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2011
SEEK Investor Day
Overview of SEEK, SEEK Education & SEEK International
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Introduction by CFO – John Armstrong
1. Overview of SEEK
2. SEEK Employment
3. SEEK Education
4. Lunch
5. SEEK International
6. Q&A
▪ There will be an opportunity to meet with the management team over lunch
2
Today’s Purpose & Agenda
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Welcome by CEO – Andrew Bassat
3
Domestic Employment EducationInternational
Employment
Businesses
& Timelines
Swinburne:
SEEK JV
1997
2004
2006
2008
2010
2010
2008
2006
2007
2004
Australia
New Zealand
2011
Overview of the SEEK Group
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SEEK’s philosophical approach
▪ SEEK makes business, investment and strategic decisions with a medium to long-term horizon and an unwavering focus on creating long-term shareholder value
- SEEK has a strong track record of organic and M&A growth
▪ SEEK only invests in businesses where it can leverage its expertise, experience and/or derive synergies from existing businesses
▪ SEEK approach is to invest and build businesses that are:
- Market leaders in their respective areas
- That possess sustainable competitive advantages
- Exposed to favourable industry and/or structural trends with a large market opportunity
- Fairly priced based on “growth adjusted” valuations
▪ Diversification through several growth pillars
- Benefits of different earnings streams through Domestic Employment, Education and International Employment to create a more robust business
- SEEK is prepared to invest time & effort in building large and profitable businesses
- Adopted a portfolio approach to mitigate risk
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• SEEK Learning & THINK:
Australia‟s leading online destination
& private provider of career related
education for domestic students
• IDP: Pre-eminent placement &
support service for those pursuing an
international education experience
“To be the leader in Aus, NZ and selected international markets in
connecting people with careers and related learning opportunities”5
Domestic Employment Education International Employment
SEEK’s vision & strategic focus in each pillar
Vision Vision Vision
• #1 destination for employers & job
seekers in Australia & NZ
Strategic Focus
• Focus on accelerating structural
migration of revenue from print to
online by attacking under-
penetrated segments & developing
new products and services
Strategic Focus Strategic Focus
• To be the market leader in select
high growth regions
• Leverage SEEK‟s experience &
capabilities to build market leaders
in a scalable manner
• SEEK Learning & THINK: Deliver
high quality tertiary education and
provide leading careers &
education advice in Australia
• IDP: Execution of multi-destination
strategy to leverage existing
platform
• Build market leadership in key
jobseeker & advertiser metrics
• Drive growth in revenue &
earnings through monetisation of
market leadership position
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Medium to Long term Growth Story
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Domestic Employment
- Strong growth to come from continued structural migration of revenue from print to online
- Structural migration of revenue to drive higher yields over the long term
- SEEK to generate strong incremental earnings given relatively fixed cost base
Education
- Continue extracting synergies from SEEK Employment into SEEK Learning
- Leverage SEEK Learning capabilities & audience into THINK & Swinburne JV
- THINK to be Australia‟s largest provider in the fast growing private domestic education
sector by delivering industry leading niche & vocational higher education
- Utilise IDP‟s market leading platform across 25 countries to enrol students for Australia,
USA, Canada and UK
International
- Leveraged to favourable structural & macroeconomic trends across Asia & Latin America
• Early stage markets in terms of internet penetration, yields and ad volumes
• Many geographies to be potentially larger than Australia given their large labour force
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1. Over the medium to long term, SEEK is well positioned for robust growth over the
medium to long time horizon in each of Domestic Employment, Education and
International Employment
2. Each pillar has multiple growth opportunities that are executable
- Strong operational synergies as well as strategic insight & IP that can be leveraged across each pillar
- Strategic coherence in each pillar and ability for SEEK to drive a strategic agenda to deliver medium to
long term shareholder value
3. Diversification across Education and International Employment creates a more
robust business
- International Employment provides a long-term growth horizon for shareholders
- Education provides a source of “counter-cyclical earnings” within Australia
SEEK is well positioned for robust growth over a long
time horizon
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SEEK’s approach has delivered consistent growth
over a long period of time
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Operating Revenue - CAGR of 38.6% EBITDA – CAGR of 41.9% Reported NPAT – CAGR of 36.6%
$39.7M
$69.6M
$106.2M
$157.0M
$210.2M $208.8M
$280.9M
Segment Revenue
$14.4M
$29.5M
$49.0M
$80.3M
$109.8M
$97.8M
$117.4M
EBITDA
$13.8M
$19.3M
$34.1M
$55.5M
$76.3M
$55.3M
$89.5M
Reported NPAT
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SEEK has an experienced & stable executive team to execute
its growth strategies
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Name Current Position Years at
SEEK
Previous Experience
Andrew Bassat CEO & Co-Founder 14 Management Consultant at Booz & Co and lawyer at Corrs
Westgarth & Chambers
John Armstrong Chief Financial Officer 9 Various senior commercial management roles at Fosters,
Blackwoods and Ernst & Young
Jason Lenga Managing Director of SEEK International &
Head of Corporate Strategy
11 Lawyer with commercial law firm Mallesons Stephen Jacques
in the Mergers and Acquisitions practice
Joe Powell Managing Director, SEEK Employment (AU
& NZ)
5 Various senior roles at Optus including National Sales
Director Consumer Sales and Group Manager Mobile
Communication Devices & Service
Peter Everingham Managing Director, SEEK Education 5 Various senior roles including Director of Corporate
Development at Yahoo! & COO and Head of Strategy at a
Netflix-style business
Michael Ilczynski Strategy Director, Education & Training 5 Various senior roles including McKinsey & Co and Tabcorp
Meahan Callaghan Human Resources Director 5 Various senior roles in Human Resources at FOXTEL, AMP
and Tabcorp
Helen Souness Marketing Director 5 Various senior roles in marketing, product and strategy at O2
and Lonely Planet
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SEEK Employment
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-70%
-50%
-30%
-10%
10%
30%
50%
Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11
Print Online
0
30
60
90
120
Australian labour market has grown in a sustained
manner but remains well below its peak
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Job volumes have steadily recovered but are still
well below the peaks of Dec-07 Growth in online job ads has outstripped the
growth in print
Source: ANZ Job Series March-11
The SEEK New Job Index at March-11 is still 18% below the peak of Dec-07.
When labour markets return to peak, SEEK’s revenue is likely to be higher than prior peak:
o Average yields will be higher, increased usage of enhanced & premium ads, etc
o Labour market & participation rates have increased vs last peak
ANZ Job Series – pcp growth in job adsSEEK New Job Index (Dec-07 = 100)
(Index)
Source: SEEK New Job Index (Seasonally Adjusted)
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The migration of revenue from print to online
continues to run ...
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...and SEEK is well positioned for growth as 50% of ad
spend still resides in print
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1 ANZ Advertisement Series for Mar-112Job seeker preferences considers online and print methods of finding a job only (represents ~75% of total means) at 29-31 October 20103 Based on analyst reports, market research and internal analysis4 Size of print classifieds ad market depends on time in the cycle
Job Ad Volume1
Mar-11
Job Seeker Preferences2
Oct-10
Share of Spend3
Dec-10E
Online 82% 75% 50%
Print 18% 25% 50%
Online vs. Print (%)
What does this mean?
o Approximately $200-250m4 of ad spend still resides in print
o SEEK should be prime beneficiary of continued structural migration as it’s the #1 brand & holds market
leadership across all key job seeker metrics
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SEEK has leadership on job seeker metrics
Source: March 2011 Nielsen NetRatings, SEEK count of websites
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Australia
• SEEK has over 14m site visits per month a
lead of close to 5x its nearest competitor
o Over 1.3m mobile visits in Mar-11
• SEEK hosts approximately 67% of all jobs
from Australia‟s major job sites
• SEEK accounts for 83% of the total time
spent on Australia‟s major job sites
New Zealand
• A much more competitive environment but
SEEK still the market leader across ALL
key job seeker metrics
Australia
New Zealand
Discussion
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LinkedIn – What is SEEK’s position?
“SEEK will closely monitor all competitive threats. SEEK remains confident of its business model, market place position & capabilities.”
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What is it? Is it a threat? What’s SEEK’s strategy?
A professional social network
Appeal for users
For most, akin to an “online
rolodex”, assists in managing
relationships between distant, ex
and current colleagues
For some, a way to build new
connections through community
involvement
Like all communities a small
proportion engage heavily
Appeal for recruiters
A publicly searchable who‟s who
database (via Google etc)
A lot of early excitement
Increasingly „free‟ access is being
restricted (in favour of more direct
monetisation)
Increasingly recruiters looking to
measure ROI in use
Keep focusing on ROI leadership
• Make job search even more
efficient (e.g. we led the market on
search by salary)
• Integrate with social networks
where it makes sense (e.g. delivers
value)
• Deepen relationships with
• Existing & new advertisers
• Job Seekers
Leverage our leadership into job
seeker database
• Our CV database is „part of the ad‟
• Our view of job seeker „intent‟ and
preference delivers clear ROI
advantages
• We‟re seeing strong adoption on
both the job seeker and advertiser
sides of the market
We’ve always been obsessive about
understanding alternatives to SEEK
Print & Direct Online Job Boards
Online verticals and aggregators
New models (bounty models, social
networks etc)
Our view on LinkedIn
It is a complementary job search
tool for users who want to „work‟
their networks
Improves „search‟ economics a little
for recruiters – but job boards
remain far more efficient
Clear intent to move into job ads -
there will be experimentation by
some customers
But, our scale and value pricing is a
strong defence (because it delivers
very high ROI)
AU and US markets are very
different - fragmented markets and
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Continue attacking industry segments such as Trade & Services,
Regional, Govt & Healthcare
Expect job ad volumes to continue migrating over the medium
term from print to online and SEEK to benefit from improving
labour market conditions
Volume
Yield
SEEK announced a job ad price increase of 9%
commencing 2 May
Increased usage of Standout & Premium Ads expected in
tightening labour markets and poised for further growth
Product Extension
SEEK has launched new products and services including: mobile
search, job seeker profile and improved search functionality.
In the next 6-12 months, SEEK will launch new revenue
generating products and enhanced services to improve the
search experience for job seekers & advertisers
Core drivers of long term
employment earnings
SEEK‟s core strategy remains focused on
accelerating the structural migration of
revenue from print to online by attacking
under-penetrated segments and developing
new products and services
SEEK is well positioned for growth due to its market leadership,
exposure to favourable trends & improving job ad markets
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SEEK Education
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Why is SEEK involved in education?
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1. Synergies with SEEK Employment • SEEK has ~14m site visits a month from people looking for a job/or career change
• A percentage of SEEK’s visitors are interested in career related education & training
2. Leverages SEEK’s core skills in strategy, sales and marketing• SEEK’s expertise in these areas are core skills required in education
3. Counter-cyclical to employment ad markets• When labour market conditions are challenging, there’s a greater propensity to
undertake career related education and training
• Provides diversity of earnings to the domestic online job business
4. Attractive industry dynamics• Education sector is large & growing and underpinned by positive structural trends
• SEEK has strong positional assets & capabilities that can be leveraged in education
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1 Based on SEEK’s 50% share of Revenue & EBITDA
2 SEEK only owned 50% of THINK in FY09 but 100% of Revenue & EBITDA is shown for comparative purposes
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SEEK has a strong financial track record in Education
SEEK Learning IDP1 THINK2
Self Cert acquired in 2004 &
DWT in 2005
Capital Invested of $6.5m
(SEEK Learning & DWT)
Cumulative EBITDA of $39.8m
Acquired 50% in 2006
Capital Invested of $36.5m
Cumulative EBITDA of $67.2m
Total dividends received of $7.5m
(fully franked)
1st 50% acquired in 2007 and 2nd
50% in 2009
Capital Invested of $97.5m
Unearthed significant issues post
2nd 50% and carrying out a
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The market opportunity is large in education and
SEEK is well positioned
Education is a large market opportunity ...
Source: DEWR, NCVER, ABS
...and SEEK Education is well positioned in
key segments.
0.8
1.7
0.2
0.2
0.2
3.0
2.3
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Domestic HE
DomesticVET
Int'l HE
Int'l VET
Int'l Other
Market Size
~2.3m aged between
25-64 want to study
~3m domestic & international
students in Australia
Further analysis into international
market provided in the IDP section
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“Benefits of education are obvious and the market
opportunity is large”21
Domestic Education – Favourable Industry Dynamics
Benefits of Education Current Situation
1. Income premium: Bachelor degree holders
earn on average 32% more than those with
no qualifications
2. Better employment prospects: Qualification
holders have significantly higher rates of
employment
3. Skills shortages: Mismatch between demand
& supply of qualified candidates likely to lead
to higher income premium & improved
employment outcomes
4. Knowledge economy: 68% of jobs created in
2009 were in the most highly skilled
occupation groups
1. Education penetration: 38% of population
aged 25-64 have no post-secondary
education and a further 35% have only VET
qualifications
2. Large gap between supply & demand:
Between 2012 & 2015, there is forecast to be
an average deficit of 40k students p.a.
between the supply & demand of Bachelor
graduates• For context, between 2012 & 2015 an
average of ~124k students graduate p.a. vs
the average 40k deficit p.a.
3. Large market potential: 2.3m Australians
aged 25-64 (20% of this population) wanted
to study but did not for various reasons
Source: Bradley Review, DEWR, ABS
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“The regulatory framework is supportive to the growth of the
private domestic education market”22
Domestic Education – Favourable Regulatory Dynamics
Key Aspirations of the Bradley Review Practical changes due to Bradley Review
1. Increase attainment of bachelor degrees: By
2025, 40% of all 25-34 years olds will hold a
qualification at bachelor level or above• Equates to 217k additional graduates
• Current attainment level is 27%
2. Double the number of VET/ higher
qualification completions: Equates to 45-50k
additional diploma & advanced diploma
graduates
3. Strong regulatory framework to improve
educational outcomes: Establishment of
TEQSA to focus on quality of institutions,
how institutions are performing relative to
others, impose sanctions on non-complying
institutions, etc
1. Removal of caps on C‟wlth Supported Places
(“CSP”): Students places will be funded on
the basis of student demand where the govt
will fund CSP places for all university
undergraduate domestic students
2. Private providers to play a meaningful role in
achieving education outcomes: From the
Bradley Review, “public-private divide is no
longer a sensible distinction”
3. Supportive funding environment: Extension
of “FEE-HELP” funding to eligible private
providers
• Higher Ed FEE-HELP grown by 48%
CAGR (2005 to 2010) for private
providers to ~$400m
Source: Bradley Review, DEWR
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Strong synergy benefits from SEEK Learning
SEEK Swinburne JV
SEEK has leading positional assets ... ...to build a unique and profitable businesses
SEEK – Market Leader in online job ads
SEEK Learning – A leading online destination for course &
careers counselling
THINK Education – A leading private education provider with
Australia‟s broadest platform of private niche VET & higher
education
Swinburne & SEEK JV – Swinburne University is a leading
provider of tertiary education
SEEK Learning’s audience & capabilities are
highly complementary to THINK & Swinburne JV
Places all three businesses in a strong position
in the domestic education market
SEEK Learning has irreplicable insight over student
course demand & enrols over 20-30k+ of student p.a.o University of Melbourne made ~5k 1st round offers
in Jan 2011
SEEK Learning is an important enrolment channel for
THINK and allows “additional capture of student value”
as THINK students progress through their courseo Long-term goal is for SEEK Learning & THINK to
build a scalable & profitable education business
with EBITDA margins of 25%+
SEEK Learning is a proven enrolment channel for
higher education and will leverage these capabilities
into the Swinburne JVo The dual benefits of Swinburne’s leading courses &
SEEK Learning’s sales & marketing capabilities
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What is SEEK Learning?
▪ A service that helps people find &
enrol in education & training
courses
▪ Established via the acquisition of
the SelfCert training business in
2004. This was in response to jobs
seekers on SEEK looking for
guidance in finding education and
training that is vocationally
relevant, accessible and of a high
quality
▪ SEEK Learning offers consumers a
range of distance education and
classroom courses to support their
career development
▪ SEEK Learning offers education
providers access to a new and
highly relevant pool of potential
students
▪ As a leading careers brand, consumers trust SEEK to
help them make the right decision, and to get them on
the road to career progression via educational
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Leverages SEEK’s market position
• Strong synergies between SEEK Learning & SEEK
• Comparative advantage of being able to source
student traffic & enquiries at an effective “zero cost”
from SEEK
SEEK Learning has a strong audience
~3m UBs p.a. and over 30,000 enquiries a month
Enrols ~25-30k students p.a. in vocational education &
training
Unique business model
• Provides course and career advice to prospective
students in a highly fragmented & complex industry SEEK cuts through the complexity of choosing a
course to study and explains funding options
This ultimately helps students to find a course that
helps them to achieve their career objectives
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SEEK Learning – Overview
Vision
Key Attributes
Key Drivers of Earnings Growth
To be the #1 online destination for career related
education & training
Continue penetrating a large market opportunity
~2.3m people aged between 25-64 in Australia want to study
and large forecasted skills shortages to underpin medium to
long term demand for education
Revenue & earnings growth via operational improvements
Scope to improve sales processes, site conversion and
marketing to drive earnings growth
Grow number of courses from new & existing partners
Some growth opportunities exist to add new partners
Add new courses from existing partners
Leverage SEEK Learning capabilities into new markets
Medium to long term aspirations to leverage the SEEK
Learning audience and sales & marketing capabilities into: New markets, customer segments via existing and new
business models
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“Broad range of vocational education providers designed to help
achieve career outcomes”26
SEEK Learning - Education Providers
Training VET Niche VET/HE U/grad P/grad
TESOL College
(Swinburne JV to come)
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Traffic
Enquires
Enrolments
Avg. Yield
“Incremental improvements over these key metrics will drive robust
revenue and earnings growth over the medium to long-term”27
SEEK Learning – Key Revenue Drivers
H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1 FY11
Ubs ('000) 1404.0 1435.0 1769.0 2243.0 2190.0pcp growth (%) 26.0% 56.3% 23.8%
H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1 FY11
Enquiries ('000) 120.0 165.6 169.0 192.0 179.0pcp growth (%) 40.8% 15.9% 5.9%
H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1 FY11
Enrolments ('000) 7.3 10.2 11.7 16.4 14.2Enrolment/Enquiries (%) 6.1% 6.2% 6.9% 8.5% 7.9%
pcp growth (%) 14.4% 38.9% 13.9%
H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1 FY11
Average Yield ($) 1310.4 1280.9 1349.1 1329.2 1306.1pcp growth (%) 3.0% 3.8% -3.2%
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SEEK Learning - P&L
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SEEK Learning Group – Breakdown of P&L H1 FY11 – was a challenging half
SKL significantly increased sales
personnel in H1 FY11 to meet expected
short & medium-term demand
Increase in marketing costs driven by
competition for leads & investment in an
offline campaign
Leads and revenue growth lower than
expected but still 17% ahead of pcp for
core SEEK Learning AU business
Revenue growth not sufficient to offset
increases costs during H1 FY11, resulting
in lower EBITDA
As at FY12, DWT will be accounted for in
THINK P&L
1: SEEK Learning UK ceased operations in H1 FY10 and subsequent losses in H1 FY11 are non-cash items
2: In H1 FY11, in SEEK Learning ~$1m of costs allocated in this half that were not previously incurred in prior halves
Revenue H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1 FY112
SEEK Learning AUS 9.5 13.1 15.8 21.8 18.5
SEEK Learning UK1 1.1 1.3 1.6 0.3 0.0
DWT 2.5 2.5 2.0 2.1 1.7
Reported Revenue 13.2 16.9 19.4 24.2 20.2
EBITDA
SEEK Learning AUS 2.7 5.0 7.8 9.6 4.7
SEEK Learning UK1 -0.5 -0.4 -0.5 -1.0 -0.4
DWT 0.3 0.5 0.4 0.4 0.2
Reported EBITDA 2.5 5.1 7.7 9.0 4.5
Reported EBITDA margins 19% 30% 40% 37% 22%
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SEEK Learning - Long-term sustainable margins
“Believe that SEEK Learning can generate sustainable
margins of 25-30%”29
Historic Cost Base (as % of Revenue) Long-term sustainable margins
Analysis below is for SEEK Learning AUS only Analysis below is for SEEK Learning AUS only
Numbers below are as % of revenue
Variation in EBITDA margin driven by
Mix and timing of marketing initiatives
Timing of hires & efficiency of sales staff
Cyclical demand for education
~35-40%
20-25%
~10%
~25-30%
42.5%
37.4%
30.0%
26.5%
40.2%
9.6% 9.9%
13.0%
20.0%
25.1%
19.3%
14.1%
9.6% 9.0% 9.1%
28.5%
38.6%
47.4%
44.5%
25.6%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1 FY11
Personnel as % of Rev Marketing as % of Rev
G&A and Other as % of Rev EBITDA margins
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SEEK Learning – Key Priorities
“SEEK Learning’s CY11 YTD performance has been pleasing with
improved site conversion & lower SEM costs vs H1 FY11”30
1. Optimising sales processes and capabilities to drive operating leverage
• Expect a return on investment from increased number of hires made in H1 FY11
• A key driver of revenue & earnings growth will be in improved operational
efficiency and effectiveness
2. Improve efficiency of marketing spend:
• Increased monetisation of SEEK’s #1 position in online job ads
• Improvements in search engine optimisation (SEO)
• More targeted and focused investment in search engine marketing (SEM)
3. Addition of new courses from new and existing partners
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THINK Education Group – Colleges
“THINK Colleges are market leaders in their respective niches”31
Business &
HospitalityHealth &
Wellness
Colleges Colleges
Design
Colleges
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What is THINK?
Overview
• Broadest group of private colleges in Australia
• Primary focus is on niche VET & higher education qualifications
Business Model
• Flexible online (FOL), distance & physical campuses across major capital cities in Australia
• Main focus is on domestic students with ~15-20% of international students
• Registered FEE-HELP provider
• Majority of courses are eligible for government funding to assist students with their
tuition fees
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THINK– Overview
Vision
Key Attributes
Key Drivers of Earnings Growth
To be Australia‟s best and largest private provider of
vocationally focused VET and Higher education
Aspirations for THINK be a leader in online and
distance learning to augment campus based learning
Strong academic quality & satisfied students
• Recognised in the industry as being a leading private
institution who provides high quality student outcomes
Leading platform of colleges & courses in Australia
THINK has 8 colleges, 10 campuses, 100+ courses
across 3 delivery modes
Market leaders in niche course areas
Synergies with SEEK Learning
SEEK Learning provides: Enrolment channel for THINK – six out of nine colleges
promoted on SEEK Learning
Expertise in sales & marketing
SEEK’s strategic & commercial decision making &
insights from functional experts
Penetrate fast growing private domestic education market
Private education sector to play an important role in helping
Australia meet future skill shortages
Maintain high academic quality and student satisfaction
Give students high quality student experience which will
drive improvement in retention
Increase student enrolments primarily in ONLINE & DE
Improve sales & marketing strategies to enrol the “right”
students in a cost effective manner
Manage costs to drive economies of scale
As THINK enrols more students the focus is on gaining
operating leverage
Continue driving synergies with SEEK Learning
SEEK Learning to continue to be an important enrolment
channel
Continue to utilise SEEK Learning IP and experience in
THINK‟s sales & marketing, strategy, IT, etc
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Recognised by education regulators & students for
high academic quality
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Academic Quality Strong Student Satisfaction
Strong Academic standing with 14 people on
THINK‟s Academic Board
• Includes 6 independent directors
Strong AUQA report with 7 commendations (high
number by industry standards) related to:
• Vision, mission and strategic direction
• Industry involvement
• Teaching staff commitment to student
learning
• Career guidance & employment support
• Professional development of teachers
THINK‟s Academic Director is on AUQA board
Awarded five year re-registration as a Higher
Education provider
Invited to provide advice on the new risk
management framework being created by TEQSA
Student satisfaction of 4.2/5.0
Post graduation employment rates of 74% vs
industry average of 71%
Commended by independent academic board
members for outstanding student satisfaction
scores
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THINK’s management team have deep expertise in
the education sector & business management
35
Name Role Years
Experience
Phillipa Blakey CEO of THINK 15 years in
healthcare
Dr George Brown Academic Director 18 years*
Malcolm Kinns Director of Distance Learning 13 years*
Jenny Jenkins GM, Business & Hospitality 21 years*
Morwenna Shahani GM, Design 20 years*
Jenny Hayes GM, Health & Wellness 38 years*
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Student growth after T1 –Up on pcp but below expectations
“Subpar T1 enrolments, continued restructuring have impacted
THINK’s profitability in H2 FY11”36
Total Students by Faculty Students by Modality
1377
3856
2857
1660
37424017
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Business & Hosp Health Design
2010 2011
4875 5128
3215
4291
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
2010 2011
Classroom Online
Total student body up 16% on pcp
o Strong growth by Design (+41% + 1160 students)
o Weak performance by Health (-3%, -114 students)
o Solid performance by Business & Hosp (+21%, +283 students)
Classroom performance up +5.1% +253 students
o Expectation was for higher growth
Online performance up +33.5% +1076 students
o SKL a strong contributor over this time frame
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THINK – Four phases to our change & growth agenda
“THINK is currently in the middle to later stages of Stage 2”37
Oct 2007 to May 2009
• SEEK a minority 50%
shareholder
• SEEK invests $37.5m of
which $20m was injected
in the business to
acquire:o ACNT
o APM
o CATC (QLD, VIC &
NSW)
• Rapid growth in new
course development
• Minimal focus on
college integration or
optimisation
May 2009 to NOW
• SEEK acquires 2nd 50%
for $42.6m
• Major investment in
management restructure
& business process
improvement
• Active promotion of
THINK Colleges on
SEEK Learning to grow
Distance & FOL
students
• Focus on ensuring
quality in all aspects of
student experience &
outcomes
• Poor profitability due
to heavy investment &
lower than expected
revenue
FY12/13 to FY14/15
• Continued
improvement in
systems & processes
• Selective expansion
via course
development &
geographic expansion
• Improvements in
student retention &
graduation rates
• Improvement in
profitability through
ROI in people &
systems
FY14/15 & beyond
• Selective M&A where
appropriate
• Continued course
development &
geographic expansion
• Leverage developed
IP & capabilities into
new markets: • International
• Corporate
• Optimisation of
student retention &
graduation rates
• Strong earnings &
margins as THINK
achieves economies
of scale
Stage 1
“Roll-up”Stage 2
“Consolidation”Stage 3
“Optimisation”
Stage 4
“Expansion”
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THINK - H1 FY11 result was disappointing
38
THINK P&L Discussion of Line Items
*Campus students presented at H1 FY11 was 3,755 as SSNT students had been excluded
Revenue
• Net revenue refers to fee revenue net of credit notes
• Other Revenue relates to revenue from non-fee income
like sales of books etc,
COGS
• ~75% of COGS relates to teaching costs
• ~25% of Other COGS relates to sales commissions,
course materials, etc
College Opex
• Main categories are (% of College Opex)
• Personnel ~25% & variable
• Marketing ~20% & semi-variable
• G&A ~5% & relatively fixed
• Campus & Student Admin ~50% & relatively fixed
Shared Services
• Relates to IT, Finance, Sales, HR, Strategy, Academic
Services, etc
(a) Credit Note Write-Off
• Allocation by Faculty of the $5.2m write-off
• Due to underestimate in student withdrawals
related to prior & current period
Business & Health
Revenue Hosp & Wellness Design Total
Net Revenue 10.0 8.9 13.8 32.6
Other Revenue 0.5
Total Revenue 33.1
Total COGS 2.9 5.1 5.5 13.5
Gross Profit 7.1 3.8 8.3 19.6
GP Margin 71% 43% 60% 60%
College Opex 3.6 5.5 5.1 14.2
College EBITDA 3.5 (1.7) 3.2 5.4
EBITDA Margin 35% -19% 23% 17%
Shared Services 10.0
Group EBITDA (4.6)
Students
Online 500 2461 1529 4490
Campus 971 1484 1784 4239
Total* 1471 3945 3313 8729
H1 FY11 $5.2m credit note allocated across faculties incl in net rev. (a)
Credit Note by Faculty (0.9) (2.2) (2.0) (5.2)
“H1 FY11 result was disappointing with clear areas of improvement”
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THINK - Key Earnings Drivers
39
EBITDA
-$4.6m
Fee Revenue*
$32.6m
FOL & DE25% of Rev
$8.0m
Students
4,490
Avg Fees$1,798
Campus
75% of Rev
$24.6m
Students
4,239
Avg Fees
$5,796
Costs
$37.7m
COGS41% of Rev
$13.5m
College Opex44% of Rev
$14.2m
Shared Services
31% of Rev
$10.0m
FOL & DE
• Expect strong rev. & student growth
• Avg Fees to increase driven by improved
retention & price increases
Campus
• Expect solid rev. & student growth
• Avg Fees to increase driven by improved
retention & price increases
COGS
• Expect optimisation over teaching costs to
lead to reduction in COGS over time
College Opex
• Expect College Opex as % of revenue to
decrease incrementally over time
• Marketing & Personnel comprises ~40%
of rev and are semi-variable
• Campus & G&A are relatively fixed costs
Shared Services
• CPI+ increases in shared services & expect
scale benefits over time
*Excludes Other Revenue of $0.5m
H1 FY11 – Key Earnings Drivers LT OUTLOOK by Key Drivers
“THINK’s revenue needs to grow to support its current cost base”
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THINK– Key Priorities
“Focus is to move THINK to a position of profitability”40
1. Focus on path to profitability:
• Strong focus on cost base to achieve scale benefits from College Opex & Shared Services
• Drive revenue growth through improvement in student retention & new student enrolments
• Increase in sales & marketing efficiency
2. Drive operational improvement across the following key areas:
• Improved levels of non-academic student services & student academic satisfaction
3. Selective expansion activity including:
• New courses & specialisations
• Accreditation & roll out of existing courses into new geographic locations
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What is the Swinburne & SEEK JV?
Overview
• A 50:50 partnership between SEEK & Swinburne University to build an organisation that
will deliver new, online courses to meet the education needs of working Australians
• Business will leverage SEEK Learning‟s online sales & marketing capabilities and
Swinburne‟s course content & academic oversight in a unique public private partnership
• Refer to next slide for allocation of specific roles & responsibilities
Business Model
• SEEK Learning to capture earnings based on its 50% equity ownership in the JV and
also earn an “arms length” commission for upfront student enrolments
• SEEK to account for Swinburne JV as an Associate
• SEEK & Swinburne have each committed an initial investment of $5m
• SEEK to incur small opex loss in H2 FY11
Update on JV
• Board and governance structure established
• Key roles of CEO and Academic Dean to be announced soon
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Swinburne JV – Overview
Vision
Key Attributes
Key Drivers of Earnings Growth
• To build Australia‟s leading online higher education
provider to meet the needs of working Australians
Leading Academic content provided by Swinburne
• Swinburne is a leading provider of tertiary education &
the JV is the key plank in their online learning strategy
Utilise SEEK Learning as an important sales &
marketing channel
SEEK Learning to leverage its audience, capabilities
and experience in higher education into the JV
Unique JV Model
Each party in the JV focuses on core strengths &
capabilities
Clear delineation of roles & responsibilities between the
JV, Swinburne and SEEK
The JV will operate as a distinct entity to ensure focus
and accountability for achieving expected outcomes
Penetrate a large & fast growing segment of the education
market
Online education and education amongst working adults in
Australia has grown rapidly
Based on global trends anticipate continued growth
Provide high quality education & student support
Be an industry leader in education and student support to
drive student satisfaction and retention
SEEK Learning to utilise insights and knowledge in
higher education towards the JV
SEEK Learning to utilise its deep experience in helping
students find suitable higher education qualifications to
match their career aspirations
By # of students 1996 2007 Growth
Domestic 584,476 756,747 29%
Mature Age (21+) 402,884 682,225 69%
Off Campus Students 85,938 130,277 52%
Multi-modal 17,508 71,386 308%
Source: DEWR (Higher Education Statistics only)
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Swinburne & SEEK JV – Roles & Responsibilities
43
Key role:
Contract for the provision of
sales & marketing services by
SEEK Learning to the JV
Key responsibilities:
• Marketing
• Enrolment Support
• Strategic & Commercial
Support
Key role:
Students will be Swinburne enrolled
students, with Swinburne providing
the curriculum and accreditation,
access to Commonwealth places and
some systems & student support
Key responsibilities:
• Course & Curriculum
• Academic Standards & Oversight
• Accreditation
• Brand
Key roles & responsibilities:
• Admissions
• Academic Staff
• Course Delivery
• Academic Support
• Non-Academic Support
• Administration & Back
Office
• Technology
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44
What is IDP?
▪ IDP is the world‟s largest international student placement provider with over 80 placement
centres in more than 25 countries worldwide
• IDP enrols on average 25k students per annum for Australian institutions
• IDP has recently commenced recruitment for institutions in the USA and will soon begin
recruitment for institutions in Canada and the UK
▪ IDP is the owner of International English Language Testing System (IELTS) Australia and
provides testing services across key Asian market
• IELTS-Australia co-owns the IELTS test with Cambridge University & the British Council
• IELTS-Australia delivers approximately 500k test p.a.
• IDP is co-owned by 38 Australian universities and SEEK
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“The multi-destination strategy leverages IDP’s assets and
capabilities to expand its potential”45
IDP - Overview
Vision
To be the pre-eminent placement and support service
provider for students wishing to pursue an international
education experience
A leading provider of English Language proficiency
services
Key Attributes
Student Placement:
80 placement centres across 25 countries (leading
global platform for int‟l student enrolments)
40 years experience in student placement
Globally recognised brand
Institutional relationships with several hundred clients,
including every Australian University
English Language
Co-owner of the IELTS Test
1 of only 2 distributors of the IELTS Test,
administrating over 500,000 tests p.a. globally
English Language Schools in Cambodia, Vietnam and
Thailand
Key Drivers of Earnings Growth
Extend student placement offering to include all
destinations:
IDP‟s student placement network has recruited only for
Australia yet this is just ~7.5% of international student
market
Extending IDP‟s offering to just US, UK and Canada
increases potential student market fivefold
Expect solid incremental margins from placements to
new destinations as business has a relatively fixed
cost structure
Continue to grow IELTS as the leading premium
English Language test globally
IDP has strong IELTS platform in many key markets
Expand Student Placements and IELTS offering into
new geographies and add complementary services
Opportunity to open more locations in existing and new
countries (emerging markets)
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Source: UNESCO Institute of Statistics
46
Int’l Education – Tertiary enrolments & student
mobility trends
Tertiary Enrolments Mobile student enrolments
Total tertiary enrolments grown by 4x (1970 to 2007)
Mobile enrolments grew by ~3.5x(1975 to 2007)
Growth in international student mobility has
proven to be consistently strong and resilient to
global shocks Continued urbanisation in China & India is
expected to lead to increased student mobility
from these nations
“Growth in tertiary enrolments and student mobility are structural
trends that will continue to run”
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Source: Australian Education International
47
IDP – Australia’s international student sector
Challenging headwinds ... ...and Australia’s outlook is uncertain
Australia‟s international student sector is facing
headwinds: Changes to timing & requirements for student
visa
High AUD relative to historic range
Safety concerns for Indian Students
Closure of VET providers due to PR concerns
Hopeful that changes which reduce
assessment levels for student visa applications
in 38 countries (commenced April 20111) will
counter impact of high AUD and increased
competition
However, short-term expectation is that overall
English Language Teaching and VET Student
Placements will continue to decline Expectation is that decline will be at a slower
rate than in 2009/2010
Higher Education (main IDP exposure) has
performed better than English Language
Teaching & VET in recent years But expect outlook to be challenging for Higher
Education as its volumes tend to lag English
Language Teaching & VET Pathway
Commencing Enrolments (CY)
1 This change reduces the financial means requirements for prospective students and there is no requirement for assessment
interviews which should speed up the visa application process
-
150,000
300,000
450,000
600,000
750,000
900,000
2008 2009 2010
Higher Education VET ELICOS
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Increase in international student mobility is a
long-term structural trend
IDP‟s entry into new markets diversifies risk of
issues in single destination
IDP‟s new destination markets are popular
destinations for international students but are
less penetrated by international students as %
of total tertiary enrolments
Universities in these new markets are
increasingly looking to increase their revenue
from international students
Source: UNESCO Institute of Statistics
48
IDP – Issues in Australia highlight importance of
multi-destination strategy
Rationale for multi-destination Update on Multi-destination
USA: Over 80 institutions have signed up as
clients of IDP Brand awareness & acceptance of IDP has
been strong at recent trade & careers fairs
USA to contribute to revenue in H1 FY12 but
be loss making in FY12
UK & Canada entry 1st two UK and five Canadian clients signed in
March 2011
Intention to place int’l students from beginning
of 2012 academic year
In the long-term, believe that the new markets
will enrol as many students as IDP currently
enrols in Australia Expect solid incremental margins from student
placements as business has relatively fixed cost
structure
% of Total Int'l Student Int'l Students as % of total
by destination country tertiary enrolments
USA 21.4% 3.4%
UK 12.6% 14.7%
Canada 2.5% 6.5%
Australia 7.6% 20.6%
“Multi destination creates market diversification and positions IDP to
better leverage the structural trends in global student mobility”
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IDP – IELTS key attributes and key priorities
Key Attributes & Key Markets Key Priorities
Strong brand with global recognition The preferred test for Australia, UK and Canada
and growing in popularity in the USA
IELTS was the pioneer test for English
Language & globally there are more than 1.4m
tests p.a.
IDP-IELTS key markets are Australia, India
and Canada comprising ~60% of total tests Australia: IELTS is the preferred test for
migration purposes but currently impacted by
flow on effect of weak migration volumes
India: Testing volumes impacted by issues in
UK and Australia but partially offset by Canada
emerging as a popular student destination
Canada: IELTS one of two tests for migration
purposes and is experiencing positive market
conditions
Managing current decrease in testing volumes
in India and expected decrease in Australia
Evaluate use of computer based testing for
IELTS IDP working in conjunction with British Council
& Cambridge
Market Development Grow and promote secondary uses of IELTS
eg. university exit testing, etc
Grow usage of IELTS in Canada
Geographic Expansion New offices in existing countries
New offices in new locations eg. Middle East,
Latin America
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IDP – P&L & Key Operating Metrics
P&L Discussion
$m FY09 FY10 FY11
Revenue H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1
IELTS 50.4 63.0 64.8 67.0 62.3
APF 33.6 40.2 27.6 29.4 20.3
Other 2.0 1.4 4.4 3.4 7.5
Total Revenue 86.0 104.6 96.7 99.9 90.1
COGS 39.6 47.1 43.3 51.2 39.2
GP 46.4 57.5 53.4 48.7 50.9
GP Margin 54.0% 55.0% 55.2% 48.7% 56.5%
Overheads 26.2 36.6 33.4 37.3 37.5
EBITDA 20.2 20.9 20.0 11.4 13.4
EBITDA margin 23.5% 20.0% 20.7% 11.4% 14.9%
SEEK share of NPAT 6.6 7.2 5.6 4.2 4.2
US Opex Costs 0.0 2.0 3.8 2.4 3.1
H1 FY11 has been a challenging half
at revenue line due to market factors
IDP able to achieve strong gross
margins by managing direct costs
IDP is well capitalised with cash of
$23m and no debt at Dec-10
H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1 FY11
IELTS - Rev per test candidate $211 $231 $235 $243 $254
APF - Rev per Placement $2,317 $2,323 $2,180 $2,392 $1,942
IELTS - Test Candidates 238,500 272,200 276,161 275,319 244,884
APF - Placements 14,502 17,300 12,637 12,302 10,449
Key Operating Metrics
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IDP – Key Priorities
1. Continued roll-out of multi-destination strategy with focus on system
improvement project & client engagement
2. Manage direct & overhead costs in light of challenging short-term
environment in Australia
3. Continuation of selective expansion activity:• UK and Canada – signing up of universities, promotion of IDP’s benefits, etc
• Grow IELTS-A share in competitive markets and develop new test centres in select
locations
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Lunch
52
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SEEK International
53
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SEEK has a proven track record in
managing & creating value in job boardsMarket leading job boards exhibit the
following attractive characteristics
1. Pioneers in online job boards since 1997
2. SEEK is #1 online job board in the world in
terms of market capitalisation
3. Track record of financial success• Revenue CAGR of 31%*
• EBITDA CAGR of 48%*
4. Recognised as an industry leader in strategy
development and creating a leading
employment market place
5. SEEK‟s expertise is exportable into different
geographies
6. Issues faced internationally are the same
that SEEK has encountered over the last
decade
1. Online job boards are a proven business
model• Superior & proven business model to match
jobseekers & advertisers
2. Business model has attractive economics• High EBITDA margins
• Generates high amounts of free cash flow
• Low capital intensity and favourable working
capital
3. Job boards offer strong growth prospects• Structural migration of print to online
• Correlation to rising internet penetration rates
• Correlation to growth in growing economies &
labour markets
Why has SEEK invested in international job boards?
*CAGR calculated over FY03 to FY10 for SEEK Employment in AU and NZ only
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SEEK’s international investment acquisition criteria
55
Market Leaders • Strong market leadership or ability to become the market leader
Attractive market
characteristics
• Early stage markets with exposure to fast growing economies, low
internet penetration rates & large labour markets
• Print to online structural migration
Track record of success • Business and management team have track record of success
Partnership with
Management &
Shareholders
• Shareholders & SEEK have clear alignment in terms of strategic
direction and business outlook
• Management team have meaningful equity or equity-like incentives
Strong governance & risk
frameworks
• Has listed company corporate governance & risk frameworks
Attractive valuation • Attractive valuations on a variety of metrics
• Generates strong free cash flow with limited capex requirements
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SEEK’s international investments hold market
leadership in fast growing regions
“SEEK offers investors exposure to market leading job boards in
fast growing emerging markets”56
Source: IMF, CIA World Factbook. Internet World Stats, Broker Reports, Internal Research
GDP
Mkt Internet Labour Growth
Business Country Position Population Penetration Force (m) 10F
Brasil Online Brazil #1 210 36% 102 5.5%
Zhaopin China #2 1330 32% 793 10.0%
OCC Mexico #1 112 27% 46 4.2%
JobsDB Indonesia #1 243 12% 114 6.0%
JobsDB Hong Kong #1 7 67% 4 5.0%
JobsDB Singapore #1 5 70% 2 6.6%
JobsDB Thailand #1 65 24% 38 5.5%
JobStreet Malaysia #1 28 56% 12 5.7%
JobStreet Phillippines #1 92 30% 34 4.6%
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120.1
152.4
83.2
27.2
45.3
22.0
0
20
40
60
80
100
120
140
160
FY09 FY10 H1 FY11
Revenue EBITDA
264.4
301.3
396.2
295.2
(126) (135)
(31)
43.5
(200)
(100)
0
100
200
300
400
500
FY08 FY09 FY10 H1 FY11
Revenue EBITDA
223
320
63
120
0
50
100
150
200
250
300
350
CY09 CY10
Revenue EBITDA
94.5
105.1
36.6
46.7
0
20
40
60
80
100
120
FY09 FY10
Revenue EBITDA
Financials are presented as 100% of each business in local currency
57
Zhaopin JobsDB JobStreet
Brasil Online OCC
RM
B m
HK
D m
MY
R m
BR
L m
MX
N m
Strong financial performance in each investment
65.6
75.6
82.3
27.7
35.839.7
0
10
20
30
40
50
60
70
80
90
H1 FY10 H2 FY10 H1 FY11
Revenue EBITDAFor
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Key principles of SEEK’s engagement model with its
international investments
58
1. SEEK provides assistance to management teams with primary focus on
corporate & business strategy SEEK assists management in business & corporate strategy by leveraging its unique and proprietary
IP and experience in early stage market opportunities
SEEK‟s focus is on assisting management with development and implementation of its strategic
growth agenda
Strong engagement at the MD & CFO level & with functional experts within the businesses
2. Investment must have or have immediate action plans to develop strong
financial & risk management frameworks Invests in companies that have existing public company financial & risk management
governance arrangements
CFO of investment company typically reports directly to Shareholders
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Zhaopin
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Zhaopin - Overview
Vision
To be a leading online job board in the People‟s
Republic of China
o To hold market leadership in select geographic
regions or major cities
Key Attributes
A leading brand in China
A strong & reputable brand in China with high scores in
unaided and aided awareness
Strong market position
Clear #2 player in China and market leader in certain
regions of China
New Management team focused on operational
performance
Experienced team led by Evan Guo (CEO) and James
Guo (CFO) both Chinese born but US educated with
both domestic and international experience
Key Drivers of Earnings Growth
Strong growth in internet usage should underpin
growth for a leading online job board
Forecast growth of key internet metrics (from iresearch)
Multiple and large job ad volume opportunities
Expect ongoing urbanisation in China to generate
strong growth in white collar jobs – key segment for
Zhaopin
Large volume opportunitieso In current & new cities
o Increase penetration in SOE & SME
Long term potential for growth in yields
Subject to competitive environment, there is a long-
term potential to monetise Zhaopin‟s large audience &
strong market position
2010 2013F Growth
Internet Users (m) 457 667 46%
Mobile Phone Users (m) (w/ Internet) 859 1040 21%
Online Advertising (RMB $b) 21 95 358%
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Zhaopin – Key Competitor Metrics
“Zhaopin is a leading brand in online job boards and has made
inroads into 51 Jobs & ChinaHR is #3”61
Ubs – month end (m) Page Views – month end (m)
Job Ads – month end (‘000) Competitive Position by Location
700
1,050
1,361
1,050
1,319
1,670
511 464
712
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Dec-09 Jun-10 Dec-10
Zhaopin 51Job ChinaHR
Source: iresearch, broker reports, market research & internal analysis
21
26 24
22
29
25
15 17
15
-
5
10
15
20
25
30
35
Dec-09 Jun-10 Dec-10
Zhaopin 51Job ChinaHR
736 738
646 727
931
754
404
167 159
-
200
400
600
800
1,000
Dec-09 Jun-10 Dec-10
Zhaopin 51Job ChinaHR
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Zhaopin - Move to profitability primarily driven by
online revenue growth
62
Strong market growth ......leading to rapid growth in
online revenue......resulting in move to
profitability
In 2010, Zhaopin has 16 markets
where revenue was greater than
RMB 10m vs 6 markets in 2009
111.6
134.2
172.2
234.4
0
50
100
150
200
250
H2 FY09 H1 FY10 H2 FY10 H1 FY11
(48.1)
(20.8)
(10.3)
43.5
(60)
(40)
(20)
0
20
40
60
0
50
100
150
200
250
300
350
H2 FY09 H1 FY10 H2 FY10 H1 FY11
Revenue (LHS) EBITDA (RHS)
RM
B (
m)
RM
B (
m)
Half on half increase in revenue
has accelerated in recent halves
o H1 FY10 v H2 FY09 of 20%
o H2 FY10 v H1 FY10 of 28%
o H1 FY11 v H2 FY10 of 36%
Positive EBITDA and strong cash
balance at H1 FY11 of RMB 235m
# of Cities by Revenue Size 2009 2010
Revenue > RMB 15m 3 7
Revenue >10m <15m 3 9
Revenue <10m 13 6
Total 19 22
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Zhaopin – Zhaopin vs 51Job (Online Revenue)
“As a % of online revenue, Zhaopin has made inroads into 51Job”63
RM
B (m
)Zhaopin online revenue as % of 51Job
68.0
48.947.1
53.2
72.2
64.3
58%
67% 68%72% 70%
78%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
H2 FY08 H1 FY09 H2 FY09 H1 FY10 H2 FY10 H1 FY11
51Job absolute lead (LHS) Z as % of 51Jobs (RHS)
51Job has a market capitalisation of ~US$1.6bFor
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Zhaopin - Key Revenue Drivers
64
# of Unique Customers Positions Posted
“Strong trajectory across key revenue metrics”
66,458
97,096
109,231
0
20,000
40,000
60,000
80,000
100,000
120,000
Dec-09 Jun-10 Dec-10
Growth in total customers driven by:
o Aggressive sales activity particularly in the North &
North East
o Increased brand awareness & acceptance of
Zhaopin‟s value proposition
o Overall market growth
Growth in total positions posted driven by:
o Growth in total customers
o Overall market growth
Source: Zhaopin Management
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Jan
-09
Feb
-09
Mar
-09
Ap
r-0
9
May
-09
Jun
-09
Jul-
09
Au
g-0
9
Sep
-09
Oct
-09
No
v-0
9
De
c-0
9
Jan
-10
Feb
-10
Mar
-10
Ap
r-1
0
May
-10
Jun
-10
Jul-
10
Au
g-1
0
Sep
-10
Oct
-10
No
v-1
0
De
c-1
0
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Zhaopin – P&L and Cash Flow
65
P&L
Cash Flow
RMB '000 H1 FY10 H2 FY10 H1 FY11
OP CF 4,767 31,498 115,651
Inv CF (3,763) (5,604) (1,947)
Fin CF (196) (1,581) (432)
Cash Bal. 97,793 122,106 235,378
Discussion on P&L
Online revenue relates to sale of job ads and display
advertising
Other Revenue primarily relates to print media and
campus recruitment activities
Revenue has exceeded cost growth as Zhaopin
achieved scale benefits over G&A and greater
efficiency and efficacy over marketing & sales
expenditure
RMB '000 - at 100% of Zhaopin unless indicated
Revenue H1 FY10 H2 FY10 H1 FY11
Online Revenue 134,179 172,173 234,366
Other Revenue 45,218 44,636 60,796
Total Revenue 179,397 216,809 295,162
Business Tax 9,946 11,966 18,406
Net Revenue 169,451 204,843 276,756
COGS 22,602 17,997 26,115
GP 146,849 186,846 250,641
GP Margin (%) 82% 86% 85%
Total Overheads 167,696 197,080 207,185
EBITDA (20,847) (10,234) 43,456
SEK Share of NPAT A$ (3,377) (388) 3,652
Positions Posted (at month end) 237,544 360,538 388,862
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Zhaopin – Key Priorities
66
1. Development of new products & services including:• Mobile search to expand Zhaopin’s distribution channel
• Refinement of the webpage to improve advertiser and jobseeker experience & to further
differentiate Zhaopin from its competitors
2. Increased geographic and customer segmentation analysis to underpin further
investment in brand & advertising in new & existing markets
3. Improve sales force effectiveness via operational changes in team structures,
incentive schemes, etc
4. Adapting to an evolving competitive environment• The competitive environment is quite contestable and varies significantly by location
• Indicators of improving yields, however entrance of Baidu adds to complexity
• Zhaopin & SEEK are experienced in dealing with competitive threats
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JobsDB
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68
JobsDB - Overview
Vision
To be the leading recruitment network in SE Asia with
leadership positions across a number of key territories
Key Attributes
Leading Platform across SE Asia
A diversified platform in a high growth region
Strong market position in number of key territories
Majority of these territories are early stage markets
where internet usage & penetration is growing rapidly
• Refer to following slide for market position
Strong management team with a track record of
financial performance
Demonstrable five year record of growth
• Revenue has grown at five year CAGR1 of 20%
• EBITDA has grown at five year CAGR1 of 29%
Key Drivers of Earnings Growth
JobsDB has a leading market position in territories
where internet penetration is low, labour force is
large and economic prospects are robust
Ad volume & yield opportunities in all territories
Opportunities exist in all territories to attack under-
penetrated customer segments & geographic locations
Opportunities exist to implement new pricing strategies
to drive yield growth
Product & Web Development
Develop new products & services that are either
revenue generating and/or improve customer & job
seeker experience
Development of mobile phone application to expand
distribution channels
1 CAGR from CY05 to CY10
GDP
Mkt Internet Labour Growth
Business Country Position Population Penetration Force (m) 10F
JobsDB Indonesia #1 243 12% 114 6.0%
JobsDB Hong Kong #1 7 67% 4 5.0%
JobsDB Singapore #1 5 70% 2 6.6%
JobsDB Thailand #1 65 24% 38 5.5%
CJOL China #2* 1330 32% 793 10.0%
*No.2 in Southern China
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Launched original recruitment network in Hong
Kong in 1998
Key operating statistics:
o Present in nine countries
o 15 million+ active jobseeker profiles
o 236,000+ corporate clients
o Over 1,000 employees
SEEK Asia has executed a share purchase
agreement to acquire 60% of Jobs DB Inc
o SEEK owns 60% of SEEK Asia alongside
Consolidated Media Holdings, Tiger Global and
Macquarie Capital
o Remaining 40% is owned by JDB Holdings
Limited (the vendor)
The purchase price for the 60% shareholding is
HK$1,590 million (c.A$206 million)
o SEEK’s investment is c.A$142 million
JobsDB – Key Facts & Deal Structure
69
Key Facts Deal Structure
6%Hong Kong Singapore Thailand Indonesia Southern China Philippines Malaysia
#1
Position in online employment sector
#2#1 #1 #3#2#1
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SEEK with assistance from its professional advisers & with high levels of cooperation with the
vendor, undertook a comprehensive & detailed level of due diligence over a prolonged time frame
JobsDB - Transaction Timeline
70
Date Event Parties Involved
Aug. Initial discussions with vendor and exchange of high level commercial
information & commencement of commercial due diligence
SEEK, PwC, Goldman Sachs
Sep-Nov. Financial, Legal & Commercial Due Diligence
• Market sizing of key countries
• Detailed assessment of competitive dynamics
• Rigorous accounting & tax DD
• Extensive legal due diligence
SEEK, Goldman Sachs, PwC, ABL, Baker
& McKenzie
Nov-Dec. Deal negotiation & structuring SEEK, Goldman Sachs, PwC, ABL, Baker
& McKenzie
23 Dec. Completion SEEK, Goldman Sachs, PwC, ABL, Baker
& McKenzie
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JobsDB – Job Metrics by Country
Source: JobsDB Management
71
CY10 – Unique Visitors CY10 – Job Ads
Average per month Average per month
1.3
1.0
0.9
0.7 0.7
0.4
0.2
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
CJOL Singapore HK Philippines Indonesia Thailand Malaysia
80,055
34,579
20,520
9,149 7,722 6,280 1,857
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
CJOL HK Singapore Thailand Indonesia Philippines Malaysia
Aggregating these key markets
Average of 5.2m unique
visitors per month during CY10
Aggregating these key markets
Average of 160k job per month
during CY10
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JobsDB – Key Revenue Metrics
72
Total Clients Unique Paying Clients
As at December As at December
134,335
155,932
178,462
199,682
222,580
248,130
-
50,000
100,000
150,000
200,000
250,000
300,000
CY05 CY06 CY07 CY08 CY09 CY10
36,776
43,104
51,056
56,651
52,242
66,333
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
CY05 CY06 CY07 CY08 CY09 CY10
CY05 to CY10 CAGR of 13.1%
Strong total client growth through the
GFC
CY05 to CY10 CAGR of 12.5%
Unique paying client is back above pre-
GFC highs
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JobsDB - Characteristics by Country
73
Country Market Characteristics CY10
Rev
HK
$320m
CY10
EBITDA
HK
$120m
Hong Kong • Clear market leader & the most mature market that JobsDB operates in
• Strong growth outlook with volume and yield opportunities still available
• Strong EBITDA margins reflecting its strong market leadership
~55% of
Group
Revenue
~78% of
Group
EBITDA
EBITDA
margins of
~56%
Singapore • Market leader
• Considerable upside from print to online structural migration
• Very good EBITDA margins
Thailand • Market leader in terms of revenue & the white collar segment
• Strong growth outlook in an early stage market
• Good EBITDA margins ~45% of
Group
Revenue
~22% of
Group
EBITDA
EBITDA
margins of
~19%
Indonesia • Market leader in terms of revenue & profitability
• Growing rapidly in an early stage market
• Very good EBITDA margins
CJOL • Well positioned in Southern China
• Solid revenue growth in an early stage market
• Profitable business
Philippines • #2 in an early stage market
• Solid revenue growth in an early stage market
• Profitable business with good EBITDA margins
Other Markets • Small revenue contribution & small cumulative EBITDA loss
Hig
h In
tern
et
Pe
ne
tra
tio
n /
Mo
re M
atu
re M
ark
ets
Lo
w In
tern
et
Pe
ne
tra
tio
n /
Ea
rly
Sta
ge
Ma
rke
ts
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JobsDB – Key Insights
74
Key Insights since Dec
1. High level of engagement between JobsDB & SEEK management teams
• JobsDB possess a strong & committed management team and are excited by SEEK’s involvement
2. SEEK‟s experience in early stage markets is providing JobsDB management with new insights &
methodologies to tackle existing issues
3. Early days but JobsDB is performing very well.
Q1 CY11 Revenue & EBITDA is currently growing ahead of its historic growth trajectory:
• Revenue has grown at five year CAGR1 of 20%
• EBITDA has grown at five year CAGR1 of 29%
1 CAGR from CY05 to CY10
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JobStreet
75
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JobStreet – Consistent growth over a sustained
period of time
76
Quarterly growth in revenue & profit Quarterly growth in revenue & profit
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Op. Profit (RHS) Revenue (LHS)
47%44%
47%
35%
31%
39%
42% 42%
46%47%
43%
37%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Op Profit (LHS) OP Profit Margin (%) (RHS)
“JobStreet is now generating revenue & profit back above pre-
GFC peaks”
MYR m MYR m
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• SEEK‟s initial investment of 10% for A$19.0m announced on 17 September 2008
• SEEK purchases additional 12.4% for A$23.5m on announced on 10 March 2010
• Stock price of ~ MYR 2.75 values SEEK stake of JobStreet at ~A$63.4m implies a capital return of ~50% vs SEEK‟s
total capital invested
• SEEK has received total dividends of A$~2.3m & JobStreet is well capitalised with cash of ~MYR 50m at 31 Dec 2010
JobStreet - SEEK has made a strong return on its
investment
77
JobStreet Share Price
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Brasil Online
78
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Catho is #1 brand for Job
Seekers
Attracts highest #s of active &
invoiced users
High numbers of quality job positions
>140k of job placements in
20100
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2007 2008 2009 2010
Brasil Online – Job Seeker Business Model
79
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Jun
-09
Au
g-0
9
Oct
-09
De
c-0
9
Feb
-10
Ap
r-1
0
Jun
-10
Au
g-1
0
Oct
-10
De
c-1
0 -
50,000
100,000
150,000
200,000
250,000
300,000
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9
Jan
-10
Mar
-10
May
-10
Jul-
10
Sep
-10
No
v-1
0
Active Users Invoiced Users
Brasil Online has similar
“market place dynamics”
to SEEK but derives most
of its revenue from job
seekers
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80
Brasil Online - Overview
Vision
To be the #1 online employment website in Brazil
A leading online destination for professionals to
choose the best courses to enhance their career
prospects
Key Attributes
#1 & #3 most visited employment websites in Brazil
Catho at #1 and Manager at #3
Market leader in terms of brand & share of revenue
Catho is #1 brand for Brazilian job seekers
Estimate that Brasil Online has ~72% share of revenue
Proven Business Model with strong track record
Brasil Online has strong record in key metrics such as:
• Growth in invoiced users
• Growth in advertisers & job ads
• Adoption of advertiser paid products like CV search
Key Drivers of Earnings Growth
Exposure to growth in internet penetration, growing
middle class and economic growth in Brazil
Internet penetration is only ~36% and forecast to grow
Middle class grew by 30m between 2003 and 2009
which has contributed to a large and growing skilled
labour force – forecast to continue growing
Macro economic stability with GDP growth of 10%+
and mid-single digit unemployment rate
Grow number & quality of job listings
Increase penetration amongst top companies &
recruiters to get high quality job listings
Building the marketplace for job ads creates a
“network effect”
• This typically leads to growth in invoiced users & increases
opportunities to generate more revenue from advertisers
Increase penetration of invoiced users
Significant penetration opportunities as Catho has
~222k invoiced users out of total labour Brazilian
labour force of 100m+
Source: Brazilian Ministry of Finance, Internet World Stats
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Catho 56%
Vagas 10%
Google 5%
InfoJobs 5%
Manager 5%
Curriculum 5%
Others 14%
Catho59%
Manager12%
Curriculum7%
InfoJobs5%
BNE5%
Emprego4%
Vagas3%
Elancers2%
Monster1%
Other2%
Brasil – Key Competitor Metrics
81
Unique Visitors (‘000) - 2010
2663
1170
970
870
765
694
336
108
97
31
30
Catho
Vagas
Manager
Info jobs
Emprego
Curriculum
Elancers
BNE
Monster
trabalhando
Apinfo
47% market share based on unique visitors
Brands at Top of mind (jobseekers)
Market share based on revenue
Catho & Manager have 71% of the market based on
revenue (2009)
Catho is #1 brand for Job Seekers
Source: Lafis Consultoria estimates
Source: Millward Brown
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79,776
104,995 104,795
149,444
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2007 2008 2009 2010
Brasil – Job Seeker Business Model
82
Job Seekers get hired ... ...and Catho attracts high quality job ads
Strong track record of subscribers getting hired
Catho‟s strong track record of helping job seekers find
jobs leads to strong retention
Estimate that over half of total subscribers are former
subscribers
High quality job listings attracts job seekers
72% 73%81% 82%
14% 14%9% 8%
15% 14% 9% 10%0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010
Blue Collar Intern Professional
Source: Brasil Management
“Catho subscribers get access to high quality jobs & have a track
record of getting hired”
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Source: Brasil Management
“Catho attracts high numbers of advertisers and is increasing
penetration amongst the top 1000 companies in Brazil”83
Brasil – Advertiser metrics
Unique Advertisers & Job Positions No of top 1000 Employers & Job Ads
Key sales force focus from early CY2010 has
been two fold
1. Increase penetration amongst top 1000
2. Increase number of ads/roles per top
1000 customer
# of Top Ads from Ad per
1000 Coys Top 1000 Coy
CY09 month avg 304 2,916 9.6
CY10 month avg 420 6,629 15.8
-
5,000
10,000
15,000
20,000
25,000
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Jun
-09
Jul-
09
Au
g-0
9
Sep
-09
Oct
-09
No
v-0
9
De
c-0
9
Jan
-10
Feb
-10
Mar
-10
Ap
r-1
0
May
-10
Jun
-10
Jul-
10
Au
g-1
0
Sep
-10
Oct
-10
No
v-1
0
De
c-1
0
Unique Advertisers (LHS) Positions (RHS)
All at month end
Unique Job Positions
Advertisers Positions per Adv
H1 FY10 14,643 71,905 4.9
H2 FY10 20,172 113,301 5.6
H1 FY11 14,968 101,750 6.8 For
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Brasil - Key Revenue Drivers
84
Invoiced Users # of employers using CV Search
100,000
125,000
150,000
175,000
200,000
225,000
250,000
Jan
-09
Feb
-09
Mar
-09
Ap
r-0
9
May
-09
Jun
-09
Jul-
09
Au
g-0
9
Sep
-09
Oct
-09
No
v-0
9
De
c-0
9
Jan
-10
Feb
-10
Mar
-10
Ap
r-1
0
May
-10
Jun
-10
Jul-
10
Au
g-1
0
Sep
-10
Oct
-10
No
v-1
0
De
c-1
0
Invoiced Users
2643
3841
0
500
1000
1500
2000
2500
3000
3500
4000
4500
H1 FY10 H1 FY11
• CV Search allows employers to search
Brasil‟s resume pool for candidates
All at month end
Active Invoiced
Users Users Conversion
H1 FY10 193,279 171,334 89%
H2 FY10 251,722 226,845 90%
H1 FY11 240,205 222,378 93%For
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Brasil – P&L and Cash Flow
85
P&L Cash
~85-90% of revenue relates to CV online which allows
invoiced users to apply for job opportunities
~10-15% of revenue primarily relates to advertiser pays
products & services such as CV search
Decline in EBITDA margins in recent halves due to i)
continued investment in business ii) change in average
contract status of users
Eg. From one month to multi-month contracts
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Jan
-09
Feb
-09
Mar
-09
Ap
r-0
9M
ay-0
9Ju
n-0
9Ju
l-0
9A
ug-
09
Sep
-09
Oct
-09
No
v-0
9D
ec-
09
Jan
-10
Feb
-10
Mar
-10
Ap
r-1
0M
ay-1
0Ju
n-1
0Ju
l-1
0A
ug-
10
Sep
-10
Oct
-10
No
v-1
0D
ec-
10
Brasil typically receives cash upfront in advance of
delivery of services as a result generates strong
upfront cash
Typically, EBITDA to Op CF conversion >100%
SEEK to receive dividend of ~A$4.7m
BRL m - at 100% of Brasil Online unless otherwise indicated
H1 FY10 H2 FY10 H1 FY11
Net Revenue 70.6 81.8 83.2
COGS 21.7 26.2 29.0
GP 48.9 55.6 54.2
GP / Net Rev % 69% 68% 65%
Total Overheads 27.3 31.9 32.2
EBITDA 21.6 23.8 22.0
EBITDA / Net Rev % 30.5% 29.0% 26.5%
SEK Share of NPAT A$m 1.3 3.1 2.0
Invoiced Users 171,334 226,845 222,378
CV search 2,643 3,790 3,841
BR
L (m
)
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Brasil – Key Priorities
86
1. Continue active & invoiced user growth• Continue online & offline marketing spend to continue driving traffic to Catho Online
• Increase geographic penetration eg. South East region of Brazil
2. Increase the number and quality of job listings• Continue to strengthen relationships with Top 1000 advertisers
• Attract more job ads and positions from existing relationships
3. Increase revenue from employers, recruiters and others• Increase penetration of CV search amongst employers and recruiters
• Accelerate growth of Catho Learning
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OCC
87
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88
OCC - Overview
Vision
To be the #1 online employment website in Mexico
Key Attributes
Clear market leader in key online job board metrics
Ubs – OCC has ~2.8x lead over #2 player
Page Views – OCC has 6.7x lead over #2 player
Job Ads – OCC has 87% market share amongst
paying job boards in Mexico
Strong & Experienced Management Team
Experienced team with deep knowledge in the online
media sector in Mexico
Key Drivers of Earnings Growth
Exposure to growth in internet penetration and
positive macroeconomic environment in Mexico
Internet penetration is only ~27% and forecast to grow
Expect increased labour force participation & robust
GDP growth
Grow number and quality of job ads
Large market opportunities in:
Continuing to penetrate corporate & recruiter
advertisers
Penetrating the massively under penetrated SME &
regional employers
New products & services to increase average yields
Medium to long-term potential to implement enhanced
ads & premium pricing style products to increase
average yields
Source: Internet World Stats, CIA World FactBook
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-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Dec-09 Jun-10 Dec-10
OCC Bumeran Zonajobs
-
500
1,000
1,500
2,000
2,500
3,000
3,500
Dec-09 Jun-10 Dec-10
OCC Bumeran Zonajobs
-
20,000
40,000
60,000
80,000
100,000
120,000
Dec-09 Jun-10 Dec-10
OCC Bumeran Zonajobs
OCC – Key Competitor Metrics
89
Ubs – monthly (m) Page Views – monthly (m)
Job Ads – monthly (‘000) Share of Top 3 – Dec(10)
60%
80%87%
21%
12%
10%19%
8%3%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Ubs Page Views Ad Vol
OCC Bumeran Zonajobs
Source: Comscore
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OCC – Key Revenue Metrics
90
Source: OCC Management
Ad Volume Total Customers
40,000
45,000
50,000
55,000
60,000
65,000
70,000
75,000
80,000
85,000
90,000
Jan
-09
Fe
b-0
9
Ma
r-0
9
Ap
r-0
9
Ma
y-0
9
Jun
-09
Jul-
09
Au
g-0
9
Se
p-0
9
Oct
-09
No
v-0
9
De
c-0
9
Jan
-10
Fe
b-1
0
Ma
r-1
0
Ap
r-1
0
Ma
y-1
0
Jun
-10
Jul-
10
Au
g-1
0
Se
p-1
0
Oct
-10
No
v-1
0
De
c-1
0
H1-10 H2-10 H1-11
Total Customers (end of month) 20,081 26,135 33,068
Ad Volume (end of month) 50,075 80,265 64,876
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jan-
09
Fe
b-0
9
Ma
r-0
9
Apr
-09
May
-09
Jun
-09
Jul-
09
Aug
-09
Se
p-0
9
Oct
-09
Nov
-09
Dec
-09
Jan-
10
Feb-
10
Mar
-10
Ap
r-10
May
-10
Jun
-10
Jul-
10
Au
g-1
0
Sep-
10
Oct
-10
Nov
-10
Dec
-10
For
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OCC – P&L and Cash Flow
91
P&L Cash
OCC has generated strong revenue & EBITDA growth
OCC has relatively fixed cost base
MXN m - at 100% of OCC unless otherwise indicated
H1 FY10 H2 FY10 H1 FY11
Net Revenue 65.6 75.6 82.3
COGS 11.1 12.8 12.8
GP 54.5 62.8 69.5
GP / Net Rev % 83% 83% 84%
Total Overheads 26.8 27.0 29.8
EBITDA 27.7 35.8 39.7
EBITDA / Net Rev % 42% 47% 48%
SEK Share of NPAT $Am 0.447
Active Customers 6,140 7,369 6,875
Ad Volume 50,075 80,265 64,876 OCC typically receives cash upfront in advance of
delivery of services as a result generates strong
upfront cash
Typically, EBITDA to Op CF conversion >100%
SEEK received dividend of A$1.7m
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Jul-
09
Aug
-09
Sep
-09
Oct
-09
No
v-0
9
Dec
-09
Jan
-10
Feb
-10
Ma
r-1
0
Ap
r-1
0
May
-10
Jun
-10
Jul-
10
Aug
-10
Sep
-10
Oct
-10
No
v-1
0
Dec
-10
Jan
-11
MX
N (m
)
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OCC – Key Priorities
92
1. Continued development & refinement of OCC’s pricing model & customer
segmentation strategy
2. Increase the number of job ads from SME & Regional customers
3. Launch of a SEEK Learning style business model at OCC
• Focus on acquiring more partners & courses
• Refinement of webpage and sales & marketing strategies
• Active promotion of education offering
For
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SEEK owns some of
the world’s leading job
boards
• Backed by strong management teams & leading online media investors
• Leveraged to favourable structural & macro-economic trends in Asia &
Latin America
• Market leaders with a #1 or #2 position
Each business has a
demonstrable track
record of financial
performance
• Strong record of revenue & earnings growth in Brasil, OCC, JobsDB &
JobStreet and strong sales growth in Zhaopin
• SEEK‟s international investments have strong cash balances & no debt
• Growth in Cash & EBITDA are best indicators of financial performanceo SEEK’s share of NPAT is often distorted by movements in FX, PPA adjustments, etc
o Cash is best indicator of future outlook as job boards typically receive cash before
delivery of services
International
investments provide
SEEK with a strong
growth outlook
• SEEK‟s international investments are generally in early stage markets
which augurs well for consistent growth over a 5-10 year horizon
• SEEK‟s engagement is a highly scalable model
SEEK is a long-term
investor
• SEEK is a long-term strategic investor
• However, SEEK typically partners with financial investors who may
explore exit strategies from time to time
SEEK International - Key Insights
93
For
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94
Q&A
For
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y
• Reflecting SEEK Asia‟s future equity ownership of 60% of JobsDB:
o SEEK Group will account for 100% of JobsDB Revenue & EBITDA
• At SEEK Group NPAT:
• Outside Equity Interest (OEI) of JobsDB NPAT will need to backed out to
arrive at NPAT attributable to SEEK shareholders
• OEI of 58.62% based on the following :
• SEEK Asia’s share of JobsDB of 60% (a)
• SEEK’s share of SEEK Asia of 68.96% (b)
• OEI = 1 – ( (a) – (b) )
JobsDB – Accounting Implications
95
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