This document provides an overview of Curro Holdings Limited, a private school education company in South Africa. Some key points:
- Curro is the largest provider of affordable, quality private education in South Africa with 12 campuses across the country.
- The company listed on the JSE to fund expansion plans and gain credibility with clients and debt financiers.
- Projections show rapid growth in the number of schools and learners, with a goal of 40 schools and 45,000 learners generating R450 million in profit by 2020.
- Financials show consistently strong growth and margins above 25% at schools operating for over 2 years, with the overall business profitable. New schools negatively impact short-
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DISCLAIMER
Users are advised that to the extent that any
statement in this presentation constitutes a
profit forecast, same has not been reviewed nor
reported on by the company’s auditors.
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CURRO IS THE MARKET LEADER IN
THE PROVISION OF AFFORDABLE,
QUALITY PRIVATE SCHOOL
EDUCATION IN SOUTH AFRICA
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WHY DID WE LIST?
• Scalable business model
• Preparing for growth - Expansion and re-
gearing of balance sheet
• Credibility/sustainability
• Debt financiers
• Clients
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CURRO’S PROFILE
• 13 year operating history
• 12 Campuses across SA
• Durbanville, Langebaan, Pta (x3), Jhb
(3), Witbank, Polokwane, Hermanus, Mossel Bay.
• Growing company in a growing sector
• Non-cyclical business
• Shareholder of reference in PSG (63%)
• Operationally profitable
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SCHOOL EDUCATION IN SOUTH AFRICA
• Government schools are overcrowded
• Ex-model C schools are good, but increasingly
under pressure
• No new schools built in affluent areas
• Elite and expensive private schools
• Smaller Private schools with limited facilities and
expansion potential
• Curro
7. SCHOOL MARKET SIZE AND 7
POTENTIAL
South Africa Learners
South Africa 4% Private school learners
United Kingdom 5% (% Private school) Public Schools: 11 900 000
USA 11%
Global average 13%
Private Schools: 455 000
India 17%
Australia 30%
Netherlands 72%
0% 10% 20% 30% 40% 50% 60% 70% 80%
SA: Population of Age 0-19 (m)
Predominant private
2.7 school market
15.0
3.2 Other potential private
school market
LSM 9-10 LSM 7-8 Other
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THE CURRO MODEL
• English or Parallel medium/Dual medium
• Small Classes (<20 per class, max 25)
• Disciplined environment, Christian Ethos
• Balance between academic, sport & cultural activities
• Curro Centre for Educational Excellence (“CCEE”):
External benchmarking and quality assurance
• Emphasis on Computer Technology
• Personal developmental plan
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CURRENT PROJECTS / FUTURE
VENTURES
Major developments at existing campuses
New campus at Nelspruit 2011
New building projects 2012
• Port Elizabeth
• Krugersdorp
• Heidelberg
Beyond 2012
• Cape Town (2 sites)
• KZN (2 Sites)
• Johannesburg (3 sites)
• Centurion
• Lepalale/Ellisras (Limpopo)
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PROSPECTS
• On track in terms of organic growth
• 2 to 4 schools per year
• Enrolment numbers are looking
promising for 2012
• Acquisitive growth – a number of targets