Q4 2022 Results

SATS ASA: Q4 2022 – Strong operational development and forceful actions to improve profitability going forward


SATS ASA (“the Company”) delivered a strong operational performance in the fourth quarter of 2022, which provides reassurance that the financial results will follow. Neither the development in the member base, nor the member activity show any signs of weakened consumer confidence. The membership sales have continued the high pace from the third quarter, the membership mix is developing well and the activity level in the member base proves a willingness to prioritize own health.
Key highlights from the fourth quarter of 2022:
• The SATS Group had a network of 275 clubs by the end of Q4 2022, after having grown by a net of 13 clubs from the corresponding quarter last year
• The member base increased by 13 000 members during the quarter, reaching 721 000 members, 8% higher than last year
• Total revenues were NOK 1 082 million in the quarter, up 8% from Q4 2021
• Adjusted EBITDA before impact of IFRS 16 was NOK 12 million, down from NOK 26 million reported in the corresponding quarter last year • Strong sales despite a more challenging macro environment, and churn overall in line with historical levels despite price increases
• Cost base addressed through a group-wide profitability program, expected to yield returns throughout 2023. Related extraordinary effects of NOK 68 million are booked in Q4 2022 (of which NOK 46 million affects reported EBITDA)
• Following the plan as outlined on the capital markets day in October 2022
“We are proud to present an – again – record-high member base with more active members than ever. We delivered a Q4 with a strong member growth of 13 000 members, and the positive development is continuing in the start of the new year. With a promising development in the main operational KPIs, we are confident that the financial results will follow. We have also initiated a profitability improvement program delivering results gradually in 2023. Further on, we are optimizing our club portfolio, through opening attractive new clubs from the pipeline, closing clubs with unsatisfying cash generation and relocating clubs to achieve better terms or improved locations.”, says Sondre Gravir, CEO of SATS.
Please find enclosed the Q4 2022 presentation and report.
Investor Relations:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
Sebastian Kvarme, Press Contact, phone: +47 992 74 471
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
The stock exchange announcement was published by Stine Klund, Finance and Investor Relations Manager, SATS ASA.