Shaping
the
Future
Shaping
the
Future
FULL YEAR RESULTS
For the year ended
30 June 2013
ASX:NVT
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Disclaimer
Important Notice and Disclaimer
This docum...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Navitas (ASX: NVT) is a leading global education prov...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
 Total Group revenue up 6% to $731.7m
 EBITDA up 3%...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Financial
Performance
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Group performance summary
($m) FY13 FY12 ∆%
Revenue
C...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Core Divisions perform well in 1st half
Revenue($m) F...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Core Divisions perform well in 1st half
EBITDA by
Div...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Track record of compound annual growth (CAGR)
27.3%
C...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Strong shareholder returns
11.4%
CAGR
11.4%
CAGR
20.1...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Moderate gain in wealth created
$m FY13 FY12 %
Operat...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
EVA steady
EVA®
 EVA steadied after a poor FY12
 FY...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Strong liquidity and cash flow
1Cash realisation rati...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
University Programs
Earnings ($m) Highlights
EBITDA *...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
SAE
Earnings ($m) Highlights
• Enhanced leadership te...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Professional (formerly Workforce)
Earnings ($m) Highl...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Corporate costs
Earnings ($m) Highlights
• Increases ...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
University Programs
Enrolments
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
UP enrolment trend continues to improve
Equivalent Fu...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Africa and Asia
• 19% decline in combined ACBT (Sri L...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Outlook
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
• Overall student growth combined with recent
price i...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
SAE
• Recent investment in people and process to
supp...
Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT
Appendix
Navitas Limited Citi Australian Growth Conference 21 May 2013 ASK:NVTNavitas FY13 Full Year Results Presentation - 30 July...
Navitas Limited Citi Australian Growth Conference 21 May 2013 ASK:NVTNavitas FY13 Full Year Results Presentation - 30 July...
Navitas Limited Citi Australian Growth Conference 21 May 2013 ASK:NVTNavitas FY13 Full Year Results Presentation - 30 July...
Navitas Limited Citi Australian Growth Conference 21 May 2013 ASK:NVTNavitas FY13 Full Year Results Presentation - 30 July...
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Navitas FY13 full year results presentation

  1. 1. Shaping the Future Shaping the Future FULL YEAR RESULTS For the year ended 30 June 2013 ASX:NVT
  2. 2. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Disclaimer Important Notice and Disclaimer This document has been prepared by Navitas Limited ABN 69 109 613 309 ("Navitas" or the "Company"). Information in this document should be read in conjunction with other Navitas announcements made to ASX. This document has been prepared for information purposes only and does not take into account your individual investment objectives, including the merits and risks involved in an investment in Navitas shares, or your financial situation or particular needs, and is not investment, financial product, legal, tax or accounting advice or opinion. You must not act on the basis of any matter contained in this document, but must make your own independent investigation and assessment of Navitas and its shares and obtain any professional advice you require before making any investment decision based on your investment objectives and financial circumstances. An investment in Navitas shares is subject to investment and other known and unknown risks, some of which are beyond the control of Navitas, including possible delays in repayment and loss of income and principal invested. Navitas does not guarantee any particular rate of return or the performance of Navitas, nor does it guarantee the repayment of capital from Navitas or any particular tax treatment. All information in this document is believed to be reliable, but no representation, warranty or guarantee, express or implied, is made by Navitas, its subsidiaries or their respective directors, officers, employees or agents, nor any other person (the “Beneficiaries”) as to the fairness, accuracy, completeness, reliability or correctness of the information, opinions and conclusions contained in this document (including, without limitation, any estimates, calculations, projections or forward looking statements). No action should be taken on the basis of the information, and no reliance may be placed for any purpose on the accuracy or completeness of the information or opinions contained in this document. To the maximum extent permitted by law, the Beneficiaries shall have no liability, including, without limitation, any liability arising from fault or negligence, for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document. The distribution of this document in other jurisdictions outside Australia may also be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. This document does not constitute an offer, invitation, solicitation, advice or recommendation with respect to the issue, purchase or sale of any security in any jurisdiction. In particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to any "U.S. person" (as defined in the U.S. Securities Act of 1933 ("U.S. Securities Act")). Shares in Navitas have not been and will not be registered under the U.S. Securities Act, or under the securities laws of any state or other jurisdiction of the United States. Accordingly, shares in Navitas may not be offered or sold, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons, except in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This document may not be distributed or released in the United States or to, or for the account or benefit of, any U.S. person. All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated. 2
  3. 3. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Navitas (ASX: NVT) is a leading global education provider offering an extensive range of educational and training services for students and professionals across Australia and around the world Market cap  $2.2b Market cap  $2.2b Annual  revenue $731.7m Annual  revenue $731.7m Colleges/ schools 111 Colleges/ schools 111 Staff headcount ~5,500 Staff headcount ~5,500 Students > 80,000 Students > 80,000 University Programs - leading provider of 30 pathway colleges and managed campuses across Australia and in the UK, US, Canada, Singapore, Kenya and Sri Lanka SAE - creative media education provider delivering vocational and higher education qualifications in audio, film and multimedia via 57 colleges in Australasia, US, Europe and the Middle East Professional and English Programs – provides quality vocational training, higher education and placement services in areas of key demand across Australia as well as providing English as a second language courses for international students and English language, settlement and work preparation programs for migrants and refugees Company Profile 3
  4. 4. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT  Total Group revenue up 6% to $731.7m  EBITDA up 3% to $130.0m  Net profit after tax up 2% to $74.6m  Earnings per share up 2% to 19.9¢  Fully franked full year dividend of 19.5¢ H1 FY13 Group highlights  Return to student enrolment growth in UPD during FY13  Enhanced SAE leadership team and course offering  Merger of Professional and English Divisions to create  Professional and English Programs (PEP) Division   Continued growth in government contracts and education  businesses contracts drives strong  PEP growth  Key strategic and structural actions implemented Operational Revenue  $731.7m Revenue  $731.7m NPAT  $74.6m NPAT  $74.6m EPS  19.9¢ EPS  19.9¢ DPS  19.5¢ DPS  19.5¢ FY13 Group Highlights 4
  5. 5. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Financial Performance
  6. 6. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Group performance summary ($m) FY13 FY12 ∆% Revenue Continuing business 715.3 682.0 5 New campuses* 16.4 6.5 152 Total 731.7 688.5 6 EBITDA Continuing business 136.9 135.4 1 New campuses* (6.9) (8.6) (20) Total 130.0 126.8 3 EBITDA Margin 17.8% 18.4% NPAT ($m) 74.6 73.1 2 EPS (cents) 19.9 19.5 2 Full Year Dividend (cents) 19.5 19.5 0 *FY13: UP USA, ICRGU, EIC, BCUIC, NIC and SAE Chicago and Jakarta (FY12: UP USA, ICRGU, EIC, NIC and SAE Bochum, Chicago and Jakarta ) Investment in new opportunities continues… 6
  7. 7. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Core Divisions perform well in 1st half Revenue($m) FY13 FY12 ∆% University Programs 415.7 382.5 9 SAE Group 114.9 113.9 1 Professional and English Programs 196.4 188.3 4 Divisional revenue 727.0 684.6 6 Other 4.7 3.9 21 Group revenue 731.7 688.5 6 FY13 (%) FY12 (%) … with solid growth across divisions and regions… $684.6m$727.0m 7
  8. 8. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Core Divisions perform well in 1st half EBITDA by Division 70% 17% 13% $150.5m 72% 18% 10% $143.2m FY13 FY12 … and EBITDA reflecting further diversification EBITDA ($m) FY13 FY12 ∆% University Programs 106.1 102.9 3 SAE Group 25.1 26.4 (5) Professional and English Programs 19.3 13.9 39 Divisional EBITDA 150.5 143.2 5 Corporate costs (20.5) (16.4) 25 Group EBITDA 130.0 126.8 3 8
  9. 9. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Track record of compound annual growth (CAGR) 27.3% CAGR 27.3% CAGR 14.1% CAGR 14.1% CAGR 12.5% CAGR 12.5% CAGR Key metrics demonstrate solid cumulative growth 9 106.1 226 282.7 345.4 470.7 556.7 641.8 688.5 731.7 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Revenue ($m) 45.3 47.9 54.0 63.4 77.1 96.7 121.1 126.8130.0 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 EBITDA ($m) 29.1 31.5 32.2 37.4 49.2 64.3 77.4 73.1 74.6 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 NPAT($m)
  10. 10. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Strong shareholder returns 11.4% CAGR 11.4% CAGR 20.1% CAGR 20.1% CAGR 11.1% CAGR 11.1% CAGR * Simplified for full year calculation Recovery evident in shareholder returns 10 8.4* 9.1 9.3 10.8 14.3 18.8 21.7 19.5 19.9 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Earnings (cps) 7.8 11.9 14.1 22.7 30.5 25.3 18.5 19.7 33.8 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Operating cashflow  (cps) 8.4 9.5 9.3 10.9 14.3 18.8 20.7 19.5 19.5 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Dividends (cps)
  11. 11. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Moderate gain in wealth created $m FY13 FY12 % Operating revenue 731.7 688.5 6 Cost of services and other external  costs (202.2) (190.4) 6 Total wealth created 529.5 498.1 6 Payments to university and consortium  partners 135.2 128.5 5 Payments to teaching and academic  employees 156.8 147.9 6 Payments to other employees 115.6 102.8 12 Payments to shareholders – dividends 73.2 73.3 ‐ Payments to governments – income  taxes 31.0 30.5 2 Reinvested as depreciation, amtsn and  retained earnings 17.7 15.1 17 Total wealth distributed 529.5 498.1 6 University & consortium partners Teaching & academic employees Other employees Shareholders ‐ dividends Governments – income taxes Reinvested as depreciation, amortisation  & retained earnings Wealth distribution benefits all stakeholders 11 ∆
  12. 12. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT EVA steady EVA®  EVA steadied after a poor FY12  FY13 result well below EVA growth target  TPS introduction in Australia from 1 July 2012 reduced EVA by $3.1m in FY13 40.6 54.6 57.9 38.4 46.6 0 10 20 30 40 50 60 70 FY09 FY10 FY11 FY12 FY13 $m 46.7* EVA® is a registered trademark of Stern Stewart & Co. * Adjusted for an 8% WACC as applied in FY13
  13. 13. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Strong liquidity and cash flow 1Cash realisation ratio= Net Operating Cashflow NPAT plus amtsn and depcn Net debt $m  Solid cash realisation ratio1 of 1.39x (FY11: 0.84x)  Cashflow from operations up by 72% reflecting favourable negative working capital model  24% deferred revenue growth reflects strong cash generation and foreshadows FY14 revenue recognition  Net debt represents only 0.73x FY13 EBITDA  Interest cover of 17.1x  Debt facilities refinanced over 5 years with club of four banks Debt constituents $m Gross Debt 151.2 Cash related to the Tuition Protection Service (38.5) Other Cash (17.8) Net Debt at 30 June 2013 94.9 Substantial reduction in net debt 13 94.9 (126.8) (1.6) 13.5 20.0 72.8 117.0 30 June 13 net debt Cashflow from Ops Other FX Translation charge Plant & Equipment Dividends Paid 1  July 12 net debt
  14. 14. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT University Programs Earnings ($m) Highlights EBITDA * • Return to student enrolment growth  • Agreement signed with University of  Canterbury for college in New Zealand • Contract renewal with Brunel and Curtin  University • Strong performance by UK and Canadian  colleges • US colleges move closer to breakeven  • SVP and Post Study Work Rights support  Australian recovery • Investment costs reduced to $5.5m • Student Recruitment incorporated into the  Division University Programs 76.5 100.3 111.9 102.9 106.1 FY09 FY10 FY11 FY12 FY13 102.9 6.8 2.8 2.5 1.7 (6.6) (2.5) (1.5) 106.1 FY12 Canada UK USA ROW Australia Student Recruitment Divisional/marketing FY13 EBITDA ($m) 14
  15. 15. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT SAE Earnings ($m) Highlights • Enhanced leadership team • Improved reporting and benchmarking  systems • New courses and qualifications for US  campuses with enrolments trending  positively • New campuses in Chicago and Jakarta • Price increases and cost reduction support  Southern region growth • No significant one‐off Licencing sales • Divisional costs up due to investment in  staff and processes • SAE well positioned for FY14 growth Pre-Acquisition period 26.4 25.1 FY12 FY13 SAE 26.4 1.0 2.2 (0.1) (1.0) (1.0) (1.3) (1.1) 25.1 FY12 FY12 one‐off Items Southern USA Europe Licencing Start Up and Relocation Divisional costs FY13 * * Chicago & New York 15
  16. 16. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Professional (formerly Workforce) Earnings ($m) Highlights • Record year • Merger of Professional and English  Divisions to create the Professional and  English Programs Division (from 1 July 2013) • Significant performance from government  contracts • Solid performance from Professional  Institute businesses (ACAP, HSA, NCPS) • ELICOS returns to growth • Restructure of corporate training activities  to focus on resources and allied sectors • Return to normal patterns for Careers and  Learning Skills (Professional Year) 16.3 15.9 11.7 13.9 19.3 FY09 FY10 FY11 FY12 FY13 Professional and English Programs 13.9 9.4 3.0 0.3 (6.1) (1.2) 19.3 FY12 English and Foundation Skills Navitas Professional Institute Careers and Learning Skills Training and Development Divisional Costs FY13 16
  17. 17. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Corporate costs Earnings ($m) Highlights • Increases in EVA incentive payments as  Group performance steadies • Unfavorable FX movements from  revaluation of year end FX book • Reduction in Wynyard Green sub tenant  rental income • 2.8% of Group revenue (15.9) (19.5) (19.7) (16.4) (20.5) FY09 FY10 FY11 FY12 FY13 Corporate costs 17 (16.4) (2.5) (2.1) (0.7) 1.3 (0.1) (20.5) FY12 EVA Changes FX movements WG sub tenant income FY12 strategic review costs Other FY13 ($m)
  18. 18. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT University Programs Enrolments
  19. 19. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT UP enrolment trend continues to improve Equivalent Full Time Students Units (EFTSU): Semester enrolments Semester 2 2013 EFTSU 5% growth against pcp Recovery trend continues 19 6,770 6,826 8,134 6,899 6,781 8,012 7,194 7,087 8,167 7,629 7,642 9,769 9,210 9,020 12,268 11,573 12,025 15,419 14,306 14,529 17,811 15,724 14,675 17,149 14,601 13,320 16,422 14,097 13,602 17,067 14,744 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 0302 0303 0401 0402 0403 0501 0502 0503 0601 0602 0603 0701 0702 0703 0801 0802 0803 0901 0902 0903 1001 1002 1003 1101 1102 1103 1201 1202 1203 1301 1302 -%Enrolmentgrowthonpcp(RHS) -EFSTU(LHS) Semester
  20. 20. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Africa and Asia • 19% decline in combined ACBT (Sri Lanka) and AUSI (Kenya) enrolments – financially less material due to significantly lower fee levels (i.e. <$5k for a full year of study) • Following years of significant growth Curtin Singapore declines by 4% + 15% + 15% 201302 + 12% + 12% 201301 Australian new student enrolments 12021201 Australian recruitment • International students from source countries up 33% • Australian domestic students up 20% (relatively small base) • International students already in Australia down 14% • Results impacted by processing bottlenecks in high growth markets due to SVP • ~200 students deferred to 201303 who paid but were unable to secure visas Total Australian enrolment returns to growth 20 After three years of decline Australia records 5% total enrolment growth
  21. 21. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Outlook
  22. 22. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT • Overall student growth combined with recent price increases to boost earnings • New colleges in UK and New Zealand to open • Australian new student growth on track to continue • Return expected from recent new colleges in Australia and UK • US network expected to reach breakeven (excluding impact from any expansion activity) Professional and English Programs Exciting UP medium term outlook… 22
  23. 23. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT SAE • Recent investment in people and process to support growth • US operations to provide solid contribution following expansion in course offerings Professional and English Programs • FY14 growth expected o Merger efficiencies gained o FY13 Corporate training issues addressed o Government contracts expected to slow due to federal election impact on migration Professional and English Programs …supported by SAE and PEP growth 23
  24. 24. Navitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Appendix
  25. 25. Navitas Limited Citi Australian Growth Conference 21 May 2013 ASK:NVTNavitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT 16.5 13.0 6.3 6.2 6.14.7 47.2 USA UK GER France Australia Canada ROW 263 million by 2025 263 million by 2025 165 98 Current enrolments Enrolment growth International student  enrolments (m) International education market share (%) Source: UNESCO Institute of Statistics, OECD Education at a Glance 2013, ICEF 2011 Global tertiary enrolment (m) Global market conditions remain positive Supply imbalance in key source markets (m) China 9.57 9.33 9.15 6.57 6.75 6.85 2010 2011 2012 Gaokao students China domestic university places 2.1 2.4 2.6 2.8 3.0 3.1 3.2 3.5 3.7 4.1 4.3 8.2 25 * • Chinese  university  entrance exam
  26. 26. Navitas Limited Citi Australian Growth Conference 21 May 2013 ASK:NVTNavitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT The Navitas global network • Glasgow • Liverpool • Oxford • Birmingham • Berlin • Cologne • Frankfurt • Bochum • Munich • Hamburg • Leipzig • Stuttgart • Geneva • Zurich • Ljubljana • Stockholm • Singapore • Jakarta South East Asia • Nairobi • Cape Town • Perth • Adelaide • Brisbane • Melbourne • Sydney • Newcastle • Darwin • Cairns • Auckland Australia/NZ • Atlanta • Los Angeles • Miami • Nashville • New York • San Francisco • Chicago • Boston • Dartmouth • Lowell • Bowling Green • Durham • Vancouver • Winnipeg North America  • Cambridge • Hertfordshire • London • Plymouth • Portsmouth • Swansea • Aberdeen • Edinburgh United Kingdom Africa • Colombo Sri Lanka Europe • Athens • Milan • Madrid • Vienna • Brussels • Paris • Istanbul • Amsterdam • Rotterdam • Barcelona Navitas’ global footprint 26
  27. 27. Navitas Limited Citi Australian Growth Conference 21 May 2013 ASK:NVTNavitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Corporate snapshot 375.4m Shares on issue $2.2b Market Capitalisation ASX200 52 wk range Annualised dividend $5.77 Share Price 30 June 2013 NVT $3.60 - $6.32 19.5cps 27 Corporate snapshot
  28. 28. Navitas Limited Citi Australian Growth Conference 21 May 2013 ASK:NVTNavitas FY13 Full Year Results Presentation - 30 July 2013 - ASX:NVT Detailed H1 P&L – 5 years 28 Navitas Ltd Growth FY09 FY10 FY11 FY12 FY13 $ Index CAGR* Operating Revenue UP 304,938 365,842 390,607 382,479 415,713 33,234 109% 8% SAE - - 57,947 113,864 114,934 1,070 101% n/a PEP 162,254 185,983 182,472 188,306 196,377 8,071 104% 5% Corporate & consolidation items 2,644 3,569 3,727 3,497 2,537 (960) 73% -1% Total operating revenue 469,836 555,394 634,753 688,146 729,561 41,415 106% 12% Expenses (392,777) (458,694) (513,609) (561,329) (599,559) (38,230) 107% 11% EBITDA 77,059 96,700 121,144 126,817 130,002 3,185 103% 14% Depreciation (5,668) (6,637) (9,981) (14,120) (15,492) (1,372) 110% 29% EBITA 71,391 90,063 111,163 112,697 114,510 1,813 102% 13% Amortisation (1,003) (976) (4,322) (977) (863) 114 88% -4% EBIT 70,388 89,087 106,841 111,720 113,647 1,927 102% 13% Net Interest (paid)/received 216 1,235 (1,624) (7,603) (7,590) 13 100% n/a Net profit before tax 70,604 90,322 105,217 104,117 106,057 1,940 102% 11% Income tax (22,407) (27,509) (27,983) (30,497) (31,006) (509) 102% 8% NPAT 48,197 62,813 77,234 73,620 75,051 1,431 102% 12% Outside equity interest 994 1,438 158 (471) (476) (5) 101% n/a NPAT attributable to Navitas 49,191 64,251 77,392 73,149 74,575 1,426 102% 11% * Cumulative Annual Growth Rate from FY09 to FY13 PCP Change Detailed P&L – 5 years

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