24 slides from Mavi Giyim Sanayi Ve Ticaret A.s's earnings presentation, Jun 13, 2024
Slide 1: Q1 2024 Results Presentation
Q1 2024 Results Presentation June 13, 2024
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 2024 Highlights
Q1 2024 Q1 2024 HIGHLIGHTS HIGHLIGHTS
Slide 4: Q1 2024 Highlights
Q1 2024 Highlights GROUP HIGHLIGHTS1 TÜRKİYE HIGHLIGHTS › Consolidated revenue realized at 8,273 8,273 TRYm 1,984 TRYm 26% 23% TRYm, growing 20% yoy Revenue EBITDA Retail Sales Online Sales Growth Growth › EBITDA for the period is 1,984 TRYm resulting in 24.0% EBITDA margin (7,903 TRYm (2,204 TRYm w
Slide 5: Sales Channels
SALES CHANNELS
Slide 6: Revenue Evolution in Sales Channels
Revenue Evolution in Sales Channels Global Revenue (TRYm) Türkiye Revenue (TRYm) 8,273 6,918 20% Channel 7,352 785 Growth 24% 5,917 700 607 2,099 12% 492 1,455 23% 1,899 1,226 11% 19% 5,291 5,390 25% 4,199 26% 4,318 Q1 2023 Q1 2024 Q1 2023 Q1 2024 International Revenue (TRYm) Retail Wholesale E-com
Slide 7: Türkiye Retail
TÜRKİYE RETAIL
Slide 8: Türkiye Retail Operations
Türkiye Retail Operations # of Retail Stores Gross Selling Space in Türkiye (Sqm K) Net New Avg. Stores 7 2 7 2 Sqm/ 501sqm 510sqm 519sqm 522sqm Retail Store 167.7 174.5 176.3 327 329 336 338 164.0 2021 2022 2023 Q1 2024 2021 2022 2023 Q1 2024 › With 2 openings in Q1 2024, number of retail stores in
Slide 9: Like-for-Like Stores Sales Performance
Like-for-Like Stores Sales Performance 42.7% 141.8% 29.5% 99.8% 101.8% w/out IAS 29 20.7% Transaction1 17.3% 73.3% # Growth (%) 31.1% 2021* 2022 2023 Q1 2024 20.3% with IAS 29 2021* 2022 2023 Q1 2024 86.7% › In Q1 2024, LFL sales adjusted for inflationary accounting grew 70.4% 67.1% w/out IAS 29 20.
Slide 10: Sales in Denim & Lifestyle Categories
Sales in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) 42% Knits/Jerseys 26% Shirts 11% Jackets 4% 25% 17% 17% 2,241 591 472 239 1,916 31% 204 1,376 1,051 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Accessories Non-Denim Bottoms 6% 9% 62% 30% 463 Q1 2023 Q1 2024 Q1 2023 Q1 2024 30
Slide 11: Online Business
ONLINE BUSINESS
Slide 12: Online Sales Growth inc. Wholesale Partners
Online Sales Growth inc. Wholesale Partners Global Online Sales (TRYm) Türkiye Online Sales (TRYm) % Sales % Sales 8.2% 10.4% 8.3% 11.4% 23% 607 862 790 9% Channel 492 77 Growth 90 284 317 (14%) 255 11% 327 323 36% (3%) 237 467 373 Q1 2023 Q1 2024 25% Q1 2023 Q1 2024 International Online Sales (TRYm
Slide 13: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS
Slide 14: Consolidated Revenue Growth and Gross Margin
Consolidated Revenue Growth and Gross Margin Revenue (TRYm) Gross Profit (TRYm) 46.0% 52.5% 20% 36% Inflation Accounting 8,273 6,918 4,341 3,181 With IAS 29 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Imputed Interest Rate Impact 170 bps 420 bps Inventory Inflation -370 bps -390 bps Adjustment Impact Revenue (T
Slide 15: Consolidated EBITDA
Consolidated EBITDA EBITDA (TRYm) 19.3% 24.0% Accounting InflationAccounting Pre - IAS 29 470 bps improvement in EBITDA margin includes: 49% 1,984 › 250 bps positive impact of imputed interest 29 1,334 WithIASIAS29 Inflation With Q1 2023 Q1 2024 EBITDA (TRYm) EBITDA exc.IFRS16 (TRYm) Accounting IAS
Slide 16: Consolidated Net Income
Consolidated Net Income Net Income (TRYm) 6.2% 11.7% Accounting InflationAccounting Pre - IAS 29 127% 969 WithIAS 29 IAS29 Inflation 427 With Note: Net Income attributable to owners of the company is 960 TRYm in Q1 2024 Q1 2023 Q1 2024 Net Income (TRYm) Net Income exc.IFRS16 (TRYm) Accounting IAS 29
Slide 17: Operational Cash Flow and Working Capital Management
Operational Cash Flow and Working Capital Management Cash Conversion & Operational Cash Flow Main Working Capital Items 105% TRYm 2023 Q1 2024 32% Trade & Other Receivables 1,489 2,308 % LTM Sales 5.1% 7.5% Q1 2023 Q1 2024 Inventories 4,016 3,749 TRYm Q1 2023 Q1 2024 % LTM COGS 26.5% 24.4% Trade & O
Slide 18: Capex and Leverage Ratios
Capex and Leverage Ratios CAPEX (TRYm) Debt Breakdown (30 April 2024) % Sales 1.9% 2.7% Average Cost of Debt 10% 10% CAD 220 TRY 46.0% TRY 134 RUB 20.5% RUB CAD 7.4% Q1 2023 Q1 2024 Blended 39.7% 80% Net Cash exc.IFRS16 (TRYm) › All of non-TRY debt (20% of total) is carried by Mavi CA and 29% Mavi R
Slide 19: FY2024 Guidance Unchanged
FY2024 Guidance Unchanged FY2024 Guidance without IAS 29 Inflation Accounting: › Total consolidated sales growth of 70% ± 5% › Türkiye retail stores : Net 15 openings and 10 expansions › EBITDA margin : 20% ±0,5% exc. IFRS16 and 23.5% ±0,5% inc. IFRS16 › Net cash position increased › Capex to sales
Slide 20: Thank You!
THANK YOU ! Contact : investorrelations@mavi.com duygu.inceoz@mavi.com
Slide 21: Financial Statements: Income Statement
Financial Statements Income Statement TRYm Q1 2023 Q1 2024 Change (%) Revenue 6,918 8,273 20% Cost of Sales (3,737) (3,932) 5% Gross Profit 3,181 4,341 36% Gross Margin 46.0% 52.5% Administrative Expenses (400) (482) 20% Selling and Marketing Expenses (1,828) (2,239) 22% R&D Expenses (68) (93) 37% O
Slide 22: Financial Statements: Balance Sheet
Financial Statements Balance Sheet TRYm 31 January 2024 30 April 2024 Change (%) Assets Current Assets Cash and Cash Equivalents 5,401 6,527 21% Financial Investments 70 68 (3%) Trade Receivables 1,460 2,250 54% Inventories 4,016 3,749 (7%) Other Current Assets 341 472 38% Total Current Assets 11,28
Slide 23: Financial Statements: Cash Flow Statement
Financial Statements Cash Flow Statement TRYm Q1 2023 Q1 2024 Profit¹ 427 969 Adjustments 1,205 1,072 Cash Flow from Operating Activities 1,631 2,041 Δ in Net Working Capital² (912) 92 Income Tax Paid 38 164 Net Cash from Operating Activities 758 2,298 Capex (134) (220) Other Investing Cash Flow³ 15
Slide 24: Global Operations as of 30 April 2024
Global Operations as of 30 April 2024 475 407 68 5 37 Monobrand Mono-Brand International ~4,000 6,427 HQ Countries Stores in Mono-Brand Points of Sale Employees Stores Turkey Stores TURKEY EUROPE RUSSIA Retail stores: 338 Retail stores: 1 Retail stores: 17 Franchise stores: 69 Wholesale doors: ~800