Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — Q1 2022 Earnings Presentation
19 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Jun 9, 2022
Slide 1: Q1 2022 Results Presentation
Q1 2022 Results Presentation June 9, 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: Q1 2022 Business Overview
Q1 2022 Business Overview • All the markets we operate in are back to normal trading hours • Including the low-base effect (weekend and weekday evening lock-downs for most of Q1 2021 resulting in 38% loss in total trading hours) Turkey retail sales grew 200% yoy • High consumer demand allowed for lo
Slide 4: Q1 2022 Highlights
Q1 2022 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized 1,887 TRYm, growing 149% versus Q1 2021 1,887 TRYm 556 TRYm 200% 99% • EBITDA for the period is 556 TRYm Revenue EBITDA Retail Sales Online Sales resulting in 29.5% EBITDA margin Growth Growth • Net income resulte
Slide 5: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) Channel Growth 1,508 1,887 163% 99% 226 154 %149 105% 573 259 759 527 97% 77 96% 131 1,095 110 200% 1,135 365 269 199% 380 Q1 2021 Q1 2022 Q1 2021 Q1 2022 International Revenue (TRYm) Retail Wholesale E-com • Total reven
Slide 6: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Gross Selling Space in Turkey (Sqm K) Net Avg. 14 6 7 3 Sqm/ 498sqm 498sqm 501sqm 504sqm New Stores Retail Store 156.3 159.4 164.0 166.2 314 320 327 330 2019 2020 2021 Q1 2022 2019 2020 2021 Q1 2022 • With 4 openings and one closure in Q1 2022, number of r
Slide 7: Same Store Sales Performance
Same Store Sales Performance 42.7% 27.7% 94.4% 12.0% 73.3% Transaction1 1.1% # Growth (%) 22.5% 20.9% (20.8%) 2018 2019 2020* 2021* Q1 2022* (11.0%) 2018 2019 2020* 2021* Q1 2022* 52.2% • Traffic in stores on the open days was 43% Basket Size higher in than same period 2021 Growth 21.4% 19.6% (%) 12
Slide 8: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All 45% Knits/Jerseys 25% Shirts 12% Jackets 4% 230% 106% 135 189% 42 221% 498 41 20 277 Q1 2021 Q1 2022 Q1 2021 Q1 2022 172 Accessories Non-Denim Bottoms 86 6% 6% 199% 257% Q1 2021 Q1 2022 Q1 2021 Q1 2022 66
Slide 9: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales % Sales 10.2% 18.6% 13.9% 13.5% 263 154 Channel 99% 86% 37 Growth 77 91 141 112 20% 116% 31 42 119% 63 79% 51 35 114 60 92% Q1 2021 Q1 2022 International Online Sales (TRYm) Q1 2021 Q1 2022 ma
Slide 10: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 49.4% 56.5% 149% 1,887 184% 1,066 759 375 Q1 2021 Q1 2022 Q1 2021 Q1 2022 • Strong brand strategy, dynamic product-price planning, newness and variety in response to high consumer demand resulted with high sell-through and lower markdowns
Slide 11: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 12.4% 24.6% 18.7% 29.5% 393% 465 293% 556 94 142 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Net Income exc.IFRS16 (TRYm) Net Income inc.IFRS16 (TRYm) 5.2% 4.8% 16.0% 15.9% 658% 728% 300 302 40 36 Q1 2021 Q1 2022 Q1 2021 Q1 202
Slide 12: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Operational Cash Flow (exc.IFRS16) Main Working Capital Items TRYm 2021 Q1 2021 Q1 2022 TRYm Q1 2021 Q1 2022 Trade & Other Receivables 434 347 638 EBITDA 94 465 % LTM Sales 9.4% 12.5% 11.1% Δ in NWC1 (118) (397) Inventories 751 659 1,004 % LTM COG
Slide 13: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (30 April 2022) % Sales 4.3% 3.2% 4% Average Cost of Debt 10% 1% 61 USD TRY 22.1% CAD USD 2.0% 33 RUB 17.2% TRY CAD 3.0% RUB Q1 2021 Q1 2022 85% Blended 20.7% 100% Local Currency Foreign Currency Net Cash exc.IFRS16 (TRYm) • All of non-TRY debt (
Slide 14: Management Guidance for FY 2022
Management Guidance for FY 2022 Consolidated Revenue Growth 100% 3 net new stores Turkey Retail Stores 11 store expansions 18% ± 1% (exc. IFRS16) EBITDA Margin 24% ± 1% (inc. IFRS16) Net Debt/EBITDA Net Cash Position (exc. IFRS16) CAPEX 3.0% of consolidated sales Trading Update for Q2 2022 • Turkey
Slide 15: investorrelations@mavi.com
investorrelations@mavi.com
Slide 16: Financial Statements
Financial Statements Income Statement (inc. IFRS 16) TRYm Q1 2021 Q1 2022 Change (%) Revenue 759 1,887 149% Cost of Sales (384) (821) 114% Gross Profit 375 1,066 184% Gross Margin 49.4% 56.5% Administrative Expenses (50) (106) 112% Selling and Marketing Expenses (257) (498) 94% R&D Expenses (10) (15
Slide 17: Financial Statements
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2022 30 April 2022 Change (%) Assets Current Assets Cash and Cash Equivalents 1,509 1,540 2% Trade Receivables 394 590 50% Inventories 751 1,004 34% Other Current Assets 202 265 31% Total Current Assets 2,856 3,400 19% Property and Eq
Slide 18: Financial Statements
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm Q1 2021 Q1 2022 Profit¹ 36 302 Adjustments 145 317 Cash Flow from Operating Activities 181 619 Δ in Net Working Capital² (118) (397) Income Tax Paid (1) (53) Net Cash from Operating Activities 62 169 Capex (33) (61) Other Investing Cash Fl
Slide 19: Global Footprint as of April 2022
Global Footprint as of 30 April 2022 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,000 # Retail Stores: 1 # Wholesale Doors: c.800 # Retail Stores: 18 # Franchise Stores: 17 399 Mono-Brand # Employee: 71 # Employee: 59 Stores in Turkey # Wholesale Doors: 120 # Employee: 147 58 Inter
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