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View Annual Report WORLD CLASS QUALITY ANNUAL REPORT 2016 CONTENTS Operating and Financial Review 4 Navitas’ Global Footprint – Colleges, Campuses and Offices 4 Highlights and Achievements 6 Board of Directors 8 Navitas Leadership Team 10 Chairman’s Report 14 Group Chief Executive Officer’s Report 16 Review of Operations 20 Strategy and Corporate Responsibility 30 ValueShare Incentive Scheme 34 Corporate Governance Statement 35 Financial Statements 38 Consolidated Statement of Profit or Loss and Other Comprehensive Income 38 Consolidated Statement of Financial Position 39 Consolidated Statement of Cash Flows 40 Consolidated Statement of Changes in Equity 41 Notes to the Financial Statements 42 Directors’ Report 78 Directors’ Declaration 93 Independent Auditor's Report 94 Additional Information 96 Investor Information 97 Glossary 98 Corporate Information 102 World Class Quality Navitas exists to provide people around the world with the opportunity to realise their ambitions through lifelong education and training. We do this by anticipating the world’s learning needs, creating and delivering a comprehensive range of quality education options and equipping people with essential skills and experiences. Navitas Limited Annual Report 2016 1 VISION To be one of the most trusted learning organisations in the world MISSION Navitas is passionate about creating opportunities through lifelong learning, and being a global leader in delivering better learning solutions VALUES We have conviction to our purpose and potential We demonstrate drive by achieving and advancing together We are adventurous in mind and spirit We demonstrate rigour in enhancing our professional reputation and credibility We are genuine in the way we behave and deliver We show respect by celebrating, valuing and caring for people and the environment ENCOURAGING QUALITY GUIDING THOSE AROUND US TO ACHIEVE ELEVATED GOALS 4 Navitas Limited Annual Report 2016 NAVITAS’ GLOBAL FOOTPRINT – COLLEGES, CAMPUSES AND OFFICES Navitas offers an extensive range of educational services via more than 120 colleges and campuses across its global network. More information about education opportunities at these locations is available at navitas.com. North America Atlanta, Boca Raton, Boston, Chicago, Dartmouth, Durham, Emeryville, Los Angeles, Lowell, Miami, Nashville, New York, San Francisco, San Jose, Vancouver, Winnipeg Mexico Inicio South America Bogota Colleges and Campuses (Region) Offshore Marketing Offices (Region) China, India, Japan, Middle East, Nigeria, Pakistan, Russia, South Korea, Turkey, UK, Vietnam Colleges and Campuses (City) Offshore Marketing Offices (City) Bangalore, Beijing, Beyoglu, Chengdu, Dubai, Guangzhou, Hanoi, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Lagos, Lahore, London, Moscow, New Delhi, Pune, Riyadh, Seoul, Shanghai, Singapore, Taipei, Tokyo Navitas Limited Annual Report 2016 5 Europe Amsterdam, Athens, Belgrade, Barcelona, Berlin, Bochum, United Kingdom Brussels, Bucharest, Cologne, Frankfurt, Geneva, Hamburg, Istanbul, Leipzig, Ljubljana, Madrid, Milan, Munich, Paris, Aberdeen, Birmingham, Cambridge, Rotterdam, Stockholm, Stuttgart, Vienna, Zurich Edinburgh, Glasgow, Hertfordshire, Liverpool, London, Northampton, Oxford, Plymouth, Portsmouth, Swansea Bangladesh Dhaka Sri Lanka Middle East Colombo Amman, Dubai South East Asia Bangkok, Jakarta, Singapore Africa Cape Town Australia/New Zealand Adelaide, Auckland, Brisbane, Byron Bay, Canberra, Christchurch, Geelong, Gold Coast, Darwin, Melbourne, Newcastle, Perth, Sydney 6 Navitas Limited Annual Report 2016 HIGHLIGHTS AND ACHIEVEMENTS KEY HIGHLIGHTS Continued focus on quality delivers 1b 25 increases in progression-to-university and Over $1 billion Reported Net profit pass rates for University Partnerships and enhanced student experience and in revenue after tax — $90.1m academic outcomes across all Divisions; Group revenue exceeds $1 billion – grows 3% to $1,010.7m; Group EBITDA of $164.6m, up 1%; Reported Net Profit After Tax of $90.1m, a 25% increase on FY15; Fully franked final dividend of 9.9 cents per Share, 26 80k taking the full year dividend to 19.5 cents per Share; Reported Earnings Over 80,000 All maturing University Partnerships agreements per Share — 24.0 cents students renewed with no material changes; Efficiency drives margin improvement in Professional and English Programs; SAE recognised in Australian government survey for sector-leading student support and engagement outcomes; Senior executive capacity and depth enhanced with new CFO and CIO; and $1m 2.8k Executive leadership team expanded to Over $1 million Over 2,800 hours include heads of University Partnerships of scholarships volunteered from the three core regions. and donations 5 Year Financial Summary 2016 2015 2014 2013 2012 % Change $000s $000s $000s $000s $000s 16/15 Revenues 1,010,651 980,341 878,219 731,734 688,530 3% Underlying EBITDA* 164,581 163,107 144,929 130,002 126,817 1% Profit attributable to 90,078 71,810 51,584 74,575 73,149 25% members of Navitas Basic earnings per Share (cents) 24.0 19.1 13.7 19.9 19.5 26% Interim dividend per Share (cents) 9.6 9.4 9.4 9.3 9.4 2% (fully franked) Final dividend per Share (cents) 9.9 10.1 10.1 10.2 10.1 -2% EVA created 60,286 62,861 51,779 46,602 38,524 -4% Operating cashflows 125,810 141,834 140,939 126,819 73,859 -11% Total equity 209,799 206,667 211,709 235,747 233,560 2% Return on capital employed 21.6% 22.8% 19.9% 19.0% 19.4% -5% * Excluding goodwill impairment Navitas Limited Annual Report 2016 7 805 811 Other ABCN 43% 46% 40% 1,200 BOARD MANAGEMENT STAFF Management DIVERSITY DIVERSITY DIVERSITY DONATIONS ($000) 1,000.0 90.0 Revenue Distribution Australia UK Europe Canada USA ROW Wealth Distributed ($m) Wealth Distributed (%) Health and Safety* Metric FY16 FY15 FY12 498.1 7 University and 5 24 consortium partners Fatalities 0 0 Teaching and FY13 529.5 10 Lost Time Injury academic employees Frequency Rate 2.27 2.3 $731.0m Other employees (LTIFR)† FY14 664.0 21 Shareholders — dividends Prosecutions Governments — taxes or Regulatory/ FY15 717.6 33 Reinvested as depreciation, Improvement amortisation and notices 0 0 retained earnings *Australia only FY16 731.0 † number of lost time injuries per million hours worked Revenue ($m) Underlying EBITDA* ($m) NPAT ($m) FY12 688.5 FY12 126.8 FY12 73.1 FY13 731.7 FY13 130.0 FY13 74.6 FY14 878.2 FY14 144.9 FY14 51.6 FY15 980.3 FY15 163.1 FY15 71.8 FY16 1010.7 FY16 164.6 FY16 90.1 * Excluding goodwill impairment 8 Navitas Limited Annual Report 2016 TONY CIPA LISA PAUL HARVEY COLLINS BBus, Grad Dip Accounting AO, PSM, BA (Hons), FAICD, FACEL, FAIM, BBus, FCPA, SFFin, FAICD Non-Executive Director FIPAA, FANZSOG Non-Executive Chairman Non-Executive Director Appointed 1 May 2014 Appointed 9 November 2004 Appointed 2 February 2016 Mr Cipa has extensive international business Mr Collins has extensive executive and board and finance experience including his roles Ms Paul has been a Chief Executive in experience in a range of industries. as CFO and Executive Finance Director for the Australian federal government for 11 From 1986 to 1996 he held senior CSL Limited, the ASX listed international years, most recently as the Secretary of management roles in Western Australian biopharmaceutical company. the Australian Government Department of regional bank, Challenge Bank Limited, Education and Training. During his time leading the finance function including five years as Chief Financial Officer. of CSL the company grew from a previously In 2011, Ms Paul was made an Officer of the From 1997 to 2002, he was an executive government owned business to a global Order of Australia for distinguished service director of listed investment company, market leader with over 20 international to public sector leadership. In 2003, she was Chieftain Securities Limited. From May 2009 locations including the USA, UK, Canada awarded a Public Service Medal for leading to September 2012, he was the non-executive and Germany. Mr Cipa was CFO from 1994 the Australian Government's domestic Chairman of Bank of Western Australia to 2000 then served as Executive Finance response to the Bali bombings. Limited (Bankwest). From February 2004 Director on CSL's Board of Directors from Ms Paul is a fellow of the Australian Institute to 30 June 2013, he was a non-executive 2000 to 2010. of Company Directors, a fellow of the director (Deputy Chairman) of Verve Energy Mr Cipa is currently the Chairman of the Audit Australian Council for Educational Leaders, (Electricity Generation Corporation). and Risk Committee and a Non-Executive National Fellow of the Institute of Public Mr Collins has held board appointments in Director of Healthscope Limited. He was Administration Australia, a fellow of the industries as diverse as financial services, previously a Non-Executive Director at Australian Institute of Management, an health insurance, telecommunications, Mansfield District Hospital and the Chairman Australian National University Public Policy equipment hire, mining services, electricity of the Audit and Risk Committee and a Non- Fellow, a member of Chief Executive Women and the not for profit sector. He is a past Executive Director of Skilled Group. and a Fellow of the Australian and New member of the WA State Council of the Zealand School of Government. During the past three years Mr Cipa has Australian Institute of Company Directors. served as a director of the following other Ms Paul currently serves on the boards of During the past three years, Mr Collins listed companies: Programmed Group
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