News

  • Decrease font
  • Increase font
  • Send to a friend
  • Click here to bookmark this page

    You don't have any bookmarks in our website. To choose your favorite sessions, please click here.

  • Print

Ser Educacional Records
Net Revenue of R$456.8 Million in 2013


Recife, March 26, 2014
- Ser Educacional S.A (BM&FBOVESPA: SEER3) announces its 4Q13 and 2013 Results.

HIGHLIGHTS

Bullet_02 Ser Educacional closed 4Q13 with a student base of 98.8 thousand, 74.3% up on 4Q12, 70.3 thousand of whom enrolled in undergraduate courses (44.3% more than in 4Q12), 7.7 thousand in graduate courses (up by 5.5%) and 20.9 thousand in vocational courses. The on-campus undergraduate re-enrollment ratio stood at 90.5% in the second semester of 2013.

Bullet_02 In December 2013, UNINASSAU - Centro Universitário Maurício de Nassau, was authorized to offer Distance Learning on a national scale. The Company’s distance-learning program was approved by the Ministry of Education (MEC) with grades of 4 and 5 in accreditation and in all Centers.

Bullet_02 Net revenue totaled R$124.6 million in 4Q13, a 68.9% improvement over 4Q12. Annual net revenue came to R$456.8 million, 61.2% more than in 2012. The upturn was primarily due to the increased number of students, with the introduction of the new course mix and the pass-through of inflation.

Bullet_02 Gross profit amounted to R$69.3 million, 53.2% up year-on-year due to increased enrollment, resulting in a gross margin of 55.6%, versus 61.3% in 4Q12. This reduction was chiefly due to the increased cost of rents as a result of the spin-off of certain properties belonging to the group on June 30, 2013, an increase in the number of rented properties to sustain the Company’s growth and adjustments to existing contracts. In 2013 gross profit stood at R$276.6 million, with a margin of 60.6%, versus R$181.1 million and a margin of 63.9% in 2012.

Bullet_02 Fourth-quarter adjusted EBITDA reached R$31.4 million, 122.2% more than in 4Q12, with an adjusted EBITDA margin of 25.2%. In 2013 as a whole, adjusted EBITDA stood at R$154.5 million, 76.3% up year-on-year, with a margin of 33.8%, 2.9 p.p. higher than in 2012.

Bullet_02 The Company posted net income of R$21.5 million in 4Q13, 235.6% more than in 4Q12, with a net margin of 17.3%, up by 8.6 p.p.

Bullet_02 Including enrollment and re-enrollment, the on-campus undergraduate student base totaled 84.1 thousand on March 26, 2014, 19.8% up on December 2013.

Bullet_02 Enrollment totaled 27.0 thousand students on March 26, 2013, 14.9% more than on the same date in the previous year.

Bullet_02 Demand for PRONATEC courses offered by Grupo Ser Educacional was greater than the number of places on offer.


Please click here to access the full document.