Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
SPEAKER: HansvanderAar- CFO
DATE: 09/11/2017
Over30yearsofaccountingexperience
AuditpartneratBDOAccountantsAdvisorsfrom2000to2011
GeneralmanagerBDOofficeTheHaguefrom2004to2011
CFOofBasic-Fitasof2012
CFO
2
HANS VAN DER AAR
NewClubBusinessCaseClubEconomics ReturnOnInvestedCapital
AGENDA
3
4
Ninemonthshighlights
Grouprevenueincreasedby26%yearonyearto€238million
Numberofmembershipsincreasedby25%yearonyearto1.47million
Numberofclubsinthenetworkincreasedby74infirstninemonthsto493
Ontracktodeliver100netclubopeningsin2017
Q3 TRADING UPDATEClub rollout remains on track
CLUB ECONOMICS
MEMBERSHIP RAMP UP AT AN AVERAGE CLUB
6
French membership growth outperforms the group(’ooo)
0
1
2
3
4
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
France Group (excl. France)months
Note:Averageddevelopmentofmembershipssinceopening;basedonallclubsinthenetwork
REVENUE DEVELOPMENT AT AN AVERAGE CLUB
7
Higher membership ramp up in France largely offset by higher VAT %
-10
10
30
50
70
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
France Group(excl.France)months
(€’ooo)
Note:Averageddevelopmentofmembershipssinceopening;basedonallclubsinthenetwork
EBITDA DEVELOPMENT AT AN AVERAGE CLUB
8
Cash break even after 3 months
months
(€’ooo)
-10
10
30
50
70
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Group (excl. France) France
Note:Averageddevelopmentofmembershipssinceopening;basedonallclubsinthenetwork
Complexmarketwhereyouhavetoexceltogettheusualreturns
RevenuefromhighermembershiprampuplargelyoffsetbyhigherVAT
Higherlocaltaxesofaround€10,000perclubperyear
MATURE CLUB ECONOMICS
9
(€’ooo) FY 2016
FitnessRevenue 735
Other Revenue 15
TotalRevenue 750
Personnel Costs - 129
PropertyRent - 138
OtherOperatingCosts - 112
ClubOperatingCost - 378
As%ofRevenue - 50.4%
ClubEBITDA 372
ClubEBITDAMargin 49.6%
What’s different in France?
UltimatelyyieldingasimilarclubEBITDAmargin
CLUB EBITDA MATURE CLUBS
10
-100
150
400
650
900
1,150
ClusterExample
All Basic-Fit built clubs are profitable
EBITDAperclubClubsinacluster
average
Note:ClubEBITDAofmatureclubs;basedon248clubs
NEW CLUB BUSINESS CASE
BusinessCaseForecast:MembersRevenueCostsEBITDAInvestmentROIC*after2years>30%
NEW CLUB APPROVAL PROCESSSecure the successful execution of our club rollout strategy
BenchmarkExistingclubs:RampupInvestmentCoststructure
DataAnalysisSpatialanalysis(DriveTime)CompetitionanalysisDemographicviewofarea
*ROICiscalculatedasclubEBITDAdividedbytheinitialinvestment
12
Age distribution Otherdemographics FitnessPenetrationInhabitants
13
Competitors MarketshareCompetitorAnalysis Members
DriveTimeAnalysis
Detailed analysis remains fundamental to our competitivenessDATA ANALYSIS
BUSINESS CASEClub1:RegionBretagne
Club2:RegionParis(suburb)
14
Forecast Year 3 Club 1 Club 2
Investment €1,060k €1,593k
Members 3.7k 5.8k
TotalRevenue €762k €1,234k
OperatingCosts €391k €648k
EBITDA €371k €586k
EBITDAMargin 49% 48%
ROIC 35% 37%
Each club must reach a ROIC of at least 30% after two years
Note:Actualbusinesscasesofclubstobebuiltearly2018
RETURN ON INVESTED CAPITAL
ROIC OF CLUBS BUILT IN 2015
16
Average ROIC above 30% threshold before reaching mature status
34%
0%
10%
20%
30%
40%Average ROIC 2015 Clubs >24 months
61newclubsopenedin2015;45are24monthsorolder
Allclubsopenedin2015willbecomematureatthestartof2018
TheaverageROICofclubsbuiltin2015is32%
TheaverageROIConclubsbuiltin2015andopenfor24monthsis34%
0%
10%
20%
30%
40%Average ROIC LTM Development
INNOVATION CAPEX
GXRStudio2yearpaybackperiod
MoreRevenue:Increaseinpro-apprevenue
AdditionalUpsides:UniquesellingpointIncreaseslengthofstay
SmartCamerasystems1yearpaybackperiod
Operatingcostsreduction:Lowercostsofremotelymonitoredclubs
AdditionalUpsides:Increasenumberof24hoursopenclubs
17
Innovations either generate revenue or reduce costs
MEDIUM-TERM GUIDANCE
19
Growthenetworkbyaround100clubsin2017andonwards
Annualrevenuegrowthofatleast20%withsignificantoperatingleverage
ModestLFLrevenuegrowth
Returnoninvestedcapitalonmatureclubsofatleast30%
MEDIUM-TERM OUTLOOKOur guidance reiterated
*Contractssignedincludessitesforwhichweareawaitingpermitapproval
Clubopenings(#clubs)