Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — 9M 2021 Earnings Presentation
20 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Dec 7, 2021
Slide 1: 9M 2021 Results Presentation
9M 2021 Results Presentation December 7, 2021 0
Slide 2: Disclaimer
Disclaimer This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company. The information, statements and opinions contained in this presentation do
Slide 3: Q3 2021 Business Overview
Q3 2021 Business Overview • Turkey operations are at normal trading hours since June and delivered 73% sales growth in Q3 on top of a relatively strong base • Customer traffic in retail stores in Turkey are already above pre-pandemic levels on a comparable basis. Meanwhile, conversion rates, units p
Slide 4: 9M 2021 Highlights
9M 2021 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized at 3,191 TRYm, growing 82% versus 9M 3,191 TRYm 750 TRYm 89% 122% 2020, 49% versus 9M 2019 Revenue EBITDA Retail Sales Online Sales • EBITDA for the period is 750 TRYm 82% Growth 150% Growth Growth Growth resultin
Slide 5: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) 68% 49% 67% 47% Channel Growth 3,191 vs 2020 64% 82% 73% 84% 2,610 383 122% 2,148 102% 1,773 278 1,752 863 48 1,417 450 89 53% 1,133 372 1,354 660 190 63% 125 827 678 655 89 294 808 128 531 19 42 200 1,882 89% 35 69 358
Slide 6: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Gross Selling Space in Turkey (Sqm K) Net Avg. 14 6 5 Sqm/ 498sqm 498sqm 500sqm New Stores Retail Store 156.3 159.4 162.6 314 320 325 2019 2020 9M 2021 2019 2020 9M 2021 • With eight openings and three closures in first nine months of 2021, number of retai
Slide 7: Same Store Sales Performance
Same Store Sales Performance 75.2% 43.8% 22.5% 12.0% 20.9% 1.1% Transaction1 # Growth (%) -11.0% -20.8% -36.0% -27.3% 2018 2019 2020 2020* Q3 2021 2018 2019 2020 2020* Q3 2021 • In Q3 2021, traffic to stores was up 69% 21.8% 19.6% versus 2020 and 6% above pre-covid 2019 13.6% level 12.4% 9.4% Basket
Slide 8: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All 42% Knits/Jerseys 27% Shirts 10% Non-Denim Bottoms 6% 62% 175% 79% 101% 193 197 789 122 113 502 49 41 611 440 9M 9M 9M 9M 9M 9M 307 2019 2020 2021 2019 2020 2021 250 Accessories 6% Jackets 7% 84% 115% 9M
Slide 9: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales 7.5% 15.1% 14.6% % Sales 3.1% 8.8% 10.7% Channel Growth 467 vs 2020 278 77% 122% 83 12% 161 168% 125 264 186 136% 55 60 160 74 7 117 80% 13 65 79 35 71 77% 23 198 111 9M 2019 9M 2020 9M 2021 6
Slide 10: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 68% 49% 50.5% 50.4% 51.1% 49.8% 49.1% 51.2% 50.9% 50.9% 49.6% 50.1% 64% 82% 3,191 66% 90% 1,634 2,148 1,069 1,752 859 1,354 692 808 827 408 417 Q3 2019 Q3 2020 Q3 2021 9M 2019 9M 2020 9M 2021 Q3 2019 Q3 2020 Q3 2021 9M 2019 9M 2020 9M 202
Slide 11: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 18.8% 17.8% 20.1% 15.4% 9.7% 17.8% 26.4% 24.1% 25.5% 23.7% 17.2% 23.5% 567 750 85% 234% 73% 150% 510 330 272 346 147 301 152 170 213 200 Q3 2019 Q3 2020 Q3 2021 9M 2019 9M 2020 9M 2021 Q3 2019 Q3 2020 Q3 2021 9M 201
Slide 12: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion (exc.IFRS16) Main Working Capital Items TRYm 2020 9M 2020 9M 2021 110% Trade & Other Receivables 247.9 290.3 437.3 58% % LTM Sales 10.3% 11.8% 11.4% Inventories 560.1 648.2 674.1 9M 2020 9M 2021 % LTM COGS 45.1% 51.0% 35.4% TRYm 9M
Slide 13: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 October 2021) % Sales 4.7% 3.0% 8% Average Cost of Debt 12% 8% 95.4 8% USD 83.0 TRY 15.9% 1% CAD EUR 0.4% TRY USD 2.6% RUB RUB 10.1% 71% 9M 2020 9M 2021 CAD 3.0% 92% Blended 12.8% Local Currency Foreign Currency Net Cash (Debt) exc.IFRS16 (TR
Slide 14: Management Guidance Update for FY 2021
Management Guidance Update for FY 2021 Initial Revised Consolidated Revenue Growth 70 -75% 80-85% 5 net new stores 7 net new stores Turkey Retail Stores (full year) 9 store expansions 9 store expansions 9 14.0-14.5% (exc. IFRS16) 14.5-15.0%(exc. IFRS16) EBITDA Margin 20.0-20.5% (inc. IFRS16) 20.5-21
Slide 15: investorrelations@mavi.com
investorrelations@mavi.com
Slide 16: Financial Statements
Financial Statements Income Statement (inc. IFRS 16) TRYm Q3 2020 Q3 2021 Change (%) 9M 2020 9M 2021 Change (%) Revenue 827.0 1,354.5 64% 1,751.9 3,191.0 82% Cost of Sales (410.4) (662.2) 61% (892.5) (1,556.9) 74% Gross Profit 416.6 692.3 66% 859.5 1,634.0 90% Gross Margin 50.4% 51.1% 49.1% 51.2% Ad
Slide 17: Financial Statements
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2021 31 October 2021 Change (%) Assets Current Assets Cash and Cash Equivalents 889.9 950.6 7% Trade Receivables 231.4 408.0 76% Inventories 560.1 674.1 20% Other Current Assets 105.4 117.2 11% Total Current Assets 1,786.7 2,149.9 20%
Slide 18: Financial Statements
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm 9M 2020 9M 2021 Profit¹ 25.5 300.7 Adjustments 365.1 546.4 Cash Flow from Operating Activities 390.6 847.1 Δ in Net Working Capital² (72.0) 57.5 Income Tax Paid (9.2) (36.0) Net Cash from Operating Activities 309.4 868.6 Capex (83.0) (95.4
Slide 19: Effect of IFRS 16 on Financial Statements
Effect of IFRS 16 on Financial Statements 31/10/2021 31/10/2021 IFRS 16 Effect (exc. IFRS16) (inc. IFRS16) Current assets 2,151.3 (1.5) 2,149.9 Non-current assets 592.9 445.8 1,038.8 Current liabilities 1,764.6 210.0 1,974.6 Non-current liabilities 43.4 277.4 320.8 Equity 936.3 (43.1) 893.2 9M 2021
Slide 20: Global Footprint as of 31 October 2021
Global Footprint as of 31 October 2021 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,000 # Retail Stores: 1 # Wholesale Doors: c.1,100 # Retail Stores: 19 # Franchise Stores: 17 391 Mono-Brand # Employee: 77 # Employee: 61 Stores in Turkey # Wholesale Doors: 125 # Employee: 148 62 I
Mavi Giyim Sanayi Ve Ticaret A.S. — 9M 2021 Earnings Presentation on 6ix