HELSINKI, Finland, Jan. 11, 2022
HELSINKI, Finland, Jan. 11, 2022 /PRNewswire/ --
Kamux Corporation Inside Information January 11, 2022 at 16:30 (EET)
Kamux has received the decision of the Stuttgart District Court dated January 10, 2022 regarding legal proceedings against local procurement partner initiated by Kamux's German subsidiary Kamux Auto GmbH. In the process, Kamux Auto GmbH demanded refund of payments from the procurement partner related to purchasing contracts.
The district court has ruled the claim in favour of Kamux. The decision becomes final after the two-week appeal period, and Kamux does not expect the other party to appeal the decision. Due to significant uncertainties in the collection of the receivables, Kamux will not recognize any receivables at this point, and the decision will not have any immediate effects on financial result. The authorities are still investigating the actions of the local procurement partner related to the case.
As previously announced, on July 22, 2021 Kamux Auto GmbH has recognized provisions amounting to EUR 3.9 million in June 2021 related to possible costs and losses.
For more information:
Marko Lehtonen, CFO, Kamux Oyj
Tel. +358 50 575 2006
Kamux Corporation 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 total of 79 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold almost 400,000 used cars, 60,657 of which were sold in 2020. Kamux's revenue reached EUR 724.1 million in 2020. In 2020, Kamux's average number of employees was 713 in terms of full-time equivalent employees. The shares of Kamux are listed on the Nasdaq Helsinki stock exchange.
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