Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — FY2021 Earnings Presentation
26 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Mar 14, 2022
Slide 1: FY 2021 Results Presentation
FY 2021 Results Presentation March 14, 2022 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: Mavi's 30th year. 2021 Business Overview
Mavi’s 30th year. 2021 Business Overview • The emphasis we placed on protecting our employees, customers and business partners in 2020 paid off with a very strong recovery in 2021. As Mavi management, we thank our stakeholders who had significant role in this years’ successful results • In 2021, Tur
Slide 4: Cost Management, Balance Sheet and Dividend Distribution
Mavi’s 30th year. 2021 Business Overview Cost Management and Balance Sheet • Opex/sales ratio improved 510 bps in 2021 with controlled expenses and leverage effect of robust sales • Dynamic supply chain management, product planning and inventory management remain our key strengths for continued succ
Slide 5: Future Ready Investments
Future Ready Investments Brand Investments Growing Retail • Elevate the brand positioning with premium • New store openings and m2 expansion with segments and aspirational marketing, Mavi ”1000 m2”, our multi-team project to grow Black Pro, Mavi Icon, Mavi Pro Sport Repreve® customer frequency and c
Slide 6: Mavi All Blue Strategy and Sustainability Targets
Mavi All Blue Strategy and Sustainability Targets 55
Slide 7: FY 2021 Results Overview
FY 2021 RESULTS OVERVIEW
Slide 8: FY 2021 Highlights
FY 2021 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized at 4,619 TRYm, growing 92% versus 2020, 61% 4,619 TRYm 1,038 TRYm 102% 104% versus 2019 Revenue EBITDA Retail Sales Online Sales • EBITDA for the period is 1,038 TRYm 92% Growth 165% Growth Growth Growth resulting
Slide 9: Revenue Growth in Sales Channels
Revenue Growth in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) 100% 61% 93% 59% Channel Growth 4.619 3.753 vs 2020 120% 92% 120% 94% 596 421 104% 2.863 95% 2.365 591 2.402 1.192 1.936 82 59% 145 1.143 453 207 1.428 828 305 72% 592 519 143 373 2.740 715 650 213 694 142 102% 2.831 34 82
Slide 10: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Gross Selling Space in Turkey (Sqm K) Net Avg. 14 6 7 Sqm/ 498sqm 498sqm 501sqm New Stores Retail Store 156,3 159,4 164,0 314 320 327 2019 2020 2021 2019 2020 2021 • With 13 openings and 6 closures in 2021, number of retail stores in Turkey stands at 327 •
Slide 11: Same Store Sales Performance
Same Store Sales Performance 42,7% 73,3% 72,1% 30,6% 12,0% Transaction1 1,1% 22,5% # Growth 20,9% (%) -20,8% 2018 2019 2020* 2021* Q4 2021* -11,0% 2018 2019 2020* 2021* Q4 2021* 31,8% • Traffic to stores on the open days was 58% higher in than 2020 Basket Size 19,6% 21,4% Growth 12,4% • Conversion r
Slide 12: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All Knits/Jerseys 26% Shirts 10% Non-Denim Bottoms 6% 41% 82% 194% 96% 265 233 152 114% 146 1.116 60 52 720 806 2019 2020 2021 2019 2020 2021 568 409 336 Accessories 6% Jackets 10% 102% 94% 279 172 2019 2020
Slide 13: Online Sales Channel Performance
Online Sales Channel Performance Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales 8.3% 17.1% 15.6% % Sales 3.8% 10.7% 11.2% Channel Growth vs 2020 76% 104% 723 421 18% 126 138% 412 207 237 271 118% 238 107 89 99 93 125 7 27 184 72% 42 325 80% 55 107 104 180 2019 2020 2021 2019 2020 2021
Slide 14: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 100% 61% 47.0% 46.3% 51.6% 49.1% 48.3% 51.3% 47.1% 45.9% 49.0% 48.9% 120% 92% 2.372 4.619 145% 104% 2.863 1.405 2.402 1.160 1.428 738 715 650 336 301 Q4 2019 Q4 2020 Q4 2021 2019 2020 2021 Q4 2019 Q4 2020 Q4 2021 2019 2020 2021 • Gross ma
Slide 15: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 9.9% 6.3% 13.9% 14.0% 8.8% 16.6% 18.8% 14.1% 20.1% 22.5% 16.3% 22.5% 382% 264% 765 214% 165% 1.038 644 401 392 198 211 288 71 41 134 92 Q4 2019 Q4 2020 Q4 2021 2019 2020 2021 Q4 2019 Q4 2020 Q4 2021 2019 2020 2021 N
Slide 16: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion (exc.IFRS16) Main Working Capital Items TRYm 2019 2020 2021 125% 83% Trade & Other Receivables 252 248 434 % LTM Sales 8.8% 10.3% 9.4% Inventories 496 560 751 2020 2021 % LTM COGS 34.0% 45.1% 33.4% TRYm 2020 2021 604 642 1,208 Trad
Slide 17: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (31 January 2022) % Sales 4.2% 3.5% 7% Average Cost of Debt 10% 7% 5% EUR TRY 20.1% 164 0% USD EUR 0.7% 101 CAD USD 2.2% TRY RUB 10.1% RUB 78% CAD 3.0% 2020 2021 93% Blended 16.9% Local Currency Foreign Currency Net Cash (Debt) exc.IFRS16 (TRYm)
Slide 18: Beat Guidance in 2021
Beat Guidance in 2021 Latest Guidance Actual Consolidated Revenue Growth 80-85% 92% 7 net new stores 7 net new stores Turkey Retail Stores Openings 9 store expansions 8 store expansions 14.5-15.0%(exc. IFRS16) 16.6%(exc. IFRS16) EBITDA Margin 20.5-21.0% (inc. IFRS16) 22.5% (inc. IFRS16) Net Debt/EBI
Slide 19: Outlook into 2022
Outlook into 2022 Management Business Priorities for 2022 • Best-practice, agile organization led by our mission: “Embracing a people-oriented culture that focuses on sustainability, ensures our employees’ trust, customers’ loyalty, and business associates’ commitment” • Prioritizing customer traffi
Slide 20: Guidance Note
Guidance Note Due to recent changes in macroeconomic variables, we are reviewing our plans, mainly for the second half of the year. We will be able to provide our official guidance for 2022 along with our first quarter results. Q1 2022 Turkey Business Update: In the period February 1- March 13, 2022
Slide 21: investorrelations@mavi.com
investorrelations@mavi.com
Slide 22: Financial Statements: Income Statement
Financial Statements Income Statement (inc. IFRS 16) TRYm Q4 2020 Q4 2021 Change (%) 2020 2021 Change (%) Revenue 650 1,428 120% 2,402 4,619 92% Cost of Sales (349) (691) 98% (1,242) (2,248) 81% Gross Profit 301 738 145% 1,160 2,372 104% Gross Margin 46.3% 51.6% 48.3% 51.3% Administrative Expenses (
Slide 23: Financial Statements: Balance Sheet
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2021 31 January 2022 Change (%) Assets Current Assets Cash and Cash Equivalents 893 1,509 69% Trade Receivables 231 394 70% Inventories 560 751 34% Other Current Assets 102 202 98% Total Current Assets 1,787 2,856 60% Property and Equ
Slide 24: Financial Statements: Cash Flow Statement
Financial Statements Cash Flow Statement (inc. IFRS 16) 2020 2021 Profit¹ 8 423 Adjustments 441 857 Cash Flow from Operating Activities 449 1,280 Δ in Net Working Capital² (35) 190 Income Tax Paid (25) (100) Net Cash from Operating Activities 389 1,370 Capex (101) (164) Other Investing Cash Flow³ 57
Slide 25: Effect of IFRS 16 on Financial Statements
Effect of IFRS 16 on Financial Statements 31/01/2022 31/01/2022 IFRS 16 Effect (exc. IFRS16) (inc. IFRS16) Current assets 2,858 (2) 2,856 Non-current assets 781 458 1,239 Current liabilities 2,341 229 2,570 Non-current liabilities 59 273 332 Equity 1,239 (46) 1,193 2021 2021 IFRS 16 Effect (exc. IFR
Slide 26: Global Footprint as of 31 January 2022
Global Footprint as of 31 January 2022 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,000 # Retail Stores: 1 # Wholesale Doors: c.800 # Retail Stores: 19 # Franchise Stores: 17 395 Mono-Brand # Employee: 74 # Employee: 62 Stores in Turkey # Wholesale Doors: 125 # Employee: 146 61 Int
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