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

Mavi Giyim Sanayi Ve Ticaret A.s — FY2017 Earnings Presentation

17 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Mar 15, 2018

  1. Slide 1: 2017 FY Results Presentation

    2017 FY RESULTS PRESENTATION 15 March 2018 0

  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: Continued Solid Growth in FY 2017

    Continued Solid Growth in FY 2017 PROFITABLE GROWTH TURKEY RETAIL HIGHLIGHTS  Consolidated revenue increased by 36% to 1,782 TRYm 36% 48% 78% 22.8% Revenue EBITDA % of Turkey LFL Growth  EBITDA grew by 48% to 252 TRYm Growth Growth Revenue resulting in 14.1% EBITDA margin (30% PF ) (43% PF)  Net

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

    Solid Revenue Growth with a Strong Fourth Quarter Global Revenue (TRYm) Turkey Revenue (TRYm) Channel Channel Growth Growth 1,453 1,121 44% 1,782 298 20% 76% 249 263 345 1,308 1,133 32% 561 36 857 31 42% 227 302 396 Q4 2016 Q4 2017 2016 2017 431 1,182 335 33% International Revenue (TRYm) 103 890 89

  5. Slide 5: Robust Performance of Turkey Retail Operations

    Robust Performance of Turkey Retail Operations… # of Retail Stores Turkey Retail Revenue (TRYm) Net 25 26 41 New 67 Stores 169 287 261 1,133 857 2016 2017 Gross Selling Space in Turkey (Sqm K) 2016 LFL Growth New Store Expansion 2017 Avg. Sqm/ 447sqm 484sqm  5 new store openings in Q4 2017 totaling

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

    …Supported by High Like-for-like Growth Figures 14.7% 22.8% 11.8% 3 20.1% Transaction2 9.9% # Growth 7.3% 14.7% 14.1% (%) 1 10.8% 2014 2015 2016 2017 2014 2015 2016 2017  Strong brand positioning & top of mind 7.4% 6.9% 7.1%  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 46% 21% 13% 526 235 397 188 147 104 2016 2017 2016 2017 2016 2017 Denim Bottoms 43% Jackets Accessories1 9% 7% 483 74 97 56 374 65 2016 2017 2016 2017 2016 2017 % % in 2017 Turke

  8. Slide 8: Margin Targets on Track

    Margin Targets on Track Revenue (TRYm) Gross Profit (TRYm) 51.5% 51.4% 51.0% 50.9% 1,782 906 1,308 667 335 431 173 222 Q4 2016 Q4 2017 2016 2017 Q4 2016 Q4 2017 2016 2017 EBITDA (TRYm) Net Income (TRYm) 10.6% 10.3% 13.0% 14.1% -0.3% 1.4% 4.0% 5.1% 252 90 170 52 36 44 6 (1) Q4 2016 Q4 2017 2016 2017

  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 111% TRYm 2016PF 2017 84% Trade & Other Receivables 132.9 140.2 % Sales 9.7% 7.9% 2016PF 2017 Inventories 287.8 320.4 % COGS 42.9% 36.6% TRYm 2016PF 2017 Change (%) Trade & Other EBITDA 176,9 2

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

    Efficient Capex Management and Healthy Leverage Ratios CAPEX Debt Breakdown (31 January 2018) % Sales 4,8% 4,1% EUR Cost of Debt1 10% USD TRY 11.42% - 18.13% 72.8 14% USD 4.05% - 4.69% 62.6 EUR 0.00% - 2.99% TRY 76% Blended 9.96% 2016 2017 Net Debt / LTM EBITDA  Management target for Capex /Sales 1

  11. Slide 11: FY 2018 Guidance

    FY 2018 Guidance  25% consolidated sales growth  25 new retail store openings in Turkey  16% Turkey retail LFL growth  Consolidated EBITDA margin above 14%  Net Debt / EBITDA below 1x  Capex : Up to 5% of consolidated sales 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 Q4 2016 Q4 2017 Change (%) 2016 2017 Change (%) Revenue 335.3 431.2 28.6% 1,307.9 1,781.7 36.2% Cost of Sales (162.6) (209.6) 29.0% (640.9) (875.3) 36.6% Gross Profit 172.7 221.6 28.3% 667.0 906.3 35.9% Gross Margin 51.5% 51.4% 51.0% 50.9% Administrative Ex

  15. Slide 15: Financial Statements: Balance Sheet

    Financial Statements Balance Sheet 31 January 2017 31 January 2018 Change (%) Assets Current Assets Cash and Cash Equivalents 158.1 266.3 68.5% Trade Receivables 109.4 113.0 3.3% Inventories 287.8 320.4 11.3% Other Current Assets 70.1 61.8 (11.9%) Total Current Assets 625.4 761.4 21.7% Non-Current A

  16. Slide 16: Financial Statements: Cash Flow Statement

    Financial Statements Cash Flow Statement TRYm 2016 2017 Profit¹ 51.8 90.0 D&A Expense 46.5 61.9 Net Finance Expense / (Income) 48.9 68.0 Tax Expense 16.6 22.2 Other Non-Cash Items 7.7 17.0 Cash Flow from Operating Activities 171.5 259.1 Δ in Net Working Capital² (27.5) 27.9 Income Tax Paid (16.1) (1

  17. Slide 17: Global Footprint as at 31.01.2018

    Global Footprint as at 31.01.2018 Canada Europe Russia # Retail Stores: 3 # Wholesale Doors: c.1,800 # Retail Stores: 9 # Wholesale Doors: c.1,400 # Retail Stores: 14 # Franchised Stores: 18 360 Mono-Brand # Employee: 52 # Employee: 158 Stores in Turkey # Wholesale Doors: c.125 # Employee: 108 65 In

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