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.
Kamux Corporation
For more information:
Marko Lehtonen, CFO, Kamux Oyj
Tel. +358 50 575 2006
ir@kamux.fi
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.
www.kamux.com
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