Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — Q4 2020 Earnings Presentation
21 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Mar 15, 2021
Slide 1: Q4 2020 Results Presentation
Q4 2020 Results Presentation March 15, 2021
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: 2020 Business Overview
2020 Business Overview A Year Marked by Covid19 Pandemic • Throughout 2020, our priority as a leading and responsible brand was to protect the health of our employees, customers, business partners, and the public. As the Mavi management, we would like to thank the entire Mavi team for standing in un
Slide 4: Future Ready Company
Future Ready Company Towards a more digital future • Digitalization and CRM investments on the core of our strategy of winning • SAP transformation project continues on-time, planned to go live June 2021 • Mavi.com platform globally attracts new customers with world class capabilities Mavi : Love Br
Slide 5: 2020 Highlights
2020 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized 2.402 TRYm, declining 16% versus 2019 2,402 TRYm 392 TRYm (26%) 152% • EBITDA for the period is 392 TRYm Revenue EBITDA Retail Sales Online Sales resulting in 16.3% EBITDA margin Decline Growth • Net income resulted
Slide 6: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) (12%) (18%) (9%) (16%) 2,365 Channel 1,936 Growth 152% 2,863 82 2,402 453 145 207 110% 373 (18%) 828 305 592 519 715 650 694 34 82 1,829 (16%) 82 79 1,356 (26%) 56 115 1,889 476 169 1,402 358 164 490 371 (26%) Q4 2019 Q4
Slide 7: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Gross Selling Space in Turkey (Sqm K) Net Avg. 13 14 6 Sqm/ 498sqm 498sqm 498sqm New Stores Retail Store 320 149.3 156.3 159.4 300 314 2018 2019 2020 2018 2019 2020 • With 15 openings and nine closures in 2020, number of retail stores in Turkey stands at 3
Slide 8: Turkey Retail Business Performance 2020
Turkey Retail Business Performance 2020 Turkey Retail Revenue 2020/2019 141% 126% 100% 108% 98% 87% 80% 75% 62% 64% 54% 10% FEB MAR 0% APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2020/2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Trading Hours (47%) (53%) (25%) (35%) Traffic on (4%) (33%) (35%) (28%) Trading Day
Slide 9: Same Store Sales Performance
Same Store Sales Performance 22.5% 20.9% 12.0% 17.3% 1.1% 2.1% Transaction1 # Growth (%) -20.8% -11.0% -36.0% 2018 2019 2020 2020* Q4* 2020 -27.3% 2018 2019 2020 2020* Q4* 2020 19.6% • 2020* and Q4* 2020 values are same store 13.6% 14.9% 12.4% sales performance including only open 9.4% Basket Size d
Slide 10: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All Knits Shirts 42% 25% 11% (18%) (37%) 413 338 233 (30%) 146 806 568 2019 2020 2019 2020 Jackets 11% Accessories 6% (16%) (26%) 172 115 2019 2020 85 144 2019 2020 2019 2020 % Share in 2020 Turkey retail net
Slide 11: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales 8.3% 17.2% % Sales 3.8% 10.7% 132.0% 412 207 73.2% 107 (100%) 99 238 89 270% 15% 125 7 93 27 94% 107 201% 55 42 180 104 74% 2019 2020 International Online Sales (TRYm) 2019 2020 % Sales 29.9%
Slide 12: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 47.0% 46.3% 49.1% 48.3% (9%) (16%) 2,863 (10%) (17%) 2,402 1,405 1,160 715 650 336 301 Q4 2019 Q4 2020 2019 2020 Q4 2019 Q4 2020 2019 2020 • Normalized gross margin with current imputed interest rate is 47.4% for Q4 2019 and 48.5% for 201
Slide 13: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 9.9% 6.3% 14.0% 8.8% 18.8% 14.1% 22.5% 16.3% (47%) 644 (39%) (42%) (32%) 401 392 211 134 92 71 41 Q4 2019 Q4 2020 2019 2020 Q4 2019 Q4 2020 2019 2020 Net Income exc.IFRS16 (TRYm) Net Income inc.IFRS16 (TRYm) 2.7% (2
Slide 14: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion (exc.IFRS16) Main Working Capital Items 90% TRYm 2019 2020 83% Trade & Other Receivables 251.6 247.9 % Sales 8.8% 10.3% Inventories 496.1 560.1 2019 2020 % COGS 34.0% 45.1% TRYm 2019 2020 400.7 210.5 Trade & Other Payables 604.1 64
Slide 15: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 January 2021) % Sales 3.5% 4.2% 7% Average Cost of Debt 100.6 101.3 5% 9% EUR TRY 11.5% 7% USD 2% EUR 0.9% CAD USD 3.3% TRY RUB 12.5% 2019 2020 RUB 77% CAD 3.0% 93% Blended 9.9% Local Currency Foreign Currency Net Debt exc.IFRS16 (TRYm) ND/LT
Slide 16: Outlook into 2021
Outlook into 2021 Restrictions continue across the countries we operate, and the timeline is still uncertain. We refrain from providing guidance for 2021 at this time. Q1 2021 Turkey Retail Update: • Total lock-down on the weekends and weekday evenings continued in February resulting in 49% decline
Slide 17: investorrelations@mavi.com
investorrelations@mavi.com
Slide 18: Financial Statements: Income Statement
Financial Statements Income Statement (inc. IFRS 16) TRYm Q4 2019 Q4 2020 Change (%) 2019 2020 Change (%) Revenue 714.6 649.9 (9%) 2,862.9 2,401.8 (16%) Cost of Sales (379.1) (349.2) (8%) (1,458.3) (1,241.7) (15%) Gross Profit 335.5 300.7 (10%) 1,404.6 1,160.1 (17%) Gross Margin 47.0% 46.3% 49.1% 48
Slide 19: Financial Statements: Balance Sheet
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2020 31 January 2021 Change (%) Assets Current Assets Cash and Cash Equivalents 310.8 889.9 186% Trade Receivables 231.1 231.4 0% Inventories 496.1 560.1 13% Other Current Assets 80.7 105.4 31% Total Current Assets 1,118.7 1,786.7 60%
Slide 20: Financial Statements: Cash Flow Statement
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm 2019 2020 Profit¹ 107.9 8.0 Adjustments 565.6 441.4 Cash Flow from Operating Activities 673.5 449.4 Δ in Net Working Capital² (38.3) (34.8) Income Tax Paid (32.0) (25.2) Net Cash from Operating Activities 603.2 389.4 Capex (100.6) (101.3)
Slide 21: Global Footprint as of January 2021
Global Footprint as of 31 January 2021 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,000 # Retail Stores: 1 # Wholesale Doors: c.1,100 # Retail Stores: 18 # Franchise Stores: 15 384 Mono-Brand # Employee: 66 # Employee: 59 Stores in Turkey # Wholesale Doors: 139 # Employee: 141 55 I
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