The American Club 2021/2022 Annual Report

PAGE 47 THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2021 / 2022

Fitness & Leisure

All activities within the Fitness & Leisure departments continued to operate under strict COVID-19 restrictions and smaller group sizes, thus showing a decline in revenue of 12% as compared to FY2021.

Club Services and Youth & Bowling

These services were also affected by safe distancing measures without combo services at the sen spa, resulting in a 2% decline in revenue as compared to FY2021. Youth & Bowling revenue improved in FY2022 with the relaxation of COVID-19 restrictions from March 29, 2022, showing an increase of 8% in revenue over FY2021.

MANAGING COST & EXPENSES

Operating under a challenging environment, Management focused its attention on cost optimization, both in payroll as well as operating expenses.

Actual

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

36,501

33,867

Total Income (Operating Fund) (S$’000)

34,064

27,754

25,570

25,791

28,965

32,041

9,218 25.3%

7,433 21.9%

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

8,155 23.9%

5,592 20.1%

4,695 18.4%

4,751 18.4%

5,163 17.8%

6,419 20.0%

303 19,344 53.0%

252 19,755 58.3%

317 20,211 59.3%

277 19,926 71.8%

280 19,411 75.9%

316 21,702 84.1%

291 19,468 67.2%

270 20,081 62.7%

Number of Full Time Headcount Total Payroll & Bonuses (S$’000) Payroll Costs as % of Total Income

8,084 22.1%

7,410 21.9%

8,109 23.8%

7,285 26.2%

6,953 27.2%

7,617 29.5%

7,953 27.5%

6,702 20.9%

Operating Expenses (S$’000) Opex as % of Total Income