Investor Presentaiton
Effective Working Capital and Inventory Management
Cash Conversion¹ (exc. IFRS 16)
Main Working Capital Items
111%
TRYM
2017
2018
2019
2020
88%
90%
83%
Trade & Other Receivables³
140.2
188.1 251.6 247.9
% Sales
7.9%
8.0%
8.8% 10.3%
Inventories
320.4
457.2 496.1 560.1
2017
2018
2019
2020
% COGS
36.6%
39.9% 34.0% 45.1%
TRYM
2017
2018
2019
2020
Trade & Other Payables
372.7
516.5 604.1
642.1
EBITDA
252.1
367.1
400.7
210.5
% COGS
42.6%
45.1%
41.4% 51.7%
A in NWC
27.9
(48.1)
(38.3)
(34.8)
Main Net Working Capital
87.9
128.8
143.5
165.9
Operating Cash
279.9
319.0
362.4
175.7
% Sales
4.9%
5.5%
5.0%
6.9%
Flow²
•
•
Efficient planning and successful sell-through led to healthy inventory levels that is largely flat in
number of pieces compared to 2019-year end
Year-end inventory includes mainly fresh new season products
Positive cash generation resulting with favorable cash conversion level at 83%
mavi
1 Defined as Operating Cash Flow / EBITDA. 2 Operating Cash Flow calculated as EBITDA - Change in Working Capital. Working Capital as per the cash flow statement and
including main working capital items as well as Deferred revenues and Employee benefits paid among others. 3 Trade & Other Receivables includes Current Trade Receivables,
Current Other Receivables and Non-Current Other Receivables. 4 Trade & Other Payables includes Current Trade Payables, and Current Payables to Third Parties.
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