BASIC-FIT N.V. BASIC-FIT FULL YEAR 2023
RESULTS
SPEAKERS: RENÉ MOOS, CEO &
HANS VAN DER AAR, CFO
14 MARCH 2024
HIGHLIGHTS 2023
STRONG GROWTH OF CLUBS, MEMBERSHIPS, REVENUE AND EBITDA
ClubsMembershipsRevenueUnderlying EBITDA less rent
1,402 | €3.80 million | €1,047 million | €261 million |
Up 17% year-on-year | Up 13% year-on-year | Up 32% year-on-year | Up 28% year-on-year |
2
RSG SPAIN TRANSACTION
LIFTING SPANISH NETWORK TO CA. 200 CLUBS
47 clubs o.w. 42 McFIT and 5 Holmes Place locations
Closing RSG Spain transaction expected in next couple of weeks
Strong presence in Barcelona region
Rebranding to Basic-Fit brand starts right after closing
2030 potential of 450 to 700 own clubs
4
13% YOY MEMBERSHIP GROWTH TO 3.8 MILLION
Millions
4.0
3.0
2.0
1.0
0.0
Memberships 2016 - 2023
Growth was recorded in all countries:
- Strong performances in Benelux & Spain
- France held back a bit by social unrest and consumer environment
882 mature clubs have on average 3,283 memberships
New membership structure supported revenue growth
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Premium penetration rate of 44% at year-end 2023 (YE22: 34%)
5
CLUB OPENINGS PIPELINE
Further strong growth of our club network in 2024 to 1,575 clubs
Cash flow and macro developments included in club roll-out plans for 2024
RSG Spain clubs, following rebranding, will be treated as newly opened clubs
CLUB OPENINGS PIPELINE (# CLUBS) | > 400 | |||
400 | ||||
200 | 114 | 122 | ||
57 | 51 | |||
0 | ||||
Net openings | Under | Contracts | Contracts being | Sites being |
YTD 14 March | construction | signed | negotiated | researched |
6
WE DELIVER STRONG GROWTH
ALL KPI'S HAVE STRONG CAGR BETWEEN 2016-2023
# of clubs | # of memberships (millions) | yield (euros) | |||||||||||||||||||||||||||||||||||||||
25 | 22.86 23.53 | ||||||||||||||||||||||||||||||||||||||||
1,500 | 1,402 | 4.0 | 3.80 | 20.56 | |||||||||||||||||||||||||||||||||||||
905 | 1,015 | 1,200 | 3.35 | 20 | 19.46 | 19.41 | 19.39 | ||||||||||||||||||||||||||||||||||
1,000 | 629 | 784 | 3.0 | COVID | |||||||||||||||||||||||||||||||||||||
521 | 2.22 | 2.00 | 2.22 | ||||||||||||||||||||||||||||||||||||||
500 | 419 | 2.0 | 1.84 | 15 | 13.77 | ||||||||||||||||||||||||||||||||||||
1.21 | 1.52 | 10 | |||||||||||||||||||||||||||||||||||||||
- | 1.0 | ||||||||||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2016 | 2017 | 2018 | 2019 | 20/21 | 2022 | 2023 |
revenue (€ millions) | underlying EBITDA less rent* (€ millions) | ||||||||||||||||
1,047 | 300 | ||||||||||||||||
1,000 | 261 | ||||||||||||||||
795 | 204 | ||||||||||||||||
200 | |||||||||||||||||
500 | 402 | 515 | 377 | 155 | |||||||||||||
326 | 341 | 124 | |||||||||||||||
101 | 94 | ||||||||||||||||
259 | 100 | 80 | |||||||||||||||
0 | 32 | ||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 0 | |||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||
7 | * Adjusted EBITDA for the years prior to 2020 |
EXPLORING FRANCHISE OPPORTUNITIES
MAXIMISING FUTURE GROWTH & RETURNS
IN A FRANCHISE MODEL, | POSSIBLE | POTENTIAL |
WE CAN LEVERAGE | OUTCOMES | BENEFITS |
Our own technology and | Start franchise | Faster growth |
opportunities | ||
automation capabilities | on our own | Operate in more |
Our site selection and | Buying an established | |
countries | ||
construction competencies | franchise operator | Revenue fee income |
Our expertise and scale- | Cooperation with an | |
Marketing contribution | ||
benefits to build at low-cost | experienced franchise | |
Services income | ||
Our expertise to operate at | operator | |
Increasing purchasing | ||
low-cost | ||
power |
Next step: develop a clear view before the end of 2024
8
INCOME STATEMENT
UNDERLYING EBITDA LESS RENT UP 28% TO €261 MILLION
Key figures (in € millions) | 2023 | 2022 | Change |
Total revenue | 1,047.2 | 794.6 | 32% |
of which club revenue | 1,039.5 | 788.7 | 32% |
of which non-club revenue | 7.8 | 5.9 | 31% |
Club personnel costs | (157.6) | (122.8) | 28% |
Other club operating costs | (262.9) | (169.3) | 55% |
Club EBITDA | 619 .0 | 496 .5 | 25% |
Overhead | (137.9) | (112.0) | 23% |
EBITDA | 481.1 | 384.5 | 25% |
D&A | (390.9) | (331.4) | 18% |
COVID-19 rent credits | 0.5 | 2.4 | -78% |
Operating profit | 90 .7 | 55 .5 | 63% |
Finance costs | (51.1) | (26.1) | 96% |
Interest lease liabilities | (41.3) | (32.6) | 27% |
Corporate income tax | (1.0) | (0.5) | 76% |
Net result | (2 .7) | (3.7) | - 27% |
Underlying key figures | |||
Club EBITDA | 619 .0 | 496 .5 | 25% |
Rent costs (opened clubs) | (223.1) | (187.5) | 19% |
Exceptional items - clubs | 2.5 | 7.5 | -66% |
Underlying club EBITDA less rent (open clubs) | 398 .4 | 316 .4 | 26% |
EBITDA | 481.1 | 384.5 | 25% |
Rent costs clubs and overhead, incl. car leases | (227.5) | (191.2) | 19% |
Exceptional items - total | 6.9 | 10.5 | -34% |
Underlying EBITDA less rent | 260 .5 | 203.8 | 28% |
Underlying net result | 27.5 | 17.8 | 55% |
Diluted underlying result per share (in €) | 0 .42 | 0 .27 | 55% |
Underlying net result (in € millions) | 2023 | 2022 | ||
Net result | (2 .7) | (3.7) | ||
IFRS 16 adjustments | 14.8 | 12.9 | ||
PPA amortisation | 2.5 | 2.9 | ||
Valuation differences IRS (non-cash) | 6.5 | (3.7) | ||
Non-cash interest convertible loan | 9.1 | 8.7 | ||
Exceptional items | 6.9 | 10.5 | ||
One-offs | 1.3 | - | ||
COVID-19 rent credits | (0.5) | (2.4) | ||
Tax effects (25.8%) | (10.5) | (7.5) | ||
Underlying net result | 27.5 | 17.8 |
Revenue of more than €1 billion in line with expectations
Gradual increase in average revenue per member per month
Higher club costs represent network growth and cost inflation
Overhead cost (excl. marketing) at 7.8% of revenue, down from 8.2% in 2022.
Strong underlying net result growth of 55%
10
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Disclaimer
Basic Fit NV published this content on 13 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 13:57:06 UTC.
