Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI

Mavi Giyim Sanayi Ve Ticaret A.s — 9M 2017 Earnings Presentation

17 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Dec 4, 2017

  1. Slide 1: Results Presentation, December 4th 2017

    b ts Presentation BUL, DECEMBER 4™ 2017 iL y

  2. 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

  3. Slide 3: Strong Momentum in Nine Months 2017

    Strong Momentum in Nine Months 2017 PROFITABLE GROWTH TURKEY RETAIL HIGHLIGHTS  Consolidated revenue increased by 39% to 1,350 TRYm 39% 54% 75% 22.4% Revenue EBITDA % of Turkey LFL Growth  EBITDA grew by 54% to 208 TRYm Growth Growth Revenue resulting in 15.4% EBITDA margin (31% PF ) (47% PF)  Ne

  4. Slide 4: Solid Revenue Growth with a Strong Third Quarter

    Solid Revenue Growth with a Strong Third Quarter Global Revenue (TRYm) Turkey Revenue (TRYm) Channel Channel Growth Growth 1,108 858 15 40% 1,350 262 430 11 20% 25 85% 218 334 119 831 32% 973 100 630 231 307 13 458 49% Q3 2016 Q3 2017 9M 2016 9M 2017 307 522 388 33% International Revenue (TRYm) 193

  5. Slide 5: Robust Performance of Turkey Retail Operations…

    Robust Performance of Turkey Retail Operations… # of Retail Stores Turkey Retail Revenue (TRYm) Net 29 25 22 21 49 New Stores 123 282 831 261 258 630 2016 9M 2016 9M 2017 Gross Selling Space in Turkey (Sqm K) 9M 2016 LFL Growth New Store Expansion 9M 2017 Avg. Sqm/ Retail 436sqm 447sqm 482sqm  10 n

  6. Slide 6: …Supported by High Like-for-like Growth Figures

    …Supported by High Like-for-like Growth Figures 13.6% 11.8% 3 9.9% 22.4% 20.1% Transaction2 7.3% # Growth 14.7% 14.1% (%) 1 10.8% 2014 2015 2016 9M 2017 2014 2015 2016 9M 2017 7.4% 7.7% 6.9%  Strong brand positioning & top of mind  Increased traffic & conversion driven by Basket Size 3.9% 3 Growth

  7. Slide 7: Accelerated Growth in Denim & Lifestyle Categories

    Accelerated Growth in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All Knits Shirts 48% 21% 14% 401 171 137 118 304 84 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 Denim Bottoms 43% Jackets Accessories1 5% 6% 359 285 53 44 39 29 9M 2016 9M 2017 9M 2016 9M 201

  8. Slide 8: Margin Targets on Track

    Margin Targets on Track Revenue (TRYm) Gross Profit (TRYm) 51.6% 50.9% 50.8% 50.7% 1,350 685 973 494 522 265 388 200 Q3 2016 Q3 2017 9M 2016 9M 2017 Q3 2016 Q3 2017 9M 2016 9M 2017 EBITDA (TRYm) Net Income (TRYm) 17.9% 18.4% 13.8% 15.4% 8.9% 9.3% 5.4% 6.2% 208 84 135 53 48 96 34 69 Q3 2016 Q3 2017 9

  9. Slide 9: Strong Cash Conversion and Efficient Working Capital Management

    Strong Cash Conversion and Efficient Working Capital Management Cash Conversion Main Working Capital Items 102% TRYm 2016PF 9M 2016 9M 2017 75% Trade & Other Receivables 132.9 163.5 211.5 % Sales 9.7% 12.5% 12.6% 9M 2016 9M 2017 Inventories 287.8 279.5 292.4 TRYm 9M 2016 9M 2017 Change (%) % COGS 42

  10. Slide 10: Efficient Capex Management and Healthy Leverage Ratios

    Efficient Capex Management and Healthy Leverage Ratios CAPEX Debt Breakdown (31 October 2017) % Sales 4,8% 4,7% 4,1% EUR Cost of Debt1 21% 62.6 TRY 11.42% - 16.61% 55.5 45.6 USD 4.05% - 4.99% TRY USD EUR 0.75% - 2.99% 55% 24% Blended 8.5% 2016 9M 2016 9M 2017 Net Debt / LTM EBITDA  21 net new store

  11. Slide 11: FY 2017 Guidance

    FY 2017 Guidance  Positive trading environment  26 net new store openings in Turkey  EBITDA margin improvement (YoY)  Positive cash generation  Debt / EBITDA to remain below 1x 10 10

  12. Slide 12: investorrelations@mavi.com

    investorrelations@mavi.com 11

  13. Slide 13: Appendix

    Appendix

  14. Slide 14: Financial Statements: Income Statement

    Financial Statements Income Statement TRYm Q3 2016 Q3 2017 Change (%) 9M 2016 9M 2017 Change (%) Rev enue 387.5 521.7 34.6% 972.7 1,350.4 38.8% Cost of Sales (187.7) (256.3) 36.5% (478.4) (665.7) 39.2% Gross Profit 199.8 265.3 32.8% 494.3 684.7 38.5% Gross Margin 51.6% 50.9% 50.8% 50.7% Administrati

  15. Slide 15: Financial Statements: Balance Sheet

    Financial Statements Balance Sheet TRYm 31 January 2017 31 October 2017 Change (%) Assets Current Assets Cash and Cash Equiv alents 158.1 174.8 10.6% Trade Receiv ables 109.4 187.0 71.0% I nv entories 287.8 292.4 1.6% Other Current Assets 70.1 69.2 (1.3%) Total Current Assets 625.4 723.4 15.7% Non-C

  16. Slide 16: Financial Statements: Cash Flow Statement

    Financial Statements Cash Flow Statement TRYm 9M 2016 9M 2017 Profit¹ 52.7 84.1 D&A Expense 33.2 43.8 Net Finance Expense / (I ncome) 32.2 50.0 Tax Expense 14.7 20.3 Other Non-Cash I tems 0.8 13.9 Cash Flow from Operating Activ ities 133.6 212.2 Δ in Net Working Capital² (34.3) 4.5 I ncome Tax Paid

  17. Slide 17: Global Footprint as at 31.10.2017

    Global Footprint as at 31.10.2017 Canada Europe Russia  # Retail Stores: 3  # Wholesale Doors: 1,638  # Retail Stores: 9  # Wholesale Doors: 1,273  # Retail Stores: 12  # Franchised Stores: 18 355 Mono-Brand  # FTEs: 55  # FTEs: 157  # Wholesale Doors: 122 Stores in Turkey  # FTEs: 108 62

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