The American Club 2020/2021 Annual Report

27 PAGE

Fitness & Leisure

GYM GENERATED REVENUE AT 67% HIGHER THAN FY2015, PRE-REDEVELOPMENT

Despite Phase 2 (Heightened Alert), all activities within Fitness & Leisure departments enjoyed higher participation rates, resulted in strong performance of 39% above FY2015. The new gym (with bigger space) helped to increase participation rate when Members’ travelling were restricted, generated revenue at 67% higher than FY2015, pre-redevelopment.

Club Services and Youth & Bowling

These services were significantly affected by safe distancing measures with smaller group size, resulted in 21% and 36% decline in revenue as compared to FY2015 under business as usual.

MANAGING COST & EXPENSES

With an ongoing COVID-19 pandemic, Management continued to actively manage expenses:

FY2015

FY2016 FY2017

FY2018

FY2019 FY2020 FY2021

36,501

34,064

27,754 25,570 25,791

28,965

32,041

Total Income (Operating Fund) ($’000) Total Cost of Goods Sold ($’000) COGS as % of Total Income

9,218 25.3%

6,419 20.0%

8,155 23.9%

5,592 20.1%

4,695 18.4%

4,751 18.4%

5,163 17.8%

303 19,344 53.0% 8,084 22.1%

270 20,081 62.7% 6,701 20.9%

317 20, 2 1 1 59.3%

277 19,926 71.8%

280 19, 4 1 1 75.9%

316 21,702 84.1%

291 19,468 67.2%

Number of Full Time Headcount Total Payroll & Bonuses Payroll Costs as % of Total Income

8,109 23.8%

7,285 26.2%

6,953 27.2%

7,617 29.5%

7,953 27.5%

Operating Expenses Opex as % of Total Income

Cost of Goods Sold

We saw some cost pressure due to supply chain disruption as a result of COVID-19. The increase in Cost of Goods Sold was also mainly due to higher wines sales with lower margins.

THE AMERICAN CLUB SINGAPORE