Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — Q4 2019 Earnings Presentation
17 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Mar 12, 2020
Slide 1: Q4 2019 Results Presentation
Q4 2019 RESULTS PRESENTATION March 12, 2020 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: 2019 Highlights
2019 Highlights GROUP HIGHLIGHTS1 TURKEY RETAIL HIGHLIGHTS • Consolidated revenue increased by 22% to 2,863 TRYm 22% 9% 77% 20.9% Revenue EBITDA % of Turkey LFL Growth • EBITDA grew by 9% to 401 TRYm Growth Growth Revenue resulting in 14.0% EBITDA margin • Net profit grew by 33% and resulted in 134
Slide 4: Revenue Growth in All Sales Channels
Revenue Growth in All Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) Channel 2,365 Growth 1,915 2,353 2,863 82 89% 43 453 145 401 78 86% 592 13% 715 828 467 34 743 1,829 575 19 82 1,471 33 11% 72 24% 56 1,889 377 476 153 169 1,531 389 490 23% Q4 2018 Q4 2019 2018 2019 Q4 2018 Q4 2019 201
Slide 5: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Turkey Retail Revenue (TRYm) Net 290 39 29 26 13 14 New Stores 1,829 314 1,471 287 300 2017 2018 2019 2018 LFL Growth New Store Expansion 2019 Gross Selling Space in Turkey (Sqm K) Avg. Sqm/ 498sqm 498sqm Retail With 20 openings and 6 closures, 14 net St
Slide 6: Basket-Driven Like-for-like Growth
Basket-Driven Like-for-like Growth 22.8% 22.5% 20.9% 1 14.7% 14.1% 9.9% 1 12.0% Transaction2 # Growth (%) 10.8% 1.1% 2016 2017 2018 2019 2016 2017 2018 2019 • Q4 LFL performance continued to be strong at 21.9% LFL with 6.0% 19.6% transaction growth and 15.0% basket size growth Basket Size 9.4% 1 7.1
Slide 7: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All Knits Shirts 44% 23% 13% 413 320 233 199 806 651 2018 2019 2018 2019 Jackets 9% Accessories1 6% 172 115 2018 2019 135 98 2018 2019 2018 2019 % Share in 2019 Turkey retail net sales Total Lifestyle Categor
Slide 8: Focus on Online Sales Growth
Focus on Online Sales Growth Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales 6.9% 8.3% % Sales 3.1% 3.8% 89.0 7.0 59.0 238.1 15.6 -55% 82.1 92.7 43.4 89% 163.5 2018 2019 85.4 9% International Online Sales (TRYm) 145.4 86% % Sales 78.1 23.8% 29.9% 2018 2019 149.0 104.4 mavi.com & Market
Slide 9: Consolidated Financial Metrics
Consolidated Financial Metrics Revenue (TRYm) Gross Profit (TRYm) 48.1% 47.0% 51.3% 49.1% 2,863 2,353 1,405 1,208 575 715 336 277 Q4 2018 Q4 2019 2018 2019 Q4 2018 Q4 2019 2018 2019 EBITDA (TRYm) Net Income (TRYm) 10.9% 9.9% 18.8% 15.6% 14.0% 22.5% -0.1% 2.7% 1.8% 4.3% 4.7% 3.8% 644 134 101 108 367
Slide 10: Cash Conversion and Working Capital Management
Cash Conversion and Working Capital Management Cash Conversion (Exc. IFRS16) Main Working Capital Items TRYm 2018 2019 88% 90% Trade & Other Receivables 188.1 251.6 % Sales 8.0% 8.8% 2018 2019 Inventories 457.2 496.1 % COGS 39.9% 34.0% TRYm 2018 2019 (%) Trade & Other 516.5 604.1 Payables EBITDA 367
Slide 11: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX Debt Breakdown (31 January 2020) % Sales 2.8% 3.5% Average Cost of Debt 13% 12% EUR TRY 15.7% 17% USD EUR 1.5% 100.6 9% CAD 66.1 USD 4.1% 4% TRY RUB 13.5% RUB 58% CAD 4.0% 87% Blended 11.5% 2018 2019 Local Currency Foreign Currency Net Debt / LTM EBITDA (exc. IFRS 16)
Slide 12: investorrelations@mavi.com
investorrelations@mavi.com
Slide 13: Financial Statements
Financial Statements Income Statement (2019 figures inc. IFRS 16) TRYm Q4 2018 Q4 2019 Change (%) 2018 2019 Change (%) Rev enue 575.1 714.6 24.3% 2,352.9 2,862.9 21.7% Cost of Sales (298.4) (379.1) 27.0% (1,144.9) (1,458.3) 27.4% Gross Profit 276.7 335.5 21.3% 1,207.9 1,404.6 16.3% Gross Margin 48.1
Slide 14: Financial Statements
Financial Statements Balance Sheet (2019 figures inc. IFRS 16) TRYm 31 January 2019 31 January 2020 Change (%) Assets Current Assets Cash and Cash Equiv alents 266.6 310.8 16.6% Trade Receiv ables 168.6 231.1 37.1% Inv entories 457.2 496.1 8.5% Other Current Assets 92.9 80.7 (13.2%) Total Current As
Slide 15: Financial Statements
Financial Statements Cash Flow Statement (2019 figures inc. IFRS 16) TRYm 2018 2019 Profit¹ 100.8 107.9 D&A Expense 69.7 280.3 Net Finance Expense / (Income) 109.9 219.6 Tax Expense 31.6 29.6 Other Non-Cash Items 36.6 36.1 Cash Flow from Operating Activities 348.6 673.5 Δ in Net Working Capital² (43
Slide 16: Financial Statements – IFRS 16 Impacts
Financial Statements – IFRS 16 Impacts IFRS 16 APPLIED AS OF FEBRUARY 1, 2019 2019 FY Impact (TRY in millions) Decrease as all non-performance leases are capitalized RENT EXPENSE -243.5 and are subjected to depreciation and interest expense DEPRECIATION & Increase due to depreciation of capitalized
Slide 17: Global Footprint as at January 2020
Global Footprint as at 31 January 2020 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,300 # Retail Stores: 1 # Wholesale Doors: c.1,650 # Retail Stores: 19 # Franchise Stores: 15 381 Mono-Brand # Employee: 74 # Employee: 67 Stores in Turkey # Wholesale Doors: 139 # Employee: 130 59 I
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