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

Mavi Giyim Sanayi Ve Ticaret A.s — 9M 2023 Earnings Presentation

26 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Dec 11, 2023

  1. Slide 1: 9M 2023 Results Presentation

    9M 2023 Results Presentation December 11, 2023

  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: Mavi Business Overview

    MAVI BUSINESS OVERVIEW ww

  4. Slide 4: Q3 2023 Business Overview

    Q3 2023 Business Overview Business Overview › Successful brand strategy, demand creating newness, dynamic price planning supported with a sourcing capability that enables effective product cost control resulted with 300 bps improvement in gross margin › Delivered 130 bps improvement in opex/sales ra

  5. Slide 5: 9M 2023 Highlights

    9M 2023 HIGHLIGHTS

  6. Slide 6: 9M 2023 Highlights

    9M 2023 Highlights GROUP HIGHLIGHTS1 TURKIYE HIGHLIGHTS › Consolidated revenue realized at 14,189 TRYm, 14,189 TRYm 3,561 TRYm 100% 104% growing 94% yoy Revenue EBITDA Retail Sales Online Sales Growth Growth › EBITDA for the period is 3,561 TRYm resulting in 25.1% EBITDA margin › Net income realized

  7. Slide 7: Sales Channels

    SALES CHANNELS

  8. Slide 8: Revenue Evolution in Sales Channels

    Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkiye Revenue (TRYm) Channel 86% 104% 12,360 Growth 969 94% 2,123 80% 14,189 6,047 104% 1,333 87% 5,032 475 2,701 124% 3,343 386 946 9,268 7,325 176 873 87% 4,626 100% 5,774 471 3,773 714 2,054 3,202 530 1,789 1,380 9,513 97% 267 Q3 2022 Q3

  9. Slide 9: Turkiye Retail

    mavi JEAN. BIR EFSANE, Big IKON

  10. Slide 10: Turkiye Retail Operations

    Turkiye Retail Operations # of Retail Stores Gross Selling Space in Turkiye (Sqm K) Net New Avg. Stores 6 7 2 3 Sqm/ 498sqm 501sqm 510sqm 518sqm Retail Store 167.7 171.9 327 329 332 159.4 164.0 320 2020 2021 2022 9M 2023 2020 2021 2022 9M 2023 › With eight openings and five closures in 9M 2023, numb

  11. Slide 11: Like-for-Like Stores Sales Performance

    Like-for-Like Stores Sales Performance 42.7% 141.8% 29.5% 101.5% 16.4% 73.3% Transaction1 1.1% (20.8%) # Growth (%) 20.9% (11.0%) 2019 2020* 2021* 2022 9M 2023 2019 2020* 2021* 2022 9M 2023 › Traffic growth of 10% in 9M 2023 on top of a high base displays 86.7% continued strong consumer demand 73.2%

  12. Slide 12: Sales in Denim & Lifestyle Categories

    Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 39% Knits/Jerseys 28% Shirts 11% Jackets 6% 103% 75% 1,003 597 98% 3,667 98% 494 341 2,606 1,853 9M 2022 9M 2023 9M 2022 9M 2023 1,315 Accessories Non-Denim Bottoms 6% 8% 89% 137% 9M 2022 9M 2023 9M 2022 9M 2023 57

  13. Slide 13: Online Business

    ONLINE BUSINESS

  14. Slide 14: Online Sales Growth (inc. wholesale business partners)

    Online Sales Growth (inc. wholesale business partners) Global Online Sales (TRYm) Turkiye Online Sales (TRYm) % Sales % Sales 7.8% 11.4% 10.7% 7.9% 1,512 969 104% 80% Channel 179 Growth 475 490 838 589 44% 86% 124 264 76% 479 127% 334 211 744 380 96% 9M 2022 9M 2023 9M 2022 9M 2023 International Onl

  15. Slide 15: Consolidated Financial Results

    CONSOLIDATED FINANCIAL RESULTS

  16. Slide 16: Consolidated Gross Margins

    Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 52.1% 56.4% 54.3% 53.2% 80% 94% 95% 90% 14,189 7,546 7,325 3,976 5,774 3,255 3,202 1,667 Q3 2022 Q3 2023 9M 2022 9M 2023 Q3 2022 Q3 2023 9M 2022 9M 2023 › Gross margin improved 300 bps* in real terms (adjusted for imputed interest rate im

  17. Slide 17: Consolidated EBITDA and Net Income

    Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 20.1% 25.8% 21.7% 23.5% 29.0% 25.4% 25.1% 21.4% 131% 97% 3,082 123% 91% 3,561 1,489 1,565 1,674 1,860 643 752 Q3 2022 Q3 2023 9M 2022 9M 2023 Q3 2022 Q3 2023 9M 2022 9M 2023 Net Income exc.IFRS16 (TRYm) Net Income i

  18. Slide 18: 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 67% TRYm 2022 9M 2022 9M 2023 47% Trade & Other Receivables 913 1,022 1,618 % LTM Sales 8.6% 11.7% 9.3% 9M 2022 9M 2023 Inventories 2,308 1,823 3,291 % LTM COGS 46.2%

  19. Slide 19: Capex and Leverage Ratios

    Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 October 2023) % Sales 2.6% 2.4% 5% 2% 4% Average Cost of Debt USD 344 TRY 41.4% CAD 192 TRY USD 7.7% RUB RUB 20.0% 9M 2022 9M 2023 CAD 7.6% 89% Blended 38.2% Net Cash exc.IFRS16 (TRYm) › All of non-TRY debt (11% of total) is carried by Mavi U

  20. Slide 20: FY2023 Management Guidance

    FY2023 Management Guidance Previous (08.06.2023) Revised (19.09.2023) Revised (11.12.2023) Consolidated Revenue Growth 75% ± 5% 80% + 85% + 5 net new stores 8 net new stores Turkiye Retail Stores Confirmed 7 store expansions 7 store expansions 18% ± 0.5% (exc. IFRS16) 19% ± 0.5% (exc. IFRS16) 20% ±

  21. Slide 21: Thank You!

    ~ THANK YOU!

  22. Slide 22: Financial Statements Income Statement (inc. IFRS 16)

    Financial Statements Income Statement (inc. IFRS 16) TRYm Q3 2022 Q3 2023 Change (%) 9M 2022 9M 2023 Change (%) Revenue 3,202 5,774 80% 7,325 14,189 94% Cost of Sales (1,534) (2,519) 64% (3,349) (6,643) 98% Gross Profit 1,667 3,255 95% 3,976 7,546 90% Gross Margin 52.1% 56.4% 54.3% 53.2% Administrat

  23. Slide 23: Financial Statements Balance Sheet (inc. IFRS 16)

    Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2023 31 October 2023 Change (%) Assets Current Assets Cash and Cash Equivalents 3,245 4,273 32% Financial Investments 58 59 2% Trade Receivables 871 1,588 82% Inventories 2,308 3,291 43% Other Current Assets 304 399 31% Total Current

  24. Slide 24: Financial Statements Cash Flow Statement (inc. IFRS 16)

    Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm 9M 2022 9M 2023 Profit¹ 1,158 2,175 Adjustments 1,013 1,840 Cash Flow from Operating Activities 2,171 4,015 Δ in Net Working Capital² (513) (1,618) Income Tax Paid (267) (335) Net Cash from Operating Activities 1,391 2,062 Capex (192) (344

  25. Slide 25: Effects of IFRS16 on Financial Statements

    Effects of IFRS16 on Financial Statements TRYm 31-Oct-23 IFRS 16 Effect After IFRS 16 Current assets 9,617 (6) 9,611 Non-current assets 1,877 690 2,567 Current liabilities 5,911 448 6,359 Non-current liabilities 530 314 844 Equity 5,053 (78) 4,975 9M 2023 IFRS 16 Effect After IFRS 16 Operating profi

  26. Slide 26: Global Operations as of 31 October 2023

    Global Operations as of 31 October 2023 465 401 64 5 35 Monobrand Mono-Brand International ~4,000 6,077 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Turkiye Stores TURKIYE EUROPE RUSSIA Retail stores: 332 Retail stores: 1 Retail stores: 17 Franchise stores: 69 Wholesale doors: ~

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