INTERIM FINANCIAL RESULTS · interim results for the six months ended 30 june 2016 3 headline...
Transcript of INTERIM FINANCIAL RESULTS · interim results for the six months ended 30 june 2016 3 headline...
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 1
INTERIM FINANCIAL RESULTS for the six months ended 30 June 2016
Accelerated growth – ACADEMIC EXCELLENCE
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Financials
Strategy
Acquisitions - Oxbridge and Capsicum
Prospects and Targets
Questions
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 3
HEADLINE EARNINGS
66,5 71,581,2
104,4
189,6
2012 2013 2014 2015 2016
0
50
100
150
200
R’m
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 4
NORMALISED EARNINGS
67,5 72,282,5
109,2
165,4
0
50
100
150
200
2012 2013 2014 2015 2016
R’m
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 5
EXCELLENT RESULTSPerformance at a glance
Revenue
28%
Trading
operating profit
33%
Normalised earnings
per share
24%
Interim dividends
per share
13.5 cents
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 6
EXCELLENT RESULTS
Total enrolment
2016: 54 200
13%2015: 48 053
School enrolment
2016: 25 062
6%2015: 23 721
Education sites
2016: 101
52015: 96
Tertiary full-time enrolment
2016: 29 138
20%2015: 24 332
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 7
2012 2013 2014 2015 2016
0
600
1 200
1 800
GROUP REVENUE
R’m
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 8
GROUP TRADING OPERATING
PROFIT
2012 2013 2014 2015 2016
0
50
100
150
200
250
300
350
R’m
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 9
GROUP TRADING OPERATING
MARGIN
2012 2013 2014 2015 2016
0%
5%
10%
15%
20%
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 10
2012 2013 2014 2015 2016
0
100
200
300
400
500
600
700
Cash generated from operations Cash from operations (after working capital)
CASH FLOW GENERATION
R’m
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS REVENUE
R’m
11
0
100
200
300
400
500
600
700
800
900
2012 2013 2014 2015 2016
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 12
SCHOOLS OPERATING PROFIT
2012 2013 2014 2015 2016
0
50
100
150
200
R’m
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 13
SCHOOLS OPERATING MARGIN
2012 2013 2014 2015 2016
0%
5%
10%
15%
20%
25%
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
TERTIARY REVENUE
R’m
14
0
100
200
300
400
500
600
700
2012 2013 2014 2015 2016
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 15
TERTIARY OPERATING PROFIT
2012 2013 2014 2015 2016
0
30
60
90
120
R’m
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 16
TERTIARY OPERATING MARGIN
2012 2013 2014 2015 2016
0%
5%
10%
15%
20%
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 17
RESOURCING REVENUE
0
50
100
150
200
250
2012 2013 2014 2015 2016
R'm
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 18
RESOURCING OPERATING PROFIT
0
5
10
15
2012 2013 2014 2015 2016
R'm
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 19
RESOURCING OPERATING MARGIN
2012 2013 2014 2015 2016
0%
5%
10%
15%
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 20
REVENUE
53%39%
8%
50%
36%
14%
Schools Tertiary Resourcing
2015 2016
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 21
OPERATING PROFIT
63%
31%
6%
60%
37%
3%
Schools Tertiary Resourcing
2015 2016
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 22
Well managedStrong emphasis
- collectionsMindful of consumer
• Schools below 1% of revenue
• Tertiary average 4% of revenue
• Bad debt levels remain consistent
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Financials
Strategy
Acquisitions - Oxbridge and Capsicum
Prospects and Targets
Questions
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 24
Innovation
> Business Process
> Product / Market
Development
Africa
Customer Focus
> Easy to do business with
us
> Understanding needs
Academic Excellence
> Teaching & Learning
> Benchmarking our
performance
> Learning analytics
> International & Employer
recognition
Growth
> Organic and Acquisitive
> Channel
> Product
> Segment
> Geographic
RISK MANAGEMENT
RE
GU
LAT
ION
ST
EC
HN
OLO
GY
ECONOMY
RE
PU
TATIO
N&
STA
FF
DESTRUCTIVE TAKEOVERBEE
Human &
Capital
Productivity
Excellence through
Specialisation
> Niche market focus
> Benchmarking
> Database
development
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 25
Innovation
> Business Process
> Product / Market
Development
Africa
Customer Focus
> Easy to do business with
us
> Understanding needs
Academic Excellence
> Teaching & Learning
> Benchmarking our
performance
> Learning analytics
> International & Employer
recognition
Growth
> Organic and Acquisitive
> Channel
> Product
> Segment
> Geographic
RISK MANAGEMENT
RE
GU
LAT
ION
ST
EC
HN
OLO
GY
ECONOMY
RE
PU
TATIO
N&
STA
FF
DESTRUCTIVE TAKEOVERBEE
Human &
Capital
Productivity
Excellence through
Specialisation
> Niche market focus
> Benchmarking
> Database
development
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 26
Innovation
> Business Process
> Product / Market
Development
Africa
Customer Focus
> Easy to do business with
us
> Understanding needs
Academic Excellence
> Teaching & Learning
> Benchmarking our
performance
> Learning analytics
> International & Employer
recognition
Growth
> Organic and Acquisitive
> Channel
> Product
> Segment
> Geographic
RISK MANAGEMENT
RE
GU
LAT
ION
ST
EC
HN
OLO
GY
ECONOMY
RE
PU
TATIO
N&
STA
FF
DESTRUCTIVE TAKEOVERBEE
Human &
Capital
Productivity
Excellence through
Specialisation
> Niche market focus
> Benchmarking
> Database
development
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 27
Innovation
> Business Process
> Product / Market
Development
Africa
Customer Focus
> Easy to do business with
us
> Understanding needs
Academic Excellence
> Teaching & Learning
> Benchmarking our
performance
> Learning analytics
> International & Employer
recognition
Growth
> Organic and Acquisitive
> Channel
> Product
> Segment
> GeographicExcellence through
Specialisation
> Niche market focus
> Benchmarking
> Database
development
RISK MANAGEMENT
RE
GU
LAT
ION
ST
EC
HN
OLO
GY
ECONOMY
RE
PU
TATIO
N&
STA
FF
DESTRUCTIVE TAKEOVERBEE
Human &
Capital
Productivity
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 28
Innovation
> Business Process
> Product / Market
Development
STRATEGIC IMPERATIVES
Africa
Customer Focus
> Easy to do business with
us
> Understanding needs
Academic Excellence
> Teaching & Learning
> Benchmarking our
performance
> Learning analytics
> International & Employer
recognition
Growth
> Organic and Acquisitive
> Channel
> Product
> Segment
> Geographic
RISK MANAGEMENT
RE
GU
LAT
ION
ST
EC
HN
OL
OG
Y
ECONOMY
RE
PU
TATIO
N&
STA
FF
DESTRUCTIVE TAKEOVERBEE
Human &
Capital
Productivity
Excellence through
Specialisation
> Niche market focus
> Benchmarking
> Database
development
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 29
OUR BRANDSS
CH
OO
LST
ER
TIA
RY
RE
SO
UR
CIN
G
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SCHOOLS DIVISION
20% Revenue to R822 million
25% Operating Profit to R164 million
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 31
SCHOOLS DIVISION
1 728matrics
3 137total distinctions
2 average
distinctions/candidate
Government
NSC
ADvTECH
NSCIEB
ADvTECH
IEB
ADvTECH
Group
Matric pass rate 71% 99% 98% 99% 99%
10 distinctions
3matrics
9 distinctions
11matrics
8 distinctions
32matrics
7 distinctions
51matrics
6 distinctions
56matrics
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS DIVISIONCrawfordSchoolsTM
Every child a masterpiece
• Outstanding academic reputation
• Contemporary education
• Extensive subject choice
• International benchmarking
• Ivy league alumni
20schools
89%existing
built capacity utilised
84%ultimate
capacity utilised
32
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS DIVISIONCrawfordSchoolsTM
USA College Visits
Tuesday 13 September 2016
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS DIVISIONTrinityhouse
An education beyond expectation
• Christian ethos
• Traditional values
• Excellent growth
• Focus on academics, sports & culture
13schools
78%existing
built capacity utilised
44%ultimate
capacity utilised
34
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS DIVISIONAbbotts College
Your Future, Our Passion
• Recognise individual needs
• Specialised methodology
• A unique solution for students who struggle in a
traditional environment
• Incredible results, not previously anticipated
6schools
75%existing
built capacity utilised
68%ultimate
capacity utilised
35
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS DIVISIONJunior Colleges
Building the world, one child at a time
• Early childhood development
• International curriculum
• Safe, secure, stimulating environment
8schools
70%existing
built capacity utilised
67%ultimate
capacity utilised
36
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS DIVISIONCenturus Colleges
Preparing enlightened minds for life
• Holistic educational experience
• Strong academics, sport and culture
• Development of weekly boarding concept
9schools
87%existing
built capacity utilised
70%ultimate
capacity utilised
37
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS DIVISIONMaravest
Investing in the Education of our future (Maragon)
Building the life of a child (Charterhouse)
• Strong Christian focus
• Traditional values
• Varied curriculum
• Focus on academics, sports & culture
14schools
81%existing
built capacity utilised
61%ultimate
capacity utilised
38
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
SCHOOLS DIVISIONADvTECH Academies
• Community based schools
• Affordable education
• Core academic offering
11schools
84%existing
built capacity utilised
59%ultimate
capacity utilised
39
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TERTIARY DIVISION
20% Revenue to R593 million
57% Operating Profit to R100 million
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 41
CONTACT HIGHER EDUCATION
VALUE PREMIUM NICHE
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 42
HIGHER EDUCATION
Higher educationDistance education
Training
Contact
VALUE PREMIUM NICHE
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 43
TERTIARY DIVISIONEnd Feb 2016
7brands
20registered sites
29 138Full-time students
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 44
TERTIARY DIVISION
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 45
TERTIARY DIVISION
South Africa's leading private higher
education institute
Our registered academic authority:
• Develop & submit qualifications for accreditation
• Assess, monitor and develop academic and
lecturing staff
• Oversee assessment
• Confer degrees
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 46
TERTIARY DIVISIONThe IIE
THE IIE IS THE ONLY
SOUTH AFRICAN EDUCATIONAL
INSTITUTION
ACCREDITED BY
THE BRITISH ACCREDITATION
COUNCIL (BAC)
• Curricula relevant to the modern world of
work
• Innovative and supportive teaching
methodologies
• We focus on building student careers
• 4 faculties
• 60 + accredited qualifications
• 11 accredited distance qualifications
• 5 new qualifications
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 47
TERTIARY DIVISIONGrowth
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
TERTIARY DIVISIONStudent success
3 359 Students graduating
2 924 Graduates placed in 1st jobs through the Graduate Placement Programme
48
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 49
TERTIARY DIVISIONRosebank College
• Affordable
• Quality, high demand qualifications
• Employability
• Digitally enabled
• Blended learning
• Enrolments: 418 students
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 50
TERTIARY DIVISIONVEGA
• Vega’s mantra – wisdomwithmagic
• Qualifications in brand building,
creative communication and media
• High industry credibility and
reputation
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 51
TERTIARY DIVISIONVarsity College
• Premium brand
• Applying the best of teaching and
learning methodologies
• Student-centric approach
• 4 Schools:
• Humanities
• Commerce
• Social Sciences
• Information Technology
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 52
TERTIARY DIVISIONBusiness School at Varsity College
• Short learning programmes
• Part-time study
• Adult learning – theory and practical
application
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 53
TERTIARY DIVISIONForbes Lever Baker
95%pass rate for 2015
SAICA ITC board
exam achieved by
CTA students
• Premier tuition support provider for
accounting qualifications
• Superb pass rate
• Top CTA level 2 student in 2015
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 54
TERTIARY DIVISIONThe Design School of Southern Africa
• Education in design – graphic,
fashion and interior
• Vocational preparedness via
academic excellence and industry
experience
• Inspirational, adaptable and
innovative learning environment
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 55
TERTIARY DIVISIONEnrolment Growth: Full Qualifications
17 210
20 113
24 332
29 138
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
2013 2014 2015 2016
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RESOURCING DIVISION
116% Revenue to R224 million
Operating Profit to R9 million30%
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 57
RESOURCING DIVISION2016
12brands
28branches
3 7592015 placements
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 58
CALIBRE AND QUALITY OF OUR
PEOPLE
Our intellectual capital and our skills are our greatest assets
44%of staff are
professionally qualified
44 Doctorates
421Masters degrees
593Honours degrees
1 334Degrees
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 59
INTERNATIONAL FINANCE CORPWorld Bank Group
R190mShare issue
R130mAcquired in market
R320mInvested in ADvTECH
+=
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 60
INTERNATIONAL FINANCE CORPWorld Bank Group
• Support our expansion strategy in Africa
• Their mandate – Invest and develop in Africa
• Benefits:
• Existing footprint in Africa
• Established relationships with private and
government
• Local market knowledge
• Credibility
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Financials
Strategy
Acquisitions - Oxbridge and Capsicum
Prospects and Targets
Questions
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 62
2009 2010 2011 2012 2013
300 000
360 000
420 000
SOUTH AFRICAN
DISTANCE EDUCATION MARKETDistance Education growth
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 63
ESTIMATED SIZE OF DISTANCE
EDUCATION IN SOUTH AFRICA938 201 total students in South Africa
• Africa and India
– fastest growing
markets for distance
• E-learning trends
– 15,2% growth in Africa
Higher Education
Distance: 381 506 Contact: 556 695
Contact Distance
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 64
ACQUISITIONS
20 000students (approx.)
distanceeducation
51%acquired
50+courses offered
• Call centre
• Student support
• Logistics
• Marketing
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 65
0
5 000
10 000
15 000
20 000
25 000
0
20 000
40 000
60 000
80 000
100 000
120 000
2014 2015 2016
ACQUISITIONSOxbridge growth
R’000
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ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
HOSPITALITY AND TOURISM
• Employment in SA: Direct and indirect jobs in the sector are estimated to be 1.2m.
• World Economic Forum estimates Sub-Saharan Africa will create 3.2m tourism jobs between 2012-
2022.
• WEF expects African tourism employment to grow by 2.3% per annum.
• WEF report: 8m people in Africa are currently employed by tourism.
• Sector has been identified by the SA Government as a key area for job creation.
• The catering industry makes up about 17% of the R43bn expenditure in SA on Food and Beverage.
(Source: South African Tourism 2013 Annual Performance, PWC 2013 industry report, PWC Hospitality
Outlook, STATSSA Food & Beverage Stats 2014, Frontiermarketnework.com; Business Day,
www.howwemadeitinafrica.com)
66
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 67
ACQUISITIONS
Culinary arts
education
Endorsements:City and Guilds,
World Association of
Chef’s Societies
Acquisition status:
100% acquired
by ADvTECH
6 campuses
600 Full-Time
600 Part-Time
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 68
ACQUISITIONSCapsicum historical performance
R’000
500
520
540
560
580
600
620
640
660
680
700
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
2014 2015 2016
Enrolments Revenue
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Financials
Strategy
Acquisitions - Oxbridge and Capsicum
Prospects and Targets
Questions
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 70
SCHOOLS DIVISIONGrowth targets
2020
R3bnrevenue
R650mEBIT
40 000enrolments
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 71
TERTIARY DIVISIONGrowth targets
2020
R2.2bnrevenue
R450mEBIT
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 72
30%
Revenue
2020
AFRICA
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 73
NEPS
100 cps (NEPS)
Stretch target
2018
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 74
PROSPECTS
35
39
41
51
30
35
40
45
50
55
2012 2013 2014 2015
HEPS
33 654
48 053
54 200
30 000
35 000
40 000
45 000
50 000
55 000
60 000
2014 2015 2016
Total enrolments
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 75
DIVIDEND
Interim dividends
per share
13.5 cents
• Significant investments in pipeline
• Recent fundraising activities
• Retaining cash to support capex
pipeline and investments
• Above inflation in dividend
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 76
DIVIDEND HISTORY
10 10,5 1112,5
13,51415 15
17
0
5
10
15
20
2012 2013 2014 2015 2016
Cents
Interim Final
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 77
ADVTECH = GOOD INVESTMENT
Strong
performance
Good
Growth
Opportunities
Return on
investment
ahead of cost of
capital
Clear focus on
Academic Excellence
Cash
Generation
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 78
ADVTECH SHARE PRICE
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Financials
Strategy
Acquisitions - Oxbridge and Capsicum
Questions
Prospects and Targets
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Questions
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Thank you