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Ser Educacional records adjusted EBITDA of R$68.6 million in 4Q16

Net income totals R$354.1 million in 2016, with an adjusted margin of 31.5.

Recife, March 17, 2017 - Ser Educacional S.A. (BM&FBOVESPA SEER3, Bloomberg SEER3:BZ and Reuters SEER3.SA) announces its results for the fourth quarter of 2016 (4Q16). All information is presented in accordance with international financial reporting standards (IFRS) and consolidated in Brazilian reais (R$). All comparisons refer to the fourth quarter of 2015, unless otherwise indicated.


Net revenue totaled R$277.4 million in 4Q16, 11.6% up on 4Q15, due to the 5.1% increase in the student base, the pass through of inflation to prices, and the higher average ticket of the new courses approved during the period, especially in the health, engineering and law segments, as well as the improved enrollment mix in units located in areas with greater brand recognition.

Adjusted EBITDA came to R$68.6 million in 4Q16, 28.5% up on 4Q15. The adjusted EBITDA margin stood at 24.7%, versus 21.5% in the same period last year, chiefly due to the Company‘s organic growth and operating efficiency gains as a result of the projects to increase efficiency and synergies from the acquisitions of UNG and UNAMA.

Net income amounted to R$32.2 million in 4Q16, 99.1% more than the R$16.1 million recorded in 4Q15, fueled by the Company‘s better operating performance in 2016 and the improved financial result encouraged by the increase in the average cash position.

Operating cash generation came to R$82.6 million, versus a negative cash generation of R$7.5 million in 4Q15. In 2016, cash generation totaled R$287.8 million, 273.4% more than the R$77.1 million reported in 2015, fueled by the combined effect of recurring cash flow from paying students and the normalization of the FIES payment flow by the federal government.

As of March 16, 2017, the Company had enrolled 38,839 new undergraduate students (on-campus and distance learning) as part of its 2017.1 student intake, an increase of 7.8% over the 36,024 students on March 16, 2016.

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