Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — H1 2021 Earnings Presentation
20 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Sep 14, 2021
Slide 1: H1 2021 Results Presentation
H1 2021 Results Presentation September 14, 2021 0
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 2021 Business Overview
Q2 2021 Business Overview • In Q2 2021, Covid19 related restrictions were largely lifted across the countries we operate in • Turkey operations experienced a full lock-down period until May 17th and some restrictions on weekends until the end of May resulting in 31% lower trading hours in the quarte
Slide 4: H1 2021 Highlights
H1 2021 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized at 1,837 TRYm, growing 99% versus H1 1,837 TRYm 404 TRYm 98% 128% 2020, 37% versus H1 2019 Revenue EBITDA Retail Sales Online Sales • EBITDA for the period is 404 TRYm 99% Growth 301% Growth Growth Growth resultin
Slide 5: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) 56% 37% 58% 35% Channel Growth 1,837 100% 99% vs 2020 94% 1,477 98% 1,340 255 128% 1,095 189 1,078 110% 55 925 505 904 29 761 250 62% 692 415 571 112 226 145 91% 457 83 27 538 237 121 14 119 264 83 61 154 98% 83 61 1,039
Slide 6: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Gross Selling Space in Turkey (Sqm K) Net Avg. 14 6 2 Sqm/ 498sqm 498sqm 499sqm New Stores Retail Store 322 156.3 159.4 160.7 314 320 2019 2020 H1 2021 2019 2020 H1 2021 • With five openings and three closures in first half 2021, number of retail stores in
Slide 7: Turkey Retail Business Resilient to Pandemic Conditions
Turkey Retail Business Resilient to Pandemic Conditions vs 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Turkey Retail Revenue vs same 243% month 2019 141% 143% 126% 120% 108% 100% 98% 99% 87% 82% 75% 80% 62% 64% 61% 54% 10% 0% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY J
Slide 8: Same Store Sales Performance
Same Store Sales Performance 84.90% 61.6% 22.5% 12.0% 20.9% 1.1% Transaction1 # Growth (%) -20.8% -11.0% -36.0% -27.3% 2018 2019 2020 2020* Q2 2021* 2018 2019 2020 2020* Q2 2021* • On the open days of Q2 2021, traffic rebounded increasing 82% versus 2020 and 19.6% surpassed pre-covid 2019 level by 3
Slide 9: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All 44% Knits/Jerseys 27% Shirts 11% Non-Denim Bottoms 7% 72% 184% 96% 128 116 108% 461 72 280 67 386 35 25 198 H1 H1 H1 H1 H1 H1 235 135 2019 2020 2021 2019 2020 2021 Accessories 6% Jackets 2% 94% 22% H1 H1
Slide 10: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales 8.0% 17.3% 17.2% % Sales 3.3% 10.9% 12.8% Channel Growth vs 2020 315 189 97% 128% 60 54% 113 179% 83 160 130 153% 36 40 107 39 79% 7 76 7 43 51 22 53 80% 13 125 H1 2019 H1 2020 H1 2021 41 70 I
Slide 11: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 56% 37% 51.2% 49.7% 52.6% 49.3% 47.9% 51.3% 50.9% 50.8% 48.9% 49.3% 100% 99% 1,837 942 112% 113% 1,340 661 1,078 567 925 443 692 354 538 267 Q2 2019 Q2 2020 Q2 2021 H1 2019 H1 2020 H1 2021 Q2 2019 Q2 2020 Q2 2021 H1 2019 H1 2020 H1 2021 •
Slide 12: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 15.0% 9.2% 18.7% 13.3% 2.5% 16.1% 23.8% 15.0% 24.4% 22.2% 10.9% 22.0% 296 404 201 297 178 263 104 164 49 101 81 23 Q2 2019 Q2 2020 Q2 2021 H1 2019 H1 2020 H1 2021 Q2 2019 Q2 2020 Q2 2021 H1 2019 H1 2020 H1 2021 Net
Slide 13: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion (exc.IFRS16) Main Working Capital Items TRYm 2020 H1 2020 H1 2021 112% Trade & Other Receivables 247.9 210.8 309.6 53% % LTM Sales 10.3% 8.6% 9.3% Inventories 560.1 590.5 563.3 H1 2020 H1 2021 % LTM COGS 45.1% 46.8% 34.1% TRYm H1 2
Slide 14: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 July 2021) % Sales 6.7% 3.3% Average Cost of Debt 9% 6% 61.7 61.0 USD TRY 14.5% 2% CAD USD 2.6% TRY RUB 10.3% RUB CAD 3.0% H1 2020 H1 2021 83% Blended 13.2% 100% Local Currency Foreign Currency Net Cash (Debt) exc.IFRS16 (TRYm) ND/LTM 0.17x •
Slide 15: Management Guidance for FY 2021
Management Guidance for FY 2021 Consolidated Revenue Growth 70 -75% 5 net new stores (2 in SS, 3 in FW) Turkey Retail Stores 9 store expansions (4 in SS, 5 in FW) 14.0-14.5% (exc. IFRS16) EBITDA Margin 20.0-20.5% (inc. IFRS16) Net Debt/EBITDA Net Cash Position (exc. IFRS16) CAPEX 3.5% of consolidate
Slide 16: investorrelations@mavi.com
investorrelations@mavi.com
Slide 17: Financial Statements: Income Statement
Financial Statements Income Statement (inc. IFRS 16) TRYm Q2 2020 Q2 2021 Change (%) H1 2020 H1 2021 Change (%) Revenue 537.8 1,077.8 100% 924.9 1,836.5 99% Cost of Sales (270.7) (511.1) 89% (482.1) (894.8) 86% Gross Profit 267.1 566.7 112% 442.8 941.7 113% Gross Margin 49.7% 52.6% 47.9% 51.3% Admin
Slide 18: Financial Statements: Balance Sheet
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2021 31 July 2021 Change (%) Assets Current Assets Cash and Cash Equivalents 889.9 900.7 1% Trade Receivables 231.4 286.5 24% Inventories 560.1 563.3 1% Other Current Assets 105.4 117.0 11% Total Current Assets 1,786.7 1,867.5 5% Prop
Slide 19: Financial Statements: Cash Flow Statement
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm H1 2020 H1 2021 Profit¹ (58.3) 138.2 Adjustments 208.0 308.4 Cash Flow from Operating Activities 149.6 446.7 Δ in Net Working Capital² (10.6) 36.6 Income Tax Paid (7.7) (3.9) Net Cash from Operating Activities 131.3 479.3 Capex (61.7) (61.
Slide 20: Global Footprint as of July 2021
Global Footprint as of 31 July 2021 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,000 # Retail Stores: 1 # Wholesale Doors: c.1,100 # Retail Stores: 17 # Franchise Stores: 17 387 Mono-Brand # Employee: 70 # Employee: 59 Stores in Turkey # Wholesale Doors: 130 # Employee: 137 61 Inte
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