LifeFit Group MidCo GmbH aligns financial year with operating companies and intends to publish additional annual audited consolidated financial statements for 2019

Frankfurt/Main, 13 August 2020 – LifeFit Group MidCo GmbH (the “Issuer”), a LifeFit Group entity, is currently completing filings for registration of change of its financial year-end to 31 October in order to align its financial year with the financial year of the operating companies of the LifeFit Group. Beyond the published audited consolidated financial statements as of 31 October 2019 LifeFit Group will also publish additional annual audited consolidated financial statements as of 31 December 2019 in order to comply with German legal requirements.

Pursuant to the terms and conditions of the EUR 40 million senior secured callable floating rate bonds with ISIN: NO0010856966 issued by the Issuer (the “Bonds”), the Issuer shall prepare and make available the annual audited consolidated financial statements of the Issuer on its website not later than four months after the expiry of each financial year.

The financial year of the operating companies of the LifeFit Group ends on 31 October each year. Meanwhile, the financial year of the Issuer, which was incorporated in 2019 for the purpose of the issue of the Bonds, ends on 31 December each year. The intention was always to align the financial year of the Issuer with the financial year of the operating companies of the LifeFit Group. Hence, an application to change the financial year of the Issuer was filed with and approved by the tax authorities with effect of 31 October 2019. However, it has come to the Issuer’s attention that, due to technical reasons, the registration process was not completed prior to 31 October 2019 and the Issuer’s financial year consequently formally ended on 31 December 2019 and not 31 October 2019.

Annual audited consolidated financial statements of the Issuer for the financial period ended 31 October 2019 were published on 28 February 2020. However, since it has come to the Issuer’s attention that its financial year formally ended on 31 December 2019 the Issuer, in cooperation with its auditors, has decided to promptly prepare annual audited consolidated financial statements of the Issuer for the financial year ended 31 December 2019. These financial statements must be filed in the German commercial register no later than 12 months after year-end and are expected to be made available to all bondholders by 29 September 2020. LifeFit Group does not expect such financial statements to differ in any material respect from the financial figures already published as part of the audited consolidated financial statements as of 31 October 2019 and the unaudited quarterly consolidated financial statements as of 31 January 2020  published on 30 March 2020.

Going forward, the Issuer’s financial year will end on 31 October of each year and quarterly reporting will thus continue on this basis, which will simplify reporting by aligning the filing dates for operating companies and the Issuers. 

ABOUT THE LIFEFIT GROUP

The LifeFit Group is a leading fitness and health platform in Germany, uniting several fitness brands from the boutique, high-value-low-price and premium segments under one roof. The Group is committed to inspire and support its customers to live their best lives through personal, fun and focused health and fitness experiences. Fitness First with more than 60 clubs is the largest fitness service provider of the LifeFit Group and offers a motivating fitness experience including innovative training concepts, relaxation in the form of wellness facilities and 20+ pools. The exclusive Hamburg performance fitness provider elbgym stands for hard training and a strong community, while smile X positions itself in the high-value-low-price segment with a dedicated training area concept for a broad range of customer groups. The boutique fitness concepts of Barry’s Bootcamp, the pioneer of high-intensity interval training indoors, completes the diverse portfolio of the LifeFit Group.

For further information, please contact:

LifeFit Group
Wolfgang Cyriax
Finance Director
Email: Wolfgang.Cyriax@lifefit-group.com