Mayfield Childcare Ltd. · ASX:MFD
Mayfield Childcare — H1 2022 Earnings Presentation
23 slides from Mayfield Childcare's earnings presentation, Aug 19, 2022
Slide 1: Financial Results for the Half Year ended 30 June 2022
19 August 2022 Mayfield Childcare Limited Financial Results for the Half Year ended 30 June 2022 Mayfield Childcare Limited (ASX:MFD) is pleased to announce its results for the first half of Calendar Year 2022. Statutory revenue for the consolidated Mayfield Group, including the 14 Genius Learning c
Slide 2: 1H CY 2022 in Review
1H CY 2022 occupancy for the core Mayfield Group (excl Genius) has been impacted by sector challenges in 2Q, down 0.4% against pcp to 67.6%, though up 1.1% up on pre-covid levels. While there is no comparative data for the 14 Genius Learning centres, occupancy for the 1H CY 2022 was 65.6%. 1H CY 202
Slide 3: ACECQA Rating, Dividend, Genius Acquisition and Outlook
ACECQA Rating • No change - 90% of services rated • 64% up from 57% of services rated Meeting or Exceeding the National Meeting or Exceeding the National Quality Framework Quality Framework The Board is pleased to announce a fully franked interim dividend of 2.76 cents per share (cps) payable in Sep
Slide 4: Please direct any further enquiries to:
Please direct any further enquiries to: Dean Clarke Glenn Raines Andrew Angus Chief Executive Officer Chief Financial Officer Investor Relations dclarke@mayfieldchildcare.com.au graines@mayfieldchildcare.com.au andrewangus@overlandadvisers.com.au +61 3 9576 3156 +61 3 9576 3156 +61 402 823 757 Mayfi
Slide 5: Mayfield Childcare Limited CY 2022 First Half Results
Mayfield Childcare Limited CY 2022 First Half Results Investor Presentation 19 August 2022 1
Slide 6: Disclaimer
DISCLAIMER This Presentation contains summary information about the current activities of Mayfield Childcare Limited (Mayfield). It should be read in conjunction with Mayfield’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are ava
Slide 7: Contents
CONTENTS 01 1H CY 2022 HIGHLIGHTS 02 FINANCIAL PERFORMANCE 03 OPERATIONAL PERFORMANCE 04 CY 2022 OUTLOOK 3
Slide 8: 1H CY 2022 Highlights
1H CY 2022 Highlights The ongoing COVID-19 pandemic has presented a new set of challenges throughout 1H CY 22, with the effects being felt in every community in which we operate. The emergence of the omicron strain and the significant increase in infection rates and/or household close contacts, resu
Slide 9: 1H CY 2022 Highlights
1H CY 2022 Highlights • Occupancy performance • 1H CY 2022 occupancy for Mayfield was 67.6%, down 0.4% vs pcp, though 1.1% up on pre covid levels. • 1H Cy 2022 occupancy for Genius was 65.6% and recovering from 1Q shortfalls. • Quality recognition. • Quality Improvement Program continues to deliver
Slide 10: Financial Performance
02 FINANCIAL PERFORMANCE: REVENUE & EBIT RECONCILIATION OPERATING PERFORMANCE BALANCE SHEET CASH FLOW 6
Slide 11: 1H CY 2022 Revenue Bridge
Underlying Revenue Movement from 1H CY 2021 to 1H CY 2022 1H CY 2022 Revenue Bridge • Underlying Revenue was $32.4, up 85.0% vs pcp. • The core Mayfield business grew by $2.5m driven acquisitions and price, which was further supplemented by a reduction in discounting of $0.6m, as the business reduce
Slide 12: Operating Performance
Operating Performance A$ 000’s MFD 1H CY 22 MFD 1H CY 21 Var % GEN 1H CY 22 Group 1H CY 22 Var % Core Mayfield Business Childcare fees 18,773 16,886 11.2 13,581 32,354 91.6 • Childcare Fees of $18.8m, after allowing for government Industry Support Payments - 598 (100.0) - - (100.0) payments received
Slide 13: Balance Sheet
Balance Sheet A$ 000’s 30 Jun 22 Statutory AASB 16 Leases 30 Jun 22 Underlying 31 Dec 21 Underlying Var $ Cash and cash equivalents 2,776 2,776 2,265 511 • Significant cash position of $2.8m, improved by a further $0.5m Trade and other receivables 3,267 3,267 2,826 441 over the period, while extingu
Slide 14: Coverage & Gearing Ratios
Coverage & Gearing Ratios A$ 000’s Group 1H CY 22 Group CY 2021 MFD CY 2020 MFD CY 2019 Current Borrowings 409 1,632 1,329 Non-Current Borrowings 5,077 8,077 8,297 11,493 • Net debt further reduced by $3.9m or 63.0% to $2.3m. Cash & Cash Equivalents (2,776) (2,265) (1,569) (649) Net Debt 2,301 6,221
Slide 15: Cash Flow
Cash Flow A$ 000’s 1H CY 2022 Statutory AASB 16 Leases 1H CY 2022 Underlying 1H CY 2021 Underlying Operating cash flows Customer & Government funds 32,443 32,443 17,489 • Positive net operating cash flows reflects the contribution to the Industry Support Payments 598 business of the CY 2021 acquisit
Slide 16: Operational Performance
03 OPERATIONAL PERFORMANCE: OCCUPANCY REVENUE & WAGE PERFORMANCE CHILDCARE FEES & ACECQA RATING OPERATIONAL METRICS 12
Slide 17: 1H CY 2022 Occupancy
1H CY 2021 Occupancy Core Mayfield - Weekly Like for Like Occupancy Genius - Weekly Occupancy 80.0% 80.0% 75.0% 75.0% Percentage % Percentage % 70.0% 70.0% 65.0% 65.0% 60.0% 60.0% 55.0% 55.0% Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk
Slide 18: Revenue & Wage Performance
Revenue & Wage Performance Monthly Revenue $7,000 $6,000 $5,000 Revenue A$ 000’s • In the main, MFD revenue continues to grow reflecting 1Q $4,000 occupancy growth, acquisitions and price movements $3,000 • GEN revenue has been stable over 1Q with growth in late 2Q reflecting the pick up in occupanc
Slide 19: Childcare Fees & Quality Rating
Childcare Fees & Quality Average Childcare Fees Rating $130.00 $125.00 Average Childcare Fees $120.00 • Mid year price increase across the consolidated group $115.00 represents a 5.2% increase, taking the average daily fee to approx $127/day $110.00 $105.00 $100.00 Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk W
Slide 20: Operational Metrics
Operational Metrics Key Metrics 1H CY 22 CY 2021 CY 2020 CY 2019 Number of Centres 35 36 20 21 Number of Registered Places 3,109 3,199 1,671 1,771 • One of the Mayfield centres was disposed of during the period Average Centre Size 89 89 84 84 No of Managed Services Clients 3 4 4 3 Average Fees per D
Slide 21: CY 2022 Outlook
04 CY 2022 OUTLOOK: CY 2022 OUTLOOK 17
Slide 22: CY 2022 Outlook
CY 2022 Outlook • It has been a transformational time for the Mayfield business as it builds its day-to-day operational knowledge of the 14 Genius Learning centres, embracing the management challenges associated with working across borders • The ongoing COVID-19 pandemic has presented a new set of c
Slide 23: Mayfield Childcare Limited
Mayfield Childcare Limited Suite 2, 207-213 Waverley Road Malvern East VIC 3145 www.mayfieldchildcare.com.au Dean Clarke Glenn Raines Andrew Angus Chief Executive Officer Chief Financial Officer Investor Relations dclarke@mayfieldchildcare.com.au graines@mayfieldchildcare.com.au andrewangus@overland