BASIC-FIT REPORTS RECORD GROWTH OF 155 CLUBS IN 2019

Adjusted EBITDA increased by 25% to €155 million

FULL YEAR FINANCIAL HIGHLIGHTS1

Revenue increased by 28% to €515 million (2018: €402 million)
Adjusted club EBITDA increased by 26% to €222 million (2018: €177 million)
Adjusted EBITDA increased by 25% to €155 million (2018: €124 million)
Adjusted net earnings2 increased by 20% to €32.8 million (2018: €27.4 million)

FULL YEAR OPERATIONAL HIGHLIGHTS

155 net club openings, growing the network to 784 clubs (up 25% year on year)
Total number of memberships increased to 2.22 million (up 21% year on year)
Now market leader in France with close to 1 million members
Other revenue increased by 36% to €13.8 million (2018: €10.1 million)

OUTLOOK 2020

To date, we have not seen any negative impact of COVID-19 on the business and currently do not foresee any supply issues from our main suppliers
Robust club openings pipeline with more than 500 clubs; barring unforeseen developments relating to COVID-19, we expect to open around 150 clubs in 2020

Rene Moos, CEO Basic-Fit:

"2019 was again a very good year in which we delivered on our growth plans by adding a record 155 clubs to our network. This includes the successfully rebranded and integrated Fitland clubs which we acquired in July. The integration was executed swiftly and within budget, a good achievement.

2019 was also the first full year with the new membership structure. This had a positive impact on the average revenue per member. The increased yield and the growth in average number of members at our mature clubs resulted in the further strengthening of our mature club EBITDA to 50.5%

At Basic-Fit we believe that everyone deserves to be fit and feel great. We aim to achieve that by making fitness accessible to as many people as possible. Opening clubs close to where people live or work is one of the ways we aim to achieve this. In November, we announced a next step in the acceleration of the pace of club openings to around 150 clubs a year for the coming three years; 25 more than the prior target. For 2020 we are well under way to reach that target with 40 club openings in the first two months of the year.

As always we will continue to be disciplined in following our strict site selection process and only open clubs when we expect them to reach a return on invested capital of at least 30% at maturity."

/ 1

¹ Based on pre IFRS 16 accounting. Full IFRS 16 reporting is provided in the consolidated financial statements

² Net earnings before PPA related amortisation, IRS valuation differences, exceptional items, one-offs and the related tax effects. Note: Adjusted (club) EBITDA and adjusted net earnings are non-GAAP measures (see page 10)

FINANCIAL AND BUSINESS REVIEW

Key figures (pre-IFRS 16)

In € millions	2019	2018	change
Total revenue	515.2	401.8	28%
Operating expenses	(292.7)	(224.8)	30%
Adjusted club EBITDA	222.4	176.9	26%
Total overhead expenses	(67.3)	(52.8)	28%
Adjusted EBITDA	155.2	124.1	25%
Exceptional items	(2.3)	(3.0)	-23%
EBITDA	152.8	121.1	26%
Depreciation & Amortisation	(110.0)	(89.4)	23%
Operating profit	42.8	31.7	35%
Finance cost	(12.4)	(9.3)	34%
Income tax	(9.3)	(4.8)	93%
Net result	21.1	17.6	20%
Adjusted net earnings*	32.8	27.4	20%
Adjusted EPS (in €)	0.60	0.50	20%

* Before PPA related amortisation, IRS valuation differences, exceptional items, one-offs and the related tax effects Totals are based on non-rounded figures

IFRS 16 & THE NEW POST-IFRS 16 KPIS

Basic-Fit applies IFRS 16 based on a full retrospective approach as of 1 January 2019. IFRS 16 relates to lease accounting and introduces a single, on-balance sheet lease accounting model for lessees. Under IFRS 16 we have to recognise a right-of-use asset representing the right to use an underlying asset, and a lease liability representing the obligation to make lease payments. It therefore has a significant impact on our balance sheet. In the profit and loss account, EBITDA no longer includes lease costs, instead the depreciation charges on the right-of-use asset and interest charges on the lease liability are included.

Under the full retrospective approach, the lease liability and the right-of-use asset are measured on the commencement date, using the incremental borrowing rate at that time.

IFRS 16 does not change the company's underlying cash flows or our strategy, the club economics or the way we do business. The calculation of the bank covenants is based on frozen GAAP and is therefore not influenced by the adoption of IFRS 16.

2019 has been a transition year in which we, for consistency purposes, continued to report results on a pre-IFRS 16 basis next to the full IFRS 16 reporting in the financial statements and the notes to the financial statements. As of January 2020, we will no longer report results on a pre-IFRS 16 basis, but only on a post-IFRS 16 basis.

Below table shows the key figures based on pre-IFRS 16 accounting, the restatements based on IFRS 16 and the key figures according to IFRS 16 accounting.

in € millions	Pre-IFRS 16	Restatement	Post-IFRS 16
Total revenue	515.2	-	515.2
Property rent	(108.5)	108.4	(0.1)
Personnel & other operating expenses	(184.2)	0.4	(183.8)
Adjusted club EBITDA	222.4	108.8	331.3
Overhead	(67.3)	2.4	(64.9)
Adjusted EBITDA	155.2	111.2	266.3
Exceptional items	(2.3)	1.8	(0.5)
EBITDA	152.8	113.0	265.8
Depreciation and impairment tangibles	(93.7)	1.4	(92.2)
Depreciation right of use assets	-	(106.1)	(106.1)
Amortisation	(16.4)	2.8	(13.6)
Operating profit	42.8	11.1	53.9
Finance cost	(12.4)	-	(12.4)
Interest lease liabilities	-	(25.1)	(25.1)
Income tax	(9.3)	3.9	(5.4)
Net result	21.1	(10.1)	11.0

2019 key figures pre-IFRS 16 restated to post-IFRS 16

Totals are based on non-rounded figures

In November, at our Capital Markets Day, we introduced a new set of KPIs that adjust IFRS 16 for cash rent costs. As a result, the new KPIs are similar to the KPIs that we used until 2019 and continue to be aligned to actual cash returns. It shows how we internally look at our business and how management reviews the company's performance.

As of the 2020 reporting, adjusted club EBITDA will become underlying club EBITDA. With the new definition we report on the development of the performance of our open clubs on a post-IFRS 16 basis from which we subtract the cash rent costs of these open clubs. Revenue and cost of sales that are non-club related are also not included in these numbers. The underlying club EBITDA margin will be based on club related revenue and costs of open clubs.

Adjusted EBITDA, our main KPI, will become underlying EBITDA, and is defined as the EBITDA, minus cash rent costs and adjusted for exceptional items. The exceptional items include things like reorganisation and other one-off costs. The pre-opening rent costs are no longer included in exceptional items, which is logical considering IFRS 16 and the cash rent adjustment.

Underlying EBITDA is slightly lower than the pre-IFRS 16 number. This is the result of smaller adjustments from exceptional items and the difference between cash rent and the prior P&L rent.

Adjusted net earnings will become underlying net earnings and is the same as prior definition but now adjusted for the impact of IFRS 16. Based on the full year results, the underlying net earnings are slightly higher than the adjusted net earnings due to a mix of small accounting differences pre and post-IFRS 16.

The table below presents an overview of the main KPIs that we use, how they look like on a pre-IFRS 16 basis, on a post-IFRS 16 basis both reported and the new KPIs which show the underlying performance of the business.

In € millions CURRENT KPI	2019 PRE IFRS16	2019 POST IFRS16	NEW KPI	NEW DEFINITION	2019 POST IFRS16
Adjusted club EBITDA	222.4	331.3	Underlying club EBITDA	Club EBITDA minus cash rent costs of open clubs and excluding non-club revenue and costs of sales at HQ level (webshop)	224.0
Adjusted club EBITDA margin	43.2%	64.3%	Underlying club EBITDA margin	Underlying club EBITDA divided by club revenue	43.6%
Adjusted EBITDA	155.2	266.3	Underlying EBITDA	EBITDA minus cash rent costs and adjusted for exceptional items	153.4
Adjusted EBITDA margin	30.1%	51.7%	Underlying EBITDA margin	Underlying EBITDA divided by total revenue	29.8%
Adjusted net earnings	32.8		Underlying net earnings	Net earnings adjusted for IFRS16, PPA amortisation, SWAP valuation differences, exceptional items and the related tax effects	35.1
Net debt	451.3	1,452	Underlying net debt	Net debt minus lease liabilities	451.3

New KPI definitions: reporting the underlying performance

UPDATE ON COVID-19 VIRUS IMPACT

With the world-wide concerns regarding the outbreak of COVID-19 we have received questions about the potential impact of the virus on Basic-Fit. Although it is not possible to answer questions about all eventualities and potential scenarios, we can confirm that we have not seen any negative impact of the virus on our business the past months. The number of club openings and membership growth were in line with expectations in January and February. We have also not seen, and currently do not expect, any significant issues in the supply from our main suppliers. We will continue to monitor the situation closely.

CLUB NETWORK AND MEMBERSHIP DEVELOPMENT

Geographic club split

	Year-end 2019	Net openings 2019	Year-end 2018
Netherlands	199	38	161
Belgium	183	10	173
Luxembourg	9	-1	10
France	357	105	252
Spain	36	3	33
Total	784	155	629

In 2019, we increased our network by a record 155 clubs – 162 openings and seven closures – to 784 clubs. The clubs that we closed mainly relate to clubs that were at the end of the contract term. In most cases we have opened a new location close to the closed location. 105 of the new clubs were opened in France. The 38 club openings in the Netherlands include 8 organic club openings and 30 clubs from the Fitland acquisition. The total number of 155 net club openings compares to 108 net club additions in 2018.

In the year under review, we increased the number of Basic-Fit memberships by 21% to 2.22 million, from 1.84 million in 2018. This was mainly the result of the ramp-up of memberships at our immature clubs. With close to a million members we have now become the largest fitness chain in France.

Geographic mature club split

	2019	2018

Netherlands	145	136
Belgium	153	136
Luxembourg	9	8
France	71	25
Spain	27	22
Total	405	327

A club is considered mature if it is at least 24 months old at the start of the year. This number remains stable throughout the year, unless we close or merge mature clubs during the year. In 2019 we started with 410 mature clubs. Due to closures we ended the year with 405 mature clubs, the vast majority of which are in the Benelux. The 405 mature clubs showed a modest membership growth to 3,343 members per club on average from 3,288 members at the start of the year.

REVENUE

Group revenue increased by 28% to €515 million in 2019 compared to €402 million in the previous year. This strong growth was the result of 28% higher fitness revenue and 36% higher other revenue. The continued expansion in the number of clubs in our network and the membership growth at our existing clubs, combined with the increase in average revenue per member, were the main drivers for the increase in fitness revenue. The increase of other revenue was largely due to the further rollout of the personal trainer concepts, higher sales of web shop products, including NXT Level sports nutrition, and increased promotional revenue.

All countries showed solid revenue growth compared to 2018. The growth countries France and Spain combined increased revenue by 50% to €223 million. The Benelux segment increased by 16% to €292 million.

Geographic revenue split

In € millions	2019	2018	change
Netherlands	140.9	119.3	18%
Belgium	139.9	123.5	13%
Luxemburg	11.2	9.9	14%
France	199.4	126.1	58%
Spain	23.7	22.9	3%
Total revenue	515.2	401.8	28%

Totals are based on non-rounded figures

The average revenue per member per month increased by 6% to €20.56, compared to €19.39, mainly due to the new membership structure, which more than compensated for the increase of France in the mix, with its higher VAT. The new membership structure was introduced in December 2018 and offers two clear value for money membership types, Comfort (€19.99 per four weeks) and Premium (€29.99 per four weeks). The

Premium membership offers members the option to bring a friend when they visit a club. On top of this, members can share the Premium membership with one other person in their household, who can take full advantage of all the benefits the Premium membership has to offer. We have seen a growing percentage of new joiners choosing the Premium membership the past year and which is stabilising at around 30%. 18% of our member base now has this membership type. In April we started a pilot with Basic, a lower priced membership type, in Spain. The membership has been received well with a healthy uptake. We will continue to test the Basic membership in Spain this year to determine if this will ultimately contribute to the longterm profitability of a club. Based on the outcome of this pilot, we will decide if we will continue with Basic and if we want to introduce this membership in another country.

As a result of the inclusion of the Basic-Fit app in the memberships, the Pro-Coach app has disappeared as an add-on. The sports water subscription remained in strong demand with 22% of our base paying for this addon, compared to 19% the prior year.

ADJUSTED CLUB EBITDA AND EBITDA

At club level, adjusted club EBITDA increased by 26% to €222 million, up from €177 million in 2018. Total operating costs increased by 30% to €293 million, up from €225 million in 2018. The adjusted club EBITDA margin decreased slightly to 43.2% (2018: 44.0%) as a result of the Fitland acquisition and the large number of new clubs of which a significant amount was built in the more expensive centres of large French cities.

The 405 mature clubs achieved a revenue of €343 million and an adjusted club EBITDA of €173 million, which represents a margin of 50.5% (2018: 49.7%). The increased margin is mainly the result of the higher average revenue per member.

Overhead expenses increased by 28% to €67.3 million, up from €52.8 million in 2018. The increase is mainly explained by the higher international overhead due to the expansion of our headquarters to support initiatives in the development of new revenue streams and cost savings.

The past year we have set up a department to support the successful implementation and utilisation of a smart camera system in our clubs. After a couple of years of developing and testing, we are now rolling out this camera system across our network. Other new initiatives are aimed at, amongst others, the further improvement of our group classes offering, the roll-out of on-screen advertising in our clubs, the development our NXT level nutritional products brand, member retention, and the digitalisation of our customer service.

ADJUSTED EBITDA AND EXCEPTIONAL ITEMS

In 2019, adjusted EBITDA increased by 25% to €155 million, from €124 million in 2018. The adjusted EBITDA margin was 30.1% compared to 30.9% in 2018. Exceptional items amounted to €2.3 million and mainly related to non-cash pre-opening costs and costs related to the retention share plan awarded to key people after the IPO.

OPERATING RESULT

Operating result (EBIT) increased by 35% to €42.8 million, up from €31.7 million in 2018. Depreciation costs were €93.7 million compared to €73.9 million in 2018. Depreciation costs included €1.2 million in impairments. Excluding impairments, depreciation was 17.9% as a percentage of revenue, in line with our guidance. Amortisation costs in the period were €16.4 million compared to €15.5 million in 2018.

INTEREST

Total finance expenses were €12.4 million in 2019, compared to €9.3 million in 2018. The increase is for €1.5 million explained by temporary valuation differences of our interest rate swaps due to the declining interest rates during the year.

CORPORATE TAX

Corporate tax expenses amounted to €9.3 million (2018: €4.8 million) representing an effective tax rate of 30.5%, in line with our expectations. The relatively high effective tax rate (ETR) is the result of non-taxdeductible expenses like retention shares and the growth of France in the mix with its higher corporate tax rate and the CVAE tax (cotisation sur la valeur ajoutée des entreprises). In the longer term we expect the ETR to decrease to 25%.

ADJUSTED NET EARNINGS

Reconciliation net result to adjusted net earnings (Pre-IFRS 16) Reconciliation net result to adjusted net earnings

2019	2018
21.1	17.6
11.1	12.3
2.2	0.7
2.3	3.0
	0.8
(4.2)	(4.2)
0.3	(1.4)
(1.3)	(1.4)
32.8	27.4
	1.2

Totals are based on non-rounded figures

Basic-Fit recorded a net profit of €21.1 million in 2019, up 20% from the €17.6 million recorded in 2018. Adjusted for PPA related amortisation, interest rate swaps valuation differences, exceptional items and oneoffs and the related tax effects, earnings were €32.8 million, an increase of 20% compared to the €27.4 million reported in 2018.

NET DEBT

Net debt was €451 million at year-end 2019, compared to €333 million at year-end 2018. This increase was mainly due to the large number of club openings and the investments in maintaining the current club network, which cannot be financed from net cash flow from operating activities yet. The leverage ratio, based on the bank covenant definition, was 2.5 compared to 2.3 at year-end 2018.

WORKING CAPITAL

Working capital was €140 million negative, compared to €113 million negative at year-end 2018. As a percentage of revenue, working capital was stable at minus 27%.

CAPITAL EXPENDITURE

Total capex in the year was €282 million in 2019, 59% higher than the reported €178 million in 2018.

Expansion capex was €229 million, compared to €140 million in 2018. Expansion capex includes acquisitions, expenses for the enlargement of existing clubs and expenses for clubs that are not open yet, which amounted to €80.1 million in 2019 versus €13.3 million in 2018. The initial capex per newly built club (125

clubs) was an average of €1.19 million, compared to €1.17 million in 2018. This was mainly due to more expensive club openings in large French cities. The coming year we will continue to open clubs in these more expensive cities, including a hand full of larger flagship clubs. Regardless of the initial capex for a club, we only sign a lease contract if we expect to achieve a return on invested capital (ROIC) of at least 30% at maturity.

Maintenance capex was €39.1 million in 2019, compared to €31.8 million in 2018. This increase was the result of the growth of our club network. On average, we spent €55 thousand per club on maintenance, the same as in the prior year and which is in line with our guidance.

Other capex amounted to €13.8 million and mainly consisted of investments in innovations and software development. As mentioned above, we have started a number of initiatives, including the smart camera system, which resulted in an increase in innovation spend. We also had additional spend due to the expansion of our head-office and the launch of the new website. We expect other capex to be around €10 million going forward.

CASH FLOW

The cash flow pre-expansion capex, defined as adjusted EBITDA less maintenance capex was €116 million, an increase of 26% compared to the €92.3 million in 2018.

Net cash flow from operating activities amounted to €150 million, compared to €118 million in 2018. The increase was mainly the result of the higher EBITDA.

The net cash outflow from investing activities was €265 million, compared to €167 million in 2018.

The net cash flow from financing activities was €176 million, compared to €42 million in 2018. We successfully completed our first Schuldschein issuance with a German Private Placement in October last year. The total volume was €100 million in Euro-denominated tranches with maturities of 3 and 5 years, and an average weighted margin of 1.47%. With this transaction, we were able to diversify our sources of financing and our investor base.

OUTLOOK

The club openings pipeline continues to be strong with, on 1 March 2020, 41 clubs under construction, 88 contracts signed, 136 sites for which we are negotiating contracts with property owners and more than 250 locations are in the research phase. In the first two months of 2020 we had already opened 40 clubs.

Club openings pipeline (# clubs)

As communicated at our CMD in November we will further accelerate the pace of club openings and, barring unforeseen developments relating to COVID-19, expect to open around 150 clubs in 2020

For the medium-term we expect to continue this pace of club openings and reach the 1,250 clubs mark in 2022. As a result, we expect revenue to increase by at least 20% a year.

At our mature clubs, we expect the underlying club margins to remain strong and be between 49% and 50%, and the ROIC to be at least 30% in the medium-term.

-- END --

FOR MORE INFORMATION Richard Piekaar +31 (0)23 302 23 85 [email protected]

The annual report, including notes to the interim condensed consolidated financial statements will be available on Basic-Fit's corporate website COB 10 March.

AUDIO WEBCAST FULL YEAR 2019 RESULTS

Date and time: 10 March 2020 at 14.00 CET corporate.basic-fit.com

Basic-Fit is listed on Euronext Amsterdam in the Netherlands ISIN: NL0011872650 Symbol: BFIT

FINANCIAL CALENDAR

Q1 2020 trading update	22 April 2020
AGM	22 April 2020
Half Year 2020 results	31 July 2020
Q3 2020 trading update	30 October 2020

ABOUT BASIC-FIT

With 784 clubs, Basic-Fit is the largest fitness operator in Europe. We operate in five countries and in our clubs, more than 2.2 million members can work on improving their health and fitness. Basic-Fit operates a straightforward membership model and offers a high-quality, value-for-money fitness experience that appeals to the fitness needs of all active people who care about their personal health and fitness. A typical subscription costs €19.99 per four weeks and gives people access to all our clubs in Europe and all the benefits of the Basic-Fit App.

NOTES TO THE PRESS RELEASE

The financials are presented in millions of euros and all values are rounded to the nearest million unless otherwise stated. Change percentages and totals are calculated before rounding. As a consequence, rounded amounts may not add up to the rounded total in all cases.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

NON-IFRS FINANCIAL MEASURES

The financial information in this report includes non-IFRS financial measures and ratios (e.g. adjusted club EBITDA, adjusted EBITDA, exceptional items, adjusted net earnings and net debt) which are not recognised measures of financial performance or liquidity under IFRS. In addition, certain other operational data, such as the number of clubs, number of members and number of countries in which Basic-Fit is present, are disclosed. The non-IFRS financial measures presented are measures used by management to monitor the underlying performance of the business and operations and, have therefore not been audited or reviewed. Furthermore, they may not be indicative of the historical operating results, nor are they meant to be predictive of future results. These non-IFRS measures are presented because they are considered important supplementary measures of Basic-Fit's performance, and we believe that these and similar measures are widely used in the industry in which Basic-Fit operates as a way to evaluate a company's operating performance and liquidity. Not all companies calculate non-IFRS financial measures in the same manner or on a consistent basis. As a result, these measures and ratios may not be comparable to measures used by other companies under the same or similar names.

Term	Definition
Adjusted club EBITDA	Earnings before overhead, interest, taxes, depreciation, amortisation and exceptional items
Underlying club EBITDA	Earnings before overhead, interest, taxes, depreciation, amortisation minus cash rent costs of open clubs and excluding non-club revenue and costs of sales at HQ level (webshop)
Adjusted club EBITDA margin	Adjusted club EBITDA as a percentage of revenue
Underlying club EBITDA margin	Underlying club EBITDA as a percentage of revenue
Adjusted EBITDA	Earnings before interest, taxes, depreciation, amortisation and exceptional items
Underlying EBITDA	Earnings before interest, taxes, depreciation, amortisation minus cash rent costs and adjusted for exceptional items
Adjusted EBITDA margin	Adjusted EBITDA as a percentage of revenue
Underlying EBITDA margin	Underlying EBITDA as a percentage of revenue
EBITDA	Earnings before interest, taxes, depreciation and amortisation
EBITDA margin	EBITDA as a percentage of revenue
EBIT	Earnings before interest and taxes
Adjusted net earnings	Net earnings adjusted for PPA related amortisation, SWAP valuation differences, exceptional items, one-offs, and the related tax effects
Underlying net earnings	Net earnings adjusted for IFRS16, PPA related amortisation, SWAP valuation differences, exceptional items, and the related tax effects
Adjusted EPS	Adjusted net earnings divided by the weighted average number of diluted shares
ROIC	Underlying club EBITDA of mature clubs divided by the initial investment to build a club
Mature club revenue	Revenue of clubs that had been open for 24 months or more at the start of the year
Mature club EBITDA margin	Underlying EBITDA of mature clubs as a percentage of mature club revenue
Net debt	Total of long- and short-term borrowings less cash and cash equivalents
Underlying net debt	Total of long-term and short-term borrowings less cash and cash equivalents and corrected for lease liabilities

FORWARD-LOOKING STATEMENTS / IMPORTANT NOTICE

Some statements in this press release may be considered 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management's beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.

Consolidated statement of comprehensive income

Consolidated statement of profit or loss

For the year ended 31 December 2019	2019	2018
	€ 000	€ 000
		Restated (*)

Revenue	515,159	401,784
	515,159	401,784
Costs of consumables used	(14,341)	(8,800)
Employee benefits expense	(89,332)	(70,834)
Depreciation, amortisation and impairment charges	(211,926)	(166,153)
Other operating income	3,376	1,931
Other operating expenses	(149,049)	(116,166)
Operating profit	53,887	41,762
Finance income	6	66
Finance costs	(37,452)	(30,789)
Finance costs - net	(37,446)	(30,723)
Profit before income tax	16,441	11,039
Income tax	(5,393)	(1,669)
Profit for the year	11,048	9,370
Earnings per share for profit attributable to the ordinary equity holders of the company:
Basic earnings per share (in €)	0.20	0.17
Diluted earnings per share (in €)	0.20	0.17

Other comprehensive income
For the year ended 31 December 2019	2019	2018
	€ 000	€ 000
		Restated (*)
Profit for the year	11,048	9,370
Items that may be reclassified to profit or loss:
Cash flow hedges		480
Deferred tax on cash flow hedges		(120)
Other comprehensive income for the year net of tax		360
Total comprehensive income for the year	11,048	9,730

Total comprehensive income for the year

(*) The Group has adopted IFRS 16 as of January 2019 using the method. As a result, comparative information has been restated. See Note 1.4.6. for more information.

Consolidated statement of financial position

			As at 1
As at 31 December 2019	2019	2018	January 2018

(*) The Group has adopted IFRS 16 as of I January 2019 using the method. As a result, comparative information has been restated. See Note 1.4.6. for more information.

Consolidated statement of changes in equity

For the year ended 31 December 2018 (in € 000) - Restated

		Share	Treasury	Other capital	Retained	Cash flow
	Share capital	premium	shares	reserves	earnings	hedge reserve	Total equity
As at 1 January 2018	3,280	358,360		1,344	(45,313)	(360)	317,311
Adjustment on initial application of IFRS 15 (net of
tax)					(8,432)		(8,432)
lmpact of adoption of IFRS 16 (net of tax)					(23,883)		(23,883)
As at 1 January 2018 (Restated (*))	3,280	358,360		1,344	(77,628)	(360)	284,996
Comprehensive income:
Profit for the period					9,370		9,370
Other comprehensive income						360	360
Total comprehensive income for the period					9,370	360	9,730
Equity-settled share-based payments				1,486			1,486
Purchase of treasury shares			(665)				(665)
Exercised share-based payments			665	(725)	(527)		(587)
Transactions with owners recognised directly in				761	(527)		234
equity
As at 31 December 2018 (Restated (*))	3,280	358,360		2,105	(68,785)		294,960

(1) The Grup has adopted IFRS (6 os of January 2009). In the bell, comparative information has been restated. See Note 1.4.6. for more information. For the adjustment on initial application of IFRS 15 reference is made to the financial statements for the year ended 2018.

For the year ended 31 December 2019 (in € 000)

		Share	Treasury	Other capital	Retained	Cash flow
	Share capital	premium	shares	reserves	earnings	hedge reserve	Total equity
As at 1 January 2019	3,280	358,360		2,105	(68,785)		294,960
Comprehensive income:
Profit for the period					11,048		11,048
Total comprehensive income for the period					11,048		11,048
Equity-settled share-based payments				1,981			1,981
Purchase of treasury shares			(771)				(771)
Exercised share-based payments			771	(846)	(657)		(732)
Transactions with owners recognised directly in equity				1,135	(657)		478
As at 31 December 2019	3,280	358,360		3,240	(58,394)		306,486

Consolidated statement of cash flows

For the year ended 31 December 2019	2019	2018
	€ 000	€ 000
		Restated (*)
Operating activities
Profit before income tax	16,441	11,039
Non-cash adjustments to reconcile profit before tax to net cash flows:
Depreciation and impairment of property, plant and equipment and right-of-use assets	198,319	153,480
Amortisation and impairment of intangible assets	13,607	12,673
Share-based payment expense	1,981	1,486
Gain on disposal of property, plant and equipment	(708)	(142)
Finance income	(6)	(66)
Finance costs	37,452	30,789
Movements in provisions	(14)	(39)
Working capital adjustments:
Increase in Inventories	(3,408)	(1,823)
Increase in trade and other receivables	(2,818)	(2,532)
Increase in trade and other payables	7,981	9,405
Cash generated from operations	268,827	214,270
Interest received	6	66
Interest paid	(33,831)	(29,694)
Income tax paid	(5,092)	(5,746)
Net cash flows from operating activities	229,910	178,896

Investing activities
Proceeds from sale of property, plant and equipment	626	234
Purchase of property, plant and equipment	(220,818)	(154,289)
Purchase of other intangible assets	(9,342)	(6,176)
Acquisition of a subsidiary, net of cash acquired	(26,388)	(634)
Repayment of loans granted	117	ರಿಗ
Investments in other financial fixed assets	(1,451)	(814)
Net cash flows used in investing activities	(257,256)	(161,585)

Financing activities
Proceeds from borrowings	199,500	45,003
Repayments of borrowings	(21,515)	(20)
Lease payments	(87,925)	(66,741)
Financing costs paid	(351)	(1,710)
Purchase less sale treasury shares and exercised share-based payments	(1,502)	(1,250)
Net cash flows from/(used in) financing activities	88,207	(24,718)

Net (decrease)/increase in cash and cash equivalents	60,861	(7,407)
Cash and cash equivalents at 1 January	5,626	13,033
Cash and cash equivalents at 31 December	66,487	5,626

(*) The Group has adopted IFRS 16 as of I January 2019 using the method. As a result, comparative information has been restated. See Note 1.4.6. for more information.

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Basic-Fit N.V. — Earnings Release 2019

3818_iss_2020-03-10_8d662dd3-0fe8-40c8-8373-4c13a02f9de4.pdf

BASIC-FIT REPORTS RECORD GROWTH OF 155 CLUBS IN 2019

Adjusted EBITDA increased by 25% to €155 million

FULL YEAR FINANCIAL HIGHLIGHTS1

FULL YEAR OPERATIONAL HIGHLIGHTS

OUTLOOK 2020

Rene Moos, CEO Basic-Fit:

FINANCIAL AND BUSINESS REVIEW

Key figures (pre-IFRS 16)

IFRS 16 & THE NEW POST-IFRS 16 KPIS

2019 key figures pre-IFRS 16 restated to post-IFRS 16

New KPI definitions: reporting the underlying performance

UPDATE ON COVID-19 VIRUS IMPACT

CLUB NETWORK AND MEMBERSHIP DEVELOPMENT

Geographic club split

Geographic mature club split

REVENUE

Geographic revenue split

ADJUSTED CLUB EBITDA AND EBITDA

ADJUSTED EBITDA AND EXCEPTIONAL ITEMS

OPERATING RESULT

INTEREST

CORPORATE TAX

ADJUSTED NET EARNINGS

Reconciliation net result to adjusted net earnings (Pre-IFRS 16) Reconciliation net result to adjusted net earnings

NET DEBT

WORKING CAPITAL

CAPITAL EXPENDITURE

CASH FLOW

OUTLOOK

AUDIO WEBCAST FULL YEAR 2019 RESULTS

FINANCIAL CALENDAR

ABOUT BASIC-FIT

NOTES TO THE PRESS RELEASE

NON-IFRS FINANCIAL MEASURES

FORWARD-LOOKING STATEMENTS / IMPORTANT NOTICE

Consolidated statement of comprehensive income

Consolidated statement of profit or loss

Consolidated statement of financial position

Consolidated statement of changes in equity

For the year ended 31 December 2019 (in € 000)

Consolidated statement of cash flows

More from Basic-Fit N.V.

Basic-Fit N.V. Earnings Release 2019