Transcript BASIC-FIT TRADING UPDATE THIRD QUARTER 2016

BASIC-FIT
TRADING UPDATE
THIRD QUARTER 2016
NINEMONTHSHIGHLIGHTS
Numberofclubsincreasedby50YTDto388
Numberofclubopeningsfor2016isexpectedtobearound75,whichisatthetopendofthe
previousguidanceof65to75clubs
Numberofmembershipsincreasedby25%yearonyearto1.18million
Grouprevenueincreasedby28%yearonyearto€189million
Expectedrevenueofaround€260millionandadjustedEBITDAofatleast€80millionforfull
year2016
REVENUEDEVELOPMENT
Basic-Fitreportedrevenueof€189millionoverthefirstninemonthsof2016.Thisisanincrease
of28%comparedtothe€147millioninthesameperiodin2015.Theincreaseisexplainedby
theincreaseinmembershipsandOtherrevenue(up35%to€3.8million).
Thenumberofmembershipsincreasedto1.18million,anincreaseof25%comparedtothe0.94
millionayearago.TheunseasonablywarmweatherinourBeneluxmarketsinSeptember
softenedthemembershipgrowthinthatmonth.
CLUBDEVELOPMENT
Inthefirstninemonthsweadded50clubstoournetwork.Inthefirsthalfyearthenumberof
clubopeningswas30.Inthethirdquarter,weincreasedthepaceandopenedanother20clubs.
Wearealsoinvestingintheexpansionofaselectednumberofexistingclubstoallowforfurther
growthandenhancecustomerexperience.
2016-2018pipelinevisibility(#clubs)
100
80
60
86
40
20
50
40
Netopenings
YTD2016
Under
Construction
0
Contract
Negotiation
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Thepipelineofclubopeningscontinuedtobuild.Thenumberofclubsunderconstructionatthe
endofthethirdquarterwas40,wewereincontractnegotiationfor86clubsandinadvanced
discussionsformorethan100clubs.
OUTLOOK
Weincreasedthepaceofclubopeningsinthethirdquarterandbasedonthenumberofclubs
underconstructionnowexpectthenumberofclubopeningsfor2016tobearound75clubs,
whichisatthetopendofthepreviousguidanceof65to75clubs.
DespitethesomewhatweakermembershipdevelopmentintheBeneluxinSeptemberwe
continuetoexpecttoachieverevenueofaround€260millionandadjustedEBITDAofatleast
€80millionin2016.
Weexpectournetdebttobebelow2.5timesadjustedEBITDAattheendoftheyear.
Thedevelopmentoftheclubrolloutpipelineisrobustandinparticularthesiteselectionprocess
inFranceispickingupspeed.Thiswillenableustospeeduptheclubrolloutnextyearandopen
moreclubsthantheguidedrangeofbetween65and75clubsin2017.Wewillcontinuetoapply
ourROICthresholdformatureclubsofatleast30%andonlybuildclubswhenwehaveassessed
thatthistargetcanbemet.Withourfullyearresultspresentationon23Marchwewillprovide
themarketwithmoredetailedguidanceonthenumberofclubopeningsin2017.
FORMOREINFORMATION
RichardPiekaar
+31(0)233022385
[email protected]
WARNINGABOUTFORWARD-LOOKINGSTATEMENTS
Somestatementsinthispressreleasemaybeconsidered’forward-lookingstatements’.Bytheirnature,forwardlookingstatementsinvolveriskanduncertaintybecausetheyrelatetoeventsanddependoncircumstancesthat
mayoccurinthefuture.Theseforward-lookingstatementsinvolveknownandunknownrisks,uncertaintiesand
otherfactorsthatareoutsideofourcontrolandimpossibletopredictandmaycauseactualresultstodiffer
materiallyfromanyfutureresultsexpressedorimplied.Theseforward-lookingstatementsarebasedoncurrent
expectations,estimates,forecasts,analysesandprojectionsabouttheindustryinwhichweoperateand
management'sbeliefsandassumptionsaboutpossiblefutureevents.Youarecautionednottoputunduereliance
ontheseforward-lookingstatements,whichonlyspeakasofthedateofthispressreleaseandareneither
predictionsnorguaranteesofpossiblefutureeventsorcircumstances.Wedonotundertakeanyobligationto
releasepubliclyanyrevisionstotheseforward-lookingstatementstoreflecteventsorcircumstancesafterthedate
ofthispressreleaseortoreflecttheoccurrenceofunanticipatedevents,exceptasmayberequiredunder
applicablesecuritieslaw.
27OCTOBER2016–Q32016TRADINGUPDATE/2