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SUCCESS THROUGH DIVERSITY NavitaS LI mited AnnuaL R Eport 2012 1 Contents CLICK TO VIEW SUCCESS THROUGH DIVERSITY NAVITAS LIMITED ANNUAL REPORT 2012 SUCCESS THROUGH DIVERSITY Na vitaS LI mited Annu aL R Eport 2012 3 DIVERSITY DElIVERS EnDlESS POTEnTIAL Navitas exists to foster relationships Vision and provide people around the world Navitas is universally recognised with the opportunity to realise their as the most trusted global learning ambitions through lifelong education organisation in the world. and training. Mission We do this by anticipating the world’s Navitas is passionate about creating learning needs, creating and opportunities through lifelong delivering a wide and comprehensive learning and being a global leader range of education options and in delivering better learning solutions. equipping people with essential skills and experiences. Values At Navitas, we create success We have conviction to our through diversity. 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. SUCCESS THROUGH DIVERSITY Na vitaS LI mited Annu aL R Eport 2012 5 DIVERSITY DElIVERS Colleges, Campuses and GlOBal Offices Worldwide Navitas offers an extensive range of educational PERSPECTIVE services via more than 100 colleges and campuses across its global network. More information about education opportunities UnITED KInGDOM EUROPE at these locations is available at navitas.com. Aberdeen Liverpool Amsterdam Geneva Paris Birmingham London Athens Hamburg Rotterdam Cambridge Oxford Barcelona Istanbul Stockholm Edinburgh Plymouth Berlin Leipzig Stuttgart Glasgow Portsmouth Bochum Ljubljana Vienna Hertfordshire Swansea Brussels Madrid Zurich Cologne Milan Frankfurt Munich nORTH aMERICa Atlanta Miami Boston Nashville Bowling Green New York Dartmouth San Francisco Durham Vancouver aSIa Los Angeles Winnipeg Lowell Colombo Jakarta Singapore aFRICa aUSTRALIa/nEW ZEALAND Cape Town Nairobi Adelaide Geelong Auckland Gold Coast Brisbane Melbourne Byron Bay Newcastle Cairns Perth Darwin Sydney REGIONAL MaRKETInG OFFICES Colombia Kenya Turkey China Middle East UK India Pakistan Vietnam Japan South Korea 6 SUCCESS THROUGH DIVERSITY Na vitaS LI mited Annu aL R Eport 2012 SUCCESS THROUGH DIVERSITY Na vitaS LI mited Annu aL R Eport 2012 7 Highlights and achievements Key Highlights Financial Summary 2012 2011 2010 2009 2008 % change Three new colleges commence operations, two in the UK and one in Australia; $000s $000s $000s $000s $000s 12/11 Revenues 688,530 643,812 556,743 470,696 345,438 7% Agreement signed with Birmingham City University for ninth UK College; EBITDA 126,817 121,144 96,700 77,059 63,443 5% SAE expansion, and importantly, the Title IV accreditation of all SAE USA schools; Profit attributable to members of Navitas 73,149 77,392 64,251 49,191 37,430 -5% 700 688.5 140 80 77. 4 643.8 126.8 73.1 Basic earnings per Share 19.5 cents 21.7 cents 18.8 cents 14.3 cents 10.8 cents -10% Excellent600 SAE TEQSA audit report highlights120 quality of courses121.1 and industry involvement;70 556.7 64.3 60 500 100 Interim dividends per Share 470.7 96.7 (fully franked) 9.4 cents 8.7 cents 8.1 cents 5.5 cents 4.7 cents 8% Navitas English commences delivery of the expanded Commonwealth Government50 AMEP49.2 400 80 77.1 contract regions345.4 and the national distance/e-learning contract; 40 Final dividends per Share 63.4 37. 4 300 60 (fully franked) 10.1 cents 12 cents 10.7 cents 8.8 cents 6.2 cents -16% 30 200 40 EVA® created 38,124 58,630 54,573 40,551 27,288 -35% Continued ACAP growth in the Workforce Division including post graduate offering20 and online learning;100 and 20 10 Operating cashflows 73,859 69,458 86,504 104,344 78,609 6% 0 0 0 8 9 2 8 9 2 8 9 2 0 0 10 11 1 0 0 10 11 1 0 0 10 11 1 Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Total equity The externalF reviewF byF TheF ParthenonF Group affirmedF F theF valueF ofF the core businessF andF F F F 233,560 239,213 103,446 98,576 93,980 -2% identified growth and business improvement opportunities. REVENUE $m EBITDA $m NPAT $m Return on capital employed 9.4% 50.0% 60.0% 47.3% 33.6% -81% Wealth Created Wealth Distributed Financial Highlights 3% 6% FY12 F Y11 Change $m $m % 700 700 700 688.5 688.5688.5 140 140 140 80 80 80 30% 77. 4 77. 4 77. 4 15% 643.8 643.8643.8 Operating revenue 688.5 634.8 8 126.8 126.8126.8 73.1 73.1 73.1 600 600 600 120 120 120 121.1 121.1121.1 70 70 70 External and services costs (190.5) (160.6) 19 556.7 556.7556.7 64.3 64.3 64.3 60 60 60 Total wealth created 498.1 474.2 5 500 500 500 100 100 100 470.7 470.7470.7 96.7 96.7 96.7 50 50 50 49.2 49.2 49.2 Payments to university and 400 400 400 80 80 80 77.1 77.1 77.1 consortia partners 128.5 136.4 (6) 345.4 345.4345.4 40 40 40 63.4 63.4 63.4 37. 4 37. 4 37. 4 Payments to teaching and 300 300 300 60 60 60 academic staff University Consortium and Partners147.9 122.0 21 20% 30 30 30 Payments to other employees 102.8 96.1 7 200 200 200 40 40 40 Teaching and Academic Employees 20 20 20 Payments to shareholders — 26% dividends 73.3 77.2 (5) Other Employees 100 100 100 20 20 20 10 10 10 Payments to governments — income taxes Shareholders — Dividends 30.5 28.0 9 University Consortium Shareholders — Dividends 0 0 0 0 0 0 0 0 0 and Partners 8 8 9 8 9 9 2 2 2 8 8 9 8 9 9 2 2 2 8 8 9 8 9 9 2 2 2 Reinvested as depreciation, 0 0 0 0 0 10 0 10 11 10 11 1 11 1 1 0 0 0 0 0 10 0 10 11 10 11 1 11 1 1 0 0 0 0 0 10 0 10 11 10 11 1 11 1 1 Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Governments — Income Taxes F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F amortisation and retained earnings 15.1 14.5 4 Teaching and Governments — Income Taxes Total wealth distributedReinvested as Depreciation, 498.1 474.2 5 Academic Employees Amortisation and Retained Earnings Other Employees Reinvested as Depreciation, REVENUEREVENUEREVENUE $m $m $m EBITDAEBITDA $EBITDAm $m $m NPATNPAT $mNPAT $m $m Amortisation & Retained Earnings REVENUE $m EBITDA $m NPAT $m 3% 3% 3% 6% 6% 6% 30% 30% 30% 15% 15% 15% UniversityUniversity ConsortiumUniversity Consortium Consortium and Partners and Partnersand Partners 20% 20% 20% TeachingTeaching andTeaching Academic and Academicand Employees Academic Employees Employees 26% 26% 26% Other EmployeesOtherOther Employees Employees ShareholdersShareholdersShareholders — Dividends — Dividends — Dividends UniversityUniversity ConsortiumUniversity Consortium Consortium Shareholders ShareholdersShareholders — Dividends — Dividends — Dividends and Partnersand Partnersand Partners GovernmentsGovernmentsGovernments — Income — Income Taxes — Income Taxes Taxes TeachingTeaching andTeaching and and GovernmentsGovernmentsGovernments — Income — Income Taxes — Income Taxes Taxes ReinvestedReinvested Reinvestedas Depreciation, as Depreciation, as Depreciation, AcademicAcademic EmployeesAcademic Employees Employees AmortisationAmortisationAmortisation and Retained and Retainedand Earnings Retained Earnings Earnings Other EmployeesOtherOther Employees Employees ReinvestedReinvested Reinvestedas Depreciation, as Depreciation, as Depreciation, AmortisationAmortisationAmortisation & Retained & Retained Earnings& Retained Earnings Earnings 8 SUCCESS THROUGH DIVERSITY Na vitaS LI mited Annu aL R Eport 2012 SUCCESS THROUGH DIVERSITY Na vitaS LI mited Annu aL R Eport 2012 9 Board of Directors Peter Campbell Harvey Collins Rod Jones BComm BBus, FCPA, SFFin, FAICD BComm, DEd (Hon), MAICD Non-Executive Director Non-Executive Chairman Chief Executive Officer co-founders of Navitas and has been instrumental in the expansion and development of the Navitas model into the various markets Appointed Appointed and Managing Director which it now operates. 24 September 2004 9 November 2004 Appointed 18 June 2004 In April 2007, Mr Jones received an honorary Doctor of Education from Edith Cowan University in recognition of his outstanding contribution to the development of the international education sector both in Australia and overseas, and in 2008 was awarded Australian Ernst and Young Entrepreneur of the Year. In 2010, Rod Mr Campbell has had extensive involvement in higher education Mr Collins has extensive executive and board experience in a range Mr Jones has 30 years experience in educational administration was recognised by his colleagues with an International Education since 1970, having held senior positions at major universities in of industries. From 1986 to 1996 he held senior management and has held a number of senior administrative positions within the Excellence Award from the International Education Association of Melbourne. His involvement with the marketing of courses and roles in Western Australian regional bank, Challenge Bank Limited, government and the private education sectors. His background Australia for his leadership in the field of international education.

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