Navitas reported revenue growth of 4% for the first half of FY13 with EBITDA up 5%. The company's core divisions performed well, with University Programs revenue up 8% and EBITDA up 7% for SAE. However, the Professional and Student Recruitment divisions experienced losses. Navitas completed a strategic review which identified growth opportunities and resulted in structural changes to create three new operating divisions.

1. SUCCESS THROUGH DIVERSITY
FY13 HALF YEAR RESULTS
For the period ended 31 December 2012 ASX: NVT

2. Disclaimer
Important Notice and Disclaimer
This document has been prepared by Navitas Limited ABN 69 109 613 309 ("Navitas" or the "Company"). Information in this document
should be read in conjunction with other Navitas announcements made to ASX.
This document has been prepared for information purposes only and does not take into account your individual investment objectives,
including the merits and risks involved in an investment in Navitas shares, or your financial situation or particular needs, and is not
investment, financial product, legal, tax or accounting advice or opinion.
You must not act on the basis of any matter contained in this document, but must make your own independent investigation and
assessment of Navitas and its shares and obtain any professional advice you require before making any investment decision based on
your investment objectives and financial circumstances. An investment in Navitas shares is subject to investment and other known and
unknown risks, some of which are beyond the control of Navitas, including possible delays in repayment and loss of income and principal
invested. Navitas does not guarantee any particular rate of return or the performance of Navitas, nor does it guarantee the repayment of
capital from Navitas or any particular tax treatment.
All information in this document is believed to be reliable, but no representation, warranty or guarantee, express or implied, is made by
Navitas, its subsidiaries or their respective directors, officers, employees or agents, nor any other person (the “Beneficiaries”) as to the
fairness, accuracy, completeness, reliability or correctness of the information, opinions and conclusions contained in this document
(including, without limitation, any estimates, calculations, projections or forward looking statements). No action should be taken on the
basis of the information, and no reliance may be placed for any purpose on the accuracy or completeness of the information or opinions
contained in this document. To the maximum extent permitted by law, the Beneficiaries shall have no liability, including, without
limitation, any liability arising from fault or negligence, for any direct or indirect loss or damage which may be suffered by any recipient
through relying on anything contained in or omitted from this document.
The distribution of this document in other jurisdictions outside Australia may also be restricted by law and any such restrictions should be
observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
This document does not constitute an offer, invitation, solicitation, advice or recommendation with respect to the issue, purchase or sale
of any security in any jurisdiction. In particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or to any "U.S. person" (as defined in the U.S. Securities Act of 1933 ("U.S. Securities Act")). Shares in
Navitas have not been and will not be registered under the U.S. Securities Act, or under the securities laws of any state or other
jurisdiction of the United States. Accordingly, shares in Navitas may not be offered or sold, directly or indirectly, in the United States or
to, or for the account or benefit of, U.S. Persons, except in a transaction exempt from, or not subject to, the registration requirements of
the U.S. Securities Act and applicable U.S. state securities laws. This document may not be distributed or released in the United States or
to, or for the account or benefit of, any U.S. person.
All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated.
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 2

3. Company profile
Navitas (ASX: NVT) is a leading global education provider that offers
an extensive range of educational and training services for students
and professionals across Australia and around the world
Market cap Annual Staff Students Colleges/
revenue headcount schools
~$1.8b $702.1m ~5,000 > 80,000 111
University Programs - leading provider of pathway colleges and managed campuses
SAE Group - creative media education delivering qualifications in audio, film and multimedia
English - leading provider of migrant settlement services and English language programs
Professional (formerly Workforce) – providing quality vocational, higher education, employment
and placement services. Active in health, psychology, security, recruitment and workforce.
Student Recruitment – recruiting students to universities in Australia, UK, USA, Canada
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 3

4. H1 FY13 Group highlights
Revenue EPS  Total Group revenue up 4% to $355.4m
$355.4m 9.3¢  EBITDA up 5% to $59.9m
 Net profit after tax $35.1m
NPAT DPS  Earnings per share 9.3¢
35.1m 9.3¢  Fully franked interim dividend of 9.3¢
Operational
 Return to growth in University Programs
enrolments
 SAE earnings growth below expectations
 English earnings bounce back strongly
 Professional and Student Recruitment record
earnings losses
 Strategic and structural review of Navitas
completed and implementation underway
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 4

5. Strategic and structural review outcomes
• The Parthenon Group engaged to facilitate Navitas strategic and
structural review
• Findings affirm value of Navitas’ core business and identify growth
opportunities
• Key structural outcomes:
 Merging of Navitas Professional and Navitas English to leverage strong similarities
and create efficiencies. Merged Division to be known as Professional and English
Programs (PEP)
 Student Recruitment Division to be incorporated into University Programs Division
 Appointment of Chief Strategy Officer and redefinition of other senior roles
• Changes create three significant operating Divisions
 All future external reporting to reflect new structure (UPD, SAE and PEP) –
commencing from FY13 Full Year Results
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 5

6. FINANCIAL
PERFORMANCE

7. Group performance summary
($m) H1 FY13 H1 FY12 Δ%
Revenue
Continuing business 347.9 339.3 3
New campuses* 7.5 2.5 200
Total 355.4 341.8 4
EBITDA
Continuing business 62.6 60.8 3
New campuses* (2.7) (3.7) (27)
Total 59.9 57.1 5
EBITDA Margin 16.9% 16.7%
NPAT ($m) 35.1 35.4 (1)
EPS (cents) 9.3 9.4 (1)
Full Year Dividend (cents) 9.3 9.4 (1)
*FY13: USA UP market expansion, ICRGU, EIC, NIC and SAE Chicago and Jakarta (FY12: USA UP market expansion, ICRGU, EIC, NIC and SAE Bochum,
Chicago and Jakarta)
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 7

8. Core Divisions perform well
EBITDA ($m) H1 FY13 H1 FY12 Δ%
University Programs 53.1 49.2 8
SAE Group 12.6 11.8 7
English 7.1 0.8 788
Professional (2.5) 2.9 n/a
Student Recruitment (0.8) 0.7 n/a
Divisional EBITDA 69.5 65.4 6
Corporate costs (9.6) (8.3) 16
Group EBITDA 59.9 57.1 5
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 8

9. Long term growth
REVENUE ($m) PERIOD MOVEMENT
341.8 355.4
50.4 13.6
270.2 291.4
21.2
217.4 52.8
55.2
13%
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
EBITDA ($m)
8.7
2.8
57.1 59.9 5.0
13.0
48.4
18%
43.4 1.9
30.4
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
NPAT ($m)
35.4 35.1 2.8 (0.3)
32.6 5.1
19.0
27.5
17% 2.5
8.5
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13 H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 9

10. Consistent shareholder returns
EARNINGS (cps) PERIOD MOVEMENT
9.5 9.4 9.3
8.0 1.5 (0.1) (0.1)
2.5
5.5
14%
0.8
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
OPERATING CASH FLOW (cps)
4%
4.9
2.5 (2.5 )
10.1 (1.2 )
8.6
6.1 5.2
CAGR 0.3
4.9
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13 H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
DIVIDENDS (cps)
0.7 (0.1)
9.4 9.3 0.6
14%
8.7 2.6
8.1
5.5 0.5
CAGR
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 10

11. Balance sheet remains conservatively geared
Net debt $m
1-Jul-12 117.0
Cash realisation ratio1 of 0.88x
Dividends 37.9 (H1 FY12: 0.46x)
Deferred revenue up 5% to
Capex 7.9
$165.0m
Other 1.6 Net debt represents only 0.98x
of rolling 12 months EBITDA
Operational cash flows (37.7) ($129.6m)
31-Dec-12
126.7 Debt constituents ($m)
Debt 178.8
Cash related to the (39.5)
Tuition Protection
Service
1Cash realisation ratio = Net Operating Cashflow Other Cash (12.7)
NPAT plus amtsn and depcn
31-Dec-12 126.7
NAVITAS – – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT
NAVITAS HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2011 – ASX: NVT 11

12. University Programs
Financial Performance Highlights
Revenue*
$196.0m 8% • Results still affected by policy changes
in Australia
EBITDA *
$53.1m 8% • Australian enrolments declined against
pcp in 201203 but new enrolments
grew by 7%
• UK performance improvement
• Continued strong performance in
Canada and Singapore
• Start up losses substantially reduced
in US
• Main US intake (Sept 2012) reported
103% increase in new enrolments
• Agreement for University of
Canterbury, NZ college announced
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT * Several adjunct English businesses reclassified from English to UP for reporting 12

13. SAE
Financial Performance Highlights
Revenue
$55.6m 3% • Australian earnings grew by 15%
EBITDA
$12.6m 7% • Impacted by sluggish results from
some European schools
• No one-off profits from Licensing (H1
FY12: $0.5m)
• Title IV access in the US improves new
student recruitment and halts decline
in enrolments
• Includes start up losses of $0.9m
Pre-Acquisition period
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 13

14. English
Financial Performance Highlights
Revenue
$64.1m 10% • Significant improvement in Government
EBITDA Programs
$7.1m 788% • pcp impacted by transition to new
contracts in July 2011 caused significant
disruption
EBITDA $m
• H1 FY13 returns to normal pattern
• ELICOS business now making small gains
off a low base
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 14

15. Professional (formerly Workforce)
Financial Performance Highlights
Revenue
$30.2m 10% • Strong performance in most education
programs (ACAP, HSA, NCPS)
EBITDA
($2.5m) 186% • Corporate training and Professional
Year main source of decline
• Training services significantly
restructured
 Over exposed to Government funding
and b2c market
 Issue with student progression
 New focus on mining/resources and b2b
• Professional Year remains profitable
 pcp experienced one-off spike due to
Government migration program changes
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 15

16. Student Recruitment
Financial Performance Highlights
Revenue
$7.5m 10% • SOL remains severely impacted by
cessation of the UK Post Study Work Visa
EBITDA
($0.8m) 214%
• EduGlobal impacted by foreign exchange
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 16

17. Corporate costs
Corporate Costs Highlights
Corporate costs $1.3m higher than pcp
(H1 FY12: $8.6m)
• Provision for anticipated increases in
FY13 EVA staff incentive payments
• Less favourable foreign currency
translation outcomes
• Less than 3% of Group revenues
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 17

18. OUTLOOK

19. Sem 1203 sees UP enrolments return to growth
Equivalent Full Time Students (EFTSU): Semester enrolments
20,000 40.00%
18,000 35.00%
Equivalent Full Time Students
30.00%
17,811
16,000
17,149
16,422
25.00%
% Enrolment growth
15,724
15,419
14,000
14,675
20.00%
14,601
14,529
14,306
14,097
13,602
13,320
12,000 15.00%
(EFTSU)
12,268
12,025
11,573
10,000 10.00%
5.00%
9,210
8,000
9,020
0.00%
6,000
-5.00%
4,000 -10.00%
2,000 -15.00%
0702
0703
0801
0802
0803
0901
0902
0903
1001
1002
1003
1101
1102
1103
1201
1202
1203
Semester
• 201203 EFTSU up 2% on pcp with trend set to continue:
 Largely due to returning stability in Australia and UK following regulatory changes
• 201203 Australian new student recruitment up 7%
 Growth in new student recruitment anticipated to continue
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 19

20. Global market conditions positive
World population by gender
90+ 2010:3.45bn 2010: 3.40bn
80-89 2025: 3.99bn 2025:3.95bn
Male Female
70-79
60-69
50-59
263
40-49
million by
2025
30-39
20-29
10-19
0-9
-1,000 -500 0 500 1,000
International student Millions International education market share (%)
enrolments (m) 8.2
4.1
3.7
3.5
2.8 3.0 3.1
2.1 2.4 2.6 3.2
2.1
2012
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2025
2011 to 2024
Source: , UNESCO Institute of Statistics, OECD Education at a Glance 2012
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 20

21. Outlook
University Programs
• Growth against pcp expected in H2 FY13
 New student recruitment in 201203 and 201301 expected to arrest
earnings decline in Australia relative to pcp
 UK and US results will continue to be strong compared to pcp
 Growth in both Canada and Singapore moderating
 Student Recruitment losses expected to continue in H2 FY13
SAE
• SAE’s modest earnings growth in H1 FY13 is expected to be
repeated in H2 FY13
 Australia and US to provide earnings momentum
 Weakness in parts of Europe anticipated to continue in H2 FY13
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 21

22. Outlook
Professional and English Programs
• Second half earnings projected to be greater than H1 FY13
 Losses stemmed in Professional
 English performance is not expected to be as strong as first half
Corporate costs
• Expected to rise in H2 FY13 and beyond partly due to restructure
• Efficiencies sought at divisional level
• Anticipated to remain steady at less than 3% of revenue
H2 FY13 tax and depreciation expense to be lower than H1 FY13
All factors should support some improvement in FY13 with more
significant growth from FY14
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 22

23. APPENDIX

24. Corporate snapshot
375.4m ASX200 NVT
Shares on issue
$4.70
$1.8b Share Price
31 December 2012
52 wk range $2.83 - $4.70
Market Capitalisation
Annualised dividend 19.5cps
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 24

25. Detailed H1 P&L – 5 years
PCP Change
NAVITAS LTD H1 FY09 H1 FY10 H1 FY11 H1 FY12 H1 FY13 $000s Index CAGR
Operating Revenue
University Programs 129,660 162,763 182,713 182,021 196,040 14,019 108% 11%
SAE Group - - - 57,063 55,594 (1,469) 97% n/a
English Language 59,956 71,227 68,633 58,371 64,144 5,773 110% 2%
Workforce & Training 14,969 22,584 26,582 33,713 30,245 (3,468) 90% 19%
Student Recruitment 11,061 11,918 10,675 8,636 7,466 (1,170) 86% -9%
Corporate & consolidation items 793 1,126 2,095 1,863 1,350 (513) 72% 14%
Total operating revenue 216,439 269,618 290,698 341,667 354,839 13,172 104% 13%
Expenses (186,038) (226,220) (242,321) (284,530) (294,965) (10,435) 104% 12%
EBITDA 30,401 43,398 48,377 57,137 59,874 2,737 105% 18%
Depreciation (2,415) (3,302) (3,825) (6,233) (7,039) (806) 113% 31%
EBITA 27,986 40,096 44,552 50,904 52,835 1,931 104% 17%
Amortisation (502) (488) (2,603) (488) (488) - 100% -1%
EBIT 27,484 39,608 41,949 50,416 52,347 1,931 104% 17%
Net Interest (paid)/received 246 441 390 (4,085) (3,802) 283 93% n/a
Net profit before tax 27,730 40,049 42,339 46,331 48,545 2,214 105% 15%
Income tax (8,955) (12,807) (10,122) (10,938) (13,242) (2,304) 121% 10%
NPAT 18,775 27,242 32,217 35,393 35,303 (90) 100% 17%
Outside equity interest 228 272 355 (33) (233) (200) 706% n/a
NPAT attributable to Navitas 19,003 27,514 32,572 35,360 35,070 (290) 99% 17%
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 25