BASIC-FIT
DECEMBER 2023
CONTENTS
01
02
03
04
05
06
Recap 2023 CMD
History & track record
The opportunity
Our growth strategy
Why our model works
Sustainability
07 Appendix
RECAP
202 NET CLUB GROWTH YTD
238 (+7)
Netherlands
222 (+3)
Belgium
10 (-)
780 (+133) | Luxembourg |
France
140 (+50)
Spain
4Increase in club count versus year-end 2022
12 (+9)
Germany
1,402 clubs compared to
1,200 at the end of 2022
France: 133 net club growth (+21% vs. 2022)
Spain: 50 net club growth (+56% vs. 2022)
12 clubs in Germany; gradual acceleration of club openings in 2024 and onwards
BACK ON TRACK
Memberships 2019 - Oct 2023
4.0
3.5
3.0
2.5
2.0
1.5
2019 | 2020 | 2021 | 2022 | 2023 |
Normalisation of growth trends in France in H2 2023
Successful founding member campaigns
Since Q2 2023 churn has normalised to ca. 4%/month
We expect to end 2023 with 3.8 million memberships
5
HAVE DOUBLED SINCE 2021
Premium memberships (% of total)
44%
2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
2019 - 2022… |
6* Under the assumption that current membership structure does not change
Penetration rate increased from 23% in 2021 to 44%
Perceived value continues to drive Premium take-up rate
Further increase expected to more than 50% in 2024*
Positive impact on yield, but cannibalisation on joiners
PREMIUM AND PRICING DRIVE FURTHER YIELD INCREASE
Average yield (€ per month, ex VAT)
29.5
9M 2023 yield of €23.28
More than
More than
FY2023 yield at least €23.50
2024 & 2025 upward trend*:
- Around 55% Premium membership uptake
- Price increase Comfort to €24.99/4wks
23.5+ €1.00/4-wks yearly indexation legacy Comfort + Decreasing legacy memberships
-/- Founding members
17.5
2016 | 2017 | 2018 | 2019 | 2022 | 2023 | 2024 | 2025 |
7* 2023 represents Company guidance of at least €23,50. 2024 & 2025 bars show expected trend.
- Under the assumption that current membership structure does not change
STABLE AVERAGE MEMBERSHIPS
Mature club average memberships
1,000 | 4,000 | |
750 | 3,500 | |
500 | 3,000 |
250 | 2,500 |
0 | 2,000 | |||||||||||
1H19 | FY19 | 1H20 | FY20 | 1H21 | FY21 | 1H22 | FY22 | 1H23 | ||||
# Mature clubs (L.H) | # Memberships (R.H.) | |||||||||||
8 | * Based on 9M 2023 |
Mature clubs account for 64%* of total clubs and 79%* of total club revenue
Average mature club memberships around 3,300 in 2023
Medium term effects from club mix (regional) and cannibalisation from high Premium membership uptake. Short term effect from COVID club vintages 2019, 2020 & 2021
OPENINGS PIPELINE
Club network is expected to grow in line with long-term targets
Flexibility in timing of openings in case of M&A transactions and/or macro developments
Club openings pipeline (# clubs)
> 400
400 | ||||
202 | 224 | |||
200 | 106 | |||
83 | ||||
- | ||||
Net openings | Under | Contracts | Contracts being | Sites being |
YTD 9 November | construction | signed | negotiated | researched |
9
NO SIGNIFICANT DEBT REPAYMENTS NEXT THREE YEARS
Maturity of debt facilities
750
Extension
Limited debt repayments in medium-term:
- GO-C:€13 million repaid in H1 2023
- Schuldschein: €18 million redemption Oct 2024
500
250
option
Syndicated facilities: €650** million due June 2027 + options to extend by two years to June 2029
€150*** million undrawn / uncommitted revolving
facility accordion
Convertible bond loan €303.7 million;
Maturity June 2028, conversion price €50.63/share
- | |||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | 2028* | 2029 | |||||
Debt excl. convertible | Undrawn | Convertible 100% redemption | |||||||||
Net debt/adj. EBITDA ratio of 2.57 as of June 2023.
Mid-term target net debt/adj. EBITDA ratio below 2.0
- Convertible bondholders have a put option for an early redemption in June 2026
- Syndicated facilities: €545 million drawn as of June 30, 2023
10 *** Not included in the €400 million revolving facility
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Disclaimer
Basic Fit NV published this content on 30 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2023 08:12:17 UTC.