Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — H1 2022 Earnings Presentation
19 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Sep 19, 2022
Slide 1: H1 2022 Results Presentation
H1 2022 Results Presentation September 19, 2022
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: Q2 2022 Business Overview
Q2 2022 Business Overview • Mavi’s SS22 season performance was strong with sales, EBITDA and net income at historic highs, driven by a great collection, best-in-class communication, and a committed team • Turkey retail sales grew 119% yoy in Q2 2022. Consumer demand was robust amid ongoing high infl
Slide 4: H1 2022 Highlights
H1 2022 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized 4,124 TRYm, growing 125% versus H1 2021 4,124 TRYm 1,109 TRYm 148% 58% • EBITDA for the period is 1,109 TRYm Revenue EBITDA Retail Sales Online Sales resulting in 26.9% EBITDA margin Growth Growth • Net income res
Slide 5: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) Channel 103% 127% 107% 125% 4.124 Growth 3.346 447 299 58% 985 475 2.236 75% 1.838 1.837 1.477 90% 221 904 145 1.078 458 255 95% 217 189 145 505 2.692 112 2.572 148% 250 237 1.558 119 1.477 1.076 150% 1.039 697 674 Q2 20
Slide 6: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Gross Selling Space in Turkey (Sqm K) Net Avg. 14 6 7 2 Sqm/ 498sqm 498sqm 501sqm 506sqm New Stores Retail Store 156,3 159,4 164,0 166,6 314 320 327 329 2019 2020 2021 H1 2022 2019 2020 2021 H1 2022 • With four openings and two closures in H1 2022, number
Slide 7: Same Store Sales Performance
Same Store Sales Performance 42,7% 22,8% 118,7% 12,0% Transaction1 1,1% 73,3% # Growth (%) 22,5% (20.8%) 20,9% 2018 2019 2020* 2021* Q2 2022 (11.0%) 2018 2019 2020* 2021* Q2 2022 78,1% • Traffic in stores was 39.5% higher than same Basket Size period 2021, showcasing strong shopping Growth appetite
Slide 8: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All 42% Knits/Jerseys 28% Shirts 12% Jackets 2% 170% 123% 313 47 138% 1.098 164% 116 21 739 H1 2021 H1 2022 H1 2021 H1 2022 461 280 Accessories Non-Denim Bottoms 7% 7% 167% 163% H1 2021 H1 2022 H1 2021 H1 202
Slide 9: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales % Sales 8.9% 17.2% 12.9% 12.8% 532 299 Channel 58% 69% 86 Growth 189 315 176 219 43% 56% 60 113 68% 123 61% 130 76 227 125 82% H1 2021 H1 2022 H1 2021 H1 2022 International Online Sales (TRYm)
Slide 10: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 52.6% 55.6% 51.3% 56.0% 107% 125% 4.124 119% 145% 2.309 2.236 1.837 1.243 1.078 942 567 Q2 2021 Q2 2022 H1 2021 H1 2022 Q2 2021 Q2 2022 H1 2021 H1 2022 • Strong brand strategy, dynamic product-price planning, newness and variety in respon
Slide 11: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 18.7% 20.4% 16.1% 22.4% 24.4% 24.7% 22.0% 26.9% 922 1.109 127% 212% 110% 174% 457 553 296 404 201 263 Q2 2021 Q2 2022 H1 2021 H1 2022 Q2 2021 Q2 2022 H1 2021 H1 2022 Net Income exc.IFRS16 (TRYm) Net Income inc.IFRS1
Slide 12: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion & Operational Cash Flow (exc.IFRS16) Main Working Capital Items TRYm 2021 H1 2021 H1 2022 112% Trade & Other Receivables 434 310 640 46% % LTM Sales 9.4% 9.3% 9.3% Inventories 751 563 1,276 H1 2021 H1 2022 % LTM COGS 33.4% 34.1% 40
Slide 13: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 July 2022) % Sales 3.3% 2.9% 3% Average Cost of Debt 7% 2% USD TRY 22.4% 118 CAD USD 2.0% 61 TRY RUB 11.4% RUB CAD 3.0% H1 2021 H1 2022 88% Blended 20.5% 100% Local Currency Foreign Currency Net Cash exc.IFRS16 (TRYm) • All of non-TRY debt (1
Slide 14: Management Guidance Revised for FY 2022
Management Guidance Revised for FY 2022 Previous (09.06.2022) Revised (19.09.2022) Consolidated Revenue Growth 100% 120% 3 net new stores 3 net new stores Turkey Retail Stores 11 store expansions 13 store expansions 18% ± 1% (exc. IFRS16) 19% ± 0.5% (exc. IFRS16) EBITDA Margin 24% ± 1% (inc. IFRS16)
Slide 15: investorrelations@mavi.com
investorrelations@mavi.com
Slide 16: Financial Statements
Financial Statements Income Statement (inc. IFRS 16) TRYm Q2 2021 Q2 2022 Change (%) H1 2021 H1 2022 Change (%) Revenue 1,078 2,236 107% 1,837 4,124 125% Cost of Sales (511) (994) 94% (895) (1,815) 103% Gross Profit 567 1,243 119% 942 2,309 145% Gross Margin 52.6% 55.6% 51.3% 56.0% Administrative Ex
Slide 17: Financial Statements
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2022 31 July 2022 Change (%) Assets Current Assets Cash and Cash Equivalents 1,482 1,910 29% Financial Investments 27 36 33% Trade Receivables 394 597 51% Inventories 751 1,276 70% Other Current Assets 202 479 137% Total Current Asset
Slide 18: Financial Statements
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm H1 2021 H1 2022 Profit¹ 138.2 704.4 Adjustments 308.4 648.8 Cash Flow from Operating Activities 446.7 1,353.2 Δ in Net Working Capital² 36.6 (495.8) Income Tax Paid (3.9) (164.7) Net Cash from Operating Activities 479.3 692.6 Capex (61.0)
Slide 19: Global Footprint as of 31 July 2022
Global Footprint as of 31 July 2022 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,000 # Retail Stores: 1 # Wholesale Doors: c.800 # Retail Stores: 17 # Franchise Stores: 17 398 Mono-Brand # Employee: 77 # Employee: 53 Stores in Turkey # Wholesale Doors: 130 # Employee: 158 63 Intern
Mavi Giyim Sanayi Ve Ticaret A.S. — H1 2022 Earnings Presentation on 6ix