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
Grexie Signchain Launches on November 1st, 2024: Enabling Smart Contract Developers to Bring Off-Chain Data On-Chain with Seamless Gas-Paid Signing
Grexie Signchain enables developers to sign off-chain data into smart contracts, with self-hosted or secure vault signer wallet management.
MANCHESTER, England, Oct. 17, 2024 /PRNewswire/ — Grexie Limited proudly announces the launch of its innovative smart contract solution, Signchain, on November 1st, 2024. Designed specifically for developers, Signchain introduces a powerful way to bring off-chain data on-chain through user-paid gas fees and secure signing of data into smart contract methods using its extendable smart contract, Signable.
In the growing landscape of blockchain technology, securely managing off-chain data and integrating it into on-chain smart contracts has posed significant challenges for developers. Signchain eliminates these hurdles by offering a robust, gas-efficient system for signing and authenticating data in real-time.
Key Features of Signchain:
1. Seamless Off-Chain to On-Chain Data Integration
Signchain enables developers to securely bring off-chain data on-chain by signing it directly into smart contract methods through user-paid gas fees. This integration ensures that data authenticity is preserved, and its entry into the blockchain remains tamper-proof, streamlining processes for industries relying on real-world data verification. Signchain also supports integration with Google Sheets, AWS, and Firebase, making it easy to pull data from popular off-chain data sources.
2. Extendable Smart Contract – Signable
The core of Signchain’s technology is its extendable smart contract, Signable, which allows developers to customize and build upon existing smart contracts. With Signable, developers can easily implement contract signatures for any data type, offering flexibility across industries from finance to logistics and beyond.
3. Signer Wallet Management
Signchain offers comprehensive signer wallet management as part of its service, empowering developers to manage and authenticate signers effectively. Wallets can either be self-hosted using Signchain’s Docker container for those who prefer their own infrastructure, or they can leverage Signchain’s network of secure vaults for maximum security.
4. Self-Hosted or Managed Service
For developers who want full control of their infrastructure, Signchain provides a self-hosted option via Docker containers, allowing them to deploy the platform on their own servers. Alternatively, developers can opt to use Signchain’s secure vault network, offering a hassle-free solution with enterprise-grade security and wallet management.
5. User-Paid Gas Fees
By integrating a user-paid gas fee model, Signchain allows users to cover the costs of signing and authenticating their data, ensuring the signing process is efficient and doesn’t overburden developers with additional expenses. This makes Signchain an ideal solution for dApps and platforms handling high transaction volumes.
6. Google Sheets, AWS, Firebase Integration with Serverless Model
Signchain supports integration with Google Sheets, AWS, and Firebase in a serverless model, powered by a hosted Sign In With Ethereum (SIWE) implementation provided by Signchain’s API. Developers can simply connect their Google Sheets and configure the contract parameters associated with each column. Signchain will automatically look up the user’s wallet address in the spreadsheet, sign the transaction data, and execute it in the blockchain along with any user-supplied parameters. This creates an easy, efficient way to manage data inputs from off-chain sources without heavy infrastructure setup.
Revolutionizing Smart Contract Workflows
With Signchain, developers now have the tools to handle the complexities of integrating off-chain data into smart contracts. The extendable nature of Signable offers flexibility, allowing developers to cater to various use cases, whether it’s automating financial transactions, supply chain data, or verifying legal agreements.
Tim Behrsin, CEO of Grexie Limited, said, “Signchain is more than just a signing solution—it’s a platform that empowers developers to securely integrate off-chain data into their smart contracts with minimal effort. The flexibility of Signable and our focus on signer wallet management offers developers control and security at every stage of the process.”
Why Signchain Matters
Signchain addresses critical challenges faced by developers, particularly those dealing with off-chain data. By signing data into smart contracts and enabling user-paid gas fees, the platform significantly reduces friction in managing secure, scalable smart contracts. Whether developers need to manage high volumes of data transactions or create bespoke smart contracts, Signchain offers a scalable and secure solution.
In industries like DeFi, real estate, and supply chain management, data integrity and security are paramount. Signchain’s secure vault network and customizable signing workflows allow businesses to handle sensitive information with confidence.
Launch Event and Future Developments
The official launch of Signchain will take place on November 1st, 2024, alongside a virtual event. The event will showcase live demonstrations of Signable, with detailed walkthroughs of the Docker-based self-hosted solution and signer wallet management features. Attendees will also get an exclusive preview of future enhancements, including multi-signature workflows and advanced blockchain network integrations.
About Signchain
Signchain is a cutting-edge platform developed by Grexie Limited, based in Manchester, Cheshire, United Kingdom. Signchain simplifies smart contract development by offering a secure, scalable, and customizable solution for signing and authenticating off-chain data on-chain. Developers can either self-host the solution using Signchain’s Docker container or rely on the network’s secure vault infrastructure. With an emphasis on security, flexibility, and developer experience, Signchain is set to transform how smart contracts handle off-chain data.
For more information, visit signchain.net.
Logo – https://mma.prnewswire.com/media/2533672/Signchain_Logo.jpg
Photo – https://mma.prnewswire.com/media/2533843/Signchain_flow.jpg
PDF – https://mma.prnewswire.com/media/2533539/Signchain_Whitepaper.pdf
SOURCE Grexie Limited
Blockchain Press Releases
Bybit Named ‘Best Blockchain Company of the Year’ at Future Enterprise Awards 2024
DUBAI, UAE, Oct. 17, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, proudly announces its recognition as the “Best Blockchain Company of the Year” at the Future Enterprise Awards 2024, organized by Tahawul Tech. This prestigious accolade affirms Bybit’s continued leadership in blockchain innovation, technological excellence, and user-centric services within the cryptocurrency sector.
Hosted by CPI Media Group, the Future Enterprise Awards honor visionaries across industries shaping the future through transformative technologies. Bybit’s recognition reflects its pivotal role in redefining the digital finance landscape, catering to the needs of both retail and institutional investors with robust solutions and a trusted crypto trading ecosystem.
Recognized for its state-of-the-art infrastructure and unwavering commitment to innovative products, Bybit has positioned itself as a trailblazer in advancing blockchain technology and the digital asset economy. This award highlights the exchange’s ongoing efforts to deliver top-tier security, liquidity, and innovative tools that empower users and institutions alike.
“This award is a testament to our team’s relentless drive toward innovation and customer-first solutions in the dynamic blockchain space. We are honored to receive this recognition, which reaffirms our mission to make blockchain technology accessible, secure, and impactful for users across the globe,” said Joan Han, Sales & Marketing Director at Bybit. “As we move forward, we remain dedicated to enabling the mass adoption of blockchain and building the future of digital finance.”
Bybit’s commitment to advancing cryptocurrency services is evident through its continuous introduction of innovative features, such as high-performance trading tools, enhanced liquidity options, and a secure, user-friendly platform. With over 50 millions of users worldwide relying on Bybit, the platform stands as a trusted leader in creating a sustainable and inclusive future for blockchain technology.
#Bybit / #TheCryptoArk
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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2024-DNA Fund, the Financial Institution of the future in high-ticket emerging tech and web3 investments, has announced its acquisition of Coral Capital Holdings LLC, an established investment management firm that has previously managed millions in the DNA founders’ personal funds.
As early-stage investors in established Web3 brands and founders of some of the sector’s most notable projects, DNA and its founders have invested in or founded projects such as Tether, EOS, Mastercoin, Bancor, and Hedera Hashgraph. The acquisition will see the DNA Fund manage an additional AUM of over $50 million, which includes Coral’s high-yielde hedge funds and venture funds focused on DeFi, Al, blockchain, and other emerging technology sectors. Some of Coral’s top-performing investments include Near Protocol and Atmos Labs.
Thomas L. McLaughlin, Coral’s Chief Investment Officer, will continue in his role, managing the funds with a unique focus and strategy aimed at maximizing investor returns.
Regarding the acquisition, Christopher Miglino, CEO of DNA Fund, said. “By bringing Coral Capital under our umbrella, we are not only expanding our investment capabilities but also enhancing our ability to offer unique, high-growth opportunities to our clients. Our combined expertise allows us to navigate the complexities of the digital asset landscape and continue delivering value to our investors.”
Thomas L. McLaughlin, CIO of Coral Capital Holdings, added, “Joining forces with DNA Fund is an exciting new chapter for Coral. Our shared vision for leveraging technology to drive financial growth is perfectly aligned. Together, we are set to redefine what’s possible in digital asset investments and deliver superior results for our investors.”
Since its inception in 2021, Coral has delivered consistent returns with innovative strategies, delivering high multiples on the benchmark of the overall market cap of digital assets. Coral’s Flagship fund, initially started as a market-neutral vehicle, was rebranded in 2023 as a discretionary liquid token, surviving a number of high-volatility events, including FTX and Terra.
With a 61.6% return (net of fees) and a maximum annual drawdown of only 11.6% in FY 2022. these funds have outperformed the broader digital asset market. Over a similar period, Bitcoin returned 36.7%.
Through this acquisition, DNA Fund also aims to capitalize on the growing interest from institutional investors and expand into several new verticals over the coming year, including a Bitcoin & Ether Yield Fund, as well as more speculative funds focused on Al, memecoins and microcaps.
The post DNA Fund Acquires Coral Capital; Adds $50M AUM in Web3 & Emerging Tech appeared first on HIPTHER Alerts.
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