Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — 9M 2024 Earnings Presentation
27 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Dec 9, 2024
Slide 1: 9M 2024 Results Presentation
9M 2024 Results Presentation December 9, 2024
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: Mavi Ranks 8th on TIME's List of World's Best Companies in Sustainable Growth
WORLD’S Mavi Ranks 8" on TIME’s List of the World's B E S T Best 500 Companies in Sustainable Growth, VOMPANIES Leading the Apparel Industry! ee statista% 2025
Slide 4: Q3 2024 Highlights
Q3 2024 HIGHLIGHTS
Slide 5: Q3 2024 Business Overview
Q3 2024 Business Overview Business Overview › Anti-inflationary measures taken in Türkiye are resulting in a softer consumer demand coupled with margin pressures due to both manufacturing cost increases and shrinkage in disposable income › 741 TRYm net income achieved › Dynamic and responsive invent
Slide 6: 9M 2024 Highlights
9M 2024 HIGHLIGHTS
Slide 7: 9M 2024 Highlights
9M 2024 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › Consolidated revenue realized at 27,072 TRYm, 27,072 TRYm 5,450 TRYm 7% 9% growing 4% yoy Revenue EBITDA Retail Sales Online Sales Growth Growth › EBITDA for the period is 5,450 TRYm resulting in 20.1% EBITDA margin (23,941 TRYm (5,618 TRYm w
Slide 8: Sales Channels
SALES CHANNELS
Slide 9: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) 8% 4% Channel Growth 9M’24 27,072 24,286 25,925 22,565 2,490 2% 1,927 1% 2,442 4% 1,772 9% 3,907 4,292 6,145 6,162 0% 7,960 8,293 10% 9,270 6% 607 647 16,887 18,067 9,140 1,396 1,683 7% 835 829 17,338 18,420 5,957 5,963
Slide 10: Türkiye Retail
TÜRKİYE RETAIL
Slide 11: Türkiye Retail Operations
Türkiye Retail Operations # of Retail Stores Gross Selling Space in Türkiye (Sqm K) Net New Avg. Stores 7 2 7 9 Sqm/ 501sqm 510sqm 519sqm 529sqm Retail Store 174.5 182.7 164.0 167.7 327 329 336 345 2021 2022 2023 9M 2024 2021 2022 2023 9M 2024 › With 10 openings and one closure in 9M 2024, number of
Slide 12: Like-for-Like Stores Sales Performance
Like-for-Like Stores Sales Performance 42.7% 141.8% 29.5% 99.8% Transaction1 17.3% 73.3% 67.0% w/out IAS 29 # Growth (%) 1.9% 31.1% 2021* 2022 2023 9M 2024 3.4% with IAS 29 2021* 2022 2023 9M 2024 86.7% › In Q3 2024, LFL sales contracted 2.5% in TRY terms while growing 1% 70.4% in volume. Including
Slide 13: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 38% Knits/Jerseys 27% Shirts 11% Jackets 5% 11% (14%) 3% 6,756 6,941 2,059 1,851 987 5% 848 4,978 4,736 9M 2023 9M 2024 9M 2023 9M 2024 Accessories Non-Denim Bottoms 6% 9% 28% 13% 1,679 9M 2023 9M 2024 9M 2023 9M 2
Slide 14: Online Business
ONLINE BUSINESS
Slide 15: Online Sales Growth inc. Wholesale Partners
Online Sales Growth inc. Wholesale Partners Global Online Sales (TRYm) Türkiye Online Sales (TRYm) % Sales % Sales 7.9% 10.1% 7.9% 10.7% 2,763 2,724 9% 1,927 (1.4%) Channel 1,772 322 233 Growth 1,083 1,018 902 0.4% (28%) 899 17% (6%) 873 1,025 1,359 1,472 8% 9M 2023 9M 2024 9M 2023 9M 2024 Internati
Slide 16: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS
Slide 17: Consolidated Revenue Growth and Gross Margin
Consolidated Revenue Growth and Gross Margin Revenue (TRYm) Gross Profit (TRYm) 52.1% 50.7% 49.1% 51.4% 4% Inflation Accounting 1% 25,925 27,072 9% 12,737 13,928 (1%) With IAS 29 9,140 9,270 4,762 4,702 Q3 2023 Q3 2024 9M 2023 9M 2024 Q3 2023 Q3 2024 9M 2023 9M 2024 Imputed Interest Rate Impact 270
Slide 18: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 24.9% 19.3% 21.2% 20.1% Accounting › 560 bps decline in EBITDA margin in Q3 2024 is mainly driven by InflationAccounting Pre - IAS 29 5,490 (1%) 5,450 140 bps GM decline, 380 bps increase in opex/sales ratio (exc. D&A) resulting mainly from high employee costs inclu
Slide 19: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 11.2% 8.0% 8.8% 8.8% Accounting InflationAccounting Pre - IAS 29 4% 29 2,390 IAS29 (28%) 2,291 WithIAS Inflation 1,024 741 With Note: Net Income attributable to owners of the company is 738 TRYm in Q3 2024 and Q3 2023 Q3 2024 9M 2023 9M 2024 2,424 TRYm in 9M
Slide 20: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion & Operational Cash Flow Main Working Capital Items TRYm 2023 9M 2024 58% 52% Trade & Other Receivables 1,753 2,671 % LTM Sales 5.1% 7.5% Inventories 4,728 6,204 9M 2023 9M 2024 % LTM COGS 26.5% 34.9% TRYm EBITDA 5,490 5,450 Trade &
Slide 21: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 October 2024) % Sales 2.1% 3.1% Average Cost of Debt 827 20% 18% CAD TRY 47.0% with IAS 29 550 TRY RUB 22.4% 740 344 RUB CAD 6.0% w/out IAS 29 9M 2023 9M 2024 Blended 34.7% 62% Net Cash exc.IFRS16 (TRYm) › All of non-TRY debt is carried by Ma
Slide 22: FY2024 Guidance Revision
FY2024 Guidance Revision We are revising our 2024 management guidance (exc. IAS29) due to higher than expected impact of slowing down of the economy in Türkiye Previous (14.03.2024) Revised Cons. Revenue Growth 70% ± 5% 60% + 15 net new stores 17 net new stores Turkiye Retail Stores 10 store expansi
Slide 23: Thank You!
THANK YOU ! Contact : investorrelations@mavi.com duygu.inceoz@mavi.com
Slide 24: Financial Statements Income Statement
Financial Statements Income Statement TRYm Q3 2023 Q3 2024 Change (%) 9M 2023 9M 2024 Change (%) Revenue 9,140 9,270 1% 25,925 27,072 4% Cost of Sales (4,377) (4,568) 4% (13,188) (13,144) (0%) Gross Profit 4,762 4,702 (1%) 12,737 13,928 9% Gross Margin 52.1% 50.7% 49.1% 51.4% Administrative Expenses
Slide 25: Financial Statements Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2024 31 October 2024 Change (%) Cash and Cash Equivalents 6,359 4,175 (34%) Financial Investments 82 4 (95%) Trade Receivables 1,719 2,617 52% Inventories 4,728 6,204 31% Other Current Assets 402 604 50% Total Current Assets 13,290 13,605 2% Propert
Slide 26: Financial Statements Cash Flow Statement
Financial Statements Cash Flow Statement TRYm 9M 2023 9M 2024 Profit¹ 2,291 2,390 Adjustments 3,887 3,786 Cash Flow from Operating Activities 6,179 6,176 Δ in Net Working Capital² (2,295) (2,622) Income Tax Paid (444) (754) Net Cash from Operating Activities 3,439 2,801 Capex (550) (827) Other Inves
Slide 27: Global Operations as of 31 October 2024
Global Operations as of 31 October 2024 481 415 66 5 37 Monobrand Mono-Brand International ~4,000 6,232 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Türkiye Stores TÜRKİYE EUROPE RUSSIA Retail stores: 345 Retail stores: 1 Retail stores: 16 Franchise stores: 70 Wholesale doors: ~
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