Academedia Ab · OMXSTO:ACAD
Academedia Ab — Q2 2016/17 Earnings Presentation
17 slides from Academedia Ab's earnings presentation, Feb 7, 2017
Slide 1: Interim Report July-Dec 2016
Interim Report July-Dec 2016 2017-02-07 1
Slide 2: Today’s presenters
Today’s presenters Marcus Strömberg Eola Änggård Runsten Chief Executive Officer Chief Financial Officer With AcadeMedia With AcadeMedia since 2005 since 2013 2
Slide 3: CEO introduction
CEO introduction • Underlying growth trends remain strong • Solid growth supported by last years’ acquisitions • 2 new preschool units acquired in Norway and Sweden • Adult participants in Sweden and preschool parents in Norway increasingly satisfied • Strong momentum in adult segment • PISA survey
Slide 4: Largest independent education provider in Northern Europe
Largest independent education provider in Northern Europe Overview Geographical presence and selected brands (Q2) • Largest independent educational services provider in Northern Europe Country Total • Comprehensive educational offering • Unique quality assurance model – key for sustainable growth St
Slide 5: Key highlights Q2 2016/17
Key highlights Q2 2016/17 Continued strong growth in adult segment Key figures for Q2 2016/17 • Student numbers increased in all segments. This includes 2016/17 2015/16 Change acquisitions which supports # of Students 65,633 62,443 5.1% revenue growth in the second Net Sales 2,508 2,239 12.0% quarte
Slide 6: Q2 2016/17 – 12 month rolling figures
Q2 2016/17 – 12 month rolling figures Key figures for Q2 R12 2016/17 vs FY 2015/16 • 12 month rolling sales and EBIT are at all time high thanks to R12 2016/17 FY 2015/16 Change volume growth and four strong Net Sales 9,063 8,611 5.2% quarters in the adult segment EBIT 624 535 16.6% EBIT-margin 6.9%
Slide 7: Key Quality results
Key Quality results Upper secondary schools: % of students passed • Planned regulatory inspections of 184 compulsory and upper secondary 89,8 89,6 91 90 schools are proceeding according to 86,8 87,4 89 88 plan. 87 86 85 13/14 14/15 15/16 15/16 SE • Upper secondary schools somewhat avg above national
Slide 8: Key Quality results, cont
Key Quality results, cont 6 5,23 5,31 5,34 • Parent survey in Norway showed 5 5,10 increasing satisfaction levels in 4 Norwegian preschools. 3 – Rating 5.34 (5.31) out of max 6.0 2 – Promotor score increased to 87% (86) 1 0 2013 2014 2015 2016 Parent survey Espira 100% 82,3% 82,5% 84,9% 80% • Partic
Slide 9: Pre- and compulsory schools (Sweden)
Pre- and compulsory schools (Sweden) Stable growth Comments for Q2 2016/17 Key figures for Q2 2016/17 • Overall student numbers increased by 4.5% 2016/17 2015/16 Change • One preschool acquisition in Stockholm Net Sales 964 889 8.4% • Revenue growth was 8.4% EBIT 43 35 22.9% • Adjusted EBIT and marg
Slide 10: Upper secondary schools (Sweden)
Upper secondary schools (Sweden) Healthy revenue growth maintained Comments for Q2 2016/17 Key figures for Q2 2016/17 • Overall student numbers increased by 2.2% • Revenues increased by 9,1 percent mainly because 2016/17 2015/16 Change • Revenues the number increased of studentsby 5.9% by 6,0 percen
Slide 11: Adult education (Sweden)
Adult education (Sweden) Continued strong growth Comments for Q2 2016/17 Key figures for Q2 2016/17 • Participant volumesby Revenues increased were high rendering 9,1 percent revenues mainly because 2016/17 2015/16 Change 18.1% the higher number than lastincreased of students year by 6,0 percent Net
Slide 12: Preschools (International)
Preschools (International) New starts and bolt-on acquisition during first half year Comments for Q2 2016/2017 Key figures for Q2 2016/17 • Overall child numbers increased by 16.9% 2016/17 2015/16 Change • One preschool acquired in Norway during the second quarter Net Sales 449 356 26.1% • Revenue g
Slide 13: Financial position
Financial position Improved net debt and leverage ratio below maximum target Net Debt and Net Debt / Adj. EBITDA 5,0 4,5 3 500 Target < 3.0 3 000 4,0 • Capital employed has increased during 3,3 3,1 3,0 2,7 2 500 3,0 2 000 the last 12 months by 514 MSEK due 1 500 2,0 2 927 2 629 to growth through acq
Slide 14: Seasonality varies between segments
Seasonality varies between segments Q2 shows normal seasonality in school segments Quarterly seasonality – Net sales and adj. EBIT 2014/15 - 2016/17 Comments • School segments SEKm continue to show normal annual seasonality • Second half of last year was strong • Adult segment is volatile and withou
Slide 15: Financial performance according to plan
Financial performance according to plan Q2-R12 Financial targets (FY15/16) • Annual revenue growth rate of 5-7% including 5.2%* Growth 5-7% organic growth and smaller bolt-on acquisitions but excluding larger strategic acquisitions (5.5%) 7.2% Profitability 7-8% • Adj. EBIT margin of 7-8% over time
Slide 16: Preliminary voucher development 2017
Preliminary voucher development 2017 • Voucher increases as per January 1st 2017 have been calculated on official vouchers sizes communicated so far. Sweden • Vouchers based on municipal education budgets per student per grade or education program • So far voucher adjustments have been communicated
Slide 17: Summary of Strategic priorities
Summary of Strategic priorities Continuous development of offering and quality level to remain the most attractive choice Improved capacity utilization in existing units Establishment of new units and bolt-on acquisitions Further strategic acquisitions possible longer term Build on current