Hello everyone, a warm welcome to the Actic quarter one interim report. My name is Anders Carlbark, and I am the CEO for Actic. With me today I also have our CFO, Anna Eskhult. We have placed you all on mute. At the end of the presentation, there will be room for questions. Let's start. To start with, we have some key figures with our business, and everything that you will see here is obviously heavily impacted by the COVID-19. Here are the figures around the current status of Actic. We have 172 gyms. We have 171,000 number of members. An average full-time employee of 581. Our revenue is SEK 140 million in the quarter, with an EBITDA of SEK 28 million. We'll take you through the numbers more in detail throughout the presentation. First, we want to share our market situation. We have gyms in Sweden, Norway, Germany, and Austria. If we look at our full portfolio, close to half of our sites are either closed or we have gyms in closed baths. Not decisions taken by Actic, but rather decisions taken by municipalities or governmental restrictions. Half of our portfolio during quarter one has been heavily impacted by COVID-19, and obviously then that is reflected in the report and the figures. If we zoom in on the Nordics, we have a recommendation in Sweden to not visit the gyms. We have requirements of a minimum of 10 sq m per visiting members. We have seven sites which we have been forced to close because they are situated in municipality baths that are closed, and we do not operate the entrance ourselves. We have 46 of the municipality baths being closed. Here we operate gyms which obviously have a negative effect to the full customer offer, not being able to offer the bath, but being able to offer the gym. In Norway, we have seen during the quarter a back-and-forth opening and closings. Currently we have 15 of our gyms in Norway open. It's been up and down throughout the quarter. In Germany, we have all gyms and all baths closed since the 2nd of November 2020, and we're awaiting more information regarding when we're able to open. Summary here, operating in, of course, difficult conditions and 45% of the portfolio is heavily impacted by COVID-19. If we look at the long-term trends, we see a clear demand for at-home access to training, personal training, programs, and advice. Many people work in other locations than their office. Obviously this impacts also where you do your training. We see that from our customer perspective, our members train for health more and more so when we look at service rather than muscles. We believe this is an even more important direction here also after we see the pandemic being less of an impact to the society. We see a very strong outdoor trend. We see that offering training and the gym outside, which we are doing in our outdoor boxes, are extremely popular. We are able to bring out the best of the gym to the outdoors as one example of tackling that. We are also working very hard with bringing out more of our offer. Not only the boxes, but also a lot of our group training occurs outside to offer that. We see this being partly a trend given the pandemic, but we also believe that this will be a very important trend to take care of also in the long run. Other than that, we see also digital developments is key to improve our customer offer as a whole, both by training inspiration, but also digitalizing a lot of the membership to make it easier for the members and load the membership with more value. We tackle this, as I mentioned in the beginning when sharing our mission, we work with an omni-channel strategy to leverage on these trends. We work with operating our gyms and baths in clusters in medium and small-sized cities. We are working heavily with increasing our outdoor impact with the boxes that you see in one of these pictures. We have a plan to currently operate 22 boxes now before summer. We are expecting to increase that further, seeing the great start that we have seen in these boxes. We're also bringing out a lot of our group training, which we see is popular among our members. We also have worked a lot with the Actic Anywhere offer, which is our training app, which gives you inspiration and structure to your training wherever you are. It could be outdoor, it could be at the gym, could be at home. We think that this is also one of the keys going forward to really tie the membership to the Actic Anywhere application that we're working with. Examples of initiatives in this omni strategy. One, we launched Actic Anywhere in quarter four, which then is our training app. We are launching 22 outdoor boxes with continued expansion during the rest of the year. The two boxes that we piloted last year were open throughout the whole winter and spring. We had a plan to close them in mid-November, but we managed to keep them open throughout the whole season based on demand from members. We believe that these boxes are not just something for the summer, but it's something that we will have and operate throughout most of the year. We have also started upgrade programs for our gyms. We have started with two pilot sites, and we are planning to do more sites. We see clearly impact on membership development, customer satisfaction, employee satisfaction, and this is something we believe will also be an important aspect of recovering the member base over time. We're working with strengthening our digital purchase flow, so we launched a new website in quarter one where we have simplified and strengthened the purchase flow. We will continue working with digitalizing that, making sure that it's easier and more convenient to buy memberships or single training opportunities within our offers. We also won the bid for a big bath in Växjö, which we will start operating from June, which is in line with our strategy to combine the gym and bath, and in a cluster, a city, we want to have a bath as part of our offer, which is clearly what we see popular among members. We see the baths that we're able to operate, that are not closed currently, are doing a lot better than the rest of the portfolio. The bath is clearly an important aspect also going forward for us. We're really happy to be able to take over the operations of this bath in Växjö. Digging down a little bit into our financials for quarter one. If we summarize, we have focused on safety, and we have focused on cost control. Number one has been a safe environment for our members and staff. We have had checkups at our facilities, and we have been approved at all of them. We're very grateful for the great job that our team are doing out at our sites, and we're happy that our program is 100% approved by these checkups. We'll continue this job, making sure that we stay true to the corona restrictions and making sure that the gyms are a safe environment for our members and staff. We have decreased the average full-time employee during the whole last year, but also compared to last year's quarter. We have to remember that what we are comparing figures to last year was a strong start of the year. We had the pandemic in the middle of March, impacting primarily, short-term then Norway and Germany. Since then, we have restructured our operations, and we have decreased the number of full-time employees. Already before 2020, we launched an efficiency program to make sure that our operations are more streamlined. We have worked with that throughout the full year and continue to do so, and that includes automatic entrances. We have centralized support to work more efficiently, and we have worked a lot with digitalizing our offer and our operation. We see that whilst we are doing a good job within creating a safer environment, we have been doing well, controlling what we can control, meaning our costs. We are starting to increase investments for the comeback, meaning we develop our digital offer, we develop our outdoor training, and we upgrade our sites to be ready for our members when they want to come back to the gym and rebuild our membership base as fast as we can. We look at some highlights, obviously all of these figures being impacted with the environment we operate in. Our net sales is SEK 140 million compared to SEK 229 million. SEK 39 million of these is from short-term COVID-19 restrictions, meaning closings and freezing of memberships. SEK 32 million of these comes from a lower member base. Having 50% of our sites this heavily impacted, it makes it a little bit challenging to build the member base. We see that sales compared to last year, now current performance are going up, and we are having this as the number one commercial focus is to build back our member base. These are the figures for quarter one. Our EBITDA, SEK 28 million compared to SEK 71 million, and excluding IFRS 16, it's a -SEK 11.5 million compared to SEK 30.4 million. Again, highlighting that January and February in 2020 was really strong months for Actic. We saw a lot of the actions that we worked with throughout 2019 to work more efficiently. However, looking at our cash position, we have a negative cash flow, but we stay with a strong cash position at the end of the period, at close to SEK 130 million. As soon as the member base turns positive again and turns up, that will also boost our cash flow, depending on when the pandemic will ease its grip to our operations. Cash remains strong. Net debt, SEK 356 million, with cash of SEK 130 million and not used credit lines of SEK 77 million. We have, at the moment, a strong cash position, as mentioned. The rolling EBITDA now starts to get heavily impacted by the COVID-19. We have a full pandemic year, and our leverage is above the covenants that we have with our bank. We have a positive dialogue with the bank, and we expect a new agreement with our bank being closed at the end of May at its latest. Short around the development per segments. We see clearly Nordics with Sweden open. Norway, some have opened, some have closed. The membership base at the end of the period is 151,000 compared to 195,000 at the end of last year's period. Germany being closed, and obviously that impacts the profitability clearly. Summing up, starting to sum up. We believe that we are well-positioned to leverage after COVID-19. We have streamlined our operations. We have also accelerated that throughout the pandemic. We have shown that we have good control of our costs. We see that the current level of staffing can continue and is sufficient to support growth in members. We are working different to what we did previously, and we are working much more efficient with better tools than before. Examples are the automatic entrances, which can increase opening hours without increased staffing. Centralized facility management. We have a growing digital offer, and we have a continued growth in outdoor training. We see that, one, the costs are in better control. Two, we have a stronger customer offer than what we had last year. When given the opportunity, we believe that we're positioned in a good way to leverage our offer and costs as a totality. Here is the last two years' revenue and EBITDA, excluding IFRS 16 with its margin. We were able to, last year, even though we had a pandemic, to remain at the same EBITDA as 2019 whilst dropping around SEK 200 million in revenue. What we see ahead is that we're able to keep our current cost level, but of course, hunting back our member base and with that, to drive revenues back to levels they were previously to the pandemic. That's the case, and that's why we feel confident that we're able to leverage a stronger customer offer and a stronger cost control than what we've had previously. It's really tough to put a timeline on this, but this is what we are working towards. Last part in the summary then. Lower cost base combined with post-COVID digital, outdoor, and modern gym growth forms the foundation for strong profitability. Our financial targets remain unchanged, and these are the ones we see here with the growth of 5% organically, additional growth from acquisitions. We strive for an EBITDA margin, which you saw. We believe we have done part of the work to reach. It's about building back the member base. We have a net debt aim of 3.0 so far, and we have a payout ratio of 30%-50% of annual net income as our financial targets. These remain the same as before. No changes here. With that, thanks for listening in. We are now open to take your questions. If there are no questions, me and Anna Eskhult will also be available afterwards. Please feel free to contact us if there are no questions. All right. Thank you so much for listening in again. Wish you a great day. Bye-bye.
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