Slide 1: Basic-Fit Full Year Results 2020
BAS I C - F I T RES ULT S 2 0 2 0 FULL Y E A R SPEAKERS: René Moos, CEO & Hans van der Aar, CFO PLAATS HIER DE DATE: 9 March 2021
Slide 2: Highlights
HIGHLIGHTS COVID-19 dominated 2020 and was all determining factor for Basic-Fit Clubs Members Revenue Underlying EBITDA 905 2.00 million €377 million €94 million Up 15% Down 10% Down 27% Down 38% year on year year on year year on year year on year 2
Slide 3: Our clubs were closed 41% of the time in 2020
OUR CLUBS WERE CLOSED 41% OF THE TIME IN 2020 Closed between 4 and 7 months and open with restrictions Restrictions, timing and duration of measures differ per country Spain hit hard by COVID-19, but stayed open during 2nd wave Netherlands, from last one to reopen to last one to close France had the
Slide 4: Swift action to keep the business healthy
SWIFT ACTION TO KEEP THE BUSINESS HEALTHY Focus on retention and engagement of our members and employees • Clear communication • 2 periods of membership freeze and compensation • Promotion of Basic-Fit App to work out at home Focus on cash flow and liquidity • Strict costs control • Lower capex spen
Slide 5: 121 net club openings
121 NET CLUB OPENINGS Record # of club openings in Jan & Feb and strong opening programme after first COVID-19 wave 121 net new club openings; growing our network to 905 clubs 90 net clubs opened in France, 12 in the Netherlands, 10 in Belgium, 8 in Spain and 1 in Luxembourg 45 new clubs nearly fini
Slide 6: Strong membership growth during open periods
STRONG MEMBERSHIP GROWTH DURING OPEN PERIODS Successful campaigns in Jan/Feb and summer Joiners Basic-Fit clubs 2020 vs. 2019 Strong start of the year and catch up effect after first 1 2 3 4 waive (1 & 3) Lockdown periods with leavers, but no joiners and fewer joiners at the start of the second waiv
Slide 7: Growth strategy remains unchanged
GROWTH STRATEGY REMAINS UNCHANGED COVID-19 relating government measures result in: • Weakened fitness industry; chains with limited access to capital are being hit hardest • More focus on health & well-being and expected increased fitness penetration levels • Ample availability of good sites at impr
Slide 8: Financial Review
FINANCIAL REVIEW PLAATS HIER EEN
Slide 9: Revenue
REVENUE Significant impact from temporary club closures We lost well over €200 million in revenue due to COVID-19 Membership freeze and compensation Negative impact on our membership base 75% of the members who indicated their preferred way of compensation, opted for a discount over a six-month peri
Slide 10: Income Statement
INCOME STATEMENT Loss of revenue weighs on performance Key figures (In € millions) 2020 2019 CHANGE Revenue impacted by clubs being closed for 41% of the time Total revenue 376.8 515.2 -27% Club revenue 374.9 513.5 -27% Non-club revenue 2.0 1.7 17% Club operating costs (187.8) (182.6) 3% Club cost s
Slide 11: Income Statement: Underlying EBITDA and net result
INCOME STATEMENT Underlying (club) EBITDA and net result Underlying key figures (In € millions) 2020 2019 CHANGE Club EBITDA 187.0 330.9 -43% Exceptional items are almost entirely Rent costs (open clubs) (124.3) (108.1) 15% Exceptional items - clubs 91.0 0.1 Underlying Club EBITDA (open clubs) 153.8
Slide 12: Mature Club Development
MATURE CLUB DEVELOPMENT Year end mature clubs accounted for 56% of total clubs and 71% of total club revenue 510 mature clubs compared to 405 at the end of 2019, with 321 (+14) in Benelux and 189 (+91) in France and Spain Average number of members per mature club decreased to 2,695; decrease is larg
Slide 13: Capital Expenditure
CAPITAL EXPENDITURE Expansion capex In € millions 2020 2019 Includes €35.4 million investments in yet to open clubs, Expansion capex (162.9) (229.0) acquisitions and expansion of existing clubs (2019: €80 million, including Fitland) Maintenance capex (35.7) (39.1) €1.2 million spent on average per n
Slide 14: Balance Sheet
BALANCE SHEET Net debt* of €539 million (FY 2019: €451 million) • Leverage ratio of 4.9 versus 2.5 in 2019 (bank covenants definition) • Waiver (Dec-20 & Jun-21) and relaxation (Dec-21) on loan covenants received Cash and cash equivalents of €70 million (FY 2019: €66 million) • Including undrawn fac
Slide 15: Outlook
OUTLOOK When we have reopened our clubs and have more visibility on the development of COVID-19 and memberships, we will update the market on our expectations regarding club openings for 2021 and 2022 We expect to benefit from increased focus on health & wellbeing after COVID-19, which will lead to
Slide 16: Disclaimer
DISCLAIMER This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Basic Fit N.V. and its subsidiaries (referred to as 'the company') and certain of the plans and objectives of the company with respect to these item
Slide 17: Thank you for your attention
THAN K Y O U UR A T T EN T I O N FOR YO