Basic Fit N : Annual report PDF / Basic Fit Annual Report 2021 WEB

ANNUAL REPORT 2021

FORWARD LOOKING STATEMENTS & IMPORTANT NOTICE

This document is the PDF/printed version of the 2021 Annual Report of Basic-Fit N.V. in the European single electronic reporting format (ESEF) and has been prepared for ease of use. The 2021 Annual Report was made publicly available pursuant to section 5:25c of the Dutch Financial Supervision Act (Wet op het financieel toezicht), and was filed with the Dutch Authority for the Financial Markets in European single electronic reporting format (the ESEF package). The ESEF reporting package is available on the corporate website. In case of discrepancies between this PDF/printed version and the ESEF reporting package, the latter prevails.

This annual report may contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including but not limited to statements expressing or implying Basic-Fit's beliefs, expectations, intentions, forecasts, estimates and/or predictions (and the assumptions underlying them). The forward-looking statements in this annual report are based on numerous assumptions regarding Basic-Fit's present and future business strategies and the environment in which Basic-Fit will operate in the future, and could refer to the financial condition, results of operations and business liquidity, prospects, growth, strategies or the industry in which Basic Fit N.V. and its subsidiaries (also referred to as 'the company') operate, and certain of the plans and objectives of Basic-Fit with respect to these items.

Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future, and may cause the actual results, performance or achievements of Basic-Fit to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Basic- Fit's control or ability to estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors, such as Basic-Fit's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social or regulatory framework in which Basic- Fit operates, or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance.

The forward-looking statements contained refer only to the date in which they are made, and Basic-Fit does not undertake any obligation to update any forward- looking statements.

This annual report may contain statistics, data and other information relating to markets, market sizes, market shares, market positions or other industry data pertaining to Basic-Fit's business and markets. Unless otherwise indicated, such information is based on the Basic-Fit's analysis of multiple sources, as well as information obtained from (i) experts, industry associations and data providers; and (ii) publicly available information from other sources, such as information publicly released by our competitors. To the extent that they are available, any industry, market or competitive position data contained in this annual report has come from official or third-party sources. While Basic-Fit believes that each of these publications, studies and surveys has been prepared by a reputable source, Basic-Fit has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this document comes from Basic-Fit's own internal research and estimates, based on the knowledge and experience of Basic-Fit's management in the markets in which Basic-Fit operates. While Basic-Fit believes that such research and estimates are reasonable and reliable, they and their underlying methodology and assumptions have not been verified by any independent source for accuracy or completeness, and are subject to change without notice.

TABLE OF

CONTENTS

Annual Report	
At a glance	4
History	6
Company profile	7
Management Board Report	
Message from the CEO	8
Our strategy	11
Business and financial review	23
Our people	31
Non-financial information	34
Risk management and control systems	44
Corporate governance	67
Management statements	79
Supervisory Board Report	83
Report of the Supervisory Board and its committees	86
Remuneration report	96
Financial Statements	
Consolidated financial statements	108
Company financial statements	185
Other information	
Organisational chart Basic-Fit	208
Shareholder information	209
5 years of Basic-Fit	212
Alternative performance measures	214
About this report	217
GRI content index	224

BASIC-FIT AT A GLANCE

			million
clubs		members
+12% year-on-year		+11% year-on-year
€	million	€	million
revenue		underlying EBITDA
-10% year-on-year		-66% year-on-year
%		-€	million
underlying EBITDA margin	underlying net result
-15.6%points year-on-year	-€62 million year-on-year

216clubs Netherlands

205clubs Belgium

10clubs Luxembourg

528clubs France

56clubs Spain

See page 214 for alternative performance measures

KEY FIGURES

clubs

2017

2018

2019

2020

2021

underlying EBITDA*

€ millions

2017

2018

2019

2020

2021

members
millions
0				2021
2017	2018	2019	2020

underlying EBITDA margin*

%

2017

2018

2019

2020

2021

revenue

€ millions

2017

2018

2019

2020

2021

underlying net result*

€ millions

2017

2018

2019

2020

2021

* Years 2017 and 2018 refer to adjusted EBITDA (margin) and adjusted net result

In 2020 and 2021, clubs were temporarily closed 41% and 36% of the time, respectively, due to COVID-19-related government measures. See page 214 for alternative performance measures