Investor Presentaiton
Effective Working Capital and Inventory Management
Cash Conversion¹ (exc. IFRS 16)
Main Working Capital Items
122%
TRYM
2022
9M 2022
9M 2023
83%
91%
Trade & Other Receivables³
913
1,022
1,618
47%
% Sales
8.6%
11.7%
9.3%
Inventories
2,308
1,823
3,291
2020
2021
2022
9M 2023
% COGS
46.2%
45.1%
39.7%
TRYM
2020
2021
2022
9M 2023
Trade & Other Payables
3,000
2,368
2,904
EBITDA
211
765
2,063
3,082
% COGS
60.1%
58.6%
35.1%
A in NWC
(35)
170
(194)
(1,618)
Main Net Working Capital
220
477
2,005
Operating Cash
Flow2
176
935
1,869
1,463
% Sales
2.1%
5.5%
11.5%
The 80% increase in inventory level is largely driven by product cost inflation in Turkey (57% yoy)
Inventory in number of pieces in Turkey is 22% higher compared to same period last year in line with business plans and demand.
expectations. Inventory comprises of all fresh, mainly FW23 season products
mavi
Increase in working capital requirements was mainly driven by higher product costs and actions to mitigate cost pressures (cash
purchases, early booking, fabric planning etc - clearly reflected on trade payables levels)
"
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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