Estácio: 1Q12 Conference Call Presentation

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Estácio: 1Q12 Conference Call Presentation

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Estácio: 1Q12 Conference Call Presentation

  1. 1. 1Q12 ResultsRogério Melzi | CEO Virgílio Gibbon | CFO
  2. 2. 1Q12: Sustainable Growth Organic Student Base’s Continuous Growth Acquired Companies with Solid Results Intense DL Growth Positive Operational Cash Flow SEAMA’s Acquisition in Amapa (Northern Brazil) 1Q12 ex.Main Indicators (R$ MM) 1Q11 1Q12 Change Change acquisitionsNet Revenue 275.8 330.6 19.9% 316.3 11.0%EBIT 28.4 46.3 63.0% 40.9 45.6%EBITDA 43.5 62.0 42.5% 56.2 30.7%EBITDA Margin 15.8% 18.8% 3.0 p.p. 17.8% 2.0 p.p.Net Income 28.7 39.9 39.0% 34.9 21.6%Net Margin 10.4% 12.1% 1.7 p.p. 11.0% 0.4 p.p.EPS (R$) 0.35 0.49 40.0% 2
  3. 3. Operational Performance STUDENT BASE BY SEGMENT NET REVENUE(‘000 Students) (In R$ million) +20.8% 481.2 278.6 462.5 241.4 +15.4% 398.2 50.2 150.6 6.8 146.3 30.9 122.4 +19.9% 203.7 228.4 330.6 316.3 275.8 1Q11 1Q12 On campus Acquisitions in 1Q11 1Q11 1Q12 1Q12 ex- acquisitions Distance Learning Total Student Base Net Revenue Deduction Gross Revenue On-campus student base growing healthily Average and with average ticket adjusted by inflation 1Q11 1Q12 Var. Ticket (In R$) Distance Leaning student base shows On-campus 427.7 463.2 8.3% significant growth (+62.5%) Distance Learning 171.5 172.4 0.5% *SEAMA’s acquisition is yet to be consolidated in our results. Companies acquired in 2011 are already consolidated in 1Q12 Results. 3
  4. 4. Cash Cost Vertical Analysis 1Q11 1Q12 Change (% of Net Operating Revenue) Cash Cost* -63.2% -58.0% +5.2 p.p. Personnel -40.3% -35.7% +4.6 p.p. Brazilian Social Security Institute -9.0% -7.8% +1.2 p.p. (INSS) Rentals, Condominium Fees and -9.1% -9.0% +0.1 p.p. Municipal Property Tax Textbooks Materials -1.1% -1.7% -0.6 p.p. Others -3.7% -3.8% -0.1 p.p. *Cost of Services excluding depreciation. 4.6 p.p margin gain in the Personnel line, an evidence of the good control of faculty costs End of the INSS step-up, yielding a 1.2 p.p. margin gain 4
  5. 5. SG&A Expenses Vertical Analysis 1Q11 1Q12 Change (% of Net Operating Revenue) SG&A* -23.1% -24.4% -1.3 p.p. Selling Expenses -10.5% -11.3% -0.8 p.p. PDA -1.9% -4.2% -2.3 p.p. Marketing -8.6% -7.1% +1.5 p.p. G&A Expenses* -12.6% -13.1% -0.5 p.p. Personnel and Payroll charges -5.9 % -6.3% -0.4 p.p. Third-party services -3.7% -3.7% 0.0 p.p. Machinery rental and leasing -0.4% -0.2% +0.2 p.p. Other Operating Renevues 0.6% 0.8% +0.2 p.p. Provision for Contingencies 1.2% -0.5% -1.7 p.p. Others -4.3% -3.2% +1.1 p.p. *SG&A Expenses excluding depreciation. 5
  6. 6. Net Average Days Receivables 1Q12 ex. Accounts Receivables (R$ MM) 1Q11 2Q11 3Q11 4Q11 1Q12 acquisitions1Gross Accounts Receivables 2344 273.1 283.2 320.8 358.5 329.8 FIES 21.2 25.4 31.0 36.5 55.4 55.3 Tuition Monthly Fees 164.6 198.7 195.0 241.4 246.4 220.5 Agreement Receivables 31.7 32.4 35.5 26.4 33.7 31.8 Others 11.4 9.7 16.5 9.1 16.6 16.1 Provision for Doubtful Accounts (49.9) (55.8) (56.0) (69.3) (73.9) (62.4)Net Accounts Receivables 179.0 210.5 221.9 244.1 278.5 261.3 (-) FIES (21.2) (25.4) (31.0) (36.5) (55.4) (55.3)Net Accounts Receivables Ex. FIES 157.8 185.0 190.9 207.6 223.0 206.0Net Revenues (Last 12 months) 1,036.0 1,119.3 1,106.5 1,148.4 1,203.2 1,147.8Net Days Receivables Ex. FIES1 55 60 62 65 67 65Gross Days Receivables2 65 88 92 101 107 103 1 Acquired companies since 2011: Atual, FAL, FATERN and Academia do Concurso. 2 In 1Q12, FIES days receivables was 203. 6
  7. 7. Aging of Receivables and Agreements Breakdown of accounts receivable by age (R$ millions) 1Q11 % 1Q12 %FIES 21.2 9% 55.4 15%Not yet due 68.7 29% 101.4 28%Overdue up to 30 days 40.2 17% 52.9 15%Overdue from 31 to 60 days 18.5 8% 20.8 6%Overdue from 61 to 90 days 5.8 2% 6.9 2%Overdue from 91 to 179 days 30.2 13% 47.2 13%Overdue more than 180 days 49.9 21% 73.9 21%Total 234.4 100% 358.5 100% Breakdown of agreements by age (R$ millions) 1Q11 % 1Q12 %Not yet due 23.1 73% 19.5 58%Overdue up to 30 days 1.9 6% 2.5 7%Overdue from 31 to 60 days 0.8 3% 1.2 4%Overdue from 61 to 90 days 0.7 2% 1.3 4%Overdue from 91 to 179 days 2.0 6% 4.1 12%Overdue more than 180 days 3.2 10% 5.1 15%TOTAL 31.7 100% 33.7 100% % over Gross Accounts Receivable 14% 9% 7
  8. 8. Cash Flow Operational Cash Flow CASH FLOW 1Q12(In R$ million) 8
  9. 9. Final Remarks FIES reaching 23k students at the end of 1Q12 (26k in April/12)  New certificates inflow: R$26 million in April/12 and $30.6 million in May/12  Legal authorization for SESES’ CND (Debt Clearance Certificate)  FIES’ provision criteria defined  Possibility to solve pending issues of Law and Business courses in Rio de Janeiro Leverage + Efficiency + Quality = Sustained Growth 2012 Scenario: Net Revenue Personnel G&A PDA 9
  10. 10. 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 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. 10

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