Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — Q3 2020 Earnings Presentation
20 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Dec 1, 2020
Slide 1: Q3 2020 Results Presentation
Q3 2020 RESULTSPRESENTATION December 1, 2020 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: Covid-19 Update
Covid-19 Update Current Business Status • All retail and franchise stores in Turkey are open since June 1, 2020. Working hour limitations on weekdays and weekend curfew (stores will be closed) imposed as of December 1 • European markets re-opened in May. Across the countries we operate, there are va
Slide 4: Recovering Business Trend
Recovering Business Trend Consolidated Revenue (TRYm) Q3 2020 HIGHLIGHTS #of Days TR Stores 89 Days 46 Days 92 Days 61 Days 92 Days 92 Days Open 32% (3%) (40%) (22%) 2% 808 827 International Turkey 648 692 538 Sales Growth Sales Growth 387 Q1 2019 Q1 2020 Q2 2019 Q2 2020 Q3 2019 Q32020 13% 50.4% 120
Slide 5: 9M 2020 Highlights
9M 2020 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized 1.752 (26%) 161% TRYm, declining 18% given the 1,752 TRYm 301 TRYm Covid-19 business disruptions Retail Sales Online Sales Revenue EBITDA Decline Growth • EBITDA for the period is 301 TRYm resulting in 17.2% EBITD
Slide 6: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) (3%) (20%) 2% (18%) Channel 1,773 Growth 1,417 161% 2,148 48 1,752 372 125 89 113% 678 655 (21%) 294 660 19 42 190 145 1,353 808 827 (20%) 140 998 (26%) 531 35 69 513 474 245 267 1,399 1,031 (26%) 528 491 Q3 2019 Q3 2020
Slide 7: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Gross Selling Space in Turkey (Sqm K) Net Avg. 13 14 3 Sqm/ 498sqm 498sqm 498sqm New Stores Retail Store 314 317 149.3 156.3 157.9 300 2018 2019 9M 2020 2018 2019 9M 2020 • With ten openings and seven closures in the first nine months of 2020, number of re
Slide 8: Same Store Sales Performance after Store Openings
Same Store Sales Performance after Store Openings 22.8% 22.5% 20.9% 14.7% 12.0% 1.1% Transaction1 # Growth (%) (4.7%) (15.4%) 2017 2018 2019 Q2-Q3 2020 2017 2018 2019 Q2-Q3 2020 • There is no meaningful LFL store set in 2020. Q2-Q3 data is same stores sales growth after store openings (June-October)
Slide 9: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All Knits Shirts 44% 25% 12% 311 (19%) (37%) 251 193 (28%) 122 611 440 9M 2019 9M 2020 9M 2019 9M 2020 Jackets 6% Accessories 6% (26%) (24%) 81 9M 2019 9M 2020 84 62 62 9M 2019 9M 2020 9M 2019 9M 2020 % Share
Slide 10: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales 7.5% 15.1% % Sales 3.1% 8.8% 127.2% 264 125 64.6% (100%) 74 160 60 55 381% 5% 79 7 71 13 82% 65 248% 35 23 111 67 66% 9M 2019 9M 2020 International Online Sales (TRYm) 9M 2019 9M 2020 % Sales
Slide 11: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 50.5% 50.4% 49.8% 49.1% 2% (18%) 2,148 2% (20%) 1,752 1,069 859 808 827 408 417 Q3 2019 Q3 2020 9M 2019 9M 2020 Q3 2019 Q3 2020 9M 2019 9M 2020 • Normalized gross margin with current imputed interest rate is 50.4% for Q3 2019 and 48.8% fo
Slide 12: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 18.8% 17.8% 15.4% 9.7% 26.4% 24.1% 23.7% 17.2% (3%) (49%) (6%) 510 (41%) 330 301 152 147 170 213 200 Q3 2019 Q3 2020 9M 2019 9M 2020 Q3 2019 Q3 2020 9M 2019 9M 2020 Net Income exc.IFRS16 (TRYm) Net Income inc.IFRS16
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 2019 9M 2019 9M 2020 78% 58% Trade & Other Receivables 251.6 274.4 290.3 % Sales 8.8% 10.1% 11.8% 9M 2019 9M 2020 Inventories 496.1 515.0 648.2 % COGS 34.0% 37.4% 51.0% TRYm 9M 2019 9M 2
Slide 14: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 October 2020) % Sales 3.4% 4.7% 8% Average Cost of Debt 83.0 73.8 6% 10% EUR TRY 10.3% 8% USD EUR 1.2% 2% CAD USD 3.3% TRY RUB 12.9% 9M 2019 9M 2020 RUB 74% CAD 3.0% 92% Blended 8.8% Local Currency Foreign Currency Net Debt exc.IFRS16 (TRYm)
Slide 15: Outlook for 2020FY
Outlook for 2020FY • Our current results are within our latest outlook disclosed in September • New restrictions in Turkey including weekend lockdowns effective as of December 1, 2020 will have a significant impact on our revenue stream • The timeline for the restrictions is uncertain at the time •
Slide 16: investorrelations@mavi.com
investorrelations@mavi.com
Slide 17: Financial Statements: Income Statement
Financial Statements Income Statement (inc. IFRS 16) TRYm Q3 2019 Q3 2020 Change (%) 9M 2019 9M 2020 Change (%) Revenue 808.1 827.0 2% 2,148.3 1,751.9 (18%) Cost of Sales (400.4) (410.4) 2% (1,079.2) (892.5) (17%) Gross Profit 407.7 416.6 2% 1,069.1 859.5 (20%) Gross Margin 50.5% 50.4% 49.8% 49.1% A
Slide 18: Financial Statements: Balance Sheet
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2020 31 October 2020 Change (%) Assets Current Assets Cash and Cash Equivalents 310.8 905.8 191% Trade Receivables 231.1 279.8 21% Inventories 496.1 648.2 31% Other Current Assets 80.7 96.6 20% Total Current Assets 1,118.7 1,930.3 73%
Slide 19: Financial Statements: Cash Flow Statement
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm 9M 2019 9M 2020 Profit¹ 95.0 25.5 Adjustments 438.4 365.1 Cash Flow from Operating Activities 533.4 390.6 Δ in Net Working Capital² (72.9) (72.0) Income Tax Paid (12.0) (9.2) Net Cash from Operating Activities 448.5 309.4 Capex (73.8) (83.
Slide 20: Global Footprint as of October 2020
Global Footprint as of 31 October 2020 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,300 # Retail Stores: 1 # Wholesale Doors: c.1,650 # Retail Stores: 17 # Franchise Stores: 15 383 Mono-Brand # Employee: 64 # Employee: 58 Stores in Turkey # Wholesale Doors: 139 # Employee: 142 53 I
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