Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — FY2022 Earnings Presentation
30 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Mar 14, 2023
Slide 1: FY 2022 Results Presentation
FY 2022 Results Presentation March 14, 2023
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: Earthquake condolences message
We are deeply saddened by the earthquake that devastated eleven provinces of Turkey on February 6, 2023. We extend our condolences to the grieving families who lost their loved ones, including three of our beloved employees. In this journey to full recovery we as Mavi will continue to stand in solid
Slide 4: 2022 Business Overview
2022 Business Overview
Slide 5: 2022 Business Overview: Consolidated Results
2022 Business Overview Consolidated Results › Strong sales growth of 129% was coupled with significant margin improvement › Sales growth was driven both by price and volume. All product categories grew in number of pieces. Over 12.5 mn denim items sold globally, 18% growth yoy › Strong brand strateg
Slide 6: 2022 Business Overview: Turkey Retail, International & Online
2022 Business Overview Turkey Retail › Consumer demand was robust amid high inflation › With a right product - right price - high quality strategy continued to gain market share in jeans, women and men lifestyle categories › Following customer trends and preferences, casual lifestyle categories expa
Slide 7: Building Blocks For the Future
Building Blocks For the Future Brand and Product Innovations Growing Retail Online Investments Continue to gain market share and new New retail concepts (1000 m2) to Omnichannel launch: Multi-team customers. Increase frequency by improve the shopping experience project focusing on different customer
Slide 8: Building Blocks For the Future
Building Blocks For the Future Towards a more digital future All Blue. All Better. For All. People Digitalization and CRM investments All-Blue global strategy to drive Embracing a people-oriented at the core of our strategy sustainable growth culture AI supported analysis tools to Responsible supply
Slide 9: 2022 Highlights
2022 Highlights
Slide 10: 2022 Highlights
2022 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized at 10,592 TRYm, growing 129% yoy 10,592 TRYm 2,491 TRYm 144% 88% • EBITDA for the period is 2,491 TRYm Revenue EBITDA Retail Sales Online Sales resulting in 23.5% EBITDA margin Growth Growth • Net income realized at
Slide 11: Sales Channels
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Slide 12: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) Channel 143% 135% 129% 129% Growth 10,592 8,829 2022 1,172 793 88% 2,463 1,342 96% 3,753 127% 4,619 2,782 3,267 596 107% 421 1,428 6,957 1,143 318 591 6,694 144% 458 1,192 213 674 143 396 2,831 146% 142 2,068 2,740 329 2
Slide 13: Turkey Retail
Turkey Retail
Slide 14: 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 510sqm New Stores Retail Store 156.3 159.4 164.0 167.7 314 320 327 329 2019 2020 2021 2022 2019 2020 2021 2022 • With seven openings and five closures in 2022, number of reta
Slide 15: Same Store Sales Performance
Same Store Sales Performance 42.7% 141.8% 139.1% 29.5% 13.4% 73.3% Transaction1 1.1% (20.8%) # Growth (%) 20.9% (11.0%) 2019 2020* 2021* 2022 Q4 2022 2019 2020* 2021* 2022 Q4 2022 • Traffic growth of 38% in 2022 and 21% in Q4 2022 on a high base, displays strong consumer 110.8% demand in a high infl
Slide 16: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All 39% Knits/Jerseys 27% Shirts 10% Jackets 11% 150% 158% 663 721 137% 2,642 153% 265 279 1,819 2021 2022 2021 2022 1,116 720 Accessories Non-Denim Bottoms 6% 6% 152% 162% 2021 2022 2021 2022 433 397 172 152
Slide 17: Online Business
Online Business
Slide 18: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales % Sales 9.0% 15.6% 12.8% 11.2% 1,356 793 88% 88% 184 Channel Growth 421 432 723 543 46% 83% 237 126 100% 361 96% 271 184 629 325 94% 2021 2022 2021 2022 International Online Sales (TRYm) mavi.
Slide 19: Consolidated Financial Results
Consolidated Financial Results
Slide 20: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 51.6% 49.8% 51.3% 52.9% 129% 129% 10,592 120% 136% 5,602 4,619 2,372 3,267 1,626 1,428 738 Q4 2021 Q4 2022 2021 2022 Q4 2021 Q4 2022 2021 2022 • Meeting high consumer demand with newness, variety and the right product/price positioning su
Slide 21: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 13.9% 15.2% 16.6% 19.5% 20.1% 19.3% 22.5% 23.5% 151% 170% 2,063 2,491 119% 140% 765 1,038 498 631 198 288 Q4 2021 Q4 2022 2021 2022 Q4 2021 Q4 2022 2021 2022 Net Income exc.IFRS16 (TRYm) Net Income inc.IFRS16 (TRYm)
Slide 22: 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 122% TRYm 2021 2022 91% Trade & Other Receivables 434 913 % LTM Sales 9.4% 8.6% Inventories 751 2,308 2021 2022 % LTM COGS 33.4% 46.2% TRYm 2021 2022 Trade & Other Pay
Slide 23: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 January 2023) % Sales 3.5% 2.8% 1% 1% 3% Average Cost of Debt 295 USD TRY 23.6% CAD 164 USD 2.0% TRY RUB 13.5% RUB CAD 7.2% 2021 2022 95% Blended 22.7% Net Cash exc.IFRS16 (TRYm) • All of non-TRY debt (5% of total) is carried by Mavi US, Mavi
Slide 24: Outlook into 2023
Outlook into 2023 Management Business Priorities for 2023 • Brand, product innovation, category expansion and customer communication investments targeted at gaining market share and elevating the brand positioning • Growing customer traffic, new customer acquisition and volume growth. New store open
Slide 25: investorrelations@mavi.com
investorrelations@mavi.com 24 24
Slide 26: Financial Statements: Income Statement
Financial Statements Income Statement (inc. IFRS 16) TRYm Q4 2021 Q4 2022 Change (%) 2021 2022 Change (%) Revenue 1,428 3,267 129% 4,619 10,592 129% Cost of Sales (691) (1,641) 138% (2,248) (4,990) 122% Gross Profit 738 1,626 120% 2,372 5,602 136% Gross Margin 51.6% 49.8% 51.3% 52.9% Administrative
Slide 27: Financial Statements: Balance Sheet
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2022 31 January 2023 Change (%) Assets Current Assets Cash and Cash Equivalents 1,482 3,245 119% Financial Investments 27 58 115% Trade Receivables 394 871 121% Inventories 751 2,308 207% Other Current Assets 202 304 51% Total Current
Slide 28: Financial Statements: Cash Flow Statement
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm 2021 2022 Profit¹ 423 1,459 Adjustments 877 1,454 Cash Flow from Operating Activities 1,300 2,913 Δ in Net Working Capital² 170 (194) Income Tax Paid (100) (395) Net Cash from Operating Activities 1,370 2,325 Capex (164) (295) Other Invest
Slide 29: Effects of IFRS16 on Financial Statements
Effects of IFRS16 on Financial Statements 31 Jan. 2023 IFRS 16 Effect After IFRS 16 Dönen varlıklar 6,788 (3) 6,785 Duran varlıklar 1,268 590 1,858 Kısa vadeli yükümlülükler 5,093 350 5,444 Uzun vadeli yükümlülükler 177 290 467 Özkaynaklar 2,785 (53) 2,732 9M'22 IFRS 16 Effect After IFRS 16 Faaliyet
Slide 30: Global Footprint as of 31 January 2023
Global Footprint as of 31 January 2023 459 396 63 5 37 Monobrand Mono-Brand International ~4,500 5,670 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Turkey Stores TURKEY EUROPE Retail stores: 329 Retail stores: 1 Franchise stores: 67 Wholesale doors: ~800 Wholesale doors: ~520 Em
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