Estácio: 3Q13 Conference Call Presentation

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Estácio: 3Q13 Conference Call Presentation

Estácio: 3Q13 Conference Call Presentation

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  • 1. 3Q13 Results Rogério Melzi | CEO Virgílio Gibbon | CFO
  • 2. Quarter Highlights – 3Q13 Student base 19.7% higher than 3Q12 with 25.3% growth in Net Revenue EBITDA totals R$100.9 million in 3Q13, 51.3% up Acquisition of UniSEB Main Indicators (R$ MM) 3Q12 3Q13 Change Net Revenue 349.6 438.2 25.3% EBIT 52.6 84.1 59.9% 119.6 201.7 68.6% EBITDA1 66.7 100.9 51.3% 161.6 254.5 57.5% 19.1% 23.0% 3.9 p.p. 15.8% 19.7% 3.9 p.p. EBITDA Margin 9M12 9M13 1,021.6 1,295.0 Change 26.8% Net Income 39.8 86.3 116.8% 94.8 199.6 110.5% Operational Cash Flow 57.8 61.0 5.5% 98.3 123.7 25.8% 1EBITDA in accordance with the CVM instruction 527, does not consider Operating Financial Result
  • 3. Operational Performance STUDENT BASE NET REVENUE (000’ students) (In R$ million) +19.7% 657.4 340.4 +30.9% 284.4 502.3 7.6 53.3 231.1 +26,5% +14.8% 3Q12 On Campus Distance Learning 219.2 67,4 152.6 +25.3% 265,4 349.6 3Q12 3Q13 Aquisitions - 12 months Total Student Base Net Revenue Average Ticket (In R$) 3Q12 3Q13 Change On-campus 475.0 503.6 6.0% Distance Learning 190.8 195.5 2.5% Note:Total base including undergraduate and graduate students. 438.2 3Q13 Deduction Gross Revenue
  • 4. Cost and Operational Expenses Vertical Analysis (% of Net Operating Revenue) 3Q12 3Q13 Change Cash Cost* -57.8% -54.3% 3.5 p.p. Personnel -36.2% -34.6% 1.6 p.p. -7.6% -6.0% 1.6 p.p. -8.5% -8.5% 0.0 p.p. Textbooks Materials -1.8% -2.1% -0.3 p.p. Others -3.7% -3.1% 0.6 p.p. Selling Expenses -9.7% -9.3% 0.4 p.p. PDA -4.6% -4.0% 0.6 p.p. FIES Provisioning 0.0% -0.1% -0.1 p.p. Marketing -5.1% -5.2% -0.1 p.p. G&A Expenses* -13.4% -13.3% 0.1 p.p. Brazilian Social Security Institute (INSS) Rentals. Condominium Fees and Municipal Property Tax *Cost of Services and G&A expenses excluding depreciation.
  • 5. Net Average Days Receivables Accounts Receivables (R$ MM) 3Q12 4Q12 1Q13 2Q13 3Q13 Gross Accounts Receivables 351.6 362.3 428.5 439.7 440.9 45.0 55.7 82.2 77.3 100.2 251.5 267.7 289.9 307.7 263.3 Agreement Receivables 29.8 19.9 29.3 30.9 46.0 Others 20.0 12.8 23.5 20.2 29.5 (81.9) (76.4) (77.6) (90.2) (83.9) 264.4 279.7 347.4 345.9 355.1 1,316.1 1,383.3 1,466.0 1,568.1 1,656.7 72 73 85 79 77 1,098.1 1,111.3 1,133.3 1,143.9 1,144.0 72 73 84 85 80 FIES Tuition Monthly Fees Provision for Doubtful Accounts Net Accounts Receivables Net Revenues (Last 12 months) Days Receivables Net Revenue Ex. FIES (Last 12 months) Days Receivables Ex. FIES and FIES Revenue
  • 6. FIES FIES Accounts Receivable (R$ MM) 3Q12 4Q12 1Q13 2Q13 3Q13 Opening Balance 36.5 45.0 55.7 82.2 77.3 (+) FIES Net Revenue 78.7 90.2 103.1 152.2 167.2 (-) Transfer 70.1 81.0 74.7 (-) FIES PDA 1.0 (1.8) 2.0 4.2 9.4 (+) Acquisitions 0.8 (0.3) - 0.3 0.4 Ending Balance 45.0 55.7 82.2 77.3 100.2 3Q12 4Q12 1Q13 2Q13 3Q13 Opening Balance 2.3 10.9 1.1 0.4 0.5 (+) Transfer 70.1 81.0 74.7 153.2 135.3 (-) Tax payment 43.0 48.5 44.7 59.9 52.2 (-) Repurchase auctions 18.5 42.7 30.6 93.2 83.3 - 0.4 - - - 10.9 1.1 0.4 0.5 0.3 3Q12 4Q12 1Q13 2Q13 3Q13 92 75 89 66 71 FIES Carry-Forward Credits (R$ MM) (+) Acquisitions Ending Balance FIES Average Days Receivables FIES Days Receivables 153.2 135.3
  • 7. Aging of Receivables and Agreements Breakdown of accounts receivable by age (R$ millions) 3Q12 % 3Q13 % FIES 45.0 13% 100.2 23% Not yet due 97.5 28% 90.6 21% Overdue up to 30 days 50.5 14% 62.6 14% Overdue from 31 to 60 days 24.8 7% 34.3 8% Overdue from 61 to 90 days 8.8 2% 9.7 2% Overdue from 91 to 179 days 43.2 12% 59.6 14% Overdue more than 180 days 81.9 23% 83.9 19% Total 351.6 100% 440.9 100% % 3Q13 % Breakdown of agreements by age (R$ millions)* 3Q12 Not yet due 16.4 55% 28.9 63% Overdue up to 30 days 3.4 11% 2.6 6% Overdue from 31 to 60 days 0.9 3% 1.3 3% Overdue from 61 to 90 days 1.2 4% 0.9 2% Overdue from 91 to 179 days 3.0 10% 5.0 11% Overdue more than 180 days 5.0 17% 7.2 16% TOTAL 29.8 100% 46.0 100% % over Gross Accounts Receivable * Does not consider credit card agreements. 8% 10%
  • 8. Cash Flow Operational Cash Flow CASH FLOW 3Q13 (R$ million) 8
  • 9. Final Remarks: On the Right Track A-Graded Quarter  Ebitda > R$100MM Seventh Consecutive Record Enrollment Cycle ENADE with Substantial Improvement  Good Prospects for CPCs Aquisition of UniSEB New Business Short-Term Courses + Corporate Solutions + New Graduate Programs Pronatec 9
  • 10. IR Contacts Investor Relations: Flávia de Oliveira Cristiana Ortigão Arthur Assumpção Fernanda Assis Email: Phone: Fax: ri@estacio.br +55 (21) 3311-9789 +55 (21) 3311-9722 Address: Av. Embaixador Abelardo Bueno. 199 – Office Park – 6th floor ZIP Code: 22.775-040 – Barra da Tijuca – Rio de Janeiro – RJ – Brazil Website: www.estacioparticipacoes.com/ir This presentation may contain forward-looking statements concerning the industry’s prospects and Estácio Participações’ estimated financial and operating results; these are ere projections and. as such. are based solely on the Company management’s expectations regarding the future of the business and its continuous access to capital to finance Estácio Participações’ business plan. These considerations depend substantially on changes in market conditions. government rules. competitive pressures and the performance of the sector and the Brazilian economy as well as other factors and are. therefore. subject to changes without previous notice. We are a holding company. and our only assets are our interests in SESES. STB. SESPA. SESCE. SESPE. SESAL. SESSE. SESAP. UNEC. SESSA and IREP. and we currently hold 99.9% of the capital stock of each of these subsidiaries. Considering that the Company was incorporated on March 31 2007. the information presented herein is for comparison purposes only. on a proforma unaudited basis. relative to the first three months of 2007. as if the Company had been organized on January 1 2007. Additionally. information was presented on an adjusted basis. in order to reflect the payment of taxes on SESES. our largest subsidiary. which from February 2007. after becoming a for-profit company. is subject to the applicable taxation rules applied to the remaining subsidiaries. except for the exemptions arising out of the PROUNI – University for All Program (“PROUNI”). Information presented for comparison purposes should not be considered as a basis for calculation of dividends. taxes or for any other corporate purposes.