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Ser Educacional‘s Net Income increases by 30% to R$63.8 million in 2Q16

Year-to-date net income reaches R$149.7 million, with a net margin of 26%

Recife, August 5, 2016 - Ser Educacional S.A. (BM&FBOVESPA SEER3, Bloomberg SEER3:BZ and Reuters SEER3.SA) announces its results for the second quarter of 2016 (2Q16). All information is presented in accordance with international financial reporting standards (IFRS) and consolidated in Brazilian reais (R$). All comparisons refer to the second quarter of 2015, unless otherwise indicated.


Net revenue totaled R$289.6 million in 2Q16, 6.0% up on 2Q15, due to the increase in the student base, driven by the consolidation of the latest acquisitions and the improved course mix, primarily due to the recent approval of higher average ticket courses. These factors were partially offset compensated by the reduction in student base of the Pronatec program, which was discontinued for the private sector in 2015.

In 2Q16, adjusted EBITDA came to R$91.0 million, 16.0% higher than in 2Q15. The adjusted EBITDA margin stood at 31.4%, versus 28.7% in the same period last year, chiefly due to the Company‘s organic growth, with the opening of new units and courses, and operating efficiency gains as a result of the synergies from the acquisitions of UNG and UNAMA.

Net income came to R$63.8 million in 2Q16, 30.1% more than the R$49.0 million recorded in 2Q15, thanks to the excellent 2Q16 intake result and the Company‘s initiatives to improve operating efficiency, which led to an 8.1% year-on-year reduction in expenses.

Accounts receivable from tuition and agreements remained under control, totaling R$131.1 million in 2Q16, 3.7% up on 2Q15, but below net revenue growth of 6.0% in the same period.

In the first seven months of the year, Ser Educacional confirmed the realization of all FIES transfers in line with the schedule established by the FNDE in its 2016 Annual Repurchase Schedule. A total of R$154.8 million was received in the second quarter itself and a further R$187.9 million between July 1 and August 4.

Operating cash generation amounted to R$78.1 million, more than six times the 2Q15 figure of R$11.0 million. Year-to-date cash generation totaled R$56.8 million, 176% more than the R$20.6 million reported in 1H15.

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