Ser Educacional Records Net Revenue of R$273.2 Million in 2Q15

Adjusted EBITDA reaches R$78.4 million, 20.0% up on the same period last year

Aug 13, 2015, 23:59 ET from Ser Educacional S.A.

RECIFE, Brazil, Aug. 14, 2015 /PRNewswire/ -- Ser Educacional S.A. (BM&FBovespa SEER3, Bloomberg SEER3:BZ and Reuters SEER3.SA), announces today the results for the second quarter of 2015. All the information herein is presented in accordance with international financial reporting standards (IFRS) and consolidated in Brazilian Reais (R$). All comparisons refer to the second quarter of 2014, unless otherwise indicated. The Company's 2015 results include the acquisitions of UNAMA, consolidated in the Company's balance sheet as of October 2014, and UnG, consolidated as of February 2015.

  • The on-campus undergraduate student base closed 2Q15 at 132,300, 31% up on the 101,200 in the previous quarter and 53.0% more than in 2Q15, due to the consolidation of the recently acquired UnG and UNAMA, and the addition of students in the intake cycles for the second semester of 2014 and first semester of 2015.
  • Net revenue stood at R$273.2 million in 2Q15, 55.5% up on 2Q14, due to the increase in the student base, driven by the consolidation of the recent acquisitions, and the 16.3% period growth in the average ticket.
  • Adjusted EBITDA came to R$78.4 million, 20.0% higher than in 2Q14, with an adjusted EBITDA margin of 28.7%, versus 37.2% in the same period last year. The margin reduction was primarily due to the consolidation of UnG and UNAMA which, in addition to having historically lower margins, are currently undergoing the transfer of their administrative operations from the units to the Company's headquarters in Recife.
  • Net income totaled R$49.0 million in 2Q15, 8.8% down on the same quarter last year, while the net margin ended the period at 17.9%, due to reduced operating margins and lower financial revenue, as a result of the reduction in the cash position due to the Company's recent acquisitions.

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Geraldo Soares de Oliveira Junior
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SOURCE Ser Educacional S.A.