO, WANMA MACROMOLECULE, TIANRONG, CGN GROUP, CABLE, ORIGINAL, PAMICA, QLPM, ATPOIMER, etc..

(*Information is updated as of August 31st, 2024. Listing is in no particular order)

Fostering new quality productive forces

Centering on digital intelligence and innovation, the expo will be a key platform to display products and services. Singcheer will introduce the SiMOM for remote collaborative manufacturing operations and an AGV logistics system tailored for the cable industry. Maillefer from Finland will showcase the latest AI panoramic scanner 2.0, while Inovance from Shenzhen will present a motorized cable extrusion solution using advanced control algorithms and the MD810 multi-drive. These digital intelligence and innovation products cover manufacturing equipment, industrial software, visual inspection and other specific businesses, empowering cable companies to transit toward intelligent manufacturing.

Leading new trends

The wire China 2024 is not just a trade platform, but a place to communicate the latest market trends and release new products and solutions. This year, there will be nearly 60 high-end technological communication events.

The annual China Wire and Cable Industry Annual Conference will have in-depth discussions on new quality productive forces and high-quality development. Participants will share opinions on new market opportunities and challenges, exchange insights on the market trends, analyze the development status of the wire and cable industry, release annual reports on the development of international and domestic cable standardization work, as well as business competitiveness analysis reports. Simultaneously, the conference will address quality and technical issues related to typical products, unveil significant common technical research accomplishments and identify challenges and hurdles in emerging technological domains within the cable industry. The event aims to inspire businesses, bolster their confidence, foster courage in confronting challenges, and contribute to enhancing the development standards of both the industry chain and the supply chain.

The themed forums for wire and cable businesses will cover industrial economics and the development of the cable industry; the role of intelligent equipment in supporting high-quality development; green and low-carbon innovations in cable materials; high-quality special materials aiding the development of new energy vehicles; efficient and energy-saving electrical equipment; cable industry resource recycling technologies and digital intelligence empowering the development of the cable manufacturing industry.

Tube China 2024: 20 years of companionship, jointly shaping the new future of the industry.

As one of leading professional expos for tubes in Asia, Tube China 2024 has a total exhibition area of 28,750 sqm. Nearly 400 brands from 13 countries and regions including Germany, Japan, South Korea, Italy, the Netherlands, Latvia, Norway, Switzerland, and the United Kingdom will participate in the event. Tube China will present a high-level industry feast of intelligence and tube manufacturing for the Chinese tube industry and its upstream and downstream sectors.

This year, the expo will welcome some first-time participants including Fanuc. Industry-leading players including Fanuc, IPG, Kinkelder, Stark, Inductotherm, SINOAUDE, Halifax Fan and ENRX will bring their latest developments to the event. Enterprises such as IPG, Changen, Longxin, Huibaisheng and Huinengda will focus on showcasing innovative products and applications related to lasers and optoelectronics; optics and optical manufacturing; testing and quality control; as well as the innovative products and application solutions of infrared technology and applications.

List of some well-known participating brands:

FANUC, IPG, KINKELDER, STARK, INDUCTOTHERM, SINOAUDE, HALIFAX FAN, ENRX, HUIBAISHENG, SINOFORM, CHANGEN, HANDUK, KTM, TOYOKOHAN, TAELIM, VICTAULIC-TUWEI, TEMA, DONGAN, FIELD, AMPCO, ARES, JINYI, SONGYANG STAINLESS STEEL INDUSTRY ASSOCIATION, CHENLONG, ZHONGYONG, CHANGFENG, WAN-RUN DA , BOKENA, TUS PIPE, LONGXIN, NANYANG, CONTOR M & E, SHENGTIAN, NEW VICTOR, HUAYANG, HUILITONG, BAOFENG, JINCHUANG XINTIAN, HAIQIANWEI, FUGANG, ASCENDING, JUYI, LIWAN, VICTORY, ZHONGHAO, YOUFA, etc..

(*Information is updated as of August 31st, 2024. Listing is in no particular order)

Concurrent events, including the China International Steel Tube & Pipe Summit and the 2024 Heat Treatment Technology Seminar, will be organized during the expo to enhance communication, foster partnerships, drive technological innovation and uphold high-quality development within the industry.

A variety of activities will be organized to celebrate the 20th anniversary of the annual expo and the longstanding support from all participants of the expo.

Looking ahead, organizers of wire & Tube China will continue to promote development of the event to promote exchanges and bolster quality development of the industry.

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SOURCE Messe Düsseldorf Shanghai

Technology

PayMongo and Brankas Now Offer the Widest Range of Payment Options in the Philippines

Published

7 mins ago

September 25, 2024

Enable seamless, secure, and direct online banking payments with Brankas through PayMongo, featuring top Philippine banks BDO, Metrobank, and Landbank.

MANILA, Philippines, Sept. 25, 2024 /PRNewswire/ — PayMongo has partnered with Brankas to add new payment options to the PayMongo platform, making it the payment gateway with the widest range of payment options for Filipino businesses. PayMongo payment options include credit cards, e-wallets, BNPL, QRPh, and online banking. PayMongo merchants can now accept direct online banking payments from three additional Philippine banks — BDO, Metrobank, and Landbank — offering greater convenience and flexibility for both merchants and customers.

eCommerce stores, food delivery websites, ride-hailing apps, and gaming platforms that are PayMongo merchants can accept more forms of payments by integrating Brankas Direct API. This pay-by-bank channel is another trusted payment method that makes transactions faster and enhances the overall payment experience for users.

“Brankas and PayMongo share the same commitment to deliver fast and secure payment experience for users. Offering more payment options is a win-win for both customers and merchants as we offer greater payment flexibility and customer reach at the same time.” said Todd Schweitzer, Brankas CEO and Co-founder.

How to Get Started with Brankas Direct

To start accepting direct online banking payments, existing PayMongo merchants simply need to contact PayMongo Customer Support to request the activation of BDO, Metrobank, and Landbank payment options. The feature is available for Shopify plug-in users, PayMongo’s Custom & Checkout API, PayMongo Pages, and PayMongo Links. Users of the custom API require minimal updates, and the PayMongo developer website provides the full details.

Ready to enhance your payment offerings and provide a better customer experience? Enable Brankas Direct through PayMongo now. Visit Brankas Direct or PayMongo to learn more.

About PayMongo

PayMongo is a leading financial infrastructure platform in the Philippines, designed to simplify how businesses manage their finances. From payment processing to embedding financial services, PayMongo provides solutions that enable businesses to accept payments both online and in-person, streamline financial operations, and drive profitability. By offering a wide range of payment options and seamless integration, PayMongo empowers businesses to grow their revenue and succeed in the digital economy.

About Brankas

Brankas is a leading global open finance technology provider. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.

Media Enquiries:

Yiyang Teo
yiyang.teo@brank.as

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SOURCE Brankas