SATS: SATS' Q4 financial performance dominated by second wave of club closures, but expect to repeat successful recovery at reopening

SATS ASA ("SATS") is today reporting a fouth quarter dominated by COVID-19 and
the related second wave of club closures in selected regions, affecting the
financial performance significantly.

Key highlights from the fourth quarter of 2020:
o Operational and financial set-back in the fourth quarter, with a new wave of
imposed temporary club closures in Denmark and selected Norwegian municipalities
o Member base reduction of 9% compared to last year (6% when adjusting for
divested club portfolio in Jylland and Fyn, Denmark)
o Total revenues of NOK 846 million, compared to NOK 1 036 million last year
o Adjusted EBITDA of negative NOK 32 million, down 120% from NOK 155 million
last year
o Sufficient liquidity to handle a continued unsecure regulatory environment
going forward
o Nine new club openings in the quarter, of which six in the Greater Oslo area
in Norway, two in the Greater Stockholm area in Sweden and one in Turku in
o Gym visits are to a low extent replaced by other forms of training, at home or
outdoor. Hence, the activity level in the population is significantly reduced in
the pandemic, with strong negative effects on physical and mental health
o Still, strong development in the usage of SATS digital products, and continued
expansion of the product portfolio
o Expect to repeat the successful member base recovery proven after the first
wave of closures, once allowed to reopen the currently closed clubs
o Strong visit development when reopening clubs, proven after reopening Bergen
with visits nearly on par with last year, while maintaining strong infection
control. More than 5 million visits in Norwegian clubs since reopening after the
first closure, with 227 COVID-19 cases but no confirmed transmission in the
o SATS ready to reopen clubs in a safe way with additional measures, including
increased minimum distance between members and mandatory use of face masks to
and from changing rooms. Constructive dialogue with national and local
o The pandemic has increased the focus on living a healthy lifestyle