Mavi Giyim Sanayi Ve Ticaret A.s. · BIST:MAVI
Mavi Giyim Sanayi Ve Ticaret A.s — Q1 2021 Earnings Presentation
20 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Jun 9, 2021
Slide 1: Q1 2021 Results Presentation
Q1 2021 Results Presentation June 9, 2021 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: Q1 2021 Business Overview
Q1 2021 Business Overview • In Q1 2021, Covid19 related restrictions continued across the countries we operate in • Turkey operations experienced weekend and weekday evening lock-downs for most of the quarter resulting in 38% decline in total trading hours (vs 47% decline in Q1 2020) • In our intern
Slide 4: Q1 2021 Highlights
Q1 2021 Highlights GROUP HIGHLIGHTS1 TURKEY HIGHLIGHTS • Consolidated revenue realized 759 TRYm, growing 96% versus Q1 759 TRYm 142 TRYm 92% 258% 2020, 17% versus Q1 2019 Revenue EBITDA Retail Sales Online Sales • EBITDA for the period is 142 TRYm Growth Growth resulting in 18.7% EBITDA margin • Net
Slide 5: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Turkey Revenue (TRYm) 17% 9% Channel Growth 524 648 %96 759 vs 2020 88% 573 258% 27 110 15 305 77 185% 144 41% 387 22 131 242 269 39 77% 365 93 365 92% 152 190 379 380 197 93% Q1 2019 Q1 2020 Q1 2021 Q1 2019 Q1 2020 Q1 2021 International Reve
Slide 6: Turkey Retail Operations
Turkey Retail Operations # of Retail Stores Gross Selling Space in Turkey (Sqm K) Net Avg. 14 6 2 Sqm/ 498sqm 498sqm 496sqm New Stores Retail Store 320 322 156.3 159.4 159.8 314 2019 2020 Q1 2021 2019 2020 Q1 2021 • With 3 openings and one closure in Q1 2021, number of retail stores in Turkey stands
Slide 7: Turkey Retail Business Resilient to Covid19 Conditions
Turkey Retail Business Resilient to Covid19 Conditions vs 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Turkey Retail Revenue vs same 141% month 2019 126% 120% 100% 108% 98% 99% 87% 80% 82% 75% 62% 64% 54% 10% FEB 0% MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR Trading Hours (47%) (53%) (2
Slide 8: Same Store Sales Performance
Same Store Sales Performance 41.4% 12.0% 11.7% 22.5% 1.1% 20.9% Transaction1 # Growth (%) -20.8% -11.0% -36.0% 2018 2019 2020 2020* Q1* 2021 -27.3% 2018 2019 2020 2020* Q1* 2021 26.6% • 2020* and Q1* 2021 values are same store 19.6% performance including only open days in 13.6% 12.4% Basket Size 9.4
Slide 9: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All 47% Knits/Jerseys 24% Shirts 11% Jackets 6% 87% 58% 27% 53 23 180 172 41 20 26 16 142% 87 92 70 Q1 Q1 Q1 Q1 Q1 Q1 2019 2020 2021 2019 2020 2021 36 Accessories Non-Denim Bottoms 6% 5% Q1 Q1 Q1 Q1 Q1 Q1 300
Slide 10: Online Sales Growth (inc. wholesale partners)
Online Sales Growth (inc. wholesale partners) Global Online Sales (TRYm) Turkey Online Sales (TRYm) % Sales 8.6% 15.0% 18.6% % Sales 3.9% 7.1% 13.5% Channel Growth vs 2020 258% 141 77 143% 31 42 59% 367% 51 20 58 22 56 271% 6 3 9 35 179% 19 11 13 28 14 60 6 137% Q1 2019 Q1 2020 Q1 2021 22 25 Interna
Slide 11: Consolidated Gross Margins
Consolidated Gross Margins Revenue (TRYm) Gross Profit (TRYm) 17% 47.3% 45.4% 49.4% 96% 759 113% 648 375 307 387 176 Q1 2019 Q1 2020 Q1 2021 Q1 2019 Q1 2020 Q1 2021 • Q1 2019 and Q1 2020 gross margins normalized with current imputed interest rate and one-offs is 46.7% and 47.2% respectively • Strong
Slide 12: Consolidated EBITDA and Net Income
Consolidated EBITDA and Net Income EBITDA exc.IFRS16 (TRYm) EBITDA inc.IFRS16 (TRYm) 11.4% (6.9%) 12.4% 20.4% 5.2% 18.7% 133 142 94 74 20 (27) Q1 2019 Q1 2020 Q1 2021 Q1 2019 Q1 2020 Q1 2021 Net Income exc.IFRS16 (TRYm) Net Income inc.IFRS16 (TRYm) 2.4% (13.3% ) 5.2% 1.6% (13.3%) 4.8% 40 36 15 10 (5
Slide 13: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Operational Cash Flow (exc.IFRS16) Main Working Capital Items TRYm 2020 Q1 2020 Q1 2021 TRYm Q1 2020 Q1 2021 Trade & Other Receivables 247.9 237.0 347.1 EBITDA (26.6) 94.3 % LTM Sales 10.3% 9.1% 12.5% Δ in NWC1 (132.8) (118.0) Inventories 560.1 61
Slide 14: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (30 April 2021) % Sales 8.2% 4.3% 4% Average Cost of Debt 7% 3%5% 31.9 32.9 EUR TRY 13.4% 2% USD EUR 0.5% CAD USD 3.1% TRY RUB 10.5% RUB Q1 2020 Q1 2021 83% CAD 3.0% 96% Blended 12.1% Local Currency Foreign Currency Net Debt exc.IFRS16 (TRYm) ND/
Slide 15: Outlook into 2021
Outlook into 2021 As Covid19 related uncertainties prevail, we continue to refrain from providing guidance for 2021 at this time. Trading Update for Q2 2021 • In May, Turkey experienced full lock-down until the 17th and weekend and weekday evening lock-downs throughout the rest of the month. Consequ
Slide 16: investorrelations@mavi.com
investorrelations@mavi.com
Slide 17: Financial Statements
Financial Statements Income Statement (inc. IFRS 16) TRYm Q1 2020 Q1 2021 Change (%) Revenue 387.1 758.8 96% Cost of Sales (211.4) (383.7) 82% Gross Profit 175.8 375.1 113% Gross Margin 45.4% 49.4% Administrative Expenses (39.2) (49.9) 27% Selling and Marketing Expenses (181.3) (256.7) 42% R&D Expen
Slide 18: Financial Statements
Financial Statements Balance Sheet (inc. IFRS 16) TRYm 31 January 2021 30 April 2021 Change (%) Assets Current Assets Cash and Cash Equivalents 889.9 769.7 (14%) Trade Receivables 231.4 332.0 43% Inventories 560.1 659.3 18% Other Current Assets 105.4 117.6 12% Total Current Assets 1,786.7 1,878.6 5%
Slide 19: Financial Statements
Financial Statements Cash Flow Statement (inc. IFRS 16) TRYm Q1 2020 Q1 2021 Profit¹ (51.6) 36.5 Adjustments 98.9 144.9 Cash Flow from Operating Activities 47.2 181.4 Δ in Net Working Capital² (132.8) (118.0) Income Tax Paid (6.6) (1.1) Net Cash from Operating Activities (92.1) 62.3 Capex (31.9) (32
Slide 20: Global Footprint as of April 2021
Global Footprint as of 30 April 2021 Canada Europe Russia # Retail Stores: 4 # Wholesale Doors: c.1,000 # Retail Stores: 1 # Wholesale Doors: c.1,100 # Retail Stores: 17 # Franchise Stores: 15 387 Mono-Brand # Employee: 67 # Employee: 57 Stores in Turkey # Wholesale Doors: 125 # Employee: 139 54 Int
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