Thank you, Zoe. Good morning, ladies and gentlemen, and thank you for joining us on the conference call today for Viva Leisure's financial results for the year ended 30th of June 2021. I am joined today by our Chief Financial Officer, Mr. Kym Gallagher. Yesterday, after market, various documents, including an investor presentation, were uploaded to the ASX. We will be referring to these today during our presentation. This is Viva Leisure's third set of full-year results since listing on the ASX in June 2019. What a financial year it was. I hope that everyone is doing well and managing during these continued disruptive times to our lives. The agenda for today's presentation, I will provide a quick rundown on the full-year performance highlights. I will then pass on to Kym, who will run through the financial results.
After which, I'll provide some history on the results and how COVID has affected them, both for FY 2021 and so far for FY 2022. I will then provide a very quick overview and update on our different brands and segments before going into some Q&A. At the back of the investor presentation on page 34 is our reconciliation of the profit and loss against AASB 16, which I am sure you're all familiar with. We will not be going through this today. If you have any questions, please contact us directly or feel free to ask a question at the end of the presentation. I'm on slide five. I mentioned this in last year's presentation, however, it's important to mention it again. COVID has again significantly affected the health club industry in FY 2021, as it did in FY 2020.
It has also impacted the start of FY 2022. Further details on the actual impacts will be discussed later in this presentation. Notwithstanding the significant impact for the financial year, Viva has managed to achieve an increase in all key metrics over the previous financial year. The full FY 2021 result is an outstanding result, and I am proud of our entire team of over 1,600 members for what they have achieved. Notwithstanding the impacted start of FY 2022, I believe the business is in an excellent position to capitalize on the foundations we have established over the past year and to continue to grow from here. Viva Leisure has grown from a simple Canberra-based operation to now be the second-largest health club owner in Australia. Moving to slide seven. of the presentation.
A quick high-level summary of the key metrics, which for the year tell us that membership is up 33.8% over the previous year. Our locations increased 45.5% over the previous year. EBITDA has nearly doubled from the previous year with a 97% increase, and revenue has increased 104.8% over the previous year. Moving to slide 8, performance highlights. Revenue for FY 2021 was AUD 83.7 million, increasing from AUD 40.9 million in the previous corresponding period. EBITDA was AUD 11.9 million ex AASB 16, up from AUD 6.07 million in the previous year. This represents a 97% increase from FY 2020. Slide 21 of the presentation, which Kym will go through, has some further details on the impacts of EBITDA post our outlook originally issued on 25th of May 2021. It was great to see EBITDA and revenue essentially doubling from the previous corresponding period.
This reaffirms what we already know in that more Australians are realizing that fitness is essential to their physical, mental, and emotional well-being. Also on this slide are Viva-owned location statistics and consolidated statistics when taking into account the Plus Fitness franchise network. These stats remain unchanged and are confirmed from those presented in our previously bi-monthly update issued last month. Moving to slide nine, operational achievements. There were 115 Viva Leisure-owned locations at the end of financial year. Today, we have 117 locations. The key metric on this slide is that the Australian Capital Territory now represents approximately 40% of Viva Leisure locations around Australia. Previously, over 70% of the portfolio was based in the ACT. Our two key areas of growth focus remain Queensland and Victoria, which for FY 2021 increased locations by 50% and 240% respectively. Moving to slide 10, locations.
A version of this slide was presented in our recently issued bi-monthly update. The addition to this page is the column on the right-hand side, which shows our original budget had forecast 313 locations by the end of FY 2021, and we ended the year with 309 locations. Essentially on target, notwithstanding the disruptions experienced during the year. Moving to slide 11, acquisitions and greenfields. During FY 2021, Viva Leisure opened 36 locations, made up of 21 greenfield locations and 15 acquisitions, of which four were Plus Fitness franchise acquisitions. It is important to highlight the investment during the year in plant and equipment, greenfield rollouts and acquisitions totaled just under AUD 55 million, and Kym will provide some more details on that. This is a significant investment.
The largest investment for us during the year was the acquisition of Australian Fitness Management, the Plus Fitness master franchisor, in August 2020 for AUD 18 million. This investment is more than Viva Leisure has spent in any prior years and helps to build a strong foundation into FY 2022, notwithstanding the slow start due to the lockdowns. I will now pass on to our CFO, Mr. Kym Gallagher, to present the financial results commencing on page 13.
Thank you, Harry, and good morning, all. I'm on slide 13. Firstly, the full-year results presented throughout this presentation are predominantly based on a AASB 16 basis, which is also consistent with the prior year. Looking at the profit and loss. During the financial year, the imposition of mandated restrictions on our clubs and members has again hampered the group's overall results. The continual intermittent, and at times, unexpected shutdowns had the following impacts on the group. It slowed the average time to profitability of our roll-outs considerably, as the new member take-up momentum was continually hampered, and this put continued pressure on the margins as well. The uncertainty made it difficult to plan and execute meaningful cost savings, particularly when the short-term snap lockdowns were then extended, often with only a day's notice.
We were on track to meet our guidance numbers put out in May until we hit the snap closures of clubs across Queensland, New South Wales, and Victoria, which significantly impacted the month of June result. Despite this, we achieved revenue growth of 104.8% over the prior corresponding period. This includes the results of Plus Fitness for the first time and for the bulk of the financial year. The revenue growth excluding Plus, which contributed around AUD 8.5 million of the AUD 83.7 million total revenue, was 84% for the Viva clubs, which is a great top-line result. Operating costs have increased largely due to the impact of 36 additional sites. For example, rent costs alone are up by approximately AUD 12.5 million. The inclusion of the Plus Fitness operations also added nearly AUD 6 million to the cost base for the period of ownership.
The impact of all this is a 97% increase on the EBITDA line, which is a fantastic result. Finally, having invested a large capital works program of the roll-outs and upgrades, the Depreciation and Amortization expense has increased accordingly. In summary, though, the good news is, during the period July 2000 to June 2021, total member numbers have grown by approximately 30,000 members. We have opened or acquired 36 clubs, including two significant acquisitions, the Plus Fitness master franchise and the Pinnacle Group. Performed in line with expectations for the period of ownership on both revenue and EBITDA lines.
During the year, we've rolled out an additional 21 clubs, comprising 10 health clubs and 11 hiit republic . In other words, once we spring from the lockdowns, we have a very robust foundation to build on. We'll discuss this in more detail on the upcoming slides. I'm moving on to slide 14.
On this slide, we can see the revenue journey across FY 2021. In July, we were just coming out of the first significant lockdown period, but we still had restrictions in place. There was still some hesitancy of members to return to the gym. This continued to build into December as member confidence started to return. In the second half, we faced the constant disruption of closed sites, which made it extremely difficult to gain any momentum. What this shows, however, is that moving forward, we have a very strong base of revenue with which to build. Excluding the June lockdowns across the eastern states, we were heading for over AUD 9 million in revenue for the month of June, which equates to an annualized AUD 108 million revenue base. Moving on to slide 15.
As you can see, we had strong compound annual growth rates in both revenue and EBITDA across the period 2016 to 2021, being 35% for revenue and 46% for EBITDA, respectively, including significant revenue and EBITDA growth for this financial year. The EBITDA margin has been impacted for several reasons, the main being that the average time to profitability of our roll-outs was much slower than normal, increasing to more like three to four months in some instances, rather than one to two months as normal. As the new member uptake momentum was continually hampered through the periods of lockdowns. What this means is that we're paying full rental and wages from when we open, but without the supporting members and therefore revenue base.
In addition, the uncertainty made it difficult to plan and execute meaningful cost savings to counter this loss of momentum, particularly when short-term snap lockdowns were then extended, often with only one day's notice. Moving on to slide 16. A quick look at the member growth profile between FY 2016 and FY 2021 shows that we had compound annual growth rate of 62% across this period. This includes the Plus network of franchise members. Excluding Plus members, the Compound Annual Growth Rate is 36.3% across the same period for the Viva clubs. What is also interesting on this period, as Harry mentioned before, is the de-risking of the Viva-owned locations, club, and member base from being predominantly ACT-based. Total members in the ACT as a percentage of the group has now reduced to only 42%, down from around 77% when we Initial Public Offering in 2019.
The hiit republic network also continues to grow, now at 22 sites and with over 5,500 members. Moving on to slide 17. This chart shows the bridge between the FY 2020 member numbers of 94,196 to the final FY 2021 member numbers of 126,006 for the Viva Leisure, and then the addition of the Plus Fitness acquisition and its growth across the period of ownership to bring the total overall membership base to just over 298,000. What each cohort represents in this chart is clubs that were open during the year and their contribution to growth across the current financial year. The exception to this is the 2019 clubs, which includes all clubs for 2019 and prior years. We separately show the numbers for members of acquisitions. For perspective and in percentage terms, the 2019 clubs grew at 9.2%, and the FY 2020 clubs grew at 87.1%.
These are organic growth from roll-outs, i.e., they exclude any clubs acquired in those years. In addition, with the mandated club closures in late FY 2020, we lost significant momentum in our ramp-up of new members, so it's not surprising to see strong growth during FY 2021. Similarly, for our FY 2021 clubs, we added 6,700 members from our 21 rolled-out clubs across the year. In addition, the major acquisition of the Pinnacle Health Clubs, six clubs, added approximately 7,500 members during the year. Moving on to slide 18. Similar to the previous slide, this chart shows the bridge between the FY 2020 revenues and the final FY 2021 results. For perspective and in percentage terms, the 2019 clubs grew at 23.6%, and the FY 2020 clubs grew at 337%.
The reason FY 2020 is so high is that many of the clubs were new and were closed for the last three months of the FY 2020 financial year. As previously mentioned, the good news is Viva Clubs contributed 84% of the total revenue growth out of the 105%. Moving on to slide 19. A strong opening cash balance and a successful AUD 30 million cap rise in December provided us with the opportunity to aggressively pursue roll-outs and acquisitions.
As you will see on the cash flow slide coming up next, approximately AUD 55 million was deployed largely for that purpose. AUD 27 million was spent on acquisitions, and you can see the increase in the intangibles balance, predominantly on the Plus Fitness for AUD 18 million and the Pinnacle Health Clubs for AUD 6.2 million. In addition, plant and equipment assets have increased significantly off the back of acquisitions, roll-outs, site upgrades, and maintenance CapEx.
The total investment in roll-outs for the 21 sites during the year is AUD 15 million. Debt has remained under control with a total of AUD 25.5 million in debt, up slightly from June 2021, and it includes AUD 15.5 million in equipment lease finance and AUD 10.1 million in the Commonwealth Bank of Australia senior facility. I'm on slide 20. Similar comments to the balance sheet regarding the deployment of the opening cash balance and the inflows from the capital raise undertaken in December 2020, where we can see that the significant outflows for the acquisitions and roll-outs. The lease principal reduction line includes the impact of payments of equipment leases and rent payments on our property, less any finance charges. Moving on to slide 21. This slide is a brief summary of the reconciliation of guidance to the final audited results.
Viva provided guidance to the market on May 25th, which discussed the following ranges: revenue range of AUD 81 million-AUD 83 million, trading EBITDA range of AUD 13 million-AUD 13.5 million excluding one-off costs, EBITDA margin of 16.5%-17.5%. The final results showed that we beat revenue guidance despite the unforeseen lockdowns in late May and throughout June. Trading EBITDA finished at AUD 11.95 million, but with one-off costs of AUD 1.1 million and the impact of lockdowns in June estimated at AUD 600,000. This equates to approximately AUD 13.6 million on a trading EBITDA basis. The margin when excluding the one-off costs and lockdown impacts is calculated at 16.2%. Thank you. I'll now hand back to Harry.
Tim. Moving to slide 22, outlook. This section of the presentation provides an insight into the COVID-19 interruptions and impacts during FY 2021 and FY 2022. Moving to slide 23, COVID-19 interruptions. The key information from this slide is to show that during FY 2021, Viva had two out of 12 months where all locations were open. During parts of other months of the year, we may have had locations open, but with significant restrictions and additional cost implications, such as cleaning and COVID marshals. Interestingly, the two months where we were able to trade without restrictions being December 2020 and April 2021, are the two months of the year that have the most public holidays. They still affected the enrollment momentum. Unfortunately, we still have not had 1 full year of uninterrupted trade since listing on the market. Moving to slide 24, interruptions by days.
What this slide indicates is the % of interruptions our facilities have faced since the start of the COVID-19 pandemic. Notwithstanding that this is outside the reported financial year, we thought it was important information to highlight. The way this chart works is that each club is one unit for every day that it was either allowed to open or mandated to close. This takes into account new club openings during the period. For example, if a club opened during the period, noting that we had 36 clubs open during the financial year. Our main market, the ACT, has suffered 11% of days unable to trade since the 23rd of March 2020, when the mandatory government lockdowns commenced. This is the best result out of all the states and territories.
New South Wales has not been permitted to trade for 20% of the period, and Victoria 41%, followed by Queensland at 16%. The start-stop lockdowns caused significant disruption to member enrollment momentum. The good point out of all of this, however, is that when we are permitted to trade and build up momentum, we do see good traction and interest in members getting back into the facilities. What this tells us, as mentioned earlier in the presentation, is that the Australian population considers health clubs as essential to their physical, mental, and emotional well-being. This is further confirmed in our previously issued bi-monthly report, which shows that 11 out of the 12 FY 2021 months had net membership growth, notwithstanding these interruptions that were caused by COVID lockdowns. Moving to slide 25, COVID impacts for FY 2022.
Following on from the previous slide, this slide provides some information on the impacts we have faced during the commencement of FY 2022. Internally, we are forecasting that the New South Wales lockdowns will continue until November, whereas we are optimistically expecting Queensland, Victoria, and the ACT to open for trade from early to mid-September. Obviously, this is a wait-and-see exercise for us. To that end, we have provided a similar chart as presented on the previous slide to show the closure by units and days for FY 2022 year to date. You will note that New South Wales has been closed for 79% of the financial year. Whilst Metro New South Wales has been closed for 100% of the time during this financial year, this number reduces to 79% for our locations, as regional New South Wales was open for a short period of time.
These figures are not very encouraging for the start of the financial year. As at today, we have 99 out of 117 locations unable to trade due to mandated COVID-19 lockdowns, with only 18 locations able to trade, mostly in Queensland. Further to this, we have attempted to provide some guidance for our investors on the financial impact of these closures during the first two months of the financial year. What we are seeing is an EBITDA impact or loss of about AUD 4.2 million for the year. Year to date, that is. This is essentially similar to the cash burn during the period, with full rentals being paid and very little to no income being received from lockdown locations.
Assuming the assumptions on the left-hand side of the slide are correct, and with New South Wales continuing in lockdown until November, as estimated, that will present us with a further AUD 3.6 million cash burn and EBITDA loss. What we are doing to combat this is extreme but is necessary. We have had to temporarily stand down all staff where possible and appropriate. For example, at locations we simply cannot trade. We simply do not have any work for our team at these locations to perform. Secondly, we have put a freeze on all capital expenditure, including our rollouts, until we have some clear air and normality resumes. Thirdly, we have put a freeze on acquisitions that are not already committed. At this stage, we have four acquisitions which we will complete over the next 60 days that are committed, agreed, and signed off.
We have other acquisitions which we simply will need to put on hold for the short term. Preservation of cash is key during this period for various reasons, but most importantly, in the event that our forecasted lockdowns are underestimated and extend for a longer period than we are forecasting. Part of the program of preservation of cash is to work with our landlords to defer rental payments where possible. It is not prudent cash management for us to continue paying our rentals for locations where we have not traded for over two months. We trust our landlords who were receptive to assistance during the past 15 months will again be receptive. We're happy to respond to any questions in regard to this during the Q&A part of our presentation. I'd now like to give a quick update on our brands and segments.
For those investors who follow our bi-monthly update, some of the information won't be new, but there are some interesting takeouts, so we thought it was appropriate. Moving to slide 27, Club Lime health clubs. Our key brand, Club Lime, has continued to grow. We currently have 73 branded Club Lime health clubs in Australia. This makes Club Lime brand the second largest non-franchise health club brand in Australia. This is an excellent achievement. In addition to the 73 branded Club Lime health clubs, we have four other brands totaling 11 other health clubs that are in the process of rebranding to Club Lime. Six of these clubs are Pinnacle, which we acquired in February this year. Subject to when the lockdowns permit us to continue our rollout and acquisition strategy, we still hope to achieve 100 Club Lime locations during this financial year.
To put that into perspective, no other single non-franchise health club brand has ever achieved 100 clubs in Australia. Fitness First peaked at 96 clubs in 2011 before reducing to its current level of 60 clubs today. Achieving 100 clubs is not simply a race for us. It provides us with better operating synergies and will work to cement our position as one of the most recognized health club brands down the East Coast of Australia, which assists us with marketing and member acquisition. Moving to slide 28, GROUNDUP. It was important to bring this slide up early as we see this brand as key to our future growth plans. Our first GROUNDUP location in Belconnen opened in the first week of July 2021. In the first six weeks of trade, we have secured over 400 members, with an average yield of nearly AUD 50 per week per member.
This is over 3x the average revenue per member of our health clubs. What we have also seen is that 60% of the membership base are existing members upgrading their membership to include GROUNDUP. We consider these members loyal to our brands and concepts. These additional 250 members provide the group with an additional AUD 300,000 of annualized revenue from their upgraded membership. More importantly, provide these members with a unique membership offering, which is unable to be replicated by any single operator in Australia. We have also seen nearly 170 members join our first GROUNDUP location, completely new to our brands, and this is also encouraging. The second location for GROUNDUP has been secured and is currently in planning, and the third location is currently under negotiation.
Once this concept is refined in the ACT, we will start to roll it out together with our hiit republic locations across the existing Club Lime network around the east coast of Australia. GROUNDUP locations can also operate independently and do not require a hub-and-spoke configuration, and this is something that we will continue to test. For reference, these locations cost to build approximately AUD 400,000 in fit-out due to the nature of the fit-out and the yoga and Pilates theme, and a further AUD 200,000 in equipment, mostly Pilates beds. This particular location is currently run rating at AUD 950,000 of annualized income in just six weeks of trade. What is also important to highlight is that this particular initial location utilized existing health club space, which we repurposed in Belconnen ACT, so no additional rental charges in that regard.
The location is completely independent of the health club in terms of entry, design, and facilities, but shares the same building. We are extremely excited what the GROUNDUP concept has achieved in such a short period of time, and we look forward to how that can positively affect our average revenue per member and retention as the brand grows and members upgrade to this offering. Moving to slide 29, hiit republic . Our hiit republic concept has gone from strength to strength. Over the FY 2021 year, we increased locations from 13- 22. At the same time, increased the average members per club from 270- 276. To put that into perspective, an additional six members per club over 22 clubs provides us with an additional AUD 220,000 of EBITDA, as there are no additional costs to support these additional six members.
As the portfolio grows and as we continue to increase the average members per club, this will continue to grow. As these clubs matured, we have also been able to crack the magic 50% four-wall EBITDA margin, and these clubs are now trading on average at 50.6% EBITDA margin. Moving to slide 30, Fit n Fast. This will likely be our last update for Fit n Fast as we plan to retire the brand as soon as the last two locations are rebranded. To remind investors, we acquired 13 locations in February 2020, just before COVID hit. 11 locations have been rebranded and upgraded as part of their transition to the Club Lime brand. Focusing our attention now on the Pinnacle brand.
As mentioned in our previous updates, we have not yet commenced the migration of this brand to the Club Lime brand, as we wish to operate with a watch-and-learn approach to understand any benefits from the Pinnacle acquisition we may have been able to duplicate in the existing Club Lime network. In addition, the Direct Debit facility was contracted and was not able to be migrated any earlier. This is one of the main synergies available to us. We now expect the Direct Debit facility to generate savings of over AUD 250,000 per annum for the group once migrated to Viva facilities. This migration is now expected to occur in or before November 2021, at the latest within the contract with the current provider expires. Moving to slide 31, Plus Fitness.
As mentioned in our bi-monthly updates, Viva Leisure is now the owner of four Plus Fitness locations as at the 30th of June 2021, and five locations as at today. We expect to settle on one more location later this month and one the following month. These have been slightly delayed further due to the New South Wales lockdowns. There was no real benefit for us to acquire these locations when we simply could not trade. From the Australian Fitness Management perspective, the master franchisor of the Plus Fitness network, we have also implemented some changes. I now introduce you to The Collective group. The Viva board took into consideration feedback from franchisees. That feedback centered around the sharing of information between Viva operational staff and Plus Fitness operational staff.
To keep both teams separate, we recently introduced a new independent board to manage the franchising division of Viva Leisure. This is where the Chain Collective group comes in. Chain Collective is 100% owned subsidiary of Viva Leisure. It has a majority independent board, handpicked after an extensive recruitment process. The board comes with extensive fitness franchising experience, with Arthur McColl, an experienced Non-Executive Director and executive who has worked in Europe and Australia in fitness, and in particular, franchising of fitness brands. He's supported by experienced NED Peter McGregor and myself as the Viva Leisure representative. Chain Collective group has a simple mandate. That is to grow the franchising division of Viva Leisure with the introduction of new concepts, brands, and to grow the Plus Fitness network in line with previous expectations.
Gordon Martin, who we introduced a few months back, now reports directly into the Chain Collective group board. This concludes the presentation part of the investor call. It is important to highlight that notwithstanding all the doom and gloom about COVID and how it has significantly impacted this business, we still managed to double EBITDA from FY 2020 to FY 2021. We have continued to build a strong base so that when we do get clean air and able to trade in all locations, we know the business will start to exceed even our expectations. What is evident, and as highlighted in our presentation, is that Australians understand the importance of health and fitness. It simply is not possible to find an individual that does not value their health and fitness or does not want to be healthy.
What we are seeing with members quickly returning to our facilities by way of enrollments and visitations is not limited to Viva Leisure in Australia. As can be seen from our listed peers in the United Kingdom and the United States, as well as those listed gym groups in Europe, the return to health club membership is peaking and returning at a much faster pace than it did prior to the pandemic. This is occurring all over the world. I'm confident in our strong product and service offering, and believe in our unique position of having first-mover advantage, as well as currently being the only consolidator in the highly fragmented health club market. We will continue to capitalize on both these strengths moving forward. We would now like to open up for any questions.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Nick McGarrigle with Barrenjoey. Please go ahead.
Good day, guys. Just a question around the current environment, which is challenging with lockdowns. Can you talk about, I guess, the capital position of the business, what kind of commitments that you've got on greenfields and acquisitions that can't be avoided, and how you think about the balance sheet evolving over the next six months, which I guess is likely to see these lockdowns continue for at least the next couple of months?
Yeah. Thanks, Nick. I'll take the first part of the question. Kym can talk about the rest. We have sites committed, as we have previously advised in our bi-monthly update. Those sites are in different stages of commitment, i.e., heads of agreement signed, lease assigned, development applications in. We're still forecasting to continue to roll out some of these sites. We are slowing down that rollout between now and Christmas to see how it goes, and obviously look at preserving cash. Those that have commenced fit out, we're still continuing with those. I think there's three or four of those that will likely open between now and Christmas. They've been in different stages of opening, and taking into account the cash preservation strategy that we're looking to implement. I'll pass on to Kym for the next part of that question.
Okay. Thanks, Nick, and thanks, Harry. Obviously, we've modeled out some sensitivities around the ongoing COVID impacts. The results that we have prepared. Obviously, we've taken as the base case the numbers that we've included on slide 25 of the presentation, which talks about closures of ACT, Victoria, and New South Wales, and New South Wales going out to November. We've modeled some sensitivities around that and probably taken an even more conservative approach. i.e., what happens if ACT is shut for another one month and New South Wales doesn't open until Christmas? We prepared, obviously, a financial forecast and then the cash flows that fall out of the back of that. We're quite comfortable that even by the end of the financial year, we'll be okay from a cash balance perspective.
These estimates that we've done also include paying full rentals for the year. In other words, if we manage to discuss with landlords or defer some rental amounts in the next couple of months, that they will be caught up by the end of the financial year. Secondly, it includes continuing to pay the full lease and debt repayment. We've modeled all of that in. To further bolster the cash position, we've got some options with our lenders who we're anticipating speaking with this week, which include potentially a moratorium on lease payments and debt payments, which would be in the order of probably AUD 0.5 million a month. Implementation, potentially of an emergency overdraft facility if we needed it. Bearing in mind, they offered us this in March, April, May, and June of 2020 once we hit the first major lockdown COVID period.
There's no reason to expect they will not re-offer it, as no doubt there's a lot of businesses in the same situation we're in. It's not something, as I said, that we need, but if the bank have it available to us, it's always helpful to know that you have that backstop. Also, we'll look at potentially increasing the level of our borrowings against the acquisitions that we've obviously undertaken. The modeling at the moment assumes that we pay cash for 100% of the committed acquisitions that we've got in front of us, and cash for the rollout. In other words, accepting no equipment finance and going into further debt. We'll obviously discuss that with them, and again, that will improve the cash position.
In addition, as Harry mentioned before, we'd look at talking with our landlords and potentially deferring the rental payments in the lockdown site. From that perspective, we can weather the storm with a certain degree of comfort out till the end of the financial year from a cash perspective. I guess it just depends on the erratic nature of the various state premiers as to how long we remain in lockdown. I think it's important to note that our last month of the financial year in June, if we hadn't have had the lockdowns, we were heading for AUD 9 million worth of revenue. I mentioned that as part of one of the slides. If you consider that we were trading around about, at that point, somewhere between a 16%-18% margin.
We're talking coming out of the blocks, once all the lockdowns stop, of hitting about AUD 1.5 million- AUD 1.7 million in EBITDA for the first month of full reopening. That's just on the basis of the existing sites. In addition to that, the rollout sites that we did across the year, we had 21 of them. Looking at the May results, which was the last full month of trade for all of those lockdown sites, we were generating just above break even. We're a small profit on a collective basis across all of those greenfield sites. They are ready right now to start contributing some meaningful revenues and profits from the minute that we open up. On the basis of, as I said, AUD 9 million was the run rate at June.
We've got greenfield sites rolling out, sorry, starting to come into profitability, which will start to increase revenue and therefore EBITDA. We've got options to talk to our banks to make sure that they'll look after us. In addition, we can talk to our landlords. From both the profit perspective, it's, as I said, completely going to be determined by when the state premiers decide that we can open up. From a cash flow perspective, we believe that we can weather the storm out for many months to come.
Yep. All right. That seems fair. Have you had any initial discussions with landlords about rental abatements? Is that something that you think is likely? Or not abatements, but actually rental discounts commensurate with the reduction in revenue?
Harry, do you want to take that one?
We haven't started discussions with landlords yet. We just wanted to get this result out. We're up to date with all our rentals, we don't need any assistance at the moment. We'll start to talk to them from this week. There's no reason they won't share the pain, as they say, as they've done over the last 15 months, and assist with deferred rentals. We're confident we can get something out of that.
Cool. Then in terms of leverage on the way out of this, what's going to be a challenging FY 2022. What's the sort of greenfield and acquisition pipeline look like for FY 2022? I guess you'll be trying not to spend more cash than you've already got committed. There was obviously a target prior to this recent round of lockdowns of 68 clubs a year between the acquisitions and greenfields and buybacks. Do you think that that's maintainable into FY 2023? How many do you think you'll get done in FY 2022?
If FY 2023 is a clean year where we've got 12 months of trade without lockdowns, we're confident we can reach those numbers. That's the numbers we forecasted previously. FY 2022 purely depends on what opens and when it opens. If ACT opens, that returns a large chunk of our monthly revenue, and we trade really well. If ACT is delayed, it affects that, being 40% of our locations and 42% of our members. When we started to model it, there's just so many variables that come into play. It's difficult for us to pinpoint a number now and go, "Oh, we're going to open 20 locations this year," because we don't know when we can actually start opening properly again due to these restrictions.
Yeah. Okay. In terms of just the progress of GROUNDUP, do you think the runway for that could be similar to a hiit republic in terms of where they consider, or is it potentially bigger than that, given you don't feel like they need to be in between sort of full-service gyms in order to build membership?
You fit more people into a GROUNDUP studio, so you don't need as many of them generally. I don't think the rollout will be the same. For example, I think we have nine or 10 hiit republic in Canberra, but we would probably only put four GROUNDUPs in Canberra into perspective. People will travel for that type of unique experience more than they will the hiit republic , which they prefer closer to their more convenient access.
Cool. I might let someone else ask some questions, and then I'll come back otherwise. Thanks.
Thanks, Nick.
Thank you. Your next question comes from Nick Basile with Petra Capital. Please go ahead.
Hi, Harry. Hi, Kym. A couple of questions from me. The first one just on the CapEx you invested over the last year across acquisitions and greenfield. There was a bit of a step up between FY 2020 and FY 2021 in terms of that. Could you give us a sense of what drove that, particularly on the rollout side? I think it was AUD 17 million-AUD 27 million.
The CapEx spend for the year, it was around AUD 27 million as calculated in the cash flow statement. The rollout portion of that was about AUD 15 million. When you consider that there were 21 sites open, AUD 15 million seems reasonable based on everything we've always said about the cost of rolling out sites. The difference there is that we didn't take on too much lease finance. We paid a lot of cash for most of the rollout program simply because we had significant amounts of cash on the balance sheet. On that basis, we took, I guess, the more conservative approach and rather than having the lazy balance sheet approach, we actually paid cash for most of these rollouts. Included out of that AUD 27 million, we obviously had upgrades, in particular, the Fit n Fast locations.
Certainly with every acquisition that we undertake, while generally they're walk-in walk-out operations, we do tend to spend probably AUD 200,000 on each site just refreshing the cardio equipment in particular. That equated to in the order of probably AUD 7 million or AUD 8 million as well. That gets you to AUD 22 million, and the remainder of that was acquired plant equipment through the acquisitions. We actually took them onto the balance sheet. That gets separated out. That was AUD 2 million, and the rest is maintenance CapEx throughout the remainder of our sites. That was kind of what the CapEx profile looked like for the financial year.
Okay, great. A follow-up to the question earlier on, I guess, discussion with landlords. Can you give us a sense of what sort of time frames were accepted last, I guess, COVID outbreak in terms of months deferred or anything like that? As a bit of a way to frame perhaps the discussions you would be having next week and beyond.
It's all going to depend on how long it's locked down for. As mentioned, we're up to date with all rentals. If New South Wales continues to lock down for three months, we'll ask for a deferral of those three months as an example. Once we are able to trade, the tap turns on, the revenue starts to flow. We don't need to defer any more past that. Those discussions with landlords will be centered around how long we are locked down for, and for that period of time, we want to defer those rentals over the next 12 months, for example, in equal installments.
Okay, great. Final one. It's a very good start in terms of the rollout of GROUNDUP, and hiit republic continues to perform well sort of two years or so after launching. How has the success of those formats changed or altered any of your thinking around the rollout strategy going forward? I heard you sort of talk to the fact that you won't need too many GROUNDUPs in ACT because there's a lot more people go to them. Is there any other color on the success of those formats and the overall sort of rollout strategy that you could talk to?
Rather than try and fit the concept into an area, we work the other way generally with our rollout. We determine we want to enter this area, or we need to supplement an existing club in a particular region, and we work out which concept best fits in there. We don't work the other way and say, "Oh, we need to put 10 new GROUNDUPs. Where are we going to put them?" It works the other way, where we're saying, "Well, that club has that type of demographic member which suits the same demographic as GROUNDUP." It makes it ideal to put a GROUNDUP next to that one. It suits to put a hiit republic next to that one. Whether it's more female-orientated or male-orientated or age groups, whatever.
It's not for us about, "Oh, let's roll out 10 of these and pick a dot on a map." It's more about strategically looking at what club or clusters of clubs are doing well, and we can supplement that even more because we have good brand awareness and good brand support.
Yeah, great. No real change to the philosophy and strategy despite that success. I'll leave it there so for others.
Thanks, Nick.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from James Redfern with Moelis Australia. Please go ahead.
Hi, guys. Just two from me. Just at a high level, you've given us the revenue impact for FY 2022 to date and across the states for the days closed. Can you give us just a sense of, given the different maturities of clubs across those states, what would be the ranking in terms of the biggest impact to revenue from mature clubs? Obviously that expectation when the lockdown reverses that they could bounce back the quickest. Do you have a sense for that just at a high level?
Yeah. It's the ACT. The ACT is the key market for us. Once that reopens. I mean, we have 10% of the population in the ACT are members of ours. One in 10 people uses our facilities. That's why it's key for us for that market to reopen. The current lockdowns in the ACT are scheduled to end on the 2nd of September. Whether they get extended is unknown, but that's the key market for us. That's where our most mature clubs are, and that's where 42% of our members are.
Okay, perfect. Just looking at expansion across other states, W.A. is obviously your second-biggest Plus Fitness franchises. Is there any view to move other brands across to W.A.? Is there an opportunity there for that state?
We have looked at W.A., but we've got enough opportunities in front of us down the eastern side, especially in Victoria and Queensland, that for us to go into W.A., we would need to potentially make an acquisition that gave us five, six, seven sites straight away, something like that, to put the infrastructure in there with area managers and stuff. For us, the focus is still in Victoria and Queensland, where there are lots of opportunities for us. While W.A. is on our radar, I don't think it's a priority for us at the moment.
Okay, no worries. Just following on from Nick's question, just looking forward to this half of maintenance CapEx, more associated around refits and new equipment, are you able to quantify what was probably scheduled for the first four to six months? Do we expect that to be pushed into the second half, so we see an incremental step-up from deferred CapEx in the first half?
Yeah. A lot of it will be pushed, but I'll get Kym to take that one.
Yeah. I was about to say. Look, I guess one of the silver linings in having clubs closed is that no one's using your treadmills, right? Ultimately, any planned maintenance CapEx, and when I say planned, a lot of it is ad hoc in nature. If something breaks, it gets replaced. In a general sense, we typically use the depreciation cost of the equipment as a proxy for maintenance CapEx across any year. Over the last couple of years, we've found that we've been able to really slow down the maintenance simply because of the lockdown. From that perspective, we're tools down on maintenance CapEx at the moment. There doesn't appear to be anything that needs urgent replacement at this stage. Again, we'll probably reassess this on every second month to see where we sit.
At the moment, it's tools down on maintenance CapEx as part of the cash preservation strategy.
Okay, brilliant. Final question from me, I didn't notice any, but is there any update you can give us on the Plus Fitness dispute with some of the franchisees there?
Yeah. As we just put out in the presentation, there's no claim being filed. We're still in discussions with them. One of the concerns that we heard was the access to operational staff being shared across the brands, and that's why we implemented the chain collective group concept. The situation is exactly as it was back in April when the Australian Financial Review published an article that some franchisees weren't happy, and they were considering lodging a claim within 30 days, and nothing's happened in that time.
Brilliant. Thanks, guys. Appreciate it.
Great. Thank you.
Thank you. There are no further questions at this time. I'll now hand back to Mr. Konstantinou for closing remarks.
Thank you everyone for attending the Viva Leisure FY 2021 results conference. We appreciate your continued support and look forward to speaking with you all over the next few days. Please reach out to Kym or myself if you have any questions in the meantime. Thank you.