Annual Report 2019-2020

25 PAGE

The improved performance in FY2020 can be summarized with the following key indicators:

FY2019 Q1

FY2019 Q2

FY2019 Q3

FY2019

FY2020 Q1

FY2020 Q2

FY2020 Q3

FY2020

FY2015

Q4 FY2019

Q4 FY2020

364 4,983 0

259 2,855 17,509

365 4,618 1,994

Number of new Membership Entrance Fee (S$’000) Redevelopment Payments (S$’000)

60 760 5,868

64 682 6,486

59 707 2,850

76 706 2,305

128 800 1,281

113 1,558 355

97 1,552 328

27 708 30

As at end

FY2019 Q1 47,967 3,303

FY2019 Q2 39,963 3,303

FY2019 Q3 32,958 3,308

FY2019

FY2020 Q1 26,302 3,320

FY2020 Q2 24,347 3,361

FY2020 Q3 23,157 3,370

FY2020

FY2015

Q4 FY2019

Q4 FY2020

101, 113 3,569

29,385 3,276

22,753 3,316

29,385 3,276

22,753 3,316

Total Reserves (S$’000) No. of Closing Memberships

The Club attracted a total of 365 new Members in FY2020, of which 338 new Members joined during the first nine months and 27 new Members joined in Q4 FY2020, which included the circuit breaker period. This total is 106 more than the 259 new Members who joined in FY2019 and one more than those who joined in FY2015, pre-redevelopment. This significantly higher number of new Members helped to generate entrance fees of $4.62 million in FY2020, an increase of 62% over the FY2019 entrance fees of $2.86 million. As The Club progressed into the final phase of redevelopment, total progress payments made to the contractors and consultants were $1.99 million in FY2020. Coupled with higher entrance fee income, The Club maintained Total Reserves of $22.75 million as at the end of FY2020, fulfilling the mandate to maintain reserves of not less than $20 million through the final completion of the redevelopment. OPERATIONAL REVIEW With the opening of Tradewinds in July 2019, we saw healthy usage trends of 80%-81% for Q1 and Q2, close to the usage of 82% pre-redevelopment. This improved usage resulted in an increase in Club covers and monthly spend. The usage and other key indicators were partially affected by Covid-19 from late January 2020 and then significantly negatively impacted by The Club closure and the circuit breaker from April 2020.

FY2019 Q1 72.7% 62, 130 103,707 464 7,487

FY2019 Q2 74.3% 67,254 115,286 513 5,894

FY2019 Q3

FY2019

FY2020 Q1 80.4% 77,453 146,781 528 8,445

FY2020 Q2 81.8% 82, 117 162,925 638 7,488

FY2020 Q3 76.4% 82,199 151,086 604 7,053

FY2020

FY2015

Q4 FY2019

Q4 FY2020

82.0% N/A 682,282 602 36,501

74.8% 271,110 482,572 512 25,791

70.6% 254,813 484,861 549 28,965

75.9% 68,367 128,014 523 6,076

76.3% 73,359 135,565 546 6,334

44.0% 13,044 24,069 324 5,979

Usage % Club foot Fall Covers

Monthly Spend (S$) Revenue (Operating Fund) (S$’000)

For the first nine months in FY2020, higher membership level, usage and monthly spend resulted in a revenue increase of $3.53 million or 18% and also resulted in a $1.04 million lower GOP (Gross Operating Profit) loss compared to the same period in FY2019. Despite the impact of Covid-19 in Q4, The Club generated total revenue of $28.97 million for full year FY2020, compared to $25.79 million in FY2019, an improvement of 12%.