1. 2Q11 RESULTS
Eduardo Alcalay Rogério Melzi
CEO CFO and Investor Relations Officer
August 2011

2. HIGHLIGHTS
Estácio is going through its best time in recent years
Resume of our on campus student base organic growth
Acquisitions concluded
Several approvals of new courses obtained
In loco visits with excellent grades
Launch of two greenfields
Preparation for the launch of the tablets for the second half of 2011
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3. NEW DISCLOSURES
We welcome the market's demand for greater transparency
Receivables
Acquisitions
Non recurring items
Debt
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4. RESULTS’ HIGHLIGHTS
Strong fundamentals, strong results
2Q11 ex.
Main Indicators (R$ MM) 2Q10 2Q11 Change Change
acquisitions
Net Revenue 258.2 289.9 12.3% 277.2 7.4%
Recurring EBIT 11.0 17.1 55.5% 16.4 49.1%
Recurring EBITDA 18.7 26.5 41.7% 25.6 36.9%
Recurring EBITDA Margin 7.2% 9.1% 1.9 p.p. 9.2% 2.0 p.p.
1H11 ex.
Main Indicators (R$ MM) 1H10 1H11 Change Change
aquisições
Net Revenue 514.2 565.7 10.0% 548.5 6.7%
Recurring EBIT 43.3 55.8 28.9% 54.7 26.3%
Recurring EBITDA 58.4 74.3 27.2% 73.0 25.0%
Recurring EBITDA Margin 11.4% 13.2% 1.8 p.p. 13.3% 1.9 p.p.
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5. STUDENT BASE
ON CAMPUS UNDERGRADUATE STUDENT BASE¹ DISTANCE LEARNING STUDENT BASE
(‘000 students) (‘000 students)
210 40
201.8 34.0
200
30 26.2
190 186.9
182.8 181.6 20.9
180 20
173.1
170 9.6
10
160
150 0
1H09 2H09 1H10 2H10 1H11 2H09 1H10 2H10 1H11
¹ Excluding acquisitions 1H11
We reached the inflection point at the on campus student base (ex. acquired companies)
Early Renewal Program anticipates enrollment process for veterans
More than 600 courses already approved by MEC launches planned by 2012
Mentoring and support structures reinforce growth in online Distance Learning
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6. OPERATING PERFORMANCE – STUDENT BASE
STUDENT BASE – EDUCATIONAL SEGMENT
On campus Acquisitions 1H11 (‘000 students)
Distance Learning Total Student Base
238.7
214.8 +11.1%
10.0
20.9 34.0
193.9 194.7
1H10 1H11
11.1% increase on the student base due to distance learning segment and acquisitions
On campus student base reverses downward trend and grows 0.4% this half-year, and 4.6% over
December 2010.
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7. OPERATING REVENUE
OPERATING REVENUE
(In R$ million)
On campus average ticket grows with inflation
+10.5% 407.8 391.6 Discounts and new courses launch reduce the Distance
369.2
Learning average ticket
117.9 114.3
111.0
(R$) 2Q10 2Q11 Chg
+12.3%
Average On-Campus Ticket 423.8 443.7 4.7%
258.2 289.9 277.2
Average On-Campus Ticket
423.8 444.8 4.9%
Ex. Acquisitions
Average Distance Learning
2Q10 2Q11 2Q11 173.8 170.6 -1.9%
Ticket
Consolidated ex. Aquisitions
1H11
Net Revenue Deductions Gross Revenue
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8. CASH COSTS 2Q11
Vertical Analysis 2Q11 ex.
2Q10 2Q11 Change Change
(% of Net Operating Revenue) acquisitions
Recurring Cash Cost* -69.8% -67.6% 2.2 p.p. -67.6% 2,2 p.p.
Personnel -44.4% -41.5% 2.9 p.p. -41.3% 3,1 p.p.
Brazilian Social Security Institute
-8.8% -9.2% -0.4 p.p. -9.2% -0,4 p.p.
(INSS)
Rentals, Condominium Fees and
-9.4% -8.9% 0.5 p.p. -9.0% 0,4 p.p.
Municipal Property Tax
Textbooks Materials -1.7% -3.3% -1.6 p.p. -3.4% -1,7 p.p.
Others -5.5% -4.7% 0.8 p.p. -4.7% 0,8 p.p.
*Cost of Services excluding non recurring and depreciation.
More efficient management of personnel and other costs offset the step-up of the Social Security and
Textbooks Materials costs rise
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9. CASH COSTS 1H11
Vertical Analysis 1H11 ex.
1H10 1H11 Change Change
(% of Net Operating Revenue) acquisitions
Recurring Cash Cost* -65.9% -64.9% 1.0 p.p. -64.8% 1.1 p.p.
Personnel -41.8% -40.4% 1.4 p.p. -40.1% 1.7 p.p.
Brazilian Social Security Institute
-8.4% -9.1% -0.7 p.p. -9.1% -0.6 p.p.
(INSS)
Rentals, Condominium Fees and
-9.3% -9.0% 0.3 p.p. -9.1% 0.3 p.p.
Municipal Property Tax
Textbooks Materials -1.3% -2.2% -0.9 p.p. -2.3% -1.0 p.p.
Others -5.1% -4.2% 0.9 p.p. -4.2% 0.9 p.p.
*Cost of Services excluding non recurring and depreciation.
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10. SELLING, GENERAL & ADMINISTRATIVE EXPENSES
2Q11
Vertical Analysis 2Q11 ex.
2Q10 2Q11 Change Change
(% of Net Operating Revenue) acquisitions
SG&A* -24.6% -23.6% 1.0 p.p. -23.5% 1.0 p.p.
Selling Expenses -10.0% -11.0% -1.0 p.p. -11.0% -1.0 p.p.
PDA -5.8% -6.0% -0.2 p.p. -6.0% -0.1 p.p.
Marketing -4.1% -4.9% -0.8 p.p. -5.0% -0.9 p.p.
G&A Expenses* -14.6% -12.6% 2.0 p.p. -12.4% 2.2 p.p.
Personnel and Payroll charges -6.6% -5.6% 1.0 p.p. -5.7% 1.0 p.p.
Third-party services -3.6% -2.9% 0.8 p.p. -3.0% 0.6 p.p.
Machinery rental and leasing -0.3% -0.1% 0.2 p.p. 0.0% 0.3 p.p.
Other Operating Renevues 1.3% 0.8% -0.5 p.p. 0.8% -0.5 p.p.
Provision for Contingencies -0.9% -0.2% 0.7 p.p. -0.2% 0.7 p.p.
Others -4.5% -4.7% -0.2 p.p. -4.5% 0.0 p.p.
*SG&A Expenses excluding non recurring and depreciation.
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11. SELLING, GENERAL & ADMINISTRATIVE EXPENSES
1H11
Vertical Analysis 2H11 ex.
2H10 2H11 Change Change
(% of Net Operating Revenue) acquisitions
SG&A* -24.2% -23.2% 1.0 p.p. -23.2% 1.0 p.p.
Selling Expenses -9.7% -10.7% -1.0 p.p. -10.8% -1.0 p.p.
PDA -3.9% -4.0% -0.1 p.p. -3.9% 0.0 p.p.
Marketing -5.8% -6.7% -0.9 p.p. -6.8% -1.0 p.p.
G&A Expenses* -14.4% -12.4% 2.0 p.p. -12.4% 2.0 p.p.
Personnel and Payroll charges -6.4% -5.6% 0.8 p.p. -5.7% 0.7 p.p.
Third-party services -4.3% -3.3% 1.0 p.p. -3.4% 0.9 p.p.
Machinery rental and leasing -0.3% -0.2% 0.1 p.p. -0.2% 0.1 p.p.
Other Operating Renevues 1.0% 0.7% -0.3 p.p. 0.7% -0.3 p.p.
Provision for Contingencies -0.4% 0.5% 0.9 p.p. 0.5% 0.9 p.p.
Others -3.9% -4.5% -0.6 p.p. -4.4% -0.5 p.p.
*SG&A Expenses excluding non recurring and depreciation.
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12. PDA AND RECEIVABLES
2Q11 2Q11 ex.
Accounts Receivable (R$ MM) 2Q10 3Q10 4Q10 1Q11
Consolidated aquisitions²
Gross Accounts Receivable 252.4 264.1 210.9 234.4 273.0 250.4
FIES 5.4 17.5 15.3 21.2 25.4 25.6
Tuition Monthly Fees 215.3 190.4 157.4 164.6 198.7 178.1
Cards Receivable 6.0 11.8 6.9 12.8 10.8 10.2
Agreement Receivables 23.9 41.5 26.9 31.7 32.4 30.8
Fees Receivables 1.8 2.9 4.4 4.1 5.7 5.7
Credits to Identify (2.4) (7.8) (9.2) (5.5) (6.8) (7.4)
Provision for Doubtful Accounts (102.2) (107.3) (45.4) (49.9) (55.8) (44.6)
Net Accounts Receivable 147.7 148.9 156.3 179.0 210.5 198.5
(-) FIES (5.4) (17.5) (15.3) (21.2) (25.4) (25.6)
Net Accounts Receivable Ex. FIES 142.4 131.5 141.0 157.8 185.0 172.9
Net Revenues (Last 12 months) 1,010.0 1,008.1 1,016.2 1,036.0 1,119.3 1,050.5
Days Receivables Ex. FIES* 51 47 50 55 60 59
¹ Calculated based on net revenue in the last 12 months
² Acquired companies since 2011: Atual, FAL, FATERN e Academia do Concurso.
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13. AGING OF RECEIVABLES AND AGREEMENTS
Breakdown of accounts receivable by age (R$ millions) 2Q10 % 2Q11 %
FIES 5.4 2% 25.4 9%
Not yet due 32.9 13% 62.4 23%
Overdue up to 30 days 28.6 11% 35.9 13%
Overdue from 31 to 60 days 23.4 9% 27.9 10%
Overdue from 61 to 90 days 22.6 9% 27.9 11%
Overdue from 91 to 179 days 38.6 15% 37.8 14%
Overdue more than 189 days 100.8 40% 55.8 20%
Total 252.3 100% 273.1 100%
Breakdown of agreements by age (R$ millions) 2Q10 % 2Q11 %
Not yet due 10.9 40% 19.1 59%
Overdue up to 30 days 6.6 25% 4.8 15%
Overdue from 31 to 60 days 1.3 5% 1.5 5%
Overdue from 61 to 90 days 1.6 6% 1.4 4%
Overdue from 91 to 179 days 3.2 12% 2.4 8%
Overdue more than 189 days 3.4 12% 3.1 10%
TOTAL 26.9 100% 32.4 100%
% over Net Accounts Receivable 18% 15%
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14. PROVISION FOR DOUBTFUL ACCOUNTS
Gross increase in Write off of charges
Deliquency Additional
In R$ millions the provision for Credit risk - FIES and unidentified Total
recover provision, net
deliquency deposits
Tuitions and fees 46.1 (22.3) 23.8 0.2 (2.4) 21.6
Acquired Companies 1.1 - 1.1 - 1.1
TOTAL 47.3 (22.3) 25.0 (2.4) 22.8
Additional provision, Acquired
In R$ millions 12/31/2010 Write off 06/30/2011
net Companies effect
Tuitions and fees 45.4 23.8 - (24.6) 44.6
Acquired Companies - 1.1 10.0 - 11.2
TOTAL 45.4 25.0 10.0 (24.6) 55.8
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15. NO RECURRING ITEMS
(R$ millions) 2Q10 2Q11 2Q11 2Q11
Consolidated Estácio Acquired¹
Costs (0.2) (1.4) (0.8) (0.5)
Personnel (0.2) (1.1) (0.8) (0.3)
Others - (0.2) - (0.2)
Expenses (1.8) (2.2) (1.7) (0.4)
Personnel (0.9) (0.4) (0.4) (0.0)
M&A - (1.4) (1.4) (0.0)
Others (0.9) (0.4) - (0.4)
Total (2.0) (3.5) (2.5) (1.0)
¹ Acquired companies in 2011: Atual, FAL, FATERN e Academia do Concurso.
Costs and personnel expenses related to termination of employment contract due to organizational
restructuring
The cost of M&A are mostly fees, consulting, travel expenses and integration.
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16. ACQUIRED COMPANIES RESULTS
Highlights ACADEMIA DO
Atual FAL FATERN FABEC
(R$ milhões) CONCURSO
Net revenue 4.8 2.2 3.1 0.4 2.2
Recurring Gross Profit 1.5 0.4 1.1 0.1 0.7
Recurring gross profit margin 31.4% 18.7% 36.0% 16.4% 34.4%
Recurring EBITDA¹ 0.9 -0.1 0.5 0.0 -0.5
Recurring EBITDA Margin 19.5% -5.9% 15.6% 11.9% -21.8%
Recurring Net Income 0.9 -0.2 0.3 0.0 -0.5
Recurring Net Income Margin 17.8% -8.5% 8.4% 11.9% -24.0%
¹ Corporate expenses not included.
Atual and FATERN already contributing positively to the consolidated margin following the integration of
administrative structure synergies
Academia do Concurso goes through intense restructuring and must operate via the distance learning
platform next year
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17. EBITDA AND NET INCOME
EBITDA NET INCOME
(In R$ million) (In R$ million)
1.9 p.p. of margin
gain
9.1% 9.2% 3.9%
4.0%
7.2% +41.7%
26.5 +15.2% 11.4
25.6
11.0
18.7 3.9%
9.9
2Q10 2Q11 2Q11 2Q10 2Q11 2Q11
Consolidated ex. aquisitions Consolidated ex. aquisitions
Recurring EBITDA Margin Recurring EBITDA Recurring Net Income Margin Recurring Net Income
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18. NET INCOME 2Q10 X 2Q11
NET INCOME BRIGDE 2Q10 X 2Q11
(R$ millions)
1.2 / 12.0%
Recurring Net Income Positive Variation Negative Variation
¹ Acquired companies in 2011: Atual, FAL, FATERN e Academia do Concurso.
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19. CASH FLOW 2Q11
Recurring Operational Cash Flow
CASH FLOW 2Q11
(In R$ millions)
¹ Financial Result except Operating Financial Result
² Composition of Investments: Acquisition (R$33.9 million) + Expansion CAPEX (R$3.3 million) + One Time Capex (R$14.7 million)
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20. MILESTONES – OPERATION
SULACAP CHÁCARA FLORA
Merger of Vila Valqueire Strengthen presence
and Bangu campuses and improve image in
SP
Reduction of fixed costs
5,000 m²
Better infrastructure and good location increases
Partnership with Alain Ducasse Formation and
the possibility of attracting students
the École Hôtelière de Lausanne
E3 – ESPAÇO TRAINEE PROGRAM
ESTÁGIO EMPREGO
Attraction and retention of young talents
Room for career
guidance to students Sulacap
More than 12,000 registered for 15 seats
More than 40,000 offers of internship, more Individual development plans
than 7,000 offers of employment and 30
events (fairs, workshops and lectures)
Atual
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21. MILESTONES ‐ FINANCIAL
2nd Share Buyback Program: 3,323,796 shares may be acquired, representing
5% of the total 66,475,925 shares outstanding.
Level I ADR Program: Each ADR represents one common share ("ESTC3") and is
traded on the U.S. OTC market under the ticker "ECPCY”.
Loan from IFC: R$48.5 million within 10 years (3 years grace period). The cost will
be in Brazilian reais (CDI), equivalent to 6 months LIBOR + 3.5% p.a.
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22. IR CONTACTS
Investor Relations:
Flávia de Oliveira
Email: flavia.oliveira@estacio.br
Phone: +55 (21) 3311-9789
Fax: +55 (21) 3311-9722
Address: Av. Embaixador Abelardo Bueno, 199 – Office Park – 6th floor
CEP: 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.
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