Sport Life Group

Investors of Sport Life fitness club chain plans considerable growth and investmentsx

April 23, 2014

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Kyiv. April 23. INTERFAX-UKRAINE — SportLife Group of companies, managing the fitness clubs chain of a similar name in Ukraine, opened its second in Dnipropetrovsk and 34th fitness club in Ukraine, said the founder of SportLife group of companies Dmitry Ekimov at a press conference at the agency "Interfax-Ukraine" on Wednesday.

According to the president of EmerginVentures corporation, the investor and official representative of SportLife in Ukraine Rob Masri, the chain plans to open about 56 clubs in Ukraine by the end of 2015.

“I see no reasons for us not to achieve our goals”, he said.

According to R.Masri, in Kyiv there is 0.15 m² of fitness area per person, while in New-York it amounts to some 1m².

“For example, in the U.S. some 17% of the population attend sport facilities, and in Ukraine they are 2.5%. From this perspective, there is great potential for growth of our business”, said Rob Masri.

In his turn Dmitry Ekimov noted that due to the difficult economic situation in the country the implementation of these plans may be delayed. According to him, the chain had to fall back on freezing dividends until 2017, increase of the credit lines, additional financial investment from shareholders.

“We do our best in order that the crisis created additional opportunities for us. No doubt, we are in a better position than the other retailers in Ukraine, because we have no dollar product purchase, we sell the service. Therefore hryvnya devaluation affected us rather in terms of earnings than business opportunities”, Dmitry Ekimov noted.

“We have no loans in Ukrainian banks, no dollar interest, we finance development through equity, and so we are able today to sell monthly subscription only for 800 UAH. We aim not to squeeze the maximum out of the market now, but rather to engage people in fitness with the prospect of the growth of our income in line with the growth of financial wealth of our clients", he added. Besides, during the next 12-18 month the chain will work on improving the energy efficiency of the clubs, in particular, with the involvement of the EBRD.

According to Dmitry Yekimov, by the end of 2014 SportLife planned to open more than 12 clubs, which are now 70% ready and to open two more clubs of the chain in Lviv and Dnipropetrovsk.

"The construction of the third club in Odessa continues, and we hope to finish it in time. In general, we have now more than 18 clubs in construction. We brought equipment for 10 clubs, and will bring the rest when the situation will be settled at the customs", he said.

The first fitness club of SportLife was opened in Kyiv in March 2007.

Besides the capital, the clubs of the chain work in Odessa, Lviv, Cherkasy, Chernivtsi, Vinnytsia, Luhansk, Kherson, Dnipropetrovsk, Kryvyi Rih (Dnipropetrovsk province).

The founder of SportLife group of companies is businessman Dmitry Ekimov.

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