Investor Presentation
Introduction & overview
Financial results Strategy & outlook
Conclusions
Appendices
COPUREGYM
Group cash flow Q2 2022
•
•
Group Adjusted EBITDA of £26m converted to £21m of
operating cash inflow
Cash inflow from working capital movement due to new
site roll-out. Inflow lower than prior year due to
settlement of deferred liabilities, as well as changes in
operating model in Switzerland to monthly membership
• Maintenance & refurbishment capex at £6.4m in the
quarter, reflecting a rising number of refurbishments as
the Group invests in the existing estate
.
Expansionary capex includes expenditure on the
completion of 9 new corporate owned sites opened in
the quarter & commencement of works on new sites to
be opened after the period end
Cash outflow for exceptional items in the period mainly
reflects the settlement of exceptional expenditure
incurred in 2021
"Other" cash outflow mainly relates to the repayment of
Covid rent due from prior periods
• Other financing cash outflows of £7.2m includes the
repayment of short term financing
£m
Group Adjusted EBITDA
Group operating cash flow
Operating cash flow conversion
Expansionary capital expenditure
Exceptional items
3 months ended 30 Jun
6 months ended 30 Jun
2022
2021
2022
2021
25.9
16.4
50.9
(9.0)
Movement in working capital
1.9
9.3
(8.8)
7.3
Maintenance & refurb capital expenditure
(6.4)
(4.6)
(9.0)
(6.1)
21.4
21.1
33.2
(7.7)
82%
129%
65%
n/a
(15.7)
(12.5)
(25.2) (21.2)
(1.5)
(4.6)
(1.7)
6.1
(11.8)
(11.7)
(26.0) (26.8)
(4.9)
(6.6)
(16.4) (6.0)
Net cash flow before acquisition & financing
Issue of senior secured notes
Equity injection
(12.6)
(14.2)
(36.1)
(55.6)
38.9
270.0
(1.6)
(2.0)
(3.2)
(3.9)
(7.2)
6.7
(9.6)
6.8
(21.5)
(9.5)
221.1
(13.7)
Tax, interest, & debt issue costs
Other
Finance lease capital repayments
Other financing cash flows
Net cash flow
Investor Presentation 25 August 2022 24View entire presentation