CURRO Annual general meeting RESOLUTIONS
General matters To accept the presentation of the audited financial statements for the year ended 31 December 2016 2
Ordinary resolutions 1 Re-elect Ms Susan Louise Botha as a director. Resolution number 2 Re-elect Mr Barend Petersen as a director. Resolution number Appoint Dr Christiaan Rudolph van der Merwe as a non-executive 3 Resolution number director of the company with effect from 1 July 2017. 3
Ordinary resolutions Reappoint Mr Barend Petersen as a member and chairperson of the 4 Resolution number audit and risk committee of the company. Reappoint Dr Sibongile Winnie Frieda Muthwa as a member of the 5 Resolution number audit and risk committee of the company. Reappoint Mr Zitulele Luke Combi as a member of the audit and risk 6 Resolution number committee of the company. 4
Ordinary resolutions Reappoint Deloitte & Touche as the auditors of the company 7 Resolution number for the ensuing year. 8 General authority to issue shares for cash. Resolution number 9 Endorsement of the company's remuneration policy. Resolution number 5
Special resolutions 1 Remuneration of non-executive directors. Resolution number 2 Inter-company financial assistance. Resolution number Financial assistance for acquisition of shares in a related or 3 Resolution number interrelated company. 4 Share repurchases by the company and its subsidiaries. Resolution number 6
CURRO Annual general meeting CEO PRESENTATION
Index 1. About Curro 2. The market 3. Key numbers 4. Our product offering Giving back – our responsibility 5. 6. The future 7. Stadio 8
What does the word ‘CURRO’ mean? Curro is a Latin word meaning I RUN , which can be interpreted as follows: I learn at my own learning pace and according to my own aptitude, attitude and talents. 10
Curro’s Curro believes that the purpose of education is … to ensure that a child must become what he/she wants to become and can become. 11
What is the Curro ?
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A view Percentage of enrolment in independent institutions (%) 20.0% 30.0% 28.4% 18.6% 2000 18.0% 2000 25.0% 2015 16.0% 22.4% 2015 14.0% 20.0% 18.2% 12.0% 10.4% 10.1% 9.9% 15.0% 10.0% 12.9% 8.0% 10.0% 6.0% 4.1% 4.0% 4.2% 5.0% 2.3% 1.7% 2.0% 0.0% 0.0% Developing countries Developed countries South Africa Developing countries Developed countries South Africa 16
A view There are three large operators in the independent ANALYSIS OF SOUTH AFRICAN SCHOOL SECTOR school sector of which CURRO is one The global trend for independent school numbers 566 194 indicate that independent schools are moving towards learners in making up 20% of the total independent number of schools. schools 12 814 473 learners If South Africa follows this trend there is huge potential for many more independent schools to be developed. 17
Strong track record of financial and 47 589 20.0 50 000 17.0 41 864 16.3 15.0 14.7 35 970 40 000 15.0 12.7 28 737 10.8 30 000 21 027 10.0 20 000 12 473 5.0 10 000 0 - 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 60% 35% 52% 51% 49% 29% 28% 30% 50% 44% 26% 25% 23% 25% 40% 31% 20% 30% 15% 20% 10% 10% 5% 0% 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 19
Strong track record of financial and 600 2 000 1 761 497 1 750 500 1 384 382 1 500 400 1 250 Rm 1 001 262 300 Rm 1 000 659 155 200 750 79 366 500 100 250 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 200 50 43.9 169 40 150 28.3 100 30 100 17.2 20 56 12.8 37 50 7 10 15 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 20
CAGR of 42% since listing June 2011 7000 20 000 6000 18 120 18 000 4450 15 572 16 000 5000 14 000 12 816 12 000 4000 10 000 9 000 8 000 5 200 6 000 3000 4 000 1 773 2 000 2000 440 100 - 2009 - PSG 2011 - Listing 2012 2013 2014 2015 2016 2017 Investment 1000 0 2011 2012 2013 2014 2015 2016 21
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What do parents when choosing a school? 1 2 3 4 Facilities Curriculum Most important Co-curricular Ancillary consideration services by parents 25
Curriculum • Manageable class sizes • Focus on school readiness • Every child is unique • Enhanced South African national curriculum • Focus on Mathematics, Science and IT • Learning delivery technology • Benchmarked curriculum standards • Value-added programmes • IEB examinations • Qualified and committed educators
Brand 31 campuses 6 campuses 12 campuses 4 campuses 1 campus 27 178 learners 5 114 learners 13 500 learners 1 030 learners 978 learners R1 500 – R2 500 R3 700 R5 000 R3 200 R3 600 avg. monthly fees avg. monthly fees avg. monthly fees avg. monthly fees avg. monthly fees Balanced Balanced Academic Balanced Academic curriculum curriculum curriculum curriculum curriculum 25 maximum 25 maximum 35 maximum 25 maximum 70 maximum class size class size class size class size class size 3 – 18 ages (yrs) 3 – 18 ages (yrs) 5 – 18 ages (yrs) 0 – 5 ages (yrs) 18+ ages (yrs) 28
IEB Number of learners 637 724 877 Pass rate 99% 99% 99% 82% 82% 84% University exemption Learners with an A average 7% 8% 9% Average >60% 66% 69% 70% 29
NSC Number of learners 488 708 773 Pass rate 90% 98% 93% Learners with a diploma or 73% 90% 79% degree exemption pass Average >60% 30% 43% 30% 30
Research and development Core skills required Rapidly changing world Cannot prepare tomorrow’s Communication | Collaboration | children with yesterday’s methods Critical thinking | Problem-solving | Creativity/innovation | Resourcefulness | Resilience Curriculum approach Focus • • Engaged learners (not passive) Literacy | Coding | Mathematics | Science • and Technology | Entrepreneurship Meaningful content that is applicable • • Oracle/Java programming Assessment strategies, other than • conventional tests/exams/homework Future School of Engineering 31
(Social Ethics and Human Resources Committee feedback)
Curro’s code of Articulates Curro’s policies on: • Good corporate citizenship • Discipline • Health and safety Internalises • Use of information technology and • values and Discrimination social media ethics in the • Respecting matters company relating to human rights amongst staff • Emphasising the and learners importance of business integrity and ethics • Learners’ code of conduct • Disciplinary policies • Social media
citizenship • • • Providing learners with a safe Group transformation charter Energy-saving techniques are place to learn through quality developed and accepted implemented during new school facilities, security on premises construction and energy efficient practices • Excellent progress made and abiding with occupational are implemented at existing schools. throughout the organisation health and safety legislative • Water-wise gardens and fields are requirements. • Transformation committees addressed during the design phase. have been established at • school level. Environmental impact studies are conducted on new sites during the land- banking process.
Bursaries and financial assistance 35
responsibility Successful applicants out of more than 600 applicants 36
responsibility 37
responsibility 38
responsibility 39
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Looking Despite our growth, it remains a tough market 42
Looking Top quality written Exco Ops to and delivered help lead curriculum 43
Exco Ops The role of the Exco Ops is to the CEO to: • Implement strategies set by the board • Monitor business success • Formulate policy 44
Campus during 2017 OPENING IN JANUARY 2018 2018 2 3 Curro Castles Curro Academy campuses • Curro Castle Oakdene – Gauteng • Curro Academy Sunningdale – Cape Town Castle and primary school • Curro Castle Uitzicht – Cape Town • Curro Academy Riverside – Gauteng Primary and high school • Curro Academy Mamelodi – Gauteng Primary and high school
Robust and active 47 + 7 51 +5 56 + 7 63 + 7 70 + 7 110 +17 124 + 9 133 +17 150 +17 167 +17 Excludes : • Acquisitions • Tertiary 46
AGM 23 June 2017
Tertiary education OPPORTUNITIES for young South Africans
O U R V I S I O N Multiversity … the race continues …
O U R V I S I O N Multiversity … A large and diverse institution of higher learning created to educate for life and for a profession, and to grant degrees https://www.vocabulary.com/multiversity
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