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Net Profit at Estacio grows by 123% and totals R$245 million in 2013, while EBITDA increases 53% coming to R$320 million
|By PR Newswire
|March 21, 2014 12:18 PM EDT
RIO DE JANEIRO, March 21, 2014 /PRNewswire/ -- Estacio Participacoes S.A. – "Estacio" or the "Company" (BM&FBovespa: ESTC3; Bloomberg: ESTC3.BZ; Reuters: ESTC3.SA; OTC: ECPCY), one of the largest private-sector post-secondary education groups in Brazil in terms of the number of enrolled students, has reported its results for the 4th Quarter (4Q13) and for 2013.
Estacio closed 2013 with a total base of 315.7 thousand undergraduate and post-graduate students, 16.3% above that registered in 2012, of whom 255.0 thousand are enrolled in on-campus programs and 60.7 thousand in distance learning programs. Not including acquisitions made in 2012, the student base grew by 14.6% organically in relation to the same period of the previous year. At the end of 2013, the student base for on-campus undergrads at Estacio totaled 239.4 thousand students, 14.0% higher than the same period of the previous year. In Distance Learning, the undergrad student base grew by 20.4% over the same period of the previous year to a total of 55.5 thousand students. The growth of post-graduate enrollment in 2013 should be highlighted, which reached a historic milestone of 20.8 thousand students in December, an increase of 34.2% in comparison with the same period of the previous year.
The student base at Estacio that uses the Student Financing Fund (FIES - Fundo de Financiamento Estudantil) – held steady at 76 thousand students, which represents 32% of the total student base of on-campus undergrads. Added to this are 19 thousand students using the University Program for Everyone (ProUni - Programa Universidade para Todos).
Net operating revenues came to R$1.731 billion in 2013, an increase of 25.1% in relation to 2012, as a result of a 16.3% growth in the student base and the positive evolution of the average ticket for the period.
In 2013, EBITDA totaled R$320.3 million, 52.6% more than the result for 2012, with an EBITDA margin of 18.5%, for a margin gain of 3.3 percentage points compared to the year before, due, above all, to improved management of costs and expenses, and a growth of more than 25% in net revenues.
Net profits for Estacio stood at R$244.7 million in 2013, an increase of 123.1% over the 2012 fiscal year, due to an increase in net revenues and efficiency gains in the lines for costs and expenses.
Normalized operating cash flow was positive at R$122.5 million in 2013, an evolution of R$33.3 million in relation to 2012. At the end of 2013, cash and cash equivalents totaled R$739.2 million. With gross indebtedness of R$322.8 million at the end of 2013, net cash for Estacio closed the year at R$416.4 million.
In evaluations of the quality of instruction, Estacio received excellent results in the Ministry of Education's last evaluation cycle covering the year 2012, announced at the end of 2013, with a focus on programs of study in Law, Communication and Management, which accounts for approximately 53% of our student base. The programs of study are evaluated in cycles that occur every three years, therefore the results for 2012 are comparable to the results for 2009. The results of the Preliminary Concept of the Program of Study (CPC – Conceito Preliminar de Curso) for 2012 presented excellent numbers. We observed that 87% of the study programs evaluated presented a satisfactory assessment (greater than or equal to 3), in comparison with 50% in 2009. As for the grades for our educational institutions, the General Index of Programs of Study (IGC – Indice Geral de Cursos) released for 2012 showed that 89% of Estacio's institutions had grades equal to or greater than 3 in 2012, excluding institutions whose operations are being discontinued, as opposed to 48% in 2009 and 53% in 2011.
At the leading edge of this expansion, Estacio announced the largest acquisition in its history: UniSEB, an excellent asset located in Ribeirao Preto, in the interior of the state of Sao Paulo, with a representative network of Distance Learning campuses throughout Brazil. The operation is still awaiting authorization from CADE, Brazil's antitrust agency to be completed, but offers very good prospects for the expansion of the distance learning segment. In addition, Estacio has arrived in Brasilia, with the acquisition of FACITEC, and increased its presence in Santa Catarina with the purchase of ASSESC. We also emphasize the inauguration of three new units (greenfields): two in the state of Rio de Janeiro, at Angra dos Reis and Teresopolis, and the third campus in Fortaleza.
Rogerio Melzi, President of Estacio, underscores the following: "At Estacio, we believe that one of the most important characteristics in companies alert to the reality of the 21st Century is 'Balance' between the different variables comprising the scope of a corporation. This is why we are constantly working to find a balance between: 'Management' and 'Academic Quality,' 'Financial Results' and 'Non-financial Results;' and 'Short Term Results' and 'Long Term Results.' In this context, when we analyze operating and financial results for 2013, we see that we have been very successful in promoting this balance, in addition to being well prepared to maintain or even surpass this level of delivery throughout 2014."
Flavia de Oliveira
Phone: (21) 3311-9700
E-mail: [email protected]
Phone: (21) 3311 -9880
E-mail: [email protected]
SOURCE Estácio Participações
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