Navitas Financial Performance

In an improving operating environment Navitas has maintained its record of revenue and EBITDA (Earnings Before Interest, Taxation, Depreciation and amortisation) growth while also returning to modest NPAT (Net Profit After Tax) growth.

Total Revenue Year Ended 30 June 2012 - $688.5m
Total Revenue Year Ended 30 June 2013 - $731.7m

EBITDA Year Ended 30 June 2012 - $126.8m
EBITDA Year Ended 30 June 2013 - $130.0m

NPAT Year Ended 30 June 2012 - $73.1m
NPAT Year Ended 30 June 2013 - $74.6m

The full year fully franked dividend was 19.5 cents per share. This represents 98% of tax paid earnings for the year, marking the beginning of the transition from a 100% to 80% payout ratio. The final dividend for the year is 10.2 cents per share.

Total revenue increased by 6% to $731.7m with growth recorded in all divisions as the operating environment in the key Australian market continued to recover. The University Programs division recorded revenue growth of 9%, two thirds of which related to price growth. The Professional and English programs division also grew revenues following strong performance from government contracts and educational businesses.

Group EBITDA rose 3% to $130.0m. This rise was largely driven by Professional and English Programs while the Group EBITDA margin decreased by 0.6% to 17.8% (FY12: 18.4%) due to:

• Year-end foreign exchange hedging
• Increases in the EVA based ValueShare incentives predominantly due to prior year credits related to below target FY12 performance.