Technology

Kamux Corporation’s Financial Statements Bulletin for January 1–December 31, 2023: Revenue grew and adjusted operating profit increased significantly during the fourth quarter

Published

2 years ago

March 1, 2024

Kamux Corporation, Financial Statement Release, 1.3.2024 at 9:00

HÄMEENLINNA, Finland, March 1, 2024 /PRNewswire/ — Kamux Corporation’s Financial Statements Bulletin for January 1—December 31, 2023: Revenue grew and adjusted operating profit increased significantly during the fourth quarter

This is a summary of Kamux Corporation’s Financial Statements Bulletin for January 1—December 31, 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.

October—December in brief

Revenue increased by 8.4%, totaling EUR 241.6 million (222.9)Gross profit increased by 23.4% to EUR 26.1 million (21.2), or 10.8% (9.5) of revenueAdjusted operating profit (EBIT) increased by 164.1% to EUR 5.5 million (2.1), or 2.3% (0.9) of revenueOperating profit (EBIT) increased by 176.9% to EUR 4.5 million (1.6), or 1.9% (0.7) of revenueThe number of cars sold increased by 11.4% to 16,354 cars (14,681)Like-for-like showroom revenue growth was 8.2% (-10.9)Basic and diluted earnings per share were EUR 0.06 (0.00)

January—December in brief

Revenue increased by 3.5%, totaling EUR 1,002.1 million (968.7)Gross profit increased by 9.0% to EUR 102.5 million (94.1), or 10.2% (9.7) of revenueAdjusted operating profit (EBIT) increased by 3.2% to EUR 18.0 million (17.5), or 1.8% (1.8) of revenueOperating profit (EBIT) decreased by -7.1% to EUR 15.8 million (17.0), or 1.6% (1.8) of revenueThe number of cars sold increased by 8.5% to 68,257 cars (62,922)Like-for-like showroom revenue growth was 2.9% (0.6)Basic and diluted earnings per share were EUR 0.24 (0.27)The Board of Directors proposes a dividend of 0.17 EUR per share (0.15) to be distributed for the year 2023. The dividend is proposed to be paid in two installments. The proposed dividend is 71 % of the profit per share for the fiscal year 2023 (55).Tapio Pajuharju assumed his role as CEO of Kamux on June 1, 2023. Kamux’s founder and previous CEO Juha Kalliokoski stepped down from the Company’s operative management on June 30, 2023.

Key Figures

EUR million

10−12/2023

10−12/2022

Change, %

1−12/2023

1−12/2022

Change, %

Revenue

241.6

222.9

8.4 %

1,002.1

968.7

3.5 %

Gross profit

26.1

21.2

23.4 %

102.5

94.1

9.0 %

as percentage of revenue, %

10.8 %

9.5 %

10.2 %

9.7 %

Operating profit (EBIT)

4.5

1.6

176.9 %

15.8

17.0

-7.1 %

as percentage of revenue, %

1.9 %

0.7 %

1.6 %

1.8 %

Adjusted operating profit*

5.5

2.1

164.1 %

18.0

17.5

3.2 %

as percentage of revenue, %

2.3 %

0.9 %

1.8 %

Revenue from integrated services

15.4

15.3

0.6 %

53.0

52.9

0.2 %

as percentage of revenue, %

6.4 %

6.9 %

5.3 %

5.5 %

Number of cars sold

16,354

14,681

11.4 %

68,257

62,922

8.5 %

Gross profit per sold car, EUR

1,597

1,442

10.8 %

1,502

1,495

0.5 %

Sales growth of like-for-like showrooms, %

8.2 %

-10.9 %

2.9 %

0.6 %

Net debt

53.8

59.1

-9.0 %

Inventories

117.2

114.1

2.7 %

Inventory turnover, days

46.9

51.5

-8.9 %

Capital expenditures

0.6

0.7

-13.2 %

1.8

3.1

-42.9 %

Average number of employees during the period

885

883

0.2 %

Return on equity (ROE), %

8.7 %

10.1 %

Return on investment (ROI), %

6.6 %

7.2 %

Equity ratio, %

51.9 %

53.2 %

Earnings per share, basic and diluted, EUR

0.06

0.00

1473.2 %

0.24

0.27

-11.6 %

*) 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 1.0 million for the fourth quarter of 2023 and totaling EUR 2.2 million for 1−12/2023 (10-12/2022: EUR 0.5 million and 1−12/2022: EUR 0.4 million).

CEO Tapio Pajuharju:

“The used car market stabilized in all operating countries during 2023 and demand developed in a positive direction. However, volumes were still at a lower level than in 2021. It is great that despite the challenging early part of the year, we succeeded in our most important goal, i.e. improving our profitability. I am particularly pleased about our success in Finland, where the entire second half of the year was commercially excellent, and where we have further strengthened our market position. In Sweden, we continue to work to improve profitability, but even there our systematic work brought results and gross profit developed positively. In Germany, we opened two new showrooms in areas new to us during the year.

During the year, we also succeeded in reversing the trend in the volume of cars sold and sold a total of more than 68,000 cars (+8.5%), of which 16,354 in the last quarter of the year (+11.4%). In Finland, both Q3 and Q4 were all-time-high quarters in terms of the number of cars sold. In Sweden, the market was challenging and our focus on improving profitability was to some extent reflected in the decreasing number of cars sold. In Germany, the number of cars sold grew strongly, even though the second new showroom was only opened at the very end of the year and the market development in our core region of Schleswig-Holstein was significantly weaker than in the entire country.

With the strong development of our Finnish operations, we also reached an important milestone as our annual revenue exceeded one billion euros, marking an increase of 3.5% from the previous year. In the last quarter of the year, our revenue grew by 8.4% and was EUR 242 million. The price level of used cars remained stable during the year but prices continued to be at a lower level than in the previous year, which is also reflected in the revenue growth percentages.

At the end of the year, the purchasing market was normal in all operating countries. Despite the easing of inflation, consumers were still quite cautious and were generally looking for more affordable and economical cars. The electrification of the car fleet progressed in 2023, but e.g. the development of electricity and fuel prices and changes in the prices of new cars affected the demand for rechargeable used cars, as many consumers hesitated in their decisions and postponed the purchase of a car while waiting for more information. The number of plug-in hybrids and EV’s sold by Kamux increased by 67% in the fourth quarter compared to the corresponding period of the previous year and by 32% for the whole year.

I am particularly pleased with the gross profit development, and we’ve done great systematic work to improve the gross profit, especially in Finland and Sweden. As a result of the good gross profit development, our adjusted operating profit developed positively despite being burdened by e.g. increased sales incentives following the good development in the number of cars sold and car margin. In addition, the operating profit was burdened by costs related to opening new showrooms in Germany and the significant investments in the processing of cars and customer service that were begun in the third quarter. The operating profit was also negatively impacted by the increased costs resulting from the capacity increase in Sweden, especially as the capacity has not been brought to full productivity. In addition, we have identified misconduct in our Swedish operations. Corrective measures in relation to misconduct are ongoing. The Group’s adjusted operating profit was EUR 5.5 million (+164%) in the fourth quarter and EUR 18.0 million (+3.2%) for the whole year. Operating cash flow was strong, considering the season.

The first eight months as the CEO of Kamux have been dynamic and rewarding. I would like to offer warm thanks to the skilled and motivated Kamux employees for their good work and continuous improvement. I would also like to thank all our customers and partners for their trust. The maintenance measures and updates of the Kamux concept have progressed as planned and we will continue them in 2024. Our strategy update is also in its final stages, and we will publish our updated strategy at the Capital Markets Day on March 20. Welcome!”

Outlook for the year 2024

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

Long-term targets

Kamux will publish its updated strategy and long-term targets on Wednesday, March 20, 2024.

Significant events after the reporting period

On January 22, 2024, Kamux announced that the Board of Directors of Kamux Corporation had resolved to establish a matching share plan for the recognized rising key employees of the Group. The Green Lions Plan 2024–2029 includes four (4) matching periods, covering the years 2024–2026, 2025–2027, 2026–2028 and 2027–2029. The prerequisite for participation in the plan and receiving a reward is that a participant has personally acquired Kamux shares within the limits set by the Board of Directors. Furthermore, payment of the reward is based on the participant’s valid employment contract upon reward payment. The target group of the first matching period of January 1, 2024 – December 31, 2026, consists of approximately 70 recognized future key employees, who are not included in Kamux’s other share-based incentive plans. The rewards to be paid on the basis of the plan correspond to the value of an approximate maximum total of 270,000 Kamux Corporation shares (estimated using the closing share price of January 17, 2024, EUR 5.23), including also the proportion to be paid in cash. The rewards from the first matching period will be paid by the end of March 2027.

On January 26, 2024, Kamux announced the Shareholders’ Nomination Board’s proposals for the Annual General Meeting 2024. The Shareholders Nomination Board proposes that the company’s Board of Directors shall have seven (7) members, and that the current members Juha Kalliokoski, Terho Kalliokoski, Antti Mäkelä, Harri Sivula and Jaana Viertola-Truini be re-elected as members of the Board of Directors and Maren Kroll and Kati Riikonen be elected as new members of the Board of Directors. Additionally, the Shareholders’ Nomination Board proposes to the AGM that Terho Kalliokoski be re-elected as Chairperson of the Board of Directors and Harri Sivula be re-elected as Vice Chairperson of the Board of Directors. According to the evaluation made by the nominees themselves and by the Shareholders’ Nomination Board, Juha Kalliokoski is dependent of both the company and its significant shareholders whilst the other nominees are independent of the company and of its significant shareholders. In addition, the Shareholders’ Nomination Board proposes to the AGM that the annual remuneration of the members of the Board of Directors and the committee fees be modestly raised.

On February 1, 2024, Kamux announced that a total of 2,092 Kamux Corporation’s shares had been returned free of consideration to Kamux Corporation in accordance with the terms and conditions of the Corporation’s share-based incentive scheme 2020 and 2021. After the return, Kamux Corporation held a total of 9,053 own shares.

On March 1, 2024, Kamux announced that the Board of Directors of Kamux Corporation has decided to approve a new long-term incentive Plan for the Group’s key persons for 2024–2026. The Plan commences at the beginning of 2024 and it is divided into three one-year performance periods. For the 2024 performance period, the payment of the potential reward from the Plan is based on exceeding the company’s operating profit threshold set by the Board of Directors, as well as on the development of earnings per share (ESP) and total shareholder return (TSR) and exceeding a certain ESG target indicator on an annual basis. The Board of Directors has selected 38 key persons, including the CEO, to participate in the Plan. In accordance with the terms and conditions of the Plan, the Board of Directors may decide during the performance period on the admission of new participants to the Plan. If a participant’s employment or service ends before the reward payment, the reward will not, as a general rule, be paid. If the maximum targets set for the performance criteria of the performance period 2024 are reached, the total amount of rewards to be paid based on the Plan for the performance period 2024 is approximately EUR 2.5 million (gross), corresponding to an estimated maximum of approximately 456,000 Kamux shares, when the value is calculated based on the volume-weighted average share price of Kamux’s share in January 2024. In addition, the Board of Directors has resolved that the long-term share-based incentive plan for 2023–2026 for CEO Tapio Pajuharju, that was announced on June 21, 2023, will be discontinued as of January 1, 2024, and that CEO Tapio Pajuharju will participate in the company’s new share-based incentive plan described above as of January 1, 2024. The Board of Directors has decided on a fixed maximum reward for the CEO for the performance period 2024. The maximum reward to be paid for the performance period 2024 is a maximum of 123,000 shares.

Kamux Corporation’s financial reporting and AGM in 2024

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

Interim Report for January—March 2024 May 17, 2024Half-Year Report for January—June 2024 August 16, 2024Interim Report for January—September 2024 November 8, 2024

The Annual Report for 2023 including Financial Statements will be published on the week commencing March 25, 2024.

The Annual General Meeting of Kamux Corporation is scheduled to be held on April 18, 2024.

News conference

News conference for investors, analysts and media will be held today, Friday, March 1, 2024, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EET in English. CEO Tapio Pajuharju and CFO Jukka Havia will present the Financial Statements.

The conference can be followed as a live webcast at https://kamux.videosync.fi/q4-2023

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=50048520

For further 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 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 78 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

The following files are available for download:

https://mb.cision.com/Main/17647/3938789/2639902.pdf

Kamux Corporation_Financial Statements Bulletin_2023

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Technology

CAS Holdings Appoints Patrick McDermott as Chief Executive Officer

Published

46 minutes ago

April 18, 2026

Leadership Transition Positions CAS Holdings for Continued Growth and Customer-Focused Innovation

FRANKLIN, Mass., April 18, 2026 /PRNewswire/ — CAS Holdings, a leader in industrial automation distribution, engineering, and integration, is pleased to announce that Patrick McDermott has been named Chief Executive Officer.

McDermott previously served as President and Chief Revenue Officer, where he played a key role in driving growth across the organization, strengthening customer relationships, and leading teams with a clear focus on execution and results.

In his new role as CEO, McDermott will lead CAS Holdings into its next phase of growth, building on the company’s strong foundation and continued commitment to delivering value to customers, partners, and employees.

“I’m honored to step into the role of CEO at CAS Holdings,” said McDermott. “Over the past year, I’ve had the opportunity to work alongside an incredible team, support our customers, and help drive the growth of our organization. I’m excited to build on that momentum as we move into our next chapter.”

CAS Holdings, through its divisions including iAutomation and RND Automation, delivers a full spectrum of industrial automation solutions – from product distribution and technical support to custom machine building and system integration. Serving OEM machine builders and end-users, the company brings deep expertise in motion control, robotics, and vision, along with value-added capabilities such as kitting, sub-assembly, panel building, and turnkey automation systems, acting as an extension of its customers’ engineering and production teams.

McDermott’s leadership will focus on advancing CAS Holdings’ strategic initiatives, strengthening its market position, and continuing to deliver innovative automation solutions that support customers across a wide range of industries.

“We have a strong foundation, a talented team, and a clear direction. I’m looking forward to what we’ll accomplish together,” McDermott said. “Our focus remains on supporting our customers with responsive, local expertise, strong supplier partnerships, and the engineering and production capabilities they rely on to keep their operations running and growing.”

About Complete Automation Solutions Holdings

Complete Automation Solutions Holdings (CAS Holdings) is dedicated to empowering industrial automation companies, including those in the packaging industry, to achieve optimal efficiency and success. With a diverse portfolio encompassing industrial distribution, panel building and assembly, system integration, and robotics, CAS Holdings provides comprehensive packaging machines and solutions tailored to meet industry needs. The company prioritizes strong partnerships, expert engineering, and innovative solutions, ensuring sustainable practices and continuous improvement. CAS Holdings envisions a future where its transformative automation solutions redefine industry standards and drive growth. Committed to transparency and collaboration, CAS Holdings aims to be the most trusted partner in the automation sector.

Press Contact:

Erika Jacques
508-838-8012
http://www.iautomation.com/

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SOURCE CAS Holdings, Inc.

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Vipboss Marks Earth Day with Renewed Commitment to Green Energy Solutions

Published

2 hours ago

April 18, 2026

NEW YORK, April 18, 2026 /PRNewswire/ — As Earth Day draws global attention to environmental responsibility, Vipboss, a specialist manufacturer and developer of lithium iron phosphate (LiFePO4) battery packs for energy storage and mobility applications, is underscoring its long‑term commitment to sustainable energy practices through its Environmental Advocacy. This advocacy is devoid of ornate language; its inspiration stems from the brand’s unwavering conviction in LiFePO4 batteries as a green energy solution. To align this message with practical action, the brand is also running a themed sales campaign on its official website during April 18th to 30th. It highlights how practical product solutions, rather than abstract concepts, can support cleaner energy use in everyday life.

Across the world, energy consumption patterns are undergoing rapid change. Households, outdoor users, and light‑mobility sectors are increasingly seeking energy systems that are safe, sustainable, and low‑emission. Within this shift, LiFePO4 batteries have emerged as a preferred technology for clean‑energy applications. Their long service life, high safety profile, and absence of cobalt, which is an element associated with higher environmental and ethical risks, position them as a responsible choice in the global transition toward greener power.

LiFePO4 technology forms the foundation of Vipboss’s approach to sustainable energy. Its extended cycle life reduces the frequency of battery replacement, lowering resource consumption and easing the environmental burden associated with disposal. The material’s inherent stability also minimizes the risk of thermal runaway, offering a safer experience in homes, recreational vehicles, and public environments. In practical use cases such as home backup systems, RV travel, and golf‑course operations, LiFePO4 batteries deliver efficient storage and stable output, helping reduce reliance on fossil‑fuel‑based energy sources and supporting lower‑carbon lifestyles.

Vipboss’s environmental advocacy extends beyond the technical advantages of its products. The brand promotes responsible energy use as an integral part of sustainable living, emphasizing that product design and informed application must work together to achieve meaningful environmental outcomes. As a provider of energy solutions for home, travel, and leisure scenarios, Vipboss continues to participate in the long‑term process of green transformation through ongoing technological refinement and product evolution.

Earth Day serves as a reminder that lasting environmental impact is built through small, consistent actions. Looking ahead, Vipboss will continue advancing safer, more durable, and more efficient energy products that support individuals and families in adopting more sustainable energy habits. Through these efforts, the brand aims to contribute enduring value to the wider adoption of clean energy and the collective pursuit of a more sustainable future.

About Vipboss

Vipboss is a specialist in the lithium battery industry, focusing on the research, production, and manufacturing of lithium iron phosphate (LiFePO4) battery packs. The company is committed to advancing battery technology with an emphasis on reliable performance, safety, and extended service life. Its mission is to deliver safe, efficient, and environmentally responsible energy solutions that contribute to a cleaner, more sustainable future.

For more information, please visit: https://vipbosspower.com/.

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SOURCE Vipboss

Technology

Pastor Dino Rizzo Marks 100 Days to Serve Day Ahead of Global Outreach Initiative

Published

3 hours ago

April 18, 2026

Pastor Dino Rizzo highlighted the milestone of 100 days until Serve Day 2026, as thousands of churches prepare to serve their communities through coordinated acts of kindness on July 11.

BIRMINGHAM, Ala., April 18, 2026 /PRNewswire/ — Pastor Dino Rizzo joined church leaders and teams on April 2 to mark 100 days until Serve Day 2026, a global outreach initiative set for July 11. The milestone brings together more than 2,900 churches preparing to serve their local communities through practical acts of kindness and outreach.

Serve Day, led by many churches within the Association of Related Churches, provides a coordinated opportunity for churches worldwide to engage their cities and demonstrate their faith through service. Pastor Dino Rizzo, who serves as Executive Director of ARC, emphasized the significance of the initiative as both a single-day event and a broader movement.

“Serve Day provides churches across the world with opportunities to serve their local communities and share the love of God through practical acts of kindness,” Rizzo said. “Our hope is that serving others becomes our focus throughout the year.”

The April 2 milestone reflects growing participation and anticipation among churches globally. Leaders are currently equipping teams, organizing projects, and connecting with local communities in preparation for July. Churches that join the initiative gain access to resources, including the Serve Day playbook, monthly leadership calls, and a private online community designed to support collaboration and planning.

Pastor Dino Rizzo has long championed the role of service within the church through the Servolution movement. Introduced through his 2009 book Servolution: Starting a Church Revolution Through Serving, the concept calls churches to embed serving into their culture rather than limit it to occasional events. The message has since influenced hundreds of churches across multiple countries, including the United States, Peru, New Zealand, and Poland.

“Serving is not just about an event. It is about building a culture where meeting needs and reaching people becomes part of who we are,” Rizzo has shared in previous teachings, reinforcing the long-term vision behind initiatives like Serve Day.

In addition to leading Serve Day, Pastor Dino Rizzo continues his work with ARC, which has planted over 1200 churches and continues to train and equip new church leaders. His involvement in conferences, leadership development, and global outreach initiatives reflects a consistent focus on sustainable church growth and community impact.

Churches interested in participating in Serve Day 2026 can learn more through ARC’s official website and access resources designed to support local outreach efforts.

About Pastor Dino Rizzo

Pastor Dino Rizzo is a pastor, author, and church leader known for his emphasis on service, leadership, and healthy church culture. He serves as Executive Director of the Association of Related Churches, an organization that has helped launch hundreds of churches worldwide. Rizzo is also the author of Servolution, a book that has inspired a global movement centered on serving others as a core expression of faith.

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SOURCE Dino Rizzo