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Gente criando o futuro! Jan-Sep 2013
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Page 1: Gente criando o futuro! - Ser Educacional

Gente criando o futuro! Jan-Sep 2013

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Page 2: Gente criando o futuro! - Ser Educacional

Presenters

Jânyo Diniz is CEO of Grupo Ser Educacional.

Since 2008 he has been the president of the Association of Institutions of Higher Learning of Pernambuco (Siespe).

He worked as board member of Perpasa and administrative coordinator at CIV.

Mr. Diniz holds an undergraduate degree in mechanical engineering and a postgraduate specialization degree in production engineering from the Federal

University of Pernambuco (UFPE).

Habib Bichara is CFO of Grupo Ser Educacional and dean of finance and administration at Maurício de Nassau University Center (UniNassau).

Vice president for private entities at the Brazilian Institute of Finance Executives (Ibef) of Pernambuco.

Previously worked as auditor at Ernst Young, in-house auditor at Albras Alumínio Brasileiro S.A., and executive director at service companies.

Holds an undergraduate degree in economics and in accounting from the University of the Amazon (Unama). Also holds a master’s in accounting and

controllership from the University of São Paulo (USP) and an MBA in auditing from Getúlio Vargas Foundation (FGV).

Member of the M&A team of Grupo Ser Educacional.

Jânyo Diniz

2

Habib Bichara

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Natasha Nakagawa is Investor Relations Officer of Grupo Ser Educacional

She has 17 years of experience, having worked for Perdigão Agroindustrial, Votorantim Celulose e Papel, CSU CardSystem, Banco Fibra and Paraná

Banco, always in the Investor Relations area.

She holds a degree in Business Administration from the University of São Paulo (USP) and an MBA in Finance, Communications and Investor Relations

from the Institute for Accounting, Actuarial and Financial Research Foundation (FIPECAFI)

Natasha Nakagawa

Page 3: Gente criando o futuro! - Ser Educacional

Company Overview

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Page 4: Gente criando o futuro! - Ser Educacional

Company Overview

4

Who Is Grupo Ser Educacional

Date: 09/30/2013

Board of directors with majority of independent members 6

Leader in post-secondary private education in the North and Northeast of Brazil: 23 units in 11 states 1

1 6th largest education group in Brazil: Student-base of 113,500, 69,900 of whom enrolled in undergraduate courses,

8,200 in graduate courses, and 35,500 students with scholarships from Pronatec 2

Highest profitability in the sector: Ebitda margin of 37.7% and net margin of 28.5% in 9M2013 3

First brand recognition in the region: Maurício de Nassau 4

Strict financial planning and control A. Strictly adhered to strategic planning in its ten years of existence.

B. Audited from the outset by one of the Big Four.

C. In 2008, took on a private equity partner to add financial expertise.

D. Credit lines (IFC) with strict business and financial auditing.

5

Page 5: Gente criando o futuro! - Ser Educacional

Operates in Brazil’s fastest-growing market

Solid growth strategy

Standardization, processes, control, and scalability

High capacity to anticipate trends and innovate in products and services

Above-average operational and financial performance

Differentiated value proposition for students

Investment Highlights

7

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Page 6: Gente criando o futuro! - Ser Educacional

Northeast and North: High Growth and Low Market

Penetration

8

Unique Exposure to Brazil’s Fastest-Growing Regions

Source: Nielsen, Brazilian Statistics Bureau (IBGE), United Nations Educational, Scientific and Cultural Organization (Unesco), Hoper Educacional, CCG Estimates

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(2001 – 2010)

North and Northeast: Potential Market CAGR of Real GDP (2004-2010) (%) Rate of schooling in Brazil (net rate)

Growth in Post-Secondary Enrollments

(On-Campus Courses)

Brazil

Population (2012): 193.9 million

GDP (2010): R$3,770 billion

North and Northeast Regions

Population (2012): 70.2 million

GDP (2010): R$709 billion

South

18.6% Southeast

16.1%

Central West

19.7%

Northeast

10.6%

North

10.4%

Legend

Number of post-

secondary

students

Population within

the age group for

post-secondary

education

(2011)

5.2%5.6%

6.1%

4.0%

Northeast North Pernambuco Brazil ex-North and

Northeast

148%

129%

48%

69%

90%

North Northeast South Southeast Midwest

Page 7: Gente criando o futuro! - Ser Educacional

Largest Education Group in the Northeast Region(1)

Unique Exposure to Regions with Highest Potential

11 8 0 Number of States

9

# of students: in proc.

# of units: 1

Amazonas

# of students: 2,121

# of units: 1

Pará

# of students: in proc.

# of units: 1

Maranhão

# of students: 3,371

# of units: 1

Rio Grande do Norte

# of students: 5,456

# of units: 1

Alagoas

# of students: 4,912

# of units: 3

Piauí

# of students: 10,923

Units: 2

Paraíba

# of students: 316

# of units: 1

Sergipe

# of students: 3,713

# of units: 1

Ceará

# of students: 33,173

# of units: 8(2)

Pernambuco

# of students: 5,931

# of units: 3(3)

Bahia

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Undisputed leadership in the Northeast region―a market

with 50 million people―, with a platform ready for the

company’s expansion into the North region Note: (1) Source: Companies’ websites

(2) Acquisition of Decisão College in Paulista, state of Pernambuco (PE), with 655 new students, was concluded on June 11, 2013

(3) Acquisition of Juvêncio Terra College in Vitória da Conquista, with 530 new students, was concluded on July 26, 2013

23 including one

university center

18 - # of units in Northeast

3

9

Page 8: Gente criando o futuro! - Ser Educacional

Differentiated Value Proposition for Students

8

Location Brand

Quality Infrastructure

Source: Report Análise Setorial do Ensino Superior do Brasil, 2013

Hoper Educação Survey: What are the most-wanted attributes for students?

Location Quality of the

education Recognized

Brand

Infrastructure Other

21.6% 20.4%

10.0% 8.4%

39.6%

Page 9: Gente criando o futuro! - Ser Educacional

Differentiated Value Proposition for Students

Location and Infrastructure

Location as an essential factor for choosing a college to our target audience

Location also has an impact on value perception (convenience, cost of transportation, etc.)

Colleges of Grupo Ser are strategically located in the largest capital cities and metropolitan areas

Large collection Bibliographic collection of approximately 320,000 titles

Modern classrooms Air-conditioned classrooms with multimedia equipment

Infrastructure built and planned for academic and

administrative activities

Structure designed to meet students’ real needs,

according to the profile of courses and of target

audience

All units have modern infrastructure and

technology:

Air-conditioned

classrooms

Wireless network

Laboratories

Study halls

Libraries

Clinics

Bookstores

Auditoriums

Gymnasiums

Cafeterias

Accessibility for the

disabled

Strategic Location of Units

Infrastructure Geared towards Education

9

Spacious Facilities 1,774 classrooms

Laboratories, clinics, and study halls

Gymnasiums

Modern teaching resources 250 specialized laboratories

Online learning platforms

Digital content

Page 10: Gente criando o futuro! - Ser Educacional

Differentiated Value Proposition for Students

Quality and Brand

10

Source: INEP/MEC and institutional IES evaluation

Community Relations

Strong Brand in the Northeast IGC – Quality Assessment Index

Business Relationship

Sports Marketing

Social Marketing

Institutional Marketing

Events Marketing

Recife:

Top of mind brand,

three years in a row

Source: Jornal do Commercio

newspaper

João Pessoa/Campina

Grande:

Second-most recalled

brand, two years in a row

Source: Sistema Correios

Maceió:

Second-most recalled

brand, two years in a

row

Source: Maurício de Nassau

Institute

Natal:

Third most-recalled

brand

Source: Maurício de Nassau

Institute

Social networks:

Third-largest Brazilian fan

page

Source: Facebook

10 Note: (1) Evaluation for 2012 published by the Ministry of Education in the 12/06/13 edition of the Diário Oficial da União

(2) Excluding acquisitions

IGC

- Q

ua

lity

As

se

ss

me

nt

Ind

ex

(1

)

2

2,1

2,2

2,3

2,4

2,5

2,6

2,7

2,8

2,9

2009 2010 2011 2012

UNINASSAU

Faculdade Maurício de Nassau - Maceió

Faculdade Maurício de Nassau - Salvador

Faculdade Maurício de Nassau - Lauro de Freitas

Faculdade Joaquim Nabuco - Recife

Historic IGC Series - Ser Educacional – IGC 3

IGC3 since 2009 IGC3 = range of 1.95 to 2.94

CP

C -

Pre

lim

ina

ry C

ou

rse

Co

nc

ep

t (1

)

SCORE % QUANT TOTAL

IGC 01 0% 0

IGC 02 0% 0

IGC 03 100% 10

IGC 04 0% 0

10

SCORE % QUANT TOTAL

IGC 01 0% 0

IGC 02 14% 2

IGC 03 86% 12

IGC 04 0% 0

14TOTAL

IGC PERFORMANCE (EXCEPT RECENT ACQUISITIONS)

(INCLUDING RECENT ACQUISITIONS)

0%

100%

TOTAL

IGC PERFORMANCE - GRUPO SER EDUCACIONAL

86%

14%

SCORE % TOTAL TOTAL

CPC 02 6% 2 6%

CPC 04 19% 6

CPC 03 75% 24

32

SCORE % TOTAL TOTAL

CPC 02 10% 4 10%

CPC 03 76% 32

CPC 04 14% 6

42

CPC PERFORMANCE- GRUPO SER EDUCACIONAL

90%

CPC PERFORMANCE (EXCEPT RECENT ACQUISITIONS)

94%

TOTAL

TOTAL

(INCLUDING RECENT ACQUISITIONS)

Page 11: Gente criando o futuro! - Ser Educacional

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Superior Execution Capabilities

High Capacity to Anticipate Trends

Knowledge of legislation and regulating agencies

Founder and controlling shareholder has been presiding the Brazilian Association of Colleges

(Abrafi) for 8 years, and acts as vice president of the Brazilian Association of Sponsors of

Higher Education (Abmes)

Strong track record in quickly obtaining authorization for new courses (anticipation of trends)

Periodical market surveys in all cities where the group operates – allows the Company to

anticipate demands

Active board of directors with independent members

Page 12: Gente criando o futuro! - Ser Educacional

Standard systems,

procedures, and

processes: ISO 9000

Development

of a specific academic

audit area

Standardization, Processes, Control, and Scalability

Pioneer in the Implementation of Control Systems

Systems Implemented

Main Systems

Unified syllabus Electronic

attendance ledger

Standardized

tests

Self-service kiosks

12

2007 2008 2009 2010 2011 2012 2013

Beginning of the

Group’s external

auditing services

Installation of an

Advisory Board

Installation of the

Board of Directors

Virtualization of IT

environment

Implementation of

academic audit

Unification of course

syllabi

Unification of teaching

plans

Implementation of the

Electronic Attendance

Ledger methodology

Creation of NaveSer

Beginning of the

ISO project

Creation of the

Group’s second

proprietary Data

Center

Implementation of

Prova Colegiada

(standardized test)

Beginning of

implementation of

student document

digitalizaton

Creation of the

Mobile Academic

Portal

ISO 9000

Certification

(Uninassau)

Implementation of

ECM (standardized

documentation

control system)

Implementation of

the Virtual Learning

Environment (AVA)

to train and qualify

employees.

Structuring of the

Shared Services

Center (CSC)

Structuring of the

Student

Relationship Center

(CRA)

Page 13: Gente criando o futuro! - Ser Educacional

Operating and Financial Highlights

13

Lines of Business

Postgrad.

(’000 students)

K-12 education

Vocational-Technical

(’000 students)

Undergrad.

(’000 students)

Distance Learning

(’000 students)

Adjusted Ebitda

Margin (9M13)

Gross Revenues

(9M13)

Adjusted Ebitda

(9M13)

1.

2.

3.

4.

5.

1.

2.

3.

Geographical scope Northeast and North regions

R$398 MM

R$123 MM

37.0%

Published in the Diário

Oficial da União (12/23/13) -

APPROVED

69.9

8.2

35.5

18 courses 36 thousand places 6 diferent states in the Northeast region of Brazil: - Pernambuco, - Paraíba, - Alagoas, - Rio Grande do Norte, - Bahia and - Ceará.

Page 14: Gente criando o futuro! - Ser Educacional

14

Northeast and North National Southeast National

R$332 MM

R$125 MM

37.7%

APPROVED

69.9

8.2

35.5

R$1,295 MM

R$255 MM

19.7%

251.6

13.8

67.4

R$1,380 MM

R$268 MM

19.4%

301.3(2)

NA

127.5

R$1,497 MM

R$541 MM

36.1%

160.2

12.1

362.0

8.0

(1) (1) ((1) (1)

(1) As of Sep 30, 2013

(2) Inclui alunos de graduação e pós-graduação.

Operating and Financial Highlights

Lines of Business

Postgrad.

(’000 students)

K-12 education

Vocational-Technical

(’000 students)

Undergrad.

(’000 students)

Distance Learning

(’000 students)

Ebitda Margin

(9M13)

Net Revenues

(9M13)

Ebitda (9M13)

1.

2.

3.

4.

5.

1.

2.

3.

Geographical scope

Page 15: Gente criando o futuro! - Ser Educacional

Outstanding Operating Performance

15

5

9M13 Net Revenue

R$332.2 million +58.5%

113.5 thousand students +105.5%

9M13 Net Income R$94.8 million +63.8%

Highlights (R$ '000) 3Q13 3Q12 % Chg. 9M13 9M12 % Chg.

Financial

Net Revenue 111,604 73,289 52.3% 332,205 209,543 58.5%

Gross Profit 67,434 47,745 41.2% 207,302 135,868 52.6%

Gross Margin 60.4% 65.1% -4.7 p.p. 62.4% 64.8% -2.4 p.p.

Operating Income 34,594 24,038 43.9% 111,680 69,232 61.3%

Operating Margin 31.0% 32.8% -1.8 p.p. 33.6% 33.0% 0.6 p.p.

EBITDA 39,719 26,912 47.6% 125,211 77,543 61.5%

EBITDA Margin 35.6% 36.7% -1.1 p.p. 37.7% 37.0% 0.7 p.p.

Adjusted EBITDA 37,047 25,604 44.7% 123,023 73,488 67.4%

Adjusted EBITDA Margin 33.2% 34.9% -1.7 p.p. 37.0% 35.1% 2.0 p.p.

Net Income (Loss) 25,958 20,168 28.7% 94,767 57,841 63.8%

Net Margin 23.3% 27.5% -4.3 p.p. 28.5% 27.6% 0.9 p.p.

Page 16: Gente criando o futuro! - Ser Educacional

Number of Undergrad Students and Units (’000 of students and # of units – end of period)

Outstanding Operating Performance

16

Enrollment of new students (’000 of students)

28.1 33.8

48.7 48.3

69.9

9

12 13

13

23

2010A 2011A 2012A 9M12 9M13

Students (‘000) Units

Undergraduate Total Graduate Vocational

11,819

13,996

3Q12 3Q13

18.4%

1,086 1,069

3Q12 3Q13

-1.6%

213

35,183

3Q12 3Q13

13,118

50,248

3Q12 3Q13

Page 17: Gente criando o futuro! - Ser Educacional

Exceptional Financial Performance

17

Net Revenues (R$ million)

Doubtful Debt Provisioning (PDD) Expenses (R$ million and % of net revenues, respectively)

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512 539 579

Gross average ticket (R$/month)

141.3

183.5

283.3

209.5

332.2

2010A 2011A 2012A 9M12 9M13

3,4% 5,9% 4,6%

PDD Normalized1

Nota: (1) From 2012 on, the Company adopted a new policy to record PDD based on overdue credit for more than 180 days. Normalized PDD is the estimated provision based on the current criteria.

454 512

2.2 6.7

15.6

7.3 11.8

1.6% 3.7% 5.5% 3.5% 3.5%

2010A 2011A 2012A 9M12 9M13

Page 18: Gente criando o futuro! - Ser Educacional

44.9 45.3

76.4

2010 2011 2012

52.4 54.2

82.7

73.5

123.0

2010A 2011A 2012A 9M12 9M13

Exceptional Financial Performance (cont’d)

Operating Income (R$ million and % of net revenues, respectively)

Adj. EBITDA(1) and EBITDA margin (R$ million and % of net revenues, respectively)

18

30%

35%

30%

37%

28%

37%

31.8% 24.7% 27.0% 33.0% 33.6%

69.2

111.7

9M12 9M13

Notes: (1) Values adjusted for the purposes of the financial lease and pro-forma values of the spun-off real estate property to JJ Participações.

Page 19: Gente criando o futuro! - Ser Educacional

35.7 31.7

64.3

57.8

94.8

25%

17% 23%

28% 29%

2010A 2011A 2012A 9M12 9M13

Exceptional Financial Performance (cont’d)

19

Net Income and Net Margin (R$ million and %, respectively)

Net Debt(1) and Net Debt / Adjusted EBITDA (R$ million)

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19

0,6x

0,9x 0,9x

0,3x

16.8

49.1

78.4 108.7

0.3x

0.9x 0.9x

0.8x

2010A 2011A 2012A 9M13

Notes: (1) Amounts payable for acquisitions are considered as debt.

Page 20: Gente criando o futuro! - Ser Educacional

Growth Strategy

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Page 21: Gente criando o futuro! - Ser Educacional

Company Best Prepared to Seize on the Growth and

Sustainability Opportunities

Growth Gains in efficiency and

profitability

21

Organic growth in North and Northeast

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Acquisition of new units

Continual investment in technology

Development of Distance learning

Vocational-technical education under

Pronatec

Growth in the

portfolio of courses:

greater

attractiveness

Requests for

accreditation of 25

new units have

been filed

One new university

center pending

approval at the

Ministry of

Education (MEC)

Projects for the

construction of five

campuses:

Fortaleza, Aracaju,

Campina Grande,

Recife and Salvador

“Diário Eletrônico”

(electronic attendance

ledger) allows for control

and standardization of

method of teaching at

different units

“Prova Colegiada”

(Standardized test)

evaluates performance of

professors and students

and allows for quality

control

Implementation of the

Shared Services Center

(CSC)

Implementation of the

Student Relationship

Center (CRA)

Constant mapping

of acquisition

opportunities

Highly selective and

opportunistic profile

Proven experience

resulting in gains of

efficiency and

profitability with its

own integration

method

Focus on cities with

more than 200,000

inhabitants in the

North and Northeast

regions

Educational

institution with the

highest number of

slots applied for

under the Pronatec

Base of 35,000

students enrolled in

vocational programs

in five units

A further three units

(João Pessoa,

Campina Grande

and Natal) will offer

vocational programs

in 2014

Organic growth of

distance-learning

business

High potential for

returns

Partnership with

Pearson to develop

teaching material

Proven experience

in existing programs

Nine units equipped

to offer distance

learning courses

(EAD), with 18

different courses

Page 22: Gente criando o futuro! - Ser Educacional

New Units

21,34526,985

49,505

61,705

74,620

2009 2010 2011 2012 2013YTD

41 new courses approved in 2013

35 programs in final phase of accreditation at MEC (~2014)

252 programs in initial phase of accreditation (~2015)

2013–2018: 554 new programs expected to open

New Programs:

Number of Authorized Slots vs. Number of Accredited Programs(1)

Higher offering = more attractive proposition for students

Programs highly sought after and profitability potential

Boosts the company’s organic growth, with low need for

investments

Number of authorized admission slots

Number of authorized programs

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Organic Growth

On-Campus S

tatu

s

Str

ate

gy

1 1 1 1

5

9 9 9

1213

23

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Annual

admission

slots

75 104

200

252

319

+ University

Center in Maceió

to be accredited

22

9M13

The company has proven its capacity to significantly expand its network of units in only ten years

Currently, there are 25 units being accredited by the Ministry of Education, which ensures future growth and is a strong competitive

advantage against its competitors

New university center with greater autonomy to create new programs: Maceió

under accreditation process at the MEC

74,620

23

9M13

Page 23: Gente criando o futuro! - Ser Educacional

Own campuses; distance-learning centers

100% online

Vocational-technical; professional; undergraduate;

postgraduate

Products

18 programs and 36,000 places in six states of the Northeast

region in 2014

Tutoring and assistance

Exclusive content

Personalized services

Video classes

Digital books/ mobility

Integrated systems

Games and tools

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Organic Growth

Distance Learning

Distance-learning format

Infrastructure Distance learning program already approved and

authorized

1

2

3 6

Partnership with Pearson

Cross-selling to the student base

Offer of complementary services

Sale of digital content

Curriculum grid similar to that of undergraduate courses

Integrated curriculum grid

Strategies 4

Distance-learning students seek renowned institutions, with

strong brand and high quality

Regional presence is a key factor for distance-learning

programs: recognition of the institution and track record in

onsite undergraduate programs are key attraction drivers

Local attraction for a renowned brand 5

23

Page 24: Gente criando o futuro! - Ser Educacional

Federal government program to increase the offer of technical-vocational

programs in Brazil by granting full scholarships, paid directly to education

institutions

Ser Educational was the private postsecondary education institution with the highest number of slots applied for

under the Pronatec in the first round of enrollments

Organic Growth

Pronatec

24

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What is it? Number of authorized slots and students enrolled in Pronatec (in 000)

Pronatec budget (R$ billion)

Source: Ministry of Education

Source: Ministry of Education

Enrollments in technical-vocational programs in Brazil (’000 students)

2.6 2.5

3.6

5.2

2011 2012 2013E 2014E

Source: Ministry of Education

Pronatec: Opportunities

Government incentive through a direct subsidy to

scholarships 4

Short-duration programs (12-18 months), reducing

dropout rates 2

Lack of labor with formal education 1

Programs with flexible schedule, optimizing the use of

space 3

As of September 2013 Ser Educacional already had

35,000 students enrolled in the Pronatec

780

928 1,037

1,140

1,251

1,362

2007 2008 2009 2010 2011 2012

Pronatec will have 800,000 private enrollments in 2014 through two selection processes in February and August, each with 400,000 places (Source: Valor Econômico)

43 18%

Other Education Institutions

197 82%

Page 25: Gente criando o futuro! - Ser Educacional

4

2

2

5

8

2

6

8

10

15 15

23

2006 2008 2011 2012 2013 Total Targets

4 Process for acquiring institutions: Acquisition of (i) students and (ii) accreditations

3 Focus of acquisitions will remain on postsecondary institutions

1 Company with experience in acquisition processes, having acquired 15 institutions since 2006

2 New acquisitions feasible under the Company’s new capital structure

25

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The company has a track record of success in the acquisition of colleges and their integration into its portfolio

Currently, the company is analyzing 8 potential targets, one of which already with a signed MoU (UNAMA and FIT)

Growth through Acquisitions

Number of Acquisitions

Page 26: Gente criando o futuro! - Ser Educacional

26

Growth through Acquisitions

“Warming-up” Process

Grupo Ser Educacional has an M&A team dedicated to analyzing acquisition opportunities.

The company’s strategy combines a mix between strategic acquisitions and strong organic expansion thereafter, with the addition of new courses and expansion of the acquired unit.

Targets with the following characteristics:

Potential for subsequent organic

growth Strategic geographic location Recognized brand in the region

Case Studies of Acquisitions

# of students

# of courses

Ebitda (R$)(1)

1 2 3

Growth of acquired units

Status at the time of acquisition Status - September 2013

Purchase price Year of acquisition

Unit acquired

5,456

33

R$12.9 million

3,371

21

R$6.7 million

2,121

10

R$2.3 million

0

1

Negative

5,125

23

R$16.7 million

1,005

4

Negative

694

4

Negative

81

10

Negative

2007

2008

2008

2011

R$2.3 million

R$10 million

R$5 million

R$3 million

Maceió

Belém

Natal

Campina Grande

# of students

# of courses

Ebitda (R$)(1)

# of students

# of courses

Ebitda (R$)(1)

# of students

# of courses

Ebitda (R$)(1)

Note: (1) Ebitda for the first nine months of 2013. Excludes overhead expenses

Page 27: Gente criando o futuro! - Ser Educacional

27

Growth through Acquisitions

Acquisition of UNAMA and FIT

Memorandum of Understanding for the acquisition of UNAMA (University of the Amazon) and FIT (Tapajós Integrated Faculties)

Investment: R$152 million

Characteristics:

Potential for subsequent organic

growth

Strategic geographic location

Renowned brand in the region

1

2

3

University: increase in the number of places and courses

Brazil’s North Region, in Pará state

10,000 undergraduate students

2,000 graduate students

More than 30 courses

Second most recalled brand in Pará

Page 28: Gente criando o futuro! - Ser Educacional

Operates in Brazil’s fastest-growing market

Solid growth strategy

Standardization, processes, control, and scalability

High capacity to anticipate trends and innovate services and products

Above-average operational and financial performance

Differentiated value proposition for students

Investment Highlights

122

127

181

176

124

48

67

72

109

175

39

49

28


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