INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017
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1 INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017
2 AGENDA Excellent Results Revenue Schools division o What we 22% need to do better Tertiary division Resourcing division Africa Looking ahead Prospects Trading operating profit 25% Interim dividend???cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 2
3 EXCELLENT RESULTS PERFORMANCE SUMMARY Revenue Trading operational profit Normalised earnings per share 22% 28% 23% INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 3
4 GROUP REVENUE % 1638 R m INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 4
5 TRADING OPERATING PROFIT ,0 +28% R m , INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 5
6 GROUP TRADING OPERATING MARGIN CONTINUED IMPROVEMENT Percent % INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 6
7 NORMALISED EARNINGS PER SHARE % Cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 7
8 HEADLINE EARNINGS PER SHARE % Cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 8
9 CASH FLOW GENERATION R m Axis Title Cash generated by operations Cash from operations INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 9
10 NET CASH POSITION R m INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 10
11 DEBTORS MANAGEMENT Revenue 22% Debtors 25% Schools <1% Tertiary <4% Growth activities in Resourcing Schools - Constant Tertiary Slight improvement INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 11
12 REVENUE CONTRIBUTION SEGMENTAL OVERVIEW 16% Schools Tertiary 14% % 45% Resourcing 36% 39% ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 PAGE 12
13 OPERATING PROFIT CONTRIBUTION SEGMENTAL OVERVIEW 5% 3% Schools Tertiary Resourcing 45% 37% % 50% ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 PAGE 13
14 SEGMENTAL PERFORMANCE Revenue Operating profit Schools division 10% 5% Tertiary division 33% 56% Resourcing division 38% 111% ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 PAGE 14
15 SCHOOLS INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 15
16 SCHOOLS REVENUE % 600 R m INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 16
17 SCHOOLS OPERATING PROFIT % R m INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 17
18 SCHOOLS OPERATING MARGIN 25 Percent % ,0 19, INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 18
19 SCHOOLS ENROLMENTS Problem not enrolments Departures are the problem INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 19
20 STUDENT ENROLMENT MOVEMENT Student enrolment movement Student no: (December 2016) Student no: (July 2017) Gain 578 Leavers 1210 Recruited % 7.5% INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 20
21 SCHOOLS SENSITIVITY Schools Sensitivity: 2017 Actual Additional Volume Growth 1% 2% Revenue 903,8 912,8 921,9 Increase over % 11% 12% Operating Profit 172,1 181,1 190,2 Increase over % 10% 16% Operating Margin 19.0% 19,8% 20,6% INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 21
22 SCHOOLS ENROLMENTS AT PREMIUM BRANDS Emigration + Financial pressure Affected student numbers negatively Net enrolments down INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 22
23 ENROLMENT LOSS TABLE RANKING School Centurus 43% Junior Colleges 43% Crawford Colleges 41% Trinityhouse 30% Maragon 21% ADvTECH Academies 15% Abbotts College 9% % of leavers due to emigration INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 23
24 WHAT ARE WE DOING ABOUT IT Enrol more students at key entry points Additional classes INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 24
25 WHAT ARE WE DOING ABOUT IT Enrol more students at key entry points Additional classes Reorganising management and operational structures for greater market focus and improved business efficiency Marketing HR Finance INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 25
26 WHAT ARE WE DOING ABOUT IT Enrol more students at key entry points Additional classes Reorganised management and operational structures for greater market focus and improved business efficiency Implementation of shared services and rationalisation of transaction processing to lower the cost base of the business INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 26
27 IN OTHER WORDS Shared Services will house all the distributed support teams and admin consolidating them into a STANDARDISED BUSINESS SERVICES DEPARTMENT INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 27
28 TRANSACTIONAL PROCESSING Consolidate Automate Centralise INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 28
29 INNOVATION: SHARED SERVICES H/O Costs as % of Rev % % Year INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 29
30 SCHOOLS ACADEMIC SYSTEM CURRENT SITUATION A variety of legacy systems CRM in-house system 4 SIS systems 2 Communication apps 1 Financial system several iterations Academia SIS Software INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 30
31 ACADEMIC SYSTEM SCHOOLS AND TERTIARY ADMINISTRATIVE SYSTEM Scalable Differentiated Admin System Flexible Centralised Accessible INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 31
32 EDUCATION DIVISIONS SHARED SYSTEMS SCHOOLS AND TERTIARY ADMINISTRATIVE SYSTEM Application management Exam management Timetabling Curriculum and reporting Resource management Common services Data and analytics Modules Alumni Billing Relationship management Communication Campaigns Hostel management Teacher management INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 32
33 WHY THIS AND WHY NOW SCHOOLS AND TERTIARY ADMINISTRATIVE SYSTEM Easy to operate across geographies and regulatory environments Seamless integration with other systems Replacement of legacy systems Improved service to customer INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 33
34 WHAT ARE WE DOING ABOUT IT Enrol more students at key entry points Additional classes Reorganised management and operational structures for greater market focus and improved business efficiency Implementation of shared services and rationalisation of transaction processing to lower the cost base of the business Demand for ADvTECH Academies has been ahead of expansion and, with new projects in the pipeline, we expect to deliver good growth in the mid fee sector. INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 34
35 SEGMENT GROWTH Mid Fee Schools Growing market segment Greenfield developments Founders Hill (2016) Copperleaf (2017) Mooikloof (2018) Wilgespruit (2019) Sibaya (2020) INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 35
36 NEW DEVELOPMENTS COPPERLEAF ACADEMY (2017) Interim dividend???cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 36
37 NEW DEVELOPMENTS MOOIKLOOF (2018) Interim dividend???cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 37
38 NEW DEVELOPMENTS GLENVISTA (2019) Interim dividend???cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 38
39 NEW DEVELOPMENTS WILGESPRUIT ACADEMY (2019 / 2020) Interim dividend???cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 39
40 NEW DEVELOPMENTS SIBAYA (2020) Interim dividend???cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 40
41 NEW SEGMENT GROWTH REMEDIAL SCHOOL The Bridge Select period of time for students Pre-primary and preparatory; Gauteng, Northern suburbs Opens 2018 Opportunities Little Falls Durban Cape Town INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 41
42 NEW DEVELOPMENTS THE BRIDGE ASSISTED LEARNING (2018) Interim dividend???cents INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 42
43 GEOGRAPHIC GROWTH: SCHOOLS WESTERN CAPE Summit Capsicum Elkanah House Oxbridge Glenwood House INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 43
44 GEOGRAPHIC GROWTH AQUISITIONS Focusing on Western Cape footprint Competition Commission approved 11 Schools INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 44
45 SCHOOLS DIVISION PIPELINE CAMPUSES SCHOOLS INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 45
46 TERTIARY INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 46
47 TERTIARY REVENUE % R m INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 47
48 TERTIARY OPERATING PROFIT % R m INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 48
49 TERTIARY OPERATING MARGIN Percent % , INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 49
50 TERTIARY COMPETITIVE ADVANTAGE The IIE Good operational structures Strong value proposition Well positioned INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 50
51 THE IIE THE INDEPENDENT INSTITUTE OF EDUCATION South Africa s leading, most accredited and largest private university or private higher education institute. Established in 2005 INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 51
52 THE IIE Academic experts Product innovation Centralised student support service send New qualifications & development Senate Research INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 52
53 THE IIE FACULTIES Education Commerce sen d Law Information & communicatio n technologies Humanities Social Sciences INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 53
54 THE IIE 100+ academics 90 registered & accredited qualifications LMS Blackboard send Teaching & learning Expertise & development Work readiness New qualifications INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 54
55 COMPETITIVE ADVANTAGE THE IIE Barriers to entry are high 13 years experience (since the legislation implemented) Retaining registration and accreditation is resource intensive Regulatory inefficiencies mean that it can now take 2 years to get a qualification accredited You cannot share accreditation across providers Able to share modules (subjects) across qualifications and brands Currently offering more than 60 of the 90 qualifications we have accredited in that time Operating off one quality platform INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 55
56 THE IIE COMPETITIVE ADVANTAGE 60 Accredited qualifications 16 NEW Qualifications in accreditation process INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 56
57 THE IIE COMPETITIVE ADVANTAGE CENTRAL ACADEMIC TEAM (CAT) Strong central academic delivery, governance and quality assurance services combined with Campuses to focus on teaching and learning and student service INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 57
58 ROSEBANK COLLEGE Quality, affordable education that leads to employment Mega Campus: Braamfontein, JHB Sunnyside, Pretoria Durban (2018) Cape Town (2019) (pipeline) Connected Campus: Polokwane Bloemfontein (2018) Pietermaritzburg (2018) Nelspruit (2019) (pipeline) Port Elizabeth (2019) (pipeline) INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 58
59 VARSITY COLLEGE Our premium and largest brand Complete student experience focusing on the best teaching and learning practice School of Management School of Law School of Psychology and Communication School of Finance and Accounting School of Information and Technology 8 Campuses INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 59
60 VEGA Wisdom with magic Qualifications in brand building, creative communication and media High industry credibility and reputation Loerie Awards INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 60
61 SA HOSPITALITY AND TOURISM SECTOR: 8mn jobs in Africa African tourism job growth of 2.3% p/a 1.2mn jobs in SA Key Government sector for job creation Catering industry 17% of R43bn SA 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, INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 61
62 SEGMENT GROWTH Largest chef school of its kind in SA 100% Acquisition INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 62
63 SEGMENT GROWTH Leading hospitality education provider 80% acquisition Founded January 2006 Accommodation for students Stellenbosch Opening Johannesburg Campus (2018) INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 63
64 RESOURCING INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 64
65 RESOURCING GROWTH Strong growth in new markets Africa revenue Dollar based $ S.A markets solid performance in the light of economic climate Endorses our strategy to diversify + explore alternative markets INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 65
66 GEOGRAPHIC GROWTH Resourcing AFRICA HR SOLUTIONS CA GLOBAL Payroll niche R160 million gross revenue $ based INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 66
67 RESOURCING REVENUE % R m INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 67
68 RESOURCING OPERATING PROFIT % R m , INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 68
69 RESOURCING OPERATING MARGIN Percent % *New businesses added since 2016 INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 69
70 AFRICA INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 70
71 AFRICA GEOGRAPHIC GROWTH: Acquisitions - Africa footprint INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 71
72 30% Revenue 2020 INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 72
73 KENYA Economic: Population 48.5m 5,8% GDP growth ,1% GDP growth forecast 2019 $3156 GDP per capita 2016 (PPP Current international $) Market: 28% Population growth last 10 years 41% of population between ages % of population between ages ,1mn scholars INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 73
74 NAIROBI, KENYA CONGESTED CLASSIC CITY ISSUES INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 74
75 NAIROBI, KENYA SATELLITE CITY TATU CITY INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 75
76 AFRICA DEVELOPMENT PARTNER Largest urban developer in Africa hectares under development in Africa Kenya Ghana Democratic Republic of Congo (DRC) Zambia Nigeria INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 76
77 GEOGRAPHIC GROWTH NAIROBI, KENYA Nairobi, Kenya Tatu City INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 77
78 NAIROBI, KENYA CRAWFORD INTERNATIONAL SCHOOL INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 78
79 NAIROBI, KENYA CRAWFORD INTERNATIONAL SCHOOL INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 79
80 AFRICA GROUP REVENUE 11% of revenue generated outside SA s borders % revenue 2020 INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 80
81 PROSPECTS INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 81
82 GROWTH TOTAL GROWTH END FEB 70,000 60,000 Total Full-Time Enrolment History (Feb) % 50, ,000 30,000 20,000 10, Axis Title Tertiary full qualifications Schools Distance INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 82
83 PROSPECTS TARGET: SCHOOLS DIVISION Schools Projected Revenue (Interim vs Full Year) R3bn revenue R m INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 83
84 PROSPECTS TARGET: TERTIARY DIVISION 2500 Tertiary projected revenue R2.2bn revenue 2000 R m Axis Title INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 84
85 TARGETS 100 CPS (NEPS) (2018) 30% Revenue from outside South African Borders (2020) R3bn Revenue Schools division (2020) R2.2bn Revenue Tertiary division (2020) INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 85
86 PROSPECTS ADVTECH = GOOD INVESTMENT Strong performance Clear focus on academic excellence Good growth opportunities Cash generation Return on investment ahead of cost of capital INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 86
87 PROSPECTS DIVIDEND INTERIM DIVIDEND PER SHARE 15,0 cents 15,0c Significant investments in pipeline Recent fundraising activities Retaining cash to support capex pipeline and investments Above inflation in dividend INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 87
88 QUESTIONS INTERIM RESULTS FOR THE FIRST 6 MONTHS ENDED 30 JUNE 2017 PAGE 88
89 THANK YOU
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