Intake of 85,000 students and growth of 51% in EBITDA are highlights in Estacio balance sheet
SAO PAULO, Nov. 8, 2013 /PRNewswire/ -- Estacio Participacoes S.A. – "Estacio" or the "Company" (BM&FBovespa: ESTC3; Bloomberg: ESTC3.BZ; Reuters: ESTC3.SA; OTC: ECPCY), one of the largest institutions of higher education in Brazil in number of students enrolled, is reporting its results for the third quarter of 2013 (3Q13) in comparison with the same period of the previous year (3Q12).
Estacio ended the third quarter of 2013 with a total of 340,400 students enrolled in undergraduate and post-graduate programs, 20% above the same period of the previous year, of whom 273,000 were enrolled in on-campus programs, and 67,400 in distance learning programs. Not taking into account the acquisitions made in the past twelve months, the student base grew organically by 17%.
The student base at Estacio that uses FIES (Student Financing Fund) came to 73,000 students, which represents 28% of the total student base for on-campus undergraduate programs. Added to this are 19,000 students using ProUni (University for Everyone Program).
Net operating revenues reached R$438.2 million in the 3rd quarter of 2013, and R$1.295 billion cumulatively for the first nine months 2013, an increase of 25% and 27%, respectively, in relation to the same periods of the previous year, chiefly as a result of 20% growth in the student base and the positive evolution of the average ticket.
In the third quarter, EBITDA added up to R$100.9 million, a growth of 51% above that for 3Q12, representing an EBITDA margin of 23%, up 3.9 percentage points compared to the same period of the previous year. Year to date EBITDA came to R$254.5 million, a growth of 58% compared to 9M12.
Net profits for Estacio were R$86.3 million in the 3rd quarter of 2013, and R$199.6 million for the first nine months of 2013, an increase of 117% over the 3rd quarter of 2012, and 111% up year on year, due to the increase in net revenues and efficiency gains in the lines of costs and expenses that led to the growth of EBITDA.
Generation of operating cash at Estacio stood at R$61 million for the quarter, and R$124 million for the nine months of 2013, R$25 million above that registered for the same period of the previous year.
Meanwhile, investment by Estacio for the quarter totaled R$32.6 million, representing 7% of net revenues, while in the previous year, investments represented 18% for the same period. This difference is basically due to the lack of investment in acquisitions in the 3rd quarter of 2013.
For further information, go to the complete press release at the website: www.estacioparticipacoes.com
SOURCE Estacio Participacoes S.A.