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Abc Learning Centres Limited

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Abc Learning Centres Limited
1.Executive Summary
ABC Learning Centres Limited (ABC) has recently came into limelight in the childcare industry. It went into receivership on 6 Nov 2008 and Australian Government has announced to assist ABC to continue operation till end of 2008 by injecting $22 million.

An analysis has been done on ABC on why the company has landed itself into receivership by analysing its annual Income Statement, Balance Sheet and Cash Flow Statement. Reading and analysing of news and articles in relation to ABC has been done to support and supplement the analysis.

From the analysis, the underlying reasons for ABC to be in current state are the excessive borrowings to expand, high operating costs, poor credit control, constant issues on equity and their accounting method.

2.Industry Profile
Child-care centres provide supervision and educational programs for pre-school and school-age children. Most commercial companies operate child-care centres that are open to the public, but some operate corporate-sponsored centres for employees' children. Most commercial facilities concentrate on a small age range, since each age group requires a different program.
(http://www.hoovers.com/child-care-facilities/--ID__67--/free-ind-fr-profile-basic.xhtml)

In Australia, this market is moderately segmented due to a key player, ABC. It accounts for 30% of the market share, which makes it the largest privatized child care service provider in Australia.
(http://www.wsws.org/articles/2008/sep2008/abcl-s30.shtml)

The Australian Child Care industry is supported and regulated by government. Child care providers are subsides via the Child Care Benefit, and this becomes an indirect subsidy of A$300 million every year to ABC to maintain a healthy staff-to-child ratio.

ABC has exclusive deal to provide childcare for Australian Defence Force staff. ABC competes with other listed operators including CDC and numerous independently operated centres. In US, it competes with market leader



References: http://news.asiaone.com/News/The%2BB...107-99096.html 13. Susan Murdoch & Lyndal McFarland, ABC buried under debt as banks lose patience, Nov 7-9, 2008

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