Good H1 2015 for Benefit Systems


The Group maintained the growth dynamics of the number of sports cards and revenues with a stable level of profitability.

The Benefit Systems Group may regard the first half of 2015 as successful. The number of sports cards at the end of June 2015 reached 577,000, which means an increase by 83,000 compared to June 2014 (+16.8% y/y).

This growth translated into an increase in the revenues of the Group by 23.6% y/y to PLN 275.8 million. In addition, the revenues growth was influenced by the commencement of the consolidation of the results of Fitness Academy as of Q1 2015 and Fabryka Formy and MyBenefit as of Q2 2015. Gross profit on sales amounted to PLN 60.3 million (+47.5% y/y) and the gross profitability on sales reached 21.9% (+3.6 p.p. y/y). The costs of sales in the Group remain stable in relation to the level of sales and in H1 2015 amounted to 5.4% compared to 5.3% in H1 2014. The general administrative costs (excluding the cost of the incentive program) amounted to 6.7%, and their increase compared to 5.2% in H1 2014 is due to the dynamic development of the Group.

In H1 2015 the EBITDA of the Group amounted to PLN 24.5 million and increased by 39.8% compared to the corresponding period of the previous year. In the period in question, the gross profit amounted to PLN 23.9 million one-time events have been included in the result (PLN 4.7 million profit on the contribution of the companies in the fitness and foreign countries segments to the Group). The reported net profit, taking into account the abovementioned one-time events, amounted to PLN 18.3 million.

As a result of the development of the network of clubs, revenues on sales in the fitness segment reached PLN 15.6 million. The segment of new products recorded in this period an increase in revenues to PLN 13.9 million, which means doubling the sales compared to the corresponding period of the previous year. MyBenefit and MultiKafeteria cafeteria platforms achieved very good growth at the end of the first half of the year they recorded a turnover of PLN 64.5 million. More than 163,000 users used the platforms at that time. Within the framework of the new products segment, the Company intends to focus on further development of the main cafeteria platform, i.e. MyBenefit, and strengthening its offer in strategic categories.

In June of the current year, Benefit Systems S.A. issued and placed on the market 3-year bonds with a nominal value of PLN 50 million with maturity in December 2018. The issuance of bonds helped to optimise the structure of debt from short- to long-term.

On 14 August 2015, Benefit Systems S.A. will pay to the shareholders a dividend from the profit for 2014 in the amount of PLN 9.00 per share (dividend rate 2.1%). In total, PLN 23.0 million has been allocated to the dividend.
 

Summary of the financial results of the Benefit Systems Group

in PLN million

H1 2015

H1 2014

Change

Sales

275.8

223.1

+23.6%

Gross profit on sales

60.3

40.9

+47.5%

Gross profitability on sales

21.9%

18.3%

+3.6 p.p.

EBIT

18.0

14.7

+22.4%

Net profit*

18.3

11.9

+54.9%

  * attributable to shareholders of the parent company

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