Estácio: Public Meeting Corporate Presentation - APIMEC 2016
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Transcript of Estácio: Public Meeting Corporate Presentation - APIMEC 2016
2
Disclaimer
This presentation may contain forward-looking statements that solely reflect Management’s expectations regarding the future conditions of the economy and the sector in which the Company operates, as well as the Company’s own performance and financial results, among others. The terms “anticipates", “believes", "expects", “foresees", “intends", "plans", “estimates", “envisages", “must", as well as other similar terms, are used to identify such estimates which, clearly, involve risks and uncertainties envisaged or not by the Company and, consequently, are no guarantee of the Company’s future results. Consequently, the future results of the Company’s operations may differ from its current expectations, and readers should not consider only the information contained herein. The Company is not obliged to update this presentation or its estimates in light of new information or future developments. Figures for 2016 onwards are merely estimates or goals. Additionally, this presentation contains certain financial indicators that are not recognized by BR GAAP or IFRS. These indicators do not have a standardized meaning and may not be comparable with similar indicators used by other companies. We provide these indicators once we use them as a measure of the Company’s performance. However, they should not be considered individually or as a substitute for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS.
5
Track record of more than 45 years
Organic Growth National Expansion IPO Turnaround FIES Expansion
1970... 80-90 ...2000 2008 - 2010 2011-2014
23
35
141
178
218 206
1.5%
41.7%
4.8%
22.5%
-5.5%
New Academic Model
Shared Service Center
(CSC)
Launch of Distance
Learning
GP Investments # Students (‘000)
Average growth rate
2015-
Currently
Acquisition
of UniSEB
Brazilian
Crisis
2007
Return to
acquisitions
Changes in
FIES - PN 23
Agreement
with the
Brazilian
Government
240 272
316
210
437
2.1% 14.2%
13.3% 16.2%
38.2%
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Estácio’s Differentials
Growth Potential Nationwide presence with units in the major urban centers Extensive portfolio of courses
High Quality Education Nationally integrated syllabi Unique teaching methodology Complete convergence between On-Campus and Distance-Learning models Highly qualified faculty
Financial Solidity Strong cash reserve Capacity to generate and raise funds
Corporate Governance Listed in the Novo Mercado segment since 2008
8
Student Base
Note.: Total student base including undergraduate and graduate students and companies acquired.
383
502 544
6M14 6M15 6M16
Total Student Base (‘000)
304 357 375
6M14 6M15 6M16
On-Campus Students (‘000)
79 136 151
6M14 6M15 6M16
Distance-Learning Students (‘000)
+8.5%
+11.0%
+5.0%
9
Net Revenue
1,127.3
1,485.8 1,624.6
6M14 6M15 6M16
Net Revenue (R$ million)
Ticket recovery Price adjustment for seniors Selective exemptions Suspension of scholarships for students in
default within the contractual rules
Creation of an executive department focused exclusively on collection Advisory services for specialized collection
in the sector Portfolio recovery targets Revision of the collection calendar Partnership with credit bureaus
+9.3%
10
EBITDA and Net Income
R$ million 2Q15 2Q16 Specific
Launches
2T16 Ex-Specific Launches
Variation
Net Revenue 779.2 835.3 - 835.3 7.2%
Cost of Services (448.2) (494.5) 18.1 (476.4) 6.3%
Selling Expenses (99.9) (184.5) 43.0 (141.5) 41.7%
G&A Expenses (106.5) (145.9) 28.9 (117.0) 9.9%
Other operating revenues 5.0 (11.7) 15.8 4.1 -18.8%
(+) Depreciation and
amortization 38.1 44.9 - 44.9 17.8%
EBITDA 167.5 43.6 105.7 149.4 -10.8%
EBITDA margin 21.4% 5.2% 17.9% -3.5 p.p.
Financial result (7.7) (16.6) - (16.6) 115.6%
Depreciation and amortization (38.1) (44.9) - (44.9) 17.8%
Income tax and social
contribution 11.6 (2.0) (6.7) (8.7) 175.0%
Net Income/Loss 133.3 (19.9) 99.0 79.1 -40.6%
Net Margin 17.1% -2.4% - 9.5% -7.6 p.p.
Improvement and revision of internal policies and controls
11
EBITDA and Net Income
Note: * Adjusted EBITDA and Adjusted Net Income: Excl. Non-Recurring Items
235.5
359.7
240.7
6M14 6M15 6M16
EBITDA (R$ million)
346.5
211,7
260,3
108,1
6M14 6M15 6M16
Net Income (R$ million)
207.1
12
Cash Flow
R$ million 2Q16 2Q15
Profit before taxes and after the result from discontinued operations (18.4) 120.3
Adjustments to reconcile profit to cash and equivalents generated 210.1 105.3
Result after reconciliation to cash and equivalents generated 191.7 225.6
Change in assets and liabilities 1.8 (307.0)
Net cash generated by (used in) operating activities 193.5 (81.3)
Cash flow from investing activities (43.8) (50.4)
Operating Cash Flow (OCF) 149.7 (131.7)
Cash flow from financing activities (124.0) (95.4)
Net cash generated by (used in) financing activities 25.6 (227.1)
Cash at the beginning of the period 362.3 721.0
Increase (decrease) in cash and equivalents 25.6 (227.1)
Cash at the end of the period 387.9 493.9
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Extraordinary Dividends
58,1
101,1
115,1
6M14 6M15 6M16
Dividends (R$ million)
Dividend Distribution Proposal:
R$420 million: established in the Protocol and
Justification for the Merger of the Company’s Shares into Kroton Educacional S.A.
+13.8%
Nov/2016 Dec/2016 2017*
PMT (R$ million) 140.0 140.0 140.0
* To be defined by the Board of Directors, considering the most appropriate moment for the Company.
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2016 Guidelines
High Quality Education
Continuous improvement in the academic model Highly qualified faculty Appropriate infrastructure
Education to ensure employability
New intake and renewal policies
Implementation of new sales force; Reorganization and regionalization of communications; Strengthening of strategic media.
IR Contact
Investor Relations:
E-mail: [email protected]
Telephone: (21) 3311-9700
Fax: (21) 3311-9722
www.estacioparticipacoes.com.br