Embark Early Education Limited · ASX:EVO
Embark Early Education — Investor Presentation (February 2024)
15 slides from Embark Early Education's investor presentation, Feb 27, 2024
Slide 1: 2023 Full Year Results Investor Presentation
2023 Full Year Results Investor Presentation
Slide 2: Disclaimer
Disclaimer The information in this presentation is an overview and does not contain all information necessary to make an investment decision. It is intended to constitute a summary of certain information relating to the performance of Embark Early Education Limited (“Embark Education”) for the curre
Slide 3: Highlights
Highlights
Slide 4: CY23 Overview
CY23 Overview AUSTRALIAN BUSINESS SEES STRONG GROWTH • Revenue growth of 16% in 2023 to $63.1 million. • Underlying centre EBITDA growth of 30% to $17.1 million EVENTS • Renita Garard appointed to the Board 1 January • Adrian Fonseca retired from Board 6 June • Michelle Thomsen appointed to the Boar
Slide 5: Financial Highlights
Financial Highlights (CY2023 v CY2022) (AUSTRALIA ONLY) • Revenue growth of 16% $ Million to $63.1 million 70 60 50 40 30 • Underlying centre EBITDA growth of 30% to $17.1 20 million 10 0 Revenue Operating Expenses Underlying Centre EBITDA 2022 2023
Slide 6: Operational Highlights
Operational Highlights (CY2023 v CY2022) • Average 2023 Centre Occupancy of 82% • Peak 2023 Centre Occupancy in week 46 of 86.1% Monthly Occupancy Wage to Revenue Ratio 90% 65% 85% 60% 80% 55% 75% 50% 70% 65% 45% 60% 40% 2022 2023 2022 2023
Slide 7: Financial Performance
Financial Performance
Slide 8: Financial Summary
Financial Summary STRONG PERFORMANCE FROM CONTINUING OPERATIONS 2023 2022 Non-statutory accounts Australia Australia Australia New Australia Consolidated (pre AASB16) (Operating) (Listed) Total Zealand (Operating) • Revenue growth of 16% $'000 $'000 $'000 $'000 $'000 $'000 driven by increased Revenu
Slide 9: Financial Summary
Financial Summary STRONG PERFORMANCE FROM CONTINUING OPERATIONS RESTATED YEAR YEAR 31 DECEMBER 2023 31 DECEMBER 2022 • 16% revenue increase in 2023 Childcare Fees $'000 19,084 $'000 18,122 Government Funding 43,896 36,333 Other Revenue 143 - Revenue 63,123 54,455 Expenses • 67.6% higher profit befor
Slide 10: Balance Sheet Strong To Pursue Growth
Balance Sheet Strong To Pursue Growth RESTATED RESTATED YEAR YEAR YEAR 31 DECEMBER 31 DECEMBER 1 JANUARY 2023 • No borrowing at 31 December 2022 2022 $'000 $'000 $'000 Cash and cash equivalents 26,839 16,201 44,824 2023 Assets held for sale Funding Receivable - - - 614 2,804 - Current tax asset - 19
Slide 11: Strategy and Outlook
Strategy and Outlook
Slide 12: Acquisitions to Continue
Acquisitions to Continue • Acquisition opportunities being pursued that provide additional value to shareholders
Slide 13: Encouraging Start to 2024
Encouraging Start to 2024 • 2024 occupancy between 2022 and 2023 levels • Staffing issues still affecting small number of centres • QLD storms impacted 1 centre January capacity • Small February 2024 fee increase to offset increased costs • 2024 January/February* revenue approximately 10% higher tha
Slide 14: Appendix
Appendix
Slide 15: Glossary
Glossary Term Definition EBITDA Earnings before interest, taxation, depreciation and amortisation. Earnings before interest, taxation, depreciation and amortisation less the effects of NZ IFRS 16: Leases, gains and losses on the sale or closure of businesses, acquisition and integration Underlying E
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