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Annual Financial Results for the year ended 31 December 2011
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“Education has rightly become a bit of an
obsession for skills-starved South Africa with many
parents mortgaging their personal financial futures
to hopefully secure their childrens’.”
Finweek: January 2012
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Agenda
Strategic
Operations
Financial highlights
Financial analysis
Prospects
Questions
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Strategic
Issues
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Financial
analysis Prospects Questions
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Strategic Operations Financial
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Financial
analysis Prospects Questions
Source: Government Green Paper
Green Paper
Honest assessment of a system beset by challenges
Lack of access, opportunities and equality
Changes needed to achieve quality, real learning and impact
Identifies the need and role for the private sector
Scale of the task
► 2 800k young people aged 18 – 24 not in employment or education
► Universities
• Presently 900k students – 16% participation rate
• By 2030 1 500k students – 23% participation rate
► Colleges
• Presently 330k students – 6% participation rate
• By 2030 4 000k students – 60% participation rate
Major challenges include human resources, physical capacity and funding
Government Green Paper on post-school Education and Training, Jan 2012
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State expenditure
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analysis Prospects Questions
Principal budget allocations: Total of R1.1 Trn
Debt service
Education
Social security
Housing and community
Health
Law and order
Infrastructure and technology
Defence
Other
20%
Source: National Treasury
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46%
13%
29%
12%
December 2010
Not economically active
Unemployed
Formal employment
Other employment
Unemployment in SA
Source: Stats SA December 2010
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46%
13%
29%
12%
December 2011
Not economically active
Unemployed
Formal employment
Other employment
Unemployment in SA
Source: Stats SA December 2011
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analysis Prospects Questions
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State education
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analysis Prospects Questions
Passing matric
► Home language 40%, 3 core subjects 30%, 2 other subjects 30%, 1 subject < 30%
► University endorsement: as above with 4 designated subjects 50%, language of
instruction 30%
► Universities also apply other criteria
Matric pass rate 70.2% (2010: 67.8%)
Mathematics pass rate 46.3% (2010: 47.4%)
Public universities report only having places available for 30% or less of
applicants
Minister of Higher Education, Blade Nzimande, recently reported a 60%
increase in enrolments in the college system
Source: DBE, Press Reports
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Operations
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Financial
analysis Prospects Questions
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Academic highlights
1 190 Matric students at Abbotts College, CrawfordSchools ™ and
Trinityhouse …
► achieved a 100% pass rate
► all but 2 qualified for entrance into higher education institutions
► obtained distinctions in almost a third of subjects written
► achieved over 2 700 As in total
Five students from Trinityhouse achieved “Outstanding” status, being in the
top 60 IEB students
Crawford Sandton ranked the Top Independent School in Gauteng
One student from Crawford Sandton achieved the most distinctions in the
country with 12 As
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analysis Prospects Questions
Schools
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Academic highlights
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Financial
analysis Prospects Questions
Schools
Our schools continue to contribute significantly to the national output in key
subjects with averages per candidate as follows:
Mathematics - 63%
Information Technology - 73%
Physical Science - 67%
English - 69%
Accounting - 73%
Note: A majority of candidates enter the ADvTECH schools system without
selection and about one third have less than two years of our teaching
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Academic highlights
Overall module pass rate for the Independent Institute of Education (IIE)
Diploma and Higher Certificates of 80%. These are offered at Rosebank
College, College Campus and Varsity College
FLB and Varsity College students achieved a 74% overall module pass rate
in UNISA exams
The Varsity College / Thuthuka / Deloitte bursary students studying towards
the UNISA BComp Degree achieved a module pass rate of 98% and a
distinction rate of 55%
Vega students achieved an overall pass rate (in final year) of 94%
DSSA students achieved an overall pass rate (in final year) of 88%
Higher Education
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Strategic Operations Financial
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The Independent Institute of Education
The IIE continued to expand its offering, launching a number of new
accredited degrees and diplomas
An association formed with the Open University of the United Kingdom will
enable students to obtain international qualifications
Rosebank College offered all newly enrolling students fully functional tablet
computers at no charge. These incorporate all teaching and learning
material and accelerate students into the digital world
The IIE continues to be well represented in regulatory structures and the
private higher education sector
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Strategic Operations Financial
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Infrastructure
Four major infrastructure projects were completed in 2011:
► Completion of the first phase of the Trinityhouse Little Falls campus, comprising
Grades 1 to 4 and associated facilities
► Completion of the new campus for Varsity College, Midrand
► Completion of the new campus for College Campus Auckland Park
► Rollout of the Group’s new IT system, SAM, was completed at a total project cost
of R70 million, within 10% of original estimate in 2009
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Strategic Operations Financial
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Financial
analysis Prospects Questions
Scale of operations
Education Division
► Some 51 000 students across 57 campuses
► Increase in full-time students to 35 300
► Approximately 38 000 full-time equivalent enrolments (FTE)
► Revenue per FTE R37k
Resourcing Division
► Placed approximately 3 977 people in new positions, mainly, in IT, Finance and
Engineering
► Leading market position in IT, Finance and Engineering
The People
► 3 984 staff members
► Includes 258 Masters and 32 Doctoral degrees
► 264 alumni
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Employee headcount trend
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analysis Prospects Questions
0
1 000
2 000
3 000
4 000
5 000
02 07 08 09 10 11
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Annuity nature of revenue
Over 50% of Group revenue is from returning students
Equivalent to 53% of education revenue
57% of full-time student population is returning students. This is down
from 60% in 2010 because of growth in first year enrolments
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Ploughing back
Corporate citizenship is a key component of our business strategy aimed at
promoting sustainable development in our society
► In 2011, an overall amount of R70 million (2010: R57 million) was invested on
citizenship activities
► Included in this amount is R60 million (2010: R53 million) that was spent on
bursaries and impacted the lives of 2 892 (2010: 2 453) beneficiaries
Extensive outreach and other community engagement projects
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Investment
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analysis Prospects Questions
8%
55%
26%
11%
INVESTMENT PROGRAMME 2009 - 2011 (R424 million)
Infrastructural investments made
Tertiary properties
School properties
ICT equipment
Other infrastructuralequipment
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Capacity and year of development
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analysis Prospects Questions
Total Capacity 225 300m² Year on year increase = 13 200m²
32% created in last 5 years
Older capacity
Capacity created in 2007
Capacity created in 2008
Capacity created in 2009
Capacity created in 2010
Capacity created in 2011
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Education brands
Strategic Operations Financial
highlights
Financial
analysis Prospects Questions
SCHOOLS HIGHER
EDUCATION SKILLS
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Resourcing brands
Strategic Operations Financial
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Financial
analysis Prospects Questions
RECRUITMENT
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Financial highlights
Strategic Operations Financial
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Financial
analysis Prospects Questions
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Income statement
Rm 2011 2010 % growth
Revenue 1 606 1 470 9%
Operating profit 230 203 13%
Headline earnings 162 149 9%
HEPS (cps) 40.4 37.2 9%
Diluted HEPS (cps) 40.4 37.1 9%
Distribution (cps) tba 21.5 tba
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Ploughing back
Strategic Operations Financial
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analysis Prospects Questions
R’m %
Total value created 1 186 100
Less: employees 668 56
Less: government taxes 226 19
Available to the business 292 25
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Ploughing back
Strategic Operations Financial
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Financial
analysis Prospects Questions
R’m %
Total value created 1 186
Less: employees 668
Less: government taxes 226
Available to the business 292 100
Allocated to communities 70 24
Allocated to investors 92 32
Retained in the group 130 44
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Financial analysis
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analysis Prospects Questions
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Revenue trend
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analysis Prospects Questions
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
07 08 09 10 11
R'm
Group revenue
5-year CAGR in revenue = 14%
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8%
10%
12%
14%
16%
18%
07 08 09 10 11
Group operating margin
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Cash flow generation
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analysis Prospects Questions
0
50
100
150
200
250
300
07 08 09 10 11
R'm
Free operating cash flow before capex
CAGR = 12%
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0
10
20
30
40
07 08 09 10 11
Cen
ts
HEPS trend
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5-year CAGR in HEPS = 12%
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Segmental analysis
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86%
14%
2010
87%
13%
2011
Education Resourcing
Revenue
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Segmental analysis
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analysis Prospects Questions
Operating profit
87%
13%
2010
91%
9%
2011
Education Resourcing
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0
200
400
600
800
1 000
1 200
1 400
1 600
07 08 09 10 11
R'm
Revenue
Education trends
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Education trends
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0
50
100
150
200
250
300
07 08 09 10 11
R'm
Operating profit
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Resourcing trends
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analysis Prospects Questions
0
50
100
150
200
250
07 08 09 10 11
R'm
Revenue
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Resourcing trends
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0
10
20
30
40
50
07 08 09 10 11
R'm
Operating profit
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Prospects
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analysis Prospects Questions
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Prospects
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analysis Prospects Questions
Source: TradingEconomics.com
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SA GDP growth
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Source: Stanlib
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Retail sales trend
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SA headline CPI
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Source: Stanlib
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Price indices
0
2
4
6
8
10
12
14
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
CPI
EPI
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analysis Prospects Questions
CPI and Education Price Index (EPI)
Year on year percentage change: 2001 to 2011
Perc
enta
ge
5.8
11.03
9.1
7.54
5.8
9.57
1.4
9.56
3.4
8.4
4.6
7.01
7.2
7.97
11.5
8.3
7.7
6.5
3.7
9.2
5.6
8.6
CPI
EPI
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ADvTECH investment trend
0
20
40
60
80
100
120
140
160
2006 2007 2008 2009 2010 2011
Average annual infrastructure investment
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CAGR = 20%
R’m
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5 Year – Market cap index
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Questions
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analysis Prospects Questions