Basic-fit Nv · EURONEXT:BFIT
Basic-fit Nv — Basic-Fit N V Ord — Q4 2022 Earnings Presentation
17 slides from Basic-fit Nv's earnings presentation, Mar 13, 2023
Slide 1: Basic-Fit Q4 2022 results
BASIC-FIT SPEAKERS: RENÉ MOOS, CEO & HANS VAN DER AAR, CFO 13 MARCH 2023
Slide 2: Record membership growth
RECORD MEMBERSHIP GROWTH Clubs Members Revenue Underlying EBITDA 1,200 €3.35 million €795 million €204 million Up 18% year-on-year Up 51% year-on-year Up 133% 2021: €32 million year-on-year 2
Slide 3: 1,200 clubs compared to 1,015 in 2021 (+18%)
231 (+15) Netherlands 3 (+3) Germany 219 (+14) Belgium 1,200 clubs compared to 1,015 in 2021 (+18%) 10 (-) Luxembourg Market leader in 5 of its 6 countries 647 (+119) France France: 119 net club growth to 647 (+23%) Spain: 34 net club growth to 90 (+61%) First German clubs opened in Q4 2022 90 (+34)
Slide 4: 3.35 million memberships at the end of 2022
3.35 MILLION AT THE END OF 2022 Memberships 2019 – Mar 2023 Focus on recovery of memberships with record growth 4.0 of over 1.1 million memberships in 2022 3.5 3.0 Growth was recorded in all countries and in both 2.5 mature and immature clubs 2.0 Premium membership uptake of more than 50% as 1.5 201
Slide 5: Joiner acquisition costs in line with LT average
JOINER ACQUISITION COSTS IN LINE WITH LT AVERAGE Average marketing spend (€)/joiner* Increased absolute marketing spend for optimal start in 2022 and support record club openings Spend per joiner in line with LT average LT avg (ex COVID years) around €23-25 per joiner 2015 2016 2017 2018 2019 2020 2
Slide 6: Uptake Premium increased to over 50%
UPTAKE PREMIUM INCREASED TO OVER 50% Premium memberships (% of total) Membership structure changes and effective 34% promotions drive Premium uptake rate From 23% in January to 34% in December 2022 % 2019 2020 2021 2022 2023 2019 - 2022 average * Total marketing spend divided by total number of join
Slide 7: Club network expected to grow by at least 200 in 2023
Club network expected to grow by at least 200 in 2023, in line with long term targets Most club openings in France and Spain Building momentum in Germany; 65 new contracts signed CLUB OPENINGS PIPELINE (# CLUBS) > 400 400 200 180 130 64 78 0 Net openings Under Contracts Contracts being Sites being Y
Slide 8: All KPIs have strong CAGR between 2016-2022
ALL KPI’S HAVE STRONG CAGR BETWEEN 2016-2022 # of clubs # of memberships (‘000s) 1,200 1,200 1,015 3,352 905 3,400 900 784 629 2,600 2,221 2,220 600 521 2,001 419 1,843 1,800 1,524 300 1,211 0 1,000 2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022 revenue (€ million) underlying
Slide 9: Financial
FINANCIAL ER WU S\N] BASIC-FIT
Slide 10: Strong H2 2022 performance
STRONG H2 2022 PERFORMANCE K ey fig ures (in € millions) 2022 2021 Chang e Und erlying net result (in € millions) 2022 2021 Tot al revenue 7 9 4.6 3 40 .7 13 3 % of which club revenue 788.7 338.2 133% Net result (3 .7 ) (15 0 .0 ) of which non-club revenue 5.9 2.5 134% IFRS 16 adjustments 12.9 36.4
Slide 11: Memberships back at pre-COVID level
MEMBERSHIPS BACK AT PRE-COVID LEVEL Mature club average memberships 4,000 Average memberships per mature club of 3,326* in Dec 2022 Including next two cohorts (2018 & 2019 3,000 clubs) also back at pre-COVID level since Mar 2023 2,000 Return to original reporting, including 2020 Q2 Q4 Q2 Q4 Q2 Q4 Q2
Slide 12: Club maturation drives EBITDA growth
CLUB MATURATION DRIVES EBITDA GROWTH +51% €431K Underlying club EBITDA increases with maturation of network €286K* Short-term: average mature club EBITDA initially impacted by inflated cost base and to improve during 2023 as yield per member increases Longer-term: underlying club EBITDA potential of
Slide 13: Expansion capex per newly built club
Expansion capex €1.17 million (2021: €1.15 million) spent on average per newly built club. FY 2023 new club average capex around €1.2 million Maintenance capex €55 thousand per club (2021: €50 thousand) Medium term around €55 thousand per club Other capex €11.2 million (2021: €7.5 million) FY 2023 o
Slide 14: Available liquidity and net debt
Available liquidity 143 million o Cash at hand €43.5 million (FY 2021: €70 million) o Undrawn facilities €100 million (FY 2021: €291 million) o €30 million uncommitted facility not included Net debt* of €694 million (FY 2021: €548 million) Net debt/adj. EBITDA 2.9x 2023 debt repayments: €13.3 millio
Slide 15: Full recovery of mature club average memberships
FULL RECOVERY OF MATURE CLUB AVERAGE MEMBERSHIPS* Club network to grow Revenue of at least Mature club* ROIC of Gradual increase by at least €1 billion well over 30% avg revenue per 200 clubs membership * 891 clubs in total. Including clubs opened during 2018, 2019 and 2020. 15
Slide 16: Forward-looking statements
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 items. The word
Slide 17: Thank you
THANK YOU FORBVOUWR LVIPUTSINTIUOWN BASIC-FIT