ANNUAL RESULTS 19 and 20 February 2018
Celebrating 20 years of excellence in education
STRATEGIC FRAMEWORK 3
STRATEGIC FRAMEWORK 4
STRATEGIC FRAMEWORK Curro in Enhanced Learner-centric Innovation context curriculum People The rest Growth Finance management of Africa Fergus Sampson Operational Business Manager: Meridian and Academy schools 5
CURRO IN CONTEXT
ABOUT CURRO Curro is an educational company that focusses on school education Curro believes that the purpose of education is … to empower all learners and staff to achieve their potential as individuals and members of society. 7 CURRO IN CONTEXT
WHAT DOES CURRO DO? Provides independent school education to learners from 3 months to Grade 12 . Educational model based on: • Christian values (ethics and morals) • Child-friendliness • Creative thinking • Positive discipline 8 CURRO IN CONTEXT
WHY DO WE DO THIS? Curro’s vision is to make independent school education accessible to more learners throughout Southern Africa. 9 CURRO IN CONTEXT
CURRO FOOTPRINT 10 CURRO IN CONTEXT
SNAPSHOT 2015 2016 2017 2018 41 48 51 59 Campuses 100% private pay 100 114 124 138 Fee increases of 10% Schools per annum 35 130 42 343 45 870 52 233 Largest for-profit school Learners group in South Africa 2 290 2 546 2 778 2 855 Educators Numbers above exclude Stadio/Embury figures 11 CURRO IN CONTEXT
MODELS 6 campuses 36 campuses 17 campuses 1 160 learners 34 401 learners 16 672 learners R1 700 – R2 700 R3 700 R4 250 avg. monthly fees avg. monthly fees avg. monthly fees Balanced curriculum Balanced curriculum Academic curriculum 25 maximum 25 maximum 35 maximum class size class size class size 0 – 5 ages (yrs) 3 – 18 ages (yrs) 5 – 18 ages (yrs) 12 CURRO IN CONTEXT
OUR JOURNEY 2016 2011 Expanded vision for 2013 Listed on the AltX 2018 Embury announced 1998 Commenced Learners Learners Learners Curro with Meridian 5 557 founded Schools 42 343 52 233 2009 2012 2015 2017 Curro Academy Listed on the JSE’s PSG become a Learners Schools launched 50% partner main board 45 870 Learners Learners Acquired Embury Unbundling 35 130 Institute of Teacher 2 059 Stadio Education 13 CURRO IN CONTEXT
COMPETITIVE ADVANTAGES • Quality executive team • Knowledge base • Significant quality investment opportunities remain • Development team • Brand/reputation • Finding new opportunities • More schools performing on or • Rezoning (where required) ahead of target • Site development plans and design • Significant spend on curriculum • Cost reduction due to scale efficiencies development • Closely aligned with contractors – • Capital base (strong balance sheet) reducing building time and cost • Highly cash generative • Demand for product • Has a significant supportive • Value-for-money offering shareholder in PSG 14 CURRO IN CONTEXT
THE GLOBAL MARKET 15.0% 13.6% 2000 10.5% 2013 10.1% 9.5% 10.0% PRIMARY 3.8% 5.0% education 1.7% 0.0% Developing countries Developed countries South Africa Percentage of enrolment in independent institutions 30.0% 25.0% 2000 23.0% 2013 17.7% 20.0% 12.9% SECONDARY education 10.0% 5.0% 2.0% 0.0% Developing countries Developed countries South Africa 15 CURRO IN CONTEXT
A LOCAL VIEW The market Analysis of the South African school sector There are three large The global trend operators in the indicates that independent independent school schools are moving sector of which 4.4% towards making up 20% CURRO is one of the total number of schools. 566 194 learners If South Africa follows this accommodated trend there is huge by independent +- 25 691 potential for many more schools schools in SA independent schools to be developed. 12 814 473 learners 16 CURRO IN CONTEXT
ENHANCED CURRICULUM
MATRIC RESULTS 2017 – IEB HIGHLIGHTS 18 ENHANCED CURRICULUM
MATRIC RESULTS 2017 – NSC HIGHLIGHTS 19 ENHANCED CURRICULUM
CURRICULUM HIGHLIGHTS Educators focus on: • Global competency (21st century relevant education) • 3 R’s reading, writing and arithmetic • 6 C’s communication, critical thinking, creativity, collaboration, citizenship, character • 2 M’s motivation, metacognition • BLP – 4 R’s resilience, reciprocity, resourcefulness, reflection • Learners make use of their own device • Flipped classroom • Environment conducive to learning • Learner-centric classroom 20 ENHANCED CURRICULUM
CURRICULUM Continuous improvement through: Project based learning STEAM(D) Project Based Learning is a teaching method in which learners gain knowledge and skills by working for an extended period of time to investigate and respond to an authentic, engaging and complex question, problem, or challenge 21 ENHANCED CURRICULUM
LEARNER-CENTRIC
RUTA SECHABA beneficiaries including the 137 Titans cricket programme. • A total of 133 learners, on academic and sports scholarships excluding Titans, wrote and passed the final December examinations. • All beneficiaries wrote the 2017 matric examinations and passed. • 5 out of 8 top performing learners at Northern Academy achieved at least three distinctions in the Grade 12 examinations were beneficiaries of the foundation and achieved 24 distinctions among them. 2018 2018 = Total funding R7m 276 R 2019 = Commit R12m – R15m Ruta Sechaba and Titans 23 LEARNER-CENTRIC
LEARNER FOCUSSED Personalised learning Deep learning • Personalised learning is when the learning Mastering core academic content experience is tailored to the individual • Thinking critically student based on their specific learning needs, strengths and weaknesses. • Solving complex problems • Working collaboratively • Communicate effectively • Learning how to learn and developing academic mindsets 24 LEARNER-CENTRIC
CSI Secret scarves for Donating food to Interact care boxes Nelson Mandela Day an animal shelter Going gold Help a for childhood sister in cancer need 25 LEARNER-CENTRIC
INNOVATION
SCHOOL INNOVATION 1 2 3 LSEN TVET 27 INNOVATION
PEOPLE MANAGEMENT
STAFF DEVELOPMENT Regular training workshops for various functions on: • Front-of-house • Customer service • Brand management • Communication skills Management training : • Executive heads • Middle management development 29 PEOPLE MANAGEMENT
STAFF DEVELOPMENT New fresh ideas to their classrooms • New Curro educators • One full day training per term (primary school) • Communities of practice for primary schools • PLCs for high school (professional learning communities) • IT training camps • Subject camps • Training when needed • Keeping educators up to date with new technology • Collaborating with other educators 30 PEOPLE MANAGEMENT
WORKING CONDITIONS Focus on public facing areas, offices and staff rooms Existing school revamp – staff room New school – staff room Before 31 PEOPLE MANAGEMENT
GROWTH AND REST OF AFRICA
NEW SCHOOLS OPENED IN 2018 CURRO ACADEMY CURRO CASTLE CURRO CASTLE SANDOWN AND CURRO UITZICHT OAKDENE CASTLE SANDOWN 33 GROWTH AND REST OF AFRICA
NEW SCHOOLS OPENED IN 2018 CURRO ACADEMY CURRO ACADEMY MAMELODI RIVERSIDE 34 GROWTH AND REST OF AFRICA
BUILDING PROJECTS – NEW SCHOOLS GAUTENG CURRO SCHOOLS 3 Vanderbijlpark Edenvale Highway 4 Gardens WESTERN CAPE CURRO ACADEMY CURRO CASTLE SCHOOLS Burgundy 1 Estate 5 Protea Glen (Soweto) NEW HIGH 6 Savanna City SCHOOL MODEL 7 2 Parkdene Irispark (DigiEd) 35 GROWTH AND REST OF AFRICA
ACQUISITIONS BOTSWANA Baobab 8 Primary FREE STATE An independent school group with more than 2 000 learners – Academy market 36 GROWTH AND REST OF AFRICA
ROBUST AND ACTIVE PIPELINE Campuses 48 + 3 51 + 8 59 + 7 66 + 7 73 + 7 2020 2016 2017 2018 2019 114 + 10 124 + 14 138 +14 152 +17 169 +17 Schools Excludes tertiary campuses unbundled in Stadio 37 GROWTH AND REST OF AFRICA
CONTINUOUS GROWTH Curro Academy Castles Meridian Grade TVET LSEN Select DigiEd 13 YR Mauritius Botswana Ghana Kenya AFRICA Uganda Zambia Swaziland Namibia 38 GROWTH AND REST OF AFRICA
FINANCE 39
SUPERIOR financial elements in the business model • High growth • Strong visibility • High margins and operating leverage • Significant free cash flow • Relative resilience • Outstanding returns on investment 40 FINANCE
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