Apresentação de Resultados 1T13

Transcription

1 Apresentação de Resultados 1T13 14 de Maio de 2013 Results / August 13, 2013

2 Highlights Operating Cash Flow of R$ 78.0 million in, up 26% vs. 2Q12. In the six-month period totaled R$175.5 million, up 15% vs.. Cash flow, net of interest and taxes, of R$60.4 million (+60%) and R$145.9 million in (+22%). Consolidated net revenue of de R$164.7 million in, up 61% vs. 2Q12. net revenue was of R$389.6 million, up 11% vs.. On adjusted basis*, growth were 50% in the quarter and 21% in the six-month period. Learning Systems: net revenue of R$71.5 million in, up 43% vs. 2Q12. net revenue of R$149.8 million, up 24% over. On adjusted basis*, net revenue grew by 27% in the quarter and 22% in the six-month period. Publishers: net revenue of R$16.5 million, up 145% (R$14.6 million public segment). net revenue was of R$123.8, down 18% over. On adjusted basis*, net revenue remained practically stable (-1%). Schools and Prep. Courses: net revenue amounted to R$51.3 million, up 14% vs. 2Q12. net revenue was of R$83.2 million, up 6%. After adjustments by revenue recognition method, growth in the quarter was 9% and 12% in the six-month period. Language business (Wise Up and Red Balloon): net revenue of R$28.1 million: (i) R$21.3 million Wise Up s prorata; and (ii) R$6.8 million from Red Balloon. net revenue totaled R$35.5 million. Complementary business: (Alfacon, O Líder em Mim, Escola Satélite, Edumobi e Pré-Enem), net revenue was of R$4.1 million. net revenue of R$8.3 million vs. R$1.2 million in. Note: As is data. The criteria considered for the adjustments are fully listed on / Earnings Release. 2

3 Highlights On July 4 and 5, respectively, we announced the acquisition of Sigma School (Brasilia) and Motivo (Pernambuco). 1 Schools with academic reputation and with high levels of student acceptance in the region s most competitive college admission exams. Similar to Anglo (São Paulo) and ph (Rio de Janeiro). Relevant presence in the Midwest and Northeast regions, two regions with the fastest growing economies. Replicate the successful experience with ph in Rio de Janeiro. 2 In May, we signed a commercial partnership with Organização Educacional Farias Brito, in Ceará, one od the most renowned teaching institutions due its exceptional results on the admission exams for the schools IME and ITA. We will launch SFB (Farias Brito System) focusing on preparatory for college admission exams as of On August 5, we announced a major organizational restructuring. 3

4 New Organizational Structure - AE CEO Manoel Amorim VP PRODUCTS AND EDUCATIONAL SERVICES Mario Ghio VP OPERATIONS, SERVICE AND INTEGRATION Vera Balhestero SCHOOLS AND PREP. COURSES DIRECTOR João Lacerda LANGUAGES DIRECTOR Julio de Angeli CFO AND IRO Guilherme A. Mélega PUBLISHER PEDAGOGYCAL DEPARTAMENT LOGISTICS AND OPRERATIOS HR PH OMETZ GROUP STRATEGIC PLANING, M&A, MANAGEMENT OF FINANCIAL SERVICES AND TREASURY SALES TO GOVERNAMENT COMPLEMENTARY PRODUCTS IINTEGRATION AND SERVICES IT ANGLO PREP. COURSE RED BALLOON INVESTOR RELATIONS COMMERCIAL MARKETING EDUCATION TECHNOLOGY MOTIVO LEGAL SIGMA ALFACON ON SITE 4

5 Net Revenue Growth 2Q12 vs. (R$ mm) vs. R$ mm) + 61% + 11% (6.5) (27.9) (10.1) Q12 Publishers Learning Systems School and Language Others Elimination Prep. Courses Publishers Learning Systems School and Prep. Courses Language Others Elimination Note: As Is data. Eliminations consider sales between business lines: SER sales to GEO, Anglo to PH and SER to ETB. 5

6 ABRE + WISE UP (2 months) ABRE Net Revenue (R$ mm) WISE UP Net Revenue (R$ mm) 2 months (May and June) +40% +61% = COMBINED Net Revenue (R$ mm) n/a 2Q12 2Q12 2Q12 ABRE EBITDA (R$ mm) WISE UP EBITDA (R$ mm) 2 months (May and June) 8.7* 41% + = COMBINED EBITDA (R$ mm) % % n/a 2Q12 2Q12 2Q12 Note: As Is data. (*) Excludes FIFA marketing expenses of R$2.3 million. 6

7 ABRE + WISE UP (2 months) ABRE Net Revenue (R$ mm) WISE UP Net Revenue (R$ mm) 2 months (May and June) COMBINED Net Revenue (R$ mm) +5% % = n/a ABRE EBITDA (R$ mm) WISE UP EBITDA (R$ mm) 2 months (May and June) COMBINED EBITDA (R$ mm) +29% % * = 41% 85 24% 28% n/a Note: As Is data. (*) Excludes FIFA marketing expenses of R$2.3 million. 7

8 Net Revenue per Business Line School and Prep. Courses % School and Prep. Courses % Learning Systems % 2Q12 R$ million Elimination (0.1) 0% Others 1.0 1% R$ 351.3million Elimination (0.7) 0% Others 1.2 1% Publishers 6.8 6% Learning Systems % Publishers % Others 3.8 2% Language % School and Prep. Courses % Schools and Prep. Courses % R$ million Elimination (6.6) -4% Publishers % R$ million Others 8.0 Language 2% % Eliminations (10.7) -3% Learning Systems % Publishers % Learning Systems % Note: As Is data. Eliminations consider sales between business lines: SER sales to GEO, Anglo to PH and SER to ETB. 8

9 COGS - Cost of Goods Sold 2Q12 vs. (R$ mm) vs. (R$ mm) +61% 2Q12 +11% % % % % Net Revenue COGS Gross Profit Net Revenue COGS Gross Profit 9 Note: As Is Data.

10 SG&A Expenses 2Q12 vs. (R$ mm) vs. (R$ mm) 9.9 (0.4) (0.4) (3.5) Q12 Publishers Learning Systems School and Prep. Courses Languague Others Corporate Expenses Elimination Amortization 2T13 Publishers Learning Systems School and Prep. Courses Languague Others Corporate Expenses Elimination Amortization Note: As Is data. 10

11 EBITDA 2Q12 vs. (R$ mm) vs. (R$ mm) (25.1) (5.2) (3.6) 11.3 (0.4) (9.9) Q12 Publishers Learning School and Language Others Corporate Systems Prep. Courses Expenses Margin Margin Publishers Learning Systems Margin School and Prep. Courses Language Others Corporate Expenses Margin - 25% + 15% + 24% + 28% Note: As Is data. 11

12 (Net Income) (R$ mm) (Net Income) (R$ mm) It/SC (R$ mm) It/SC (R$ mm) EBIT (R$ mm) EBIT (R$ mm) Non-cash impact over results (3.0) EBIT Amortization of surplus value of intangible assets EBIT excluding surplus value amortization EBIT Amortization of surplus value of intangible assets EBIT excluding surplus value amortization (5.2) (27.0) 18.7 (8.3) Income Tax and Social Contribution Anglo and ph Deferred Income tax and Social contribution IT/SC excluding Anglo and ph Deferred IT/SC effect Income Tax and Social Contribution Anglo and ph Deferred Income tax and Social contribution IT/SC excluding Anglo and ph Deferred IT/SC effect (8.8) Reported Net Income Adjusted Net Income Reported Net Income Adjusted Net Income Note: As Is data. Net income after minority interest. Net income before minority interest was R$8.2 million in and R$21.4 million in. 12

13 Consolidated Capital Structure Consolidated Debt Position (June 2013)- R$ mm Capital Structure - R$ mm Shareholders Equity Net Debt % 1, , % 21% 18% 13% , , % 79% 82% 87% 72% Banking Debt Sellers Debt Total Cash Net Debt Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Debt profile: 82% long-term 100% of debt is denominated in Reais 81% 13

14 Publishers Net Revenue Evolution Q 2Q 3Q 4Q Semester Note: As Is data. 14

15 Learning Systems Net Revenue - R$ mm Number of Students - ('000) % % -20% % Public Private Note: As Is data. 15

16 Schools and Prep. Courses Net Revenue - R$ mm Number of Students - ('000) +6% +6% Note: As Is data. 16

17 Complementary Business Net Revenue (R$ mm) Net Revenue (R$ mm) % v % v Q12 Highlights: Alfacon: Edumobi: 11,000 online courses sold to more than 9,000 students. 400 students approved at the State of São Paulo Court of Appeals 2,100 students approved at the Military Police of the State of Paraná 300 students approved at Banco do Brasil. 20 courses available to more than 375,000 unique students as of June. Currently with more than 600,000 unique students. The Leader in Me: currently implemented in 19 schools, with more 26 c agreements to come in ETB Technical Learning System: 19 technical courses agreements with 76 educational institutions for 330 courses. 17

18 Share price - R$ R$ million Stock Performance Price (R$) vs. Volume (R$ mm) (07/26/2011 a 08/12/2013) +74% Appreciation * Jul 16-Sep 9-Nov 2-Jan 24-Feb 17-Apr 8-Jun 31-Jul 20-Sep 13-Nov 10-Jan 6-Mar 26-Apr 19-Jun 9-Aug Volume (R$) Price *IPO Price 18

19 Investor Relations Legal Disclaimer This document must not be considered a recommendation for investment in the Units. Before investing in the Units, the investors should conduct their own analysis and valuation of the Company, its business and its activities, its financial condition and the risks of investment in the Units. 19