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Curro jse showcase september 2011

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Curro jse showcase september 2011

  1. 1. 1 JSESHOWCASE SEPT 2011
  2. 2. 2DISCLAIMER Users are advised that to the extent that any statement in this presentation constitutes aprofit forecast, same has not been reviewed nor reported on by the company’s auditors.
  3. 3. 3CURRO IS THE MARKET LEADER INTHE PROVISION OF AFFORDABLE, QUALITY PRIVATE SCHOOL EDUCATION IN SOUTH AFRICA
  4. 4. 4WHY DID WE LIST?• Scalable business model • Preparing for growth - Expansion and re- gearing of balance sheet• Credibility/sustainability • Debt financiers • Clients
  5. 5. 5CURRO’S PROFILE• 13 year operating history• 12 Campuses across SA • Durbanville, Langebaan, Pta (x3), Jhb (3), Witbank, Polokwane, Hermanus, Mossel Bay.• Growing company in a growing sector• Non-cyclical business• Shareholder of reference in PSG (63%)• Operationally profitable
  6. 6. 6SCHOOL EDUCATION IN SOUTH AFRICA• Government schools are overcrowded• Ex-model C schools are good, but increasingly under pressure• No new schools built in affluent areas• Elite and expensive private schools• Smaller Private schools with limited facilities and expansion potential• Curro
  7. 7. SCHOOL MARKET SIZE AND 7 POTENTIAL South Africa Learners South Africa 4% Private school learnersUnited Kingdom 5% (% Private school) Public Schools: 11 900 000 USA 11% Global average 13% Private Schools: 455 000 India 17% Australia 30% Netherlands 72% 0% 10% 20% 30% 40% 50% 60% 70% 80% SA: Population of Age 0-19 (m) Predominant private 2.7 school market 15.0 3.2 Other potential private school market LSM 9-10 LSM 7-8 Other
  8. 8. 8THE CURRO MODEL • English or Parallel medium/Dual medium • Small Classes (<20 per class, max 25) • Disciplined environment, Christian Ethos • Balance between academic, sport & cultural activities • Curro Centre for Educational Excellence (“CCEE”): External benchmarking and quality assurance • Emphasis on Computer Technology • Personal developmental plan
  9. 9. 9CURRO LEARNER NUMBERS12,000 Number of schools and learners Estimate 1710,000 9,594 14 8,000 7,457 12 6,000 5,410 7 4,000 3,088 4 3 2,059 2,000 2 1,642 1 1,107 775 910 751 450 575 310 400 28 145 - 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
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  14. 14. 14CURRENT PROJECTS / FUTUREVENTURESMajor developments at existing campusesNew campus at Nelspruit 2011New building projects 2012 • Port Elizabeth • Krugersdorp • HeidelbergBeyond 2012 • Cape Town (2 sites) • KZN (2 Sites) • Johannesburg (3 sites) • Centurion • Lepalale/Ellisras (Limpopo)
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  16. 16. 16 INCOME STATEMENT 1H10 1H11 FY2010 R000 R000 R000Revenue 36 527 79 271 74 028EBITDA 6 347 5 659 12 800Depreciation and amortisation (1 177) (3 407) (3 014)Earnings before interest and tax 5 170 2 252 9 786Net interest expense (2 424) (13 226) (5 106)Profit before taxation 2 746 (10 974) 4 680Taxation (391) 3 278 553Total comprehensive (loss) / profitfor the period 2 355 (7 696) 5 233Earnings per share (basic and diluted) (cents) 2.9 (9.6) 6.5• Rights issue - Interest will not repeat in 2nd half.
  17. 17. 17 EBITDA PERSPECTIVE 1H10 1H11 YOY 2yr Change CAGR R000 R000EBITDA 6 347 5 659 (11%) 17%Schools > 2years 8 125 9 575 18% 25%Schools <2 years 907 (522)Aurora - 4 237Head office (2 684) (7 632) 184% 100%EBITDA Margin 17.4% 7.1%Schools > 2years 28.4% 28.7%Schools <2 years 11.0% (2.3%)Aurora 18.4%• Fixed costs component of new schools has negatively affected EBITDA• Margins are proven for schools >2 years
  18. 18. 18 BALANCE SHEET Audited Unaudited Unaudited 31 December 30 June 2011 30 June 2011 2010 Pro formaASSETSNon-current assets 236 889 410 291 410 291Current assets 6 422 12 304 104 055Trade and other receivables 2 285 6 772 6 772Cash and cash equivalents 4 137 5 532 97 283Total assets 243 311 422 595 514 346EQUITY AND LIABILITIESEquity 57 686 49 842 372 242Non-current liabilities 99 787 109 001 109 001Current liabilities 85 838 263 752 37 103Intercompany loan 54 440 226 649Other financial liabilities 10 861 10 197 10 197Trade and other payables 17 251 27 103 27 103Bank overdrafts 3 223 - -Total equity and liabilities 243 311 422 595 518 346Net asset value per share (cents) 71.7 61.8 230.9
  19. 19. 19 SUMMARY – PRE LISTING STATEMENT31 DECEMBER 2009 2010 2011 2012 2013All amounts Rm Actual Actual Forecast Forecast Forecast Audited Audited Unaudited Unaudited UnauditedNumber of schools 3 5 12 14 17Number of learners 2 000 3 000 5 500 7 500 9 500INCOME STATEMENTGross Income 49 76 162 222 300EBITDA 9 13 16 37 59PAT 2 5 1 14 16Weighted average shares in issue 80 80 114 161 161.2Headline Earnings Per Share 2.3 6.5 0.7 8.7 10.0
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  21. 21. 21PROSPECTS• On track in terms of organic growth • 2 to 4 schools per year• Enrolment numbers are looking promising for 2012• Acquisitive growth – a number of targets
  22. 22. 22BUSINESS OBJECTIVE 2020 40 SCHOOLS 45 000 LEARNERS R450m PAT

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