Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — 9M 2022 Earnings Presentation
20 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Dec 12, 2022
Slide 1: 9M 2022 Results Presentation
9M 2022 Results Presentation December 12, 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: Q3 2022 Business Overview
Q3 2022 Business Overview • Another strong quarter with global sales growing 136% • Mavi’s FW22 season collection has been received very well by the consumers resulting with 143% growth in Turkey retail sales yoy in Q3 2022. Consumer demand was robust amid ongoing high inflation in Turkey • Sales gr
Slide 4: 9M 2022 Highlights
9M 2022 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized 7,325 TRYm, growing 130% versus 9M 2021 7,325 TRYm 1,860 TRYm 146% 71% • EBITDA for the period is 1,860 TRYm Revenue EBITDA Retail Sales Online Sales resulting in 25.4% 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 138% 132% 136% 130% 7,325 Growth 6,047 714 9M’22 475 71% 1,789 946 86% 3,202 3,191 2,701 2,610 110% 267 107% 1,133 176 1,354 383 278 804 863 4,822 471 450 4,626 146% 128 89 358 2,130 1,944 148% 200 2,054 1,882 86
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 509sqm New Stores Retail Store 156.3 159.4 164.0 167.3 314 320 327 329 2019 2020 2021 9M 2022 2019 2020 2021 9M 2022 • With five openings and three closures in 9M 2022, numbe
Slide 7: Same Store Sales Performance
Same Store Sales Performance 42.7% 19.0% 139.6% 12.0% Transaction1 1.1% # Growth 73.3% (%) 22.5% (20.8%) 20.9% 2018 2019 2020* 2021* Q3 2022 (11.0%) 2018 2019 2020* 2021* Q3 2022 101.2% • Traffic in stores was 19% higher than same Basket Size period 2021, showcasing the continued strong Growth shopp
Slide 8: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All 40% Knits/Jerseys 28% Shirts 11% Jackets 7% 151% 155% 494 341 135% 1,853 162% 197 134 1,315 9M 2021 9M 2022 9M 2021 9M 2022 789 502 Accessories Non-Denim Bottoms 6% 6% 166% 166% 9M 2021 9M 2022 9M 2021 9M
Slide 9: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales % Sales 7.9% 14.6% 11.4% 10.7% 838 Channel 475 124 71% 80% Growth 278 264 467 334 49% 63% 83 161 211 81% 186 80% 117 380 198 92% 9M 2021 9M 2022 9M 2021 9M 2022 International Online Sales (TRY
Slide 10: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 51.1% 52.1% 51.2% 54.3% 136% 130% 7,325 141% 143% 3,976 3,202 3,191 1,667 1,634 1,354 692 Q3 2021 Q3 2022 9M 2021 9M 2022 Q3 2021 Q3 2022 9M 2021 9M 2022 • Strong brand strategy, dynamic product-price planning, newness and variety in resp
Slide 11: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 20.1% 20.1% 17.8% 21.4% 25.5% 23.5% 23.5% 25.4% 1,565 1,860 137% 176% 117% 148% 644 567 752 750 272 346 Q3 2021 Q3 2022 9M 2021 9M 2022 Q3 2021 Q3 2022 9M 2021 9M 2022 Net Income exc.IFRS16 (TRYm) Net Income inc.IFR
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 9M 2021 9M 2022 110% 67% Trade & Other Receivables 434 437 1,022 % LTM Sales 9.4% 11.4% 11.7% Inventories 751 674 1,823 9M 2021 9M 2022 % LTM COGS 33.4% 35.4
Slide 13: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 October 2022) % Sales 3.0% 2.6% 3% Average Cost of Debt 5% 2% 192 USD TRY 22.6% CAD USD 2.0% 95 TRY RUB 11.7% RUB CAD 3.0% 9M 2021 9M 2022 90% Blended 20.9% 100% Local Currency Foreign Currency Net Cash exc.IFRS16 (TRYm) • All of non-TRY debt
Slide 14: Management Guidance for FY 2022 Unchanged
Management Guidance for FY 2022 Unchanged 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. IFRS1
Slide 15: investorrelations@mavi.com
investorrelations@mavi.com 14 14
Slide 16: Financial Statements
Financial Statements Income Statement (inc. IFRS 16) TRYm Q3 2021 Q3 2022 Change (%) 9M 2021 9M 2022 Change (%) Revenue 1,354 3,202 136% 3,191 7,325 130% Cost of Sales (662) (1,534) 132% (1,557) (3,349) 115% Gross Profit 692 1,667 141% 1,634 3,976 143% Gross Margin 51.1% 52.1% 51.2% 54.3% Administra
Slide 17: Financial Statements
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2022 31 October 2022 Change (%) Assets Current Assets Cash and Cash Equivalents 1,482 2,263 53% Financial Investments 27 56 108% Trade Receivables 394 897 127% Inventories 751 1,823 143% Other Current Assets 202 507 151% Total Current
Slide 18: Financial Statements
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm 9M 2021 9M 2022 Profit¹ 301 1,158 Adjustments 546 1,013 Cash Flow from Operating Activities 847 2,171 Δ in Net Working Capital² 57 (513) Income Tax Paid (36) (267) Net Cash from Operating Activities 869 1,391 Capex (95) (192) Other Investi
Slide 19: Effects of IFRS16 on Financial Statements
Effects of IFRS16 on Financial Statements TRYm 31 Oct. 2022 IFRS 16 Effect After IFRS 16 Current assets 5,550 (4) 5,547 Non-current assets 1,210 505 1,715 Current liabilities 4,001 292 4,293 Non-current liabilities 301 266 566 Equity 2,459 (56) 2,403 9M'22 IFRS 16 Effect After IFRS 16 Operating prof
Slide 20: Global Footprint as of October 2022
Global Footprint as of 31 October 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: 85 # Employee: 50 Stores in Turkey # Wholesale Doors: 151 # Employee: 149 61 Int
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