(All comparisons to the half year ended 31 December 2015)
$m
Revenues from ordinary activities 479.0 down 7.7%
Profit after tax from ordinary activities 53.3 up 18.3%
Dividend InformationAmount per share (cents)
Franked amount per share (cents)
Interim 2017 dividend (to be paid 15 March 2017) 9.4 9.4
Important dates for shareholders
Record date 1 March 2017
Payment date 15 March 2017
The company's dividend reinvestment plan (DRP) will apply for the interim dividend. The DRP will again be offered at no discount to market. The last date for receipt of an election notice to participate in the DRP is by 5.00pm (Sydney time) on 2 March 2017.
31 Dec 2016 | 31 Dec 2015 | |
Net tangible asset backing per ordinary security | (66 cents) | (49 cents) |
Additional Appendix 4D disclosure requirements can be found in the directors' report and the 31 December 2016 half yearly financial statements and accompanying notes.
This report is based on the consolidated half yearly financial statements which have been reviewed.
This information, comprising the information required by Listing Rule 4.2A, should be read in conjunction with Navitas Limited's 2016 Annual Report available on Navitas' website, www.navitas.com.
Navitas LimitedABN 69 109 613 309
Half Year Financial Report 31 December 2016Contents
Directors' Report 2
Auditor's Independence Declaration 6
Consolidated Financial Report
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 7
Condensed Consolidated Statement of Financial Position 8
Condensed Consolidated Statement of Changes in Equity 9
Condensed Consolidated Statement of Cash Flows 10
Notes to the Condensed Consolidated Financial Statements 11
Directors' Declaration 18
Independent Review Report 19
Directors' Report for the half year ended 31 December 2016
The directors present their report together with the consolidated financial report for the half year ended 31 December 2016 and the review report thereon.
Directors
The directors of the Company at any time during or since the end of the half year are:
Name | |
Tracey Horton | Chairman |
Rodney Jones | Group Chief Executive Officer and Managing Director |
Tony Cipa | Director |
Harvey Collins | Director |
Diana Eilert | Director |
James King | Director |
Lisa Paul | Director |
Review of Operations Financial Summary
A summary of consolidated revenue and results is set out below:
Half year ended 31 December 2016 | Half year ended 31 December 2015 | Change % | |
$m | |||
Revenue | 479.0 | 518.7 | (8) |
EBITDA* | 76.6 | 82.8 | (8) |
Share of joint ventures profits/(losses) accounted for using the equity method | (0.1) | (0.4) | 300 |
Net profit after tax | 53.6 | 45.5 | 18 |
Net profit after tax attributable to owners | 53.3 | 45.1 | 18 |
Earnings per share (cents) | 14.5 | 12.0 | 21 |
Dividend per share (cents) | 9.4 | 9.6 | (2) |
EBITDA is defined as earnings before impairment, taxes, depreciation, amortisation and non-operating gains or losses. EBITDA excludes the share of results of equity accounted investments in joint ventures.
Key Operational Highlights
Excellent student support and engagement outcomes across all Divisions including University Partnerships pass rates (+80%), retention rates (+85%) and progression to partner university rates (+90%);
6% and 2% underlying growth in semester 2 / 3 University Partnerships enrolments (excluding closed colleges);
New US college agreement signed with University of Idaho;
Strong SAE growth in Australia and new programs approved in SAE US;
Vocational funding reforms underway - marginal impact on H1 result but likely to limit future PEP division growth; and
Ongoing restructuring to maintain global leadership progressing well.
2
Navitas Limited published this content on 31 January 2017 and is solely responsible for the information contained herein.
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