MANAGEMENT COMMITTEE INTRODUCTION 2020 was an unprecedented and challenging year as the global COVID-19 pandemic not only affected the economy but also altered the way we live. With the circuit breaker, from 7 April to 18 June 2020, the Club had to shutdown for more than two months. For the first time in Chinese Swimming Club’s history, operation of the Club was put to a halt and it only resumed progressively from 19 June 2020. Reported by: MR EDWIN LEE Club President
As members were unable to utilise Club facilities, Management Committee urgently put together a comprehensive package that waived subscription fees and food & beverage (F&B) levies for two months. Expiry of F&B levies was extended to December 2020 to allow members a longer use period. Section fees for all activities were also suspended.
HIGHLIGHTS OF THE YEAR Despite the loss of revenue from waiver of fees, decline in rental income and a drop in fruit machine contributions, the Club managed to achieve Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of $2.48M, a 27% decline from 2019. After accounting for Fair Value gains from our Bond investment, the Club ended the year with a total comprehensive net loss of $669k for the financial year. Free cashflow remained positive at $2.1M. The Club’s F&B outlets, which includes the newly created Mingle@ Amber, saw a 25% decline in revenue. This was of course due to the temporary closure of the Club as well as the reduction in seating capacity at the outlets following the implementation of the safe management and distancing measures. The main F&B highlight of the year was the opening of Mingle@Amber on 1 February 2020. Conveniently located at the Arrival Pavilion, Mingle@Amber provides an alternative dining venue and experience for members to meet, relax and chill, and has received much positive feedback from members. Major events such as the yearly Open House, Family Day and Cinema Alfresco had to be shelved due to strict safe management restrictions by the authorities. However, with the continued support from members in referring friends and associates via the MemberGet-Member scheme, the Club managed to attract a total of 151 new members through transfers and achieved a net income of $703,500. The membership promotion drive which extended $1,000 worth of spending credits and F&B vouchers to newly joined Ordinary and Associate Members greatly helped market Club memberships despite the economic downturn. For Sports, members and trainees continued to be actively engaged through online activities, training sessions and social media platforms. Once Phase 2 commenced and facilities were opened progressively, training sessions resumed seamlessly with safe management and distancing measures in place. Credit must be given to the sports administrative team and service staff for all their hard work in ensuring a smooth transition. There has been a surge for the year-end training programmes as members postponed all travel plans in view of global travel restrictions. The respective Sub-Committees and the management team have lined up the calendar with exciting events to be rolled out once the authorities ease the safety measures for swimming meets and other sporting events.
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ANNUAL REPORT 2020
