Blockchain Press Releases
Kamux Corporation’s Half Year Financial Report for January 1-June 30, 2023: Revenue increased and adjusted operating profit at previous year’s level
Kamux Corporation, Half Year Financial Report, 11.8.2023 at 9:00
HÄMEENLINNA, Finland, Aug. 11, 2023 /PRNewswire/ — Kamux Corporation’s Half Year Financial Report for January 1–June 30, 2023: Revenue increased and adjusted operating profit at previous year’s level
This is a summary of Kamux Corporation’s Half Year Financial Report for January 1–June 30, 2023. The complete report is attached to this release and is also available at the company website at 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 increased by 3.3%, totaling EUR 255.0 million (246.8)
- Gross profit increased by 7.5% to EUR 26.3 million (24.5), or 10.3% (9.9) of revenue
- Adjusted operating profit (EBIT) was at previous year’s level and was EUR 4.5 million (4.5), or 1.8% (1.8) of revenue
- Operating profit (EBIT) decreased by -14.3% to EUR 3.9 million (4.5), or 1.5% (1.8) of revenue
- The number of cars sold increased by 9.7% to 17,215 cars (15,688)
- Like-for-like showroom revenue growth was 2.9% (5.5)
- Basic and diluted earnings per share were EUR 0.06 (0.07)
- As announced earlier, Tapio Pajuharju assumed his role as CEO of Kamux on June 1, 2023. Kamux’s founder and previous CEO Juha Kalliokoski continues as a member of the Company’s Board of Directors.
January–June in brief
- Revenue decreased by -1.2%, totaling EUR 478.1 million (484.1)
- Gross profit decreased by -3.4% to EUR 47.0 million (48.7), or 9.8% (10.1) of revenue
- Adjusted operating profit (EBIT) decreased by -47.2% to EUR 5.4 million (10.2), or 1.1% (2.1) of revenue
- Operating profit (EBIT) decreased by -56.0% to EUR 4.5 million (10.2), or 0.9% (2.1) of revenue
- The number of cars sold increased by 4.0% to 32,539 cars (31,289)
- Like-for-like showroom revenue decreased -2.4% (7.0)
- Basic and diluted earnings per share were EUR 0.06 (0.18)
Key Figures
|
EUR million |
4−6/2023 |
4−6/2022 |
Change, % |
1−6/2023 |
1−6/2022 |
Change, % |
1−12/2022 |
|
Revenue |
255.0 |
246.8 |
3.3 % |
478.1 |
484.1 |
-1.2 % |
968.7 |
|
Gross profit |
26.3 |
24.5 |
7.5 % |
47.0 |
48.7 |
-3.4 % |
94.1 |
|
as percentage of revenue, % |
10.3 % |
9.9 % |
9.8 % |
10.1 % |
9.7 % |
||
|
Operating profit (EBIT) |
3.9 |
4.5 |
-14.3 % |
4.5 |
10.2 |
-56.0 % |
17.0 |
|
as percentage of revenue, % |
1.5 % |
1.8 % |
0.9 % |
2.1 % |
1.8 % |
||
|
Adjusted operating profit* |
4.5 |
4.5 |
1.2 % |
5.4 |
10.2 |
-47.2 % |
17.5 |
|
as percentage of revenue, % |
1.8 % |
1.8 % |
1.1 % |
2.1 % |
1.8 % |
||
|
Revenue from integrated services |
12.4 |
12.8 |
-2.9 % |
23.9 |
24.6 |
-2.7 % |
52.9 |
|
as percentage of revenue, % |
4.9 % |
5.2 % |
5.0 % |
5.1 % |
5.5 % |
||
|
Number of cars sold |
17,215 |
15,688 |
9.7 % |
32,539 |
31,289 |
4.0 % |
62,922 |
|
Gross profit per sold car, EUR |
1,527 |
1,559 |
-2.0 % |
1,446 |
1,557 |
-7.2 % |
1,495 |
|
Sales growth of like-for-like showrooms, % |
2.9 % |
5.5 % |
-2.4 % |
7.0 % |
0.6 % |
||
|
Net debt |
79.3 |
85.6 |
-7.3 % |
59.1 |
|||
|
Inventories |
133.6 |
143.5 |
-6.9 % |
114.1 |
|||
|
Inventory turnover, days |
58.0 |
55.4 |
4.8 % |
51.5 |
|||
|
Capital expenditures |
0.5 |
0.5 |
-6.0 % |
0.9 |
1.9 |
-52.7 % |
3.1 |
|
Average number of employees during the period |
861 |
874 |
-1.5 % |
883 |
|||
|
Return on equity (ROE), % |
5.9 % |
22.2 % |
10.1 % |
||||
|
Return on investment (ROI), % |
4.1 % |
12.6 % |
7.2 % |
||||
|
Equity ratio, % |
46.5 % |
44.5 % |
53.2 % |
||||
|
Earnings per share, basic and diluted, EUR |
0.06 |
0.07 |
-15.9 % |
0.06 |
0.18 |
-65.6 % |
0.27 |
|
*) Operating profit adjusted for special items related to strategic planning, legal processes, taxes from previous financial years, own real estate operations and other items, totaling EUR 0.6 million for the second quarter of 2023 and totaling EUR 0.9 million for 1−6/2023 (4−6/2022: EUR -0.1 million, 1−6/2022: EUR -0,1 million and 1−12/2022: EUR 0.4 million). |
|||||||
CEO Tapio Pajuharju:
“The used car market developed favorably in the second quarter of 2023 in all of Kamux’s operating countries, although the volumes were still significantly lower than in 2021, which was a good year. In Germany, there were large regional differences in market development, and in Schleswig-Holstein in northern Germany, which is important to Kamux, development was unfavorable. In line with the positive momentum in the market, the number of cars sold by Kamux increased by almost 10 percent in the second quarter, although in Sweden we fell short of the previous year’s figures mainly due to challenges in availability of cars, caused by the weak Swedish krona. With the increase in the number of cars sold, the Group’s revenue grew by 3.3 percent to EUR 255.0 million, although the fees and commissions received from financing partners were lower than in the previous year.
Gross margin developed favorably in Finland and Sweden. I’m very pleased to note that the measures taken to improve profitability in Sweden have started to bring some initial results. In Germany, the gross margin weakened due to measures taken to clean up the inventory. Q2 adjusted operating profit was at the previous year’s level at EUR 4.5 million, but the reported operating profit decreased due to one-off items at the Group level. The operating profit was also challenged by costs related to the opening of the Düren showroom and marketing activities taken to build awareness of Kamux in Germany. In addition, operating profit was negatively affected by increased costs resulting from the capacity increase in Sweden in 2022 and costs increasing faster than revenue in Finland.
With the exception of Sweden, the used car purchasing market normalized during the reporting period. In Sweden, the purchasing market was difficult, as a large part of the used cars released on the market were sold outside of Sweden as a result of the weak Swedish krona.
The electrification of the car fleet continues, and although the vast majority of used cars sold are still combustion engine-powered, an increasing number of used cars sold in Finland and Sweden are EVs or plug-in hybrids. The number of plug-in hybrids and EVs sold by Kamux increased by 62% compared to the second quarter of 2022.
I have now been hands on at Kamux’s steering wheel approximately two months, and I would like to warmly thank the whole Kamux team for their solid contribution to the company as well as all of our customers and especially for the warm welcome I have experienced. I will continue to onboard the company and the business. During the rest of the year, we will also focus on the Company’s strategy. At this point, it has become rather clear that, as in a good preowned car that has already some mileage on it, it is also time to perform maintenance as well as upgrades at Kamux, e.g. to further enhance customer attention and service across all channels as well as to further increase productivity. These measures will improve Kamux’s competitiveness and enhance profitability.”
Outlook for the year 2023 (unchanged)
In 2023, Kamux expects its adjusted operating profit to grow from the year 2022, when the adjusted operating profit was EUR 17.5 million.
Financial targets for 2021–2023
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.
Significant events after the reporting period
On August 2, 2023, Kamux announced that Kerim Nielsen, Country Director for Sweden and member of the Group Management Team, has decided to pursue a career opportunity outside of Kamux Corporation in early 2024. He will continue in his current position at least until December 31, 2023.
Publication schedule for financial reporting in 2023
Publication schedule for Kamux Corporation’s financial reporting in 2023 is as follows:
- Interim Report for January–September 2023 November 10, 2023
News conference
News conference for investors, analysts and media will be held today on Friday, August 11, 2023, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EET in English. CEO Tapio Pajuharju and CFO Marko Lehtonen will present the Half Year Report.
The conference can be followed as a live webcast at https://kamux.videosync.fi/2023-q2-results
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=10010322
The conference in English will start at 11.00 EET. If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.
For further information, please contact:
CEO Tapio Pajuharju, tel. +358 50 577 4200
CFO Marko Lehtonen, tel. +358 50 575 2006
Head of Communications & IR Katariina Hietaranta, tel. +358 50 557 6765
Kamux Corporation
Communications
Kamux is a retail chain specializing in the sale of used 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 77 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold over 450,000 used cars, 62,922 of which were sold in 2022. Kamux’s revenue in 2022 was EUR 968.7 million and its average number of employees was 883 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com
The following files are available for download:
|
Kamux Corporation_Half Year Financial Report 2023 |
Blockchain Press Releases
MEXC Announces Listing of Hyperlane (HYPER) with a 165,000 HYPER and 50,000 USDT Prize Pool
VICTORIA, Seychelles, April 21, 2025 /PRNewswire/ — MEXC, a leading global cryptocurrency exchange, announced the Hyperlane (HYPER) listing on April 22, 2025(UTC).To celebrate this significant addition to the exchange, MEXC is launching a special event with a prize pool of 165,000 HYPER and 50,000 USDT for new and existing users.
Hyperlane is the first permissionless, universal interoperability protocol dedicated to building a truly open and decentralized cross-chain communication infrastructure. As “The Open Interoperability Framework,” it enables anyone to freely expand, utilize, and customize the network, allowing developers to easily and securely build cross-chain applications and token bridges. To date, Hyperlane has connected over 140 blockchains, processed nearly 9 million cross-chain messages, and bridged more than $6 billion in volume through its Warp Routes.
$HYPER is the native token of the Hyperlane ecosystem, with an initial total supply of 1 billion tokens. It plays a critical role in securing the protocol through staking, rewarding validators for verifying cross-chain messages, incentivizing user-driven activity, and enabling community governance over protocol development.
To celebrate the listing, MEXC will launch an Airdrop+ event with substantial rewards for users:
Event Period: April 21, 2025, 10:00 – May 01, 2025, 10:00 (UTC)
Benefit 1: Deposit and share 120,000 HYPER (New user exclusive)
Benefit 2: Spot Challenge — Trade to share 15,000 HYPER (For all users)
Benefit 3: Futures Challenge — Trade to share 50,000 USDT in Futures bonus (For all users)
Benefit 4: Invite new users and share 30,000 HYPER (For all users)
MEXC has established itself as a leading exchange by consistently offering users early access to high-potential crypto assets. In 2024 alone, the platform listed 2,376 new tokens, including 1,716 initial listings. According to the latest TokenInsight report, MEXC led the industry with 461 spot listings between November 1, 2024, and February 15, 2025. During this period, the exchange maintained a high listing frequency, consistently ranking among the top six platforms, demonstrating its agility in capturing emerging market trends. MEXC will continue to expand its asset offerings and help users seize timely opportunities in the fast-moving crypto market.
For full event details and participation rules, please visit here.
About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC
Risk Disclaimer:
The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.
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Blockchain Press Releases
Introducing Clementine Bridge: Citrea Deploys First Complete BitVM Bridge Design on Testnet
Citrea’s Clementine Bridge marks the first time that a fully programmable layer is tested for settling on Bitcoin.
GEORGE TOWN, Cayman Islands, April 21, 2025 /PRNewswire/ — Citrea, the first ZK rollup to enhance capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps), has successfully deployed its Clementine Bridge, the first complete BitVM bridge design on Bitcoin Testnet. Citrea has also recently revealed Clementine’s whitepaper, marking the first real-world implementation of a BitVM-based bridge which extends BTC’s utility to decentralized finance in the most Bitcoin-secured and native way possible. With Clementine’s testnet deployment, Bitcoin is for the first time tested for optimistically verifying a fully programmable layer. The Clementine whitepaper is currently the only documentation of how to use BitVM in a bridge design with clear solutions toward a secure and efficient bridge implementation.
Despite being the world’s largest digital asset, BTC has struggled to build relevance in decentralized finance. A secure bridge between Bitcoin and a secondary layer has always been a bottleneck for using BTC in a programmable environment. This problem has forced users to either keep Bitcoin as a passive store of value or rely on custodians for using BTC in financial activities. Citrea’s BitVM-based Bitcoin bridge Clementine solves this by enabling the safest and most trust-minimized way to bridge BTC and extend its utility to decentralized finance.
Citrea’s Clementine bridge marks a historic moment for Bitcoin and a new beginning for BTC’s utility. “It felt like magic when we saw all the bridge components work smoothly in our internal tests and that any malicious act is stopped by a single honest actor,” said Ekrem Bal, Co-Creator of Citrea. “We’re now ready to test Clementine in a real Bitcoin Testnet environment and make it more battle-tested for Citrea mainnet.”
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Clementine’s design and whitepaper introduce novel solutions to two main research topics in BitVM-based bridge implementation, namely Bitcoin chain fork selection and capital efficiency of operators. These topics have been critical to solve as they ensure both the bridge’s security and efficiency. Citrea’s Clementine bridge offers clear solutions to both of these problems:
- Bitcoin Chain Fork Selection: This is related to ensuring that the bridge follows the longest Bitcoin chain. It has been an open research topic where the BitVM creator introduced superblocks approach but its security was later found to be broken. Citrea introduces a new Bitcoin Light Client design that uses succinct Header Chain Proofs of Bitcoin. These proofs are aggregated by operators into a single BitVM proof.
- Capital Efficiency of Operators: This has been another limitation of implementing BitVM efficiently into a bridge design. With Citrea’s approach to non-standard Bitcoin transactions, operators can now process hundreds of withdrawals in parallel with a single collateral. Disproving only one withdrawal is enough to stop other malicious withdrawal processes.
Clementine’s design relies on zero-knowledge proofs, Bitcoin data availability, a novel Bitcoin Light Client design and BitVM. In the case of a malicious act, an honest watchtower provides a proof of the longest Bitcoin chain. Then the operator generates a proof verifying Citrea’s state, watchtowers’ challenges and payout for the withdrawal. If the operator is malicious, it won’t be able to generate such proof, resulting in slashing the operator. Clementine has three main bridge actors to ensure the system’s integrity:
- Signers enforce BitVM spendings by managing peg-ins through presign transactions
- Watchtowers are tasked with monitoring operators and challenging any malicious behavior by sending a proof of longest Bitcoin chain
- Operators, a group of profit-seeking entities, temporarily cover users’ withdrawals and are later reimbursed with presigned transactions.
Citrea: Bitcoin’s Application (₿app) Layer
Citrea extends Bitcoin’s utility without sacrificing its security. With zero-knowledge technology, Citrea enables Bitcoin to function as a fully programmable layer. With its Bitcoin bridge Clementine, Citrea offers the safest and most trust-minimized way to bridge BTC to a fully programmable secondary layer.
For the first time in its history, Bitcoin Network will be able to support diverse on-chain applications and its utility will be extended to decentralized finance.
Apply to Citrea’s unique incubation program ‘Citrea Origins‘ to build ₿apps.
For more information, please visit: Citrea website | Citrea X Account
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PANAMA CITY, April 21, 2025 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, announces the listing of EPT, the native token for Balance.fun, for both spot trading and also on the BingX Xpool. The spot listing will commence on April 21 at 12:00 (UTC) while the Xpool launch will start on April 22 at 10:00 (UTC). BingX users can stake BTC and EPT in Xpool, though new users will have an additional option to stake USDT to win a bigger share of the reward pool that includes 2,000,000 EPT Points. The first 1000 new users who stake a minimum of 100 USDT will also be able to earn an additional bonus voucher worth 100 USDT.
EPT is the governance token of Balance, an AI-powered web3 experience infrastructure designed for the masses. This new digital asset will fuel the new Balance Platform to create an open and inclusive gaming ecosystem for both gamers and developers with fairness at its core. With the integration of AI and blockchain technology, games can be built and marketed more easily while allowing players to benefit from the enhanced and diversified gaming experience.
Users of the existing Epal platform can transfer their EPT tokens to BingX, enabling a reliable method to trade EPT or, alternatively, purchase EPT for governance purposes. Having a solid exchange to further explore the vast world of cryptocurrencies, this new listing further empowers both Epal and Balance users in the process.
Vivien Lin, Chief Product Officer of BingX, shared her thoughts on the new trading option and Xpool listing: “I think providing users with these new trading and early investment options is our responsibility as a responsible cryptocurrency exchange since some of our users rely on us to introduce such projects with such numerous functions across multiple subcategories”.
Visit bingx.com to join the Xpool starting April 22 and start trading EPT on spot from April 21. Whether you’re a gamer, builder, or crypto enthusiast, this is your chance to be part of a new decentralized chapter in entertainment.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 20 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information, please visit: https://bingx.com/
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