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Navitas Limited Annual Report 2008 For personal use only Navitas Limited Annual Report 2008 3 Your World of English Contents ACE – Sydney, Perth, Cairns, Brisbane ACL – Sydney Navitas – Your World of Education 3 HELC – Melbourne LMT – Adelaide Who are we? 4 Highlights 6 Your World at University Our achievements 7 ACBT – Colombo (Sri Lanka) ACN – Sydney Group Leadership Team 8 AIBT – Lusaka (Zambia) Chairman’s letter 10 AUSI – Nairobi (Kenya) Chief Executive Officer’s review of operations 12 CIC – Perth Partnerships for the future 16 CRIC – Cambridge (UK) Curtin – Sydney, Singapore Divisional review of operations 18 EIBT – Adelaide Board of Directors 34 Eynesbury – Adelaide Corporate governance statement 36 FIC – Vancouver (Canada) HIBT – Hertfordshire (UK) Financial statements 41 ICM – Winnipeg (Canada) Corporate information 118 ICWS – Swansea (UK) Additional information 119 LIBT – London (UK) Investors’ information 120 MIBT – Melbourne MQC – Sydney Glossary 121 PIBT – Perth Business contact details 122 QIBT – Brisbane SAIBT – Adelaide SIBT – Sydney Your World at Work ACAP – Sydney, Melbourne, Brisbane AIPS – Melbourne Cytech – Sydney The annual general meeting of Navitas will be held at the Jarrah Room, MEG – Melbourne Navitas Limited, Level 2, Kirin Centre, 15 Ogilvie Road, Mt Pleasant, Navitas Workforce – Sydney Western Australia 6153 on Thursday 20 November 2008 at 11 am. Pollin8 – Melbourne, Sydney, Adelaide, Perth, Brisbane Your World of Recruitment For personal use only EduGlobal – (China, Australia) EOL – (UK) SOL – (India) StudyLink – (Australia) Sydney Winnipeg 4 Navitas Limited Annual Report 2008 Navitas – Your World of Education Vancouver Swansea Cambridge London Winnipeg Beijing Delhi Hong Kong Colombo Nairobi Singapore Jakarta Darwin Lusaka Cairns Brisbane Perth Adelaide Sydney Melbourne The Navitas Group is a world leader in the development and provision of educational services and learning solutions. The Navitas Group excels in understanding the world’s learning needs and continually adapts to meet the needs of the changing global environment. Each year, thousands of students choose to study with Navitas as their preferred option for learning English, accessing higher education studies, preparing for their future careers and broadening their opportunities in life. For personal use only London Vancouver Who are we? Navitas is a diversified global education provider that offers an extensive range Partnerships – The Key to Success of educational services for students Key to the continuing success of Navitas has been its ability to identify and work with a broad spectrum of and professionals including university partners ensuring that a high quality, tailored education service is provided. programs, language training, workforce In the University Programs (UP) Division, pathway colleges education and student recruitment. and managed campuses are partnered with 15 different universities across Australia, Canada and the United Kingdom to provide students with opportunities to pursue Vision tertiary education. Navitas is universally recognised as the most trusted global The course curriculum used by each of the UP colleges learning organisation in the world. is developed in conjunction with qualified academics at the partner universities, and as a result, it benefits from Mission the academic rigour applied by each university to its own degrees. In addition, these universities provide the college Navitas is passionate about creating opportunities through with high levels of quality assurance by applying well lifelong learning and is renowned for its leadership in creating established moderation processes to ensure the application and delivering better learning solutions, more efficiently, in a of academic standards equivalent to those at the university. global market in order to provide sustainable long term growth for its stakeholders. Our English Division provides English language training to international students, migrants and humanitarian Wherever its customers are or want to be, Navitas accelerates entrants, as well as prospective teachers of English. their success by harnessing the knowledge and resources of The Division works with the Australian Government 1,000 staff in 21 countries. to deliver programs including the AMEP and LLNP, Values as well as working with other tertiary education providers to provide English language education. We have conviction of purpose and potential. In providing these services the Division has developed a We demonstrate drive by achieving and advancing together. consortium approach, so that the individual needs of the students are met by the partner best suited to ensure high We are adventurous in mind and spirit. quality outcome working with a variety of organisations to We demonstrate rigour in enhancing our professional reputation ensure students needs are met. These partners include and credibility. leading universities, community, charitable and not for profit welfare organisations. We are genuine in the way we behave and deliver. The Workforce Division is focused on ensuring that it We show respect by celebrating, valuing and caring for people operates in partnership with business and industry so that and the environment. the education service is tailored to the needs of employers. The business model adopted by this Division position us alongside employers, as partners, ensuring that the needs of both employee and employer are met. Universities across the globe utilise student agents to channel international students into their courses. Our Student Recruitment business operates in Australia, India, China and the UK as a partner to universities in Australia, For personal use only UK, Canada and the US, so that prospective students have the opportunity to participate in tertiary education and experience a different cultural environment. Navitas is proud of its position with its worldwide partners, so that Navitas can be the most trusted learning organisation and create opportunities for life long learning for any prospective student, wherever they may be in life. 4 Navitas Limited Annual Report 2008 The Navitas Group operates an innovative business model that provides students with high quality and tailored education services. For personal use only Navitas Limited Annual Report 2008 5 Highlights Financial Highlights • Total Group revenue up 22% to $345.4 million • Adjusted earnings per Share (excluding amortisation) • Earnings before interest, tax, depreciation and amortisation up 15% to 12.2 cents (EBITDA) increased 17% to $63.4 million • Operating cash flow up 61% to $78.6 million • Net profit after tax, but before amortisation of ACL government • Return on capital employed up 25% to 33.6% contracts acquired, increased 14% to $41.1 million • Fully franked full year dividend increased 17% to 10.9 cents • Net profit after tax up 16% to $37.4 million • Economic Value Added of $27.3 million • Earnings per Share increased 16% to 10.8 cents • Growth in Economic Value Added of $6.7 million Financial Summary 2008 2007 2006 % change $000s $000s $000s 08/07 Revenues 345,438 282,710 226,046 22% EBITDA 63,443 54,039 47,915 17% Profit before income tax expense 55,377 47,060 44,681 18% Income tax expense 17,362 14,659 13,407 18% Profit for the period 38,015 32,401 31,274 17% Profit attributable to members of Navitas 37,430 32,245 31,488 16% Basic earnings per Share 10.8 cents 9.3 cents 9.1 cents 16% Interim dividends per Share (fully franked) 4.7 cents 4.3 cents 4.7 cents 9% Final dividends per Share (fully franked) 6.2 cents 5.0 cents 4.8 cents 24% EVA created 27,288 20,591 18,340 33% Operating cash flows 78,609 48,899 41,384 61% Intangible assets 175,929 170,299 139,825 3% Total assets 255,857 217,021 228,880 18% Deferred revenue 102,833 67,549 52,948 52% Total liabilities 161,877 117,722 96,759 38% Net (cash)/debt (5,754) 10,370 (49,835) -155% Total equity 93,980 99,299 132,121 -5% For personal use only Return on capital employed 33.6% 26.9% 25.1% 25% 6 Navitas Limited Annual Report 2008 CE6I )% (- (+ b b () (' (% '%%* '%%+ '%%, '%%- NZVg :K6<gdli] (% '* b b Our achievements '% &* '%%* '%%+ '%%+ '%%, '%%, '%%- '%%- <gdli] <gdli] <gdli] NZVg Financial Summary GZkZcjZ (*% (%% '*% University Programs English b b '%% • MQC opens in July 2007, with • Acquisition of HELC &*% 220 students • Citizenship grants awarded to ACL &%% • FIC opened in 2007 and now has and LMT '%%* '%%+ '%%, '%%- NZVg 575 students • ACL opens English Language test NZVg • MIBT and QIBT each enrol 1,600 centre at Wynyard Green students – a significant growth • Appointment of a highly :7>I96 increase on last year experienced General Manager, :7>I96 • Curtin University Sydney exceeds Government Programs +* 1,050 students (from 28 students +% in 2005) ** • UK enrolments showing growth *% b *% b • New buildings opened for MIBT )* (Melbourne) and PIBT (Perth) )% (* • University agreements renewed at (* QIBT, MIBT and ACN '%%* '%%+ '%%, '%%- NZVg • Acquisition of 75% of ACBT completed NZVg December 2007 CE6I )% (- (+ b b () (' (% '%%* '%%+ '%%, '%%- Workforce Student Recruitment NZVg • ACAP achieves strong student growth • Appointment of a market • Successful pilot of Seek Learning’s experienced General Manager, :K6<gdli] on-line distribution channel by ACAP Student Recruitment (% • 19 EduGlobal offices in China (% For personal use only • Successful outcomes from and one in Sydney ACAP’s AUQA audit '* • EduGlobal enters into a joint venture b • Cytech, AIPS and MEG b '% acquisitions completed with OUA '% • Growth in
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