Viva Leisure Ltd. · ASX:VVA
Viva Leisure — H1 FY2021 Earnings Presentation
29 slides from Viva Leisure's earnings presentation, Feb 25, 2021
Slide 1: 1H FY2021 Half Year Results Presentation
1H FY2021 HALF YEAR RESULTS PRESENTATION 25 FEBRUARY 2021 Viva Leisure Limited 1 FY2019 Results Presentation A S X : V VA
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Important information Future performance The information in this presentation is general in nature and does not purport to be complete. It has been prepared by This presentation may contain certain ‘forward-looking statements’. Forward-looking statements include those
Slide 3: Presenting Today
Presenting Today Harry Konstantinou Managing Director & Chief Executive Officer Kym Gallagher Chief Financial Officer 3 1H FY2021 RESULTS PRESENTATION
Slide 4: Contents
Contents 6. Performance Highlights 9. Financial Results 16. COVID-19 Impacts 21. Outlook 25. Appendix : AASB 16: Leases Reconciliation
Slide 5: Word from our CEO
Word from our CEO “ Our 1H FY2021 positive result is a credit to the entire Viva Leisure team. Coming out of a difficult COVID-19 period where we did not have all of our facilities open until December 2020, and still managing to match the EBITDA achieved in 1H FY2020 is a significant achievement. Vi
Slide 6: Performance Highlights
Performance Highlights 6 FY2019 Results Presentation
Slide 7: 1H FY2021 Performance Highlights
1H FY2021 Performance Highlights REVENUE EBITDA* NPAT* EBITDA MARGIN* $35.9m $5.6m $0.7m 15.5% PCP 56.4% PCP (0.5%) PCP (77.0%) PCP 24.4% (AFM $3.6m) (AFM $943k) MEMBERS+ CLUB m2+ LOCATIONS+ UTILISATION+ 102,908 89,146 95 58.8% Based on 2 members PCP 70,886 PCP 49,373 PCP 60 per square metre (AFM +3
Slide 8: Operational Achievements
Operational Achievements 95 Locations (Dec 2020) Locations Opened Viva Plus Locations Locations (ACT) (NSW) 330 46 37 30 10 215 Dec 2020 Dec 2019 Dec 2020 Dec 2019 Locations Locations 115 (QLD) (VIC) 60 79 95 102 29 40 11 10 8 3 IPO Jun-19 Dec-19 Jun-20 Dec-20 Feb-21 Jun-21 Estimate Dec 2020 Dec 201
Slide 9: Financial Results
9 FY2019 Results Presentation Financial Results
Slide 10: 1H FY2021 Results
1H FY2021 Results Profit and Loss ($m) HY2021 HY2020 Variance % Comments Revenue 35.95 22.99 56.4% • Revenue growth of 56.4% (30.37) (17.38) 74.8% however COVID-19 has Operating Costs impacted: EBITDA 5.58 5.61 (0.5%) • member and revenue (3.83) (1.54) 148.6% growth due to Depreciation / Amortisatio
Slide 11: Financial Snapshot
Financial Snapshot Revenue ($m) EBITDA ($m) EBITDA margin (%) 17.9 7.3 0.5 33.1 5.2 24.4 24.1 24.8 20.7 3.3 21.6 23.0 35.9 5.6 5.6 15.8 15.5 2.6 FY2017 FY2018 FY2019 FY2020 HY2021 FY2017 FY2018 FY2019 FY2020 HY2021 FY2017 FY2018 FY2019 FY2020 FY2020 HY2021 Full Year H1 H2 Full Year H1 H2 Full Year H
Slide 12: Member Snapshot
Member Snapshot Members by State Viva owned locations only 6% 11% Members VIC QLD 46% ACT 37% 172,364 NSW Members by Brand 25% Club Lime 102,908 2%, Hiit 94,196 Republic 54,039 35,631 63%, Plus 25,218 26,754 29,124 Fitness 9% FitnFast 1% FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 1H Other FY2021 Viva
Slide 13: Member Growth
Member Growth Excludes Plus Fitness members. See Slides 16-20 for further information on COVID impacts 13 1H FY2021 RESULTS PRESENTATION
Slide 14: Balance Sheet
Balance Sheet Balance Sheet ($m) HY2021 FY2020 Highlights Cash 35.28 30.10 • Proceeds of December 2020 capital raise Receivables and other CA's 7.04 5.62 has strengthened balance sheet Plant and Equipment 58.84 44.69 • Large investment in new clubs with 15 new Intangibles 39.28 20.53 clubs rolled ou
Slide 15: Cashflow
Cashflow Highlights Cashflows ($m) HY 2021 HY 2020 • Strong investment in P&E for rollouts • Acquisition of Australian Fitness Opening cash 30.10 14.39 Management (Plus Fitness) Cashflows from operations 12.16 9.13 • Proceeds of capital raise less costs Investment in P,P,E and Intangibles (13.72) (7
Slide 16: COVID-19
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Slide 17: FY2021 COVID-19 Timeline
FY2021 COVID-19 Timeline July 2020 September 2020 November 2020 January 2021 ACT NSW, ACT, QLD NSW NSW, ACT, QLD ▪ COVID marshals during ▪ Restricted 24/7 access ▪ Restrictions placed on ▪ Capped attendance and operating hours. No 24/7 ▪ Classes capped Gyms classes permitted ▪ Border closure NSW VIC
Slide 18: 1H FY2021 Opened & Acquired Locations
1H FY2021 Opened & Acquired Locations EBITDA Performance of new 1H FY2021 clubs 450,000 Locations Opened ▪ 15 locations opened 350,000 Acquired Locations EBITDA Loss Club EBITDA Breakeven Club ▪ 1 location acquired (FitHQ Campbelltown) EBITDA Profitable Club 250,000 Notes 150,000 ▪ Two Victorian clu
Slide 19: COVID-19 Impacts
COVID-19 Impacts Member visits to Viva Leisure facilities including the Plus Fitness network will exceed 20 million visits in CY2021. Revenue by Month ($m) Revenue Average Member Visits (‘000) Visits Unique Members 8.0 700 80 Thousands Thousands 7.0 70 600 6.0 60 500 5.0 50 400 4.0 40 300 3.0 30 200
Slide 20: EBITDA COVID Impacts ($000's)
EBITDA COVID Impacts ($000’s) Based on Management forecasts. COVID One Off Costs related to additional cleaning, cleaning suppliers, and marshals required to operate during re-opening. 20 1H FY2021 RESULTS PRESENTATION
Slide 21: Outlook
Outlook 2 FY2019 Results Presentation
Slide 22: Locations
Locations Reaching more Australians 5 in fit-out 102 15 15 Locations under 14 Locations under Operating New locations negotiation for locations opening soon negotiation to lease acquire Our Club Lime and hiit republic Our pipeline of new locations Our pipeline never stops growing Building on our str
Slide 23: Outlook
Outlook Members Annualised Revenue Run Rate ~122,000 Including 5 separate agreed ~$90.0m acquisitions expected to Based on January 2021 settle in the next 60 days revenue of $7.5m ~5,000 members Acquisitions total ~$3m Viva Leisure remains committed to reach it’s 2025 target of having 400 corporate
Slide 24: Q&A
2 FY2019 Results Presentation Q&A
Slide 25: Appendix: AASB 16 Leases
Appendix AASB 16 : Leases 2 FY2019 Results Presentation
Slide 26: AASB 16 Leases Profit & Loss Balance Sheet
AASB 16 Leases Impact of AASB 16 Leases at 31 December 2020 ▪ EBITDA impact – increase of $8.7m Profit & Loss ▪ NPAT impact – reduction of $4.0m ▪ Recognition of Right of Use Asset and Lease Liability ▪ Total Assets impact – increase of $214.2m Balance Sheet ▪ Total Liabilities impact – increase of
Slide 27: Statutory Reconciliation
Statutory Reconciliation Underlying & AASB 16 for the Half Year Ended 31 December 2020 HY 2021 AASB16 HY 2021 Profit and Loss ($m) Statutory Impact (pre AASB16) Revenue 35.95 0.00 35.95 EBITDA 14.23 (8.65) 5.58 Depreciation and Amortisation 12.91 (9.07) 3.84 EBIT 1.32 0.42 1.74 Finance Costs 5.82 (5
Slide 28: Statutory Reconciliation
Statutory Reconciliation Underlying & AASB 16 as at 31 December 2020 HY 2021 AASB16 HY 2021 Balance Sheet ($m) Statutory Impact (pre AASB16) Cash 35.28 - 35.28 Receivables and other CA's 7.04 - 7.04 Plant and Equipment 39.92 18.93 58.84 Right of Use Asset 180.82 (180.82) - Intangibles 39.28 - 39.28
Slide 29: Statutory Reconciliation
Statutory Reconciliation Underlying & AASB 16 for the Half Year Ended 31 December 2020 HY 2021 AASB16 HY 2021 Cashflows ($m) Statutory Impact (pre AASB16) Opening cash 30.10 - 30.10 Cashflows from operations 12.16 (8.65) 3.51 Investment in plant and equipment (13.72) - (13.72) Acquisition of busines