estácio apr 1 q08 eng
TRANSCRIPT
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1Q08 Earnings Release
www.estacioparticipacoes.com/ir
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1Q08 Highlights
10.5% annual growth in the average number of undergraduated students, reaching 198 thousand at the end of 1Q08;
Record enrollment of 52,000 students for the first semester of 2008;
Average renewal rate of 87% (86% in 2007);
Acquisition of three colleges in São Paulo, with a total of 3,800 students on March 31, 2008;
Conclusion of the first phase of integration of our 67 units nationwide and initial implementation of our shared services center.
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Revenue
Average Ticket 431 425 -1.4%
Average Number of Students (thousands) 168 186 10.5%
1Q07 1Q08 Var.%
Net Revenue (R$ million)
218.1
103.5110.6
237.5
1Q07 1Q08
8.3%
8.9%
R$ 321.5R$ 348.2 Gross Revenue
Deductions
Net Revenue
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Cost of Services and SG&A Expenses
Cost of Services (R$ million)
Selling, General and Administrative (R$ million)
8.8%8.8%
Rentals: 8.3% NR*Rentals: 8.3% NR*
Faculty Payroll: 44.1% NR
Faculty Payroll: 44.1% NR
Faculty Payroll: 43.1% NR
Faculty Payroll: 43.1% NR
Rentals: 8.8% NRRentals: 8.8% NR
1Q07 1Q08
130.6 (59.9% NR)
142.1 (59.8% NR)
53.2
69.5
1Q07 1Q08
+R$16.3 million
24.4%
29.2%
Personnel: 11,5% NRPersonnel: 11,5% NR
PDA: 2,3% NRPDA: 2,3% NR PDA: 1,5% NRPDA: 1,5% NR
Personnel: 12,1% NRPersonnel: 12,1% NR
Third Party: 3,4% NRThird Party: 3,4% NRThird Party: 6,4% NRThird Party: 6,4% NR
NR = Net RevenueNR = Net Revenue
R$6 millionR$6 million
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EBITDA(R$ million)
1Q07 Taxes at SESES Holding Expenses 1Q07 adjusted 1Q08 adjusted
42.4 (6.0)
(1.5)34.9
38.5
19.4%
16.0%16.2%
10.3%
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1Q07 1Q08
Adjusted Net Income(R$ million)
Net Income (R$ million)Net Income (R$ million) Goodwill AmortizationGoodwill Amortization
2.2%2.2%33.7 34.5
1.8
32.7
Net Income/Equity = 18.2%Net Income/Equity = 18.2%
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Cash Flow
Cash Flow (R$ million) – 1Q08
Initial Cash EBITDA Financial Result WorkingCapital
Organic Capex Long Term Chg. Income Tax Sub-Total Cash Acquisitions Final Cash
229.2
38.54.8
18.3 (18.8)21.2 (2.0) 291.2 (16.4)
274.8
(FCF = 62.0)(FCF = 62.0)
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Questions & Answers
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IR Contacts
Investor Relations – Estácio
Carlos Lacerda – [email protected]
Fernando Santino – [email protected]
e-mail: [email protected].: (55) 21 2433-9789 / 9790 / 9791
Av. das Américas, 3434 – C. Empresarial Mario Henrique Simonsen - Bloco 7 CEP 22.640-102 - Barra da Tijuca - Rio de Janeiro/RJ - Brasil
Site: www.estacioparticipacoes.com/ir
We are a holding company, and our only assets are our interests in SESES, STB, SESPA, SESCE and SESPE, and we currently hold 99.9% of the capital stock
of each of these subsidiaries. This presentation may contain forward-looking statements concerning the industry’s prospects and Estácio Participações’
estimated financial and operating results; these are mere 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. Considering that the Company was organize d 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, will be subject to the applicable taxation rules applied to the remaining legal
entities, 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.