Demonstrações Financeiras 2017
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2020 Brazil Equity Strategy Outlook Economic Growth to Drive Markets in 2020 December 2019 Carlos E
2020 Brazil Strategy Outlook Carlos E. Sequeira, CFA [email protected] +1 646 924-2479 Osni Carfi [email protected] +55 11 3383-2634 1 2020 Brazil Equity Strategy Outlook Economic growth to drive markets in 2020 December 2019 Carlos E. Sequeira, CFA [email protected] +1 646 924-2479 Osni Carfi [email protected] +55 11 3383-2634 LEGAL DISCLAIMERS & DISCLOSURES: www.btgpactual.com/research/Disclaimers/Overview.aspx We expect Brazilian equities to continue its run in 2020 ✓Economic recovery to drive equities further up – We expect Brazilian equities to continue its run in 2020, after performing strongly for four years in a row – the Ibovespa is up 147% in BRL from 2016 to 2019. – Even though the performance has been strong, we anticipate the next leg of the rally to be just starting and to be supported by an accelerated economic recovery. – At this point, signs that the economy is picking up are evident. We expect investments and household consumption to be the main drivers of economic growth in 2020, fueled by employment growth, credit expansion and another round of economic reforms. ✓A new round of economic reforms are expected in 2020 – In 2019, the government and congress focused its efforts to approve a much waited and essential reform of Brazil’s pension system – with savings estimated at R$800bn in the next 10 years. – For 2020, the administration and congress are already working on a series of additional constitutional amendments aiming at consolidating Brazil’s fiscal accounts and overhauling the country’s public administration. -
Estácio Participações
Estácio Participações REUNIÃO PÚBLICA ANUAL APIMEC Rio de Janeiro, 24 de novembro de 2017 AGENDA TIMELINE ESTÁCIO COMPOSIÇÃO DO CONSELHO DE ADMINISTRAÇÃO GOVERNANÇA, CONTROLES INTERNOS E GESTÃO DE RISCO INVESTIMENTOS AÇÕES ESTRATÉGICAS 2017 INOVAÇÃO PROCESSO DE CAPTAÇÃO REDUÇÃO DE BOLSAS E SUBSTITUIÇÃO DAS ISENÇÕES CURSOS ONLINE COM PRÁTICAS LABORATORIAIS LANÇAMENTO DO PARCELAMENTO ESTÁCIO OFERTA DE CURSOS HÍBRIDOS RESULTADOS ALCANÇADOS ALGUNS DIFERENCIAIS DA ESTÁCIO EVOLUÇÃO BASE DE ALUNOS RECEITA LÍQUIDA QUALIDADE E SATISFAÇÃO DOS FUNCIONÁRIOS EBITDA E MARGEM FLUXO DE CAIXA OPERACIONAL DRIVERS DE CRESCIMENTO ROBUSTA GERAÇÃO DE CAIXA TIMELINE ESTÁCIO 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9M17 Deal com a GP Segundo Follow On Kroton CADE IPO Investments Novo Modelo Crescimento PN 23 adquire Acadêmico Primeiro do FIES GP Investments Mudança no Follow On deixa a gestão participação Criação da Conselho de Administração Events na Companhia CSC Aquisição da UNISEB 27.9% 24.3% 22.1% 22,7% 26.4% 18.0% 19.5% 15.0% 19.6% 19.0% 15.4% 17.2% 18.3% 11.8% 10.8% 10.9% 10.6% 9.7% 15.1% 7.1% 8.3% Mg. EBITDA¹ ≈ R$ 30,0 ≈ R$ 31,0 ≈ R$ 20,0 ≈ R$ 16,0 ≈ R$ 9,0 ≈ R$ 7,0 ≈ R$ 4,0 ≈ R$ 12,5 R$ ESTC3 PN23 E CENÁRIO MACRO MUDANÇAS NA CENÁRIO DE TURNAROUND CENÁRIO FAVORÁVEL (“TAIL WIND”) DESAFIADOR ADMINISTRAÇÃO COMPOSIÇÃO DO CONSELHO DE ADMINISTRAÇÃO Presidente do CA Coordenador do Comitê de Estratégia Coordenador do Comitê Coordenador do Comitê Acadêmico Membro do CA da Embraer, Braskem e Linx. de Auditoria e Finanças Foi Presidente do INEP, Diretor de Foi Presidente, CEO e Vice-Chairman da Membro do CA das Lojas Renner, SLC Educação Superior do UnyLeya, Diretor Claro e conselheiro de várias empresas no Agrícola S.A e Mills Industrial Services. -
Announcement to the Market New Members of the Board of Directors
ANNOUNCEMENT TO THE MARKET NEW MEMBERS OF THE BOARD OF DIRECTORS, FISCAL COUNCIL AND EXECUTIVE OFFICERS Rio de Janeiro, June 5th, 2008 - Estácio Participações S.A. (BOVESPA: ESTC11), the largest private post-secondary education institution in Brazil in number of students enrolled (“Company”) informs that, at the Extraordinary Shareholder´s Meeting held on June 4th, the Company´s new members of the Board of Directors were elected and new members of the Fiscal Council. On June, 5th, 2008, the Board of Directors nominated the Company´s new President and Academic Director. 1. The following is a brief profile of each member of the Board of Directors: Marcel Cleófas Uchoa Cavalcanti, Chairman, which has been monitoring the development of our campuses, in addition to other companies owned by our controlling shareholders, in Brazil and abroad. As from 1996, he has started to implement and manage our expansion project, contributing to successfully promote our national expansion. He also coordinated our restructuring process and our going public transaction, with the conclusion of the IPO process of Estácio Participações. João Baptista de Carvalho Athayde, Co-chairman, an executive officer of Sociedade de Ensino Superior Estácio de Sá, responsible for its financial planning since 2003. He has a degree in Economic and Civil Engineering from National School of Engineering of the University of Brazil. He coordinated the Budget and Finance Sector at the Ministry of Planning and Economic Coordination and was a professor of Business Organization and Administration at the National School of Engineering and at the Pontifícia Universidade Católica, Rio de Janeiro. He was also member of boards of directors of financial and industrial institutions, and was the Vice- Chairman of Associação Nacional dos Bancos de Investimento (Brazilian Association of Investment Banks), or ANBID, and Associação Brasileira das Companhias Abertas (Brazilian Association of Publicly-Held Companies), or ABRASCA. -
John Hancock Emerging Markets Fund
John Hancock Emerging Markets Fund Quarterly portfolio holdings 5/31/2021 Fund’s investments As of 5-31-21 (unaudited) Shares Value Common stocks 98.2% $200,999,813 (Cost $136,665,998) Australia 0.0% 68,087 MMG, Ltd. (A) 112,000 68,087 Belgium 0.0% 39,744 Titan Cement International SA (A) 1,861 39,744 Brazil 4.2% 8,517,702 AES Brasil Energia SA 14,898 40,592 Aliansce Sonae Shopping Centers SA 3,800 21,896 Alliar Medicos A Frente SA (A) 3,900 8,553 Alupar Investimento SA 7,050 36,713 Ambev SA, ADR 62,009 214,551 Arezzo Industria e Comercio SA 1,094 18,688 Atacadao SA 7,500 31,530 B2W Cia Digital (A) 1,700 19,535 B3 SA - Brasil Bolsa Balcao 90,234 302,644 Banco Bradesco SA 18,310 80,311 Banco BTG Pactual SA 3,588 84,638 Banco do Brasil SA 15,837 101,919 Banco Inter SA 3,300 14,088 Banco Santander Brasil SA 3,800 29,748 BB Seguridade Participacoes SA 8,229 36,932 BR Malls Participacoes SA (A) 28,804 62,453 BR Properties SA 8,524 15,489 BrasilAgro - Company Brasileira de Propriedades Agricolas 2,247 13,581 Braskem SA, ADR (A) 4,563 90,667 BRF SA (A) 18,790 92,838 Camil Alimentos SA 11,340 21,541 CCR SA 34,669 92,199 Centrais Eletricas Brasileiras SA 5,600 46,343 Cia Brasileira de Distribuicao 8,517 63,718 Cia de Locacao das Americas 18,348 93,294 Cia de Saneamento Basico do Estado de Sao Paulo 8,299 63,631 Cia de Saneamento de Minas Gerais-COPASA 4,505 14,816 Cia de Saneamento do Parana 3,000 2,337 Cia de Saneamento do Parana, Unit 8,545 33,283 Cia Energetica de Minas Gerais 8,594 27,209 Cia Hering 4,235 27,141 Cia Paranaense de Energia 3,200 -
Vanguard Total World Stock Index Fund Annual Report October 31, 2020
Annual Report | October 31, 2020 Vanguard Total World Stock Index Fund See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Important information about access to shareholder reports Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com. You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard. -
Pioneer Emerging Markets Equity Fund
Pioneer Emerging Markets Equity Fund Schedule of Investments | December 31, 2020 Class A PEMEX Class C PEMNX Class Y PEMSX Schedule of Investments | 12/31/20 (unaudited) Shares Value UNAFFILIATED ISSUERS - 99.9% COMMON STOCKS - 99.9% of Net Assets Air Freight & Logistics - 0.2% 28,075 Aramex PJSC $ 33,545 Total Air Freight & Logistics $ 33,545 Auto Components - 1.0% 2,564 Hanon Systems $ 38,194 40,000 Xinyi Glass Holdings Ltd. 111,928 Total Auto Components $ 150,122 Automobiles - 1.4% 56,000 Brilliance China Automotive Holdings Ltd. $ 51,091 1,950 Eicher Motors Ltd. 67,544 1,587(a) Kia Motors Corp. 91,263 Total Automobiles $ 209,898 Banks - 11.8% 75,669(a) Alpha Bank AE $ 88,337 13,968 Banco Bradesco S.A. (A.D.R.) 73,472 10,853 Banco Bradesco S.A., Class Preferen 56,845 12,986 Banco do Brasil S.A. 97,912 74,800 Bank Central Asia Tbk PT 180,226 225,000 China Construction Bank Corp., Class H 171,209 8,254 Commercial International Bank Egypt S.A.E 31,045 136 Credicorp, Ltd. 22,307 52,000 CTBC Financial Holding Co., Ltd. 36,496 10,484 First Abu Dhabi Bank PJSC 36,842 8,506(a) Grupo Financiero Banorte S.A.B de CV, Class O 46,866 1,778(a) HDFC Bank, Ltd. (A.D.R.) 128,478 11,237(a) ICICI Bank, Ltd. (A.D.R.) 166,982 8,689(a) ICICI Bank, Ltd. 63,668 15,258 Itausa - Investimentos Itau S.A. 34,747 19,996(a) National Bank of Greece S.A. -
Estácio Participações
Estácio Participações ANNUAL PUBLIC MEETING APIMEC Rio de Janeiro, November 24, 2017 AGENDA TIMELINE BOARD OF DIRECTORS GOVERNANCE, INTERNAL CONTROLS AND RISK MANAGEMENT 2017 STRATEGIC INITIATIVES INVESTMENTS INTAKE PROCESS REDUCTION IN SCHOLARSHIPS AND REPLACEMENT INNOVATION OF EXEMPTIONS ONLINE COURSES WITH LAB PRACTICES LAUNCH OF ESTÁCIO’S INSTALLMENT PAYMENT OFFER OF HYBRID COURSES PROGRAM SOME OF ESTÁCIO’S COMPETITIVE ADVANTAGES RESULTS ACHIEVED STUDENT BASE EVOLUTION QUALITY AND EMPLOYEE SATISFACTION NET REVENUE EBITDA AND MARGIN OPERATING CASH FLOW GROWTH DRIVERS ROBUST CASH GENERATION TIMELINE 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9M17 Second Follow On Deal with Kroton (Brazilian GP New Academic GP Investments FIES Growth antitrust IPO Investments Model leaves the PN 23 First authority) acquires Company’s Creation of the Follow On interests in the management Change in the Shared Service Board of Company Acquisition of UNISEB Events Center (CSC) Directors 27.9% 24.3% 22.1% 22,7% 26.4% 18.0% 19.5% 15.0% 19.6% 19.0% 15.4% 17.2% 18.3% 11.8% 10.8% 10.9% 10.6% 9.7% 15.1% 7.1% 8.3% Mg. EBITDA¹ ≈ R$30.0 ≈ R$31.0 ≈ R$20.0 ≈ R$16.0 ≈ R$9.0 ≈ R$7.0 ≈ R$4.0 ≈ R$12.5 R$ ESTC3 PN23 AND CHALLENGING CHANGES IN TURNAROUND SCENARIO FAVORABLE SCENARIO (“TAIL WIND”) MACRO SCENARIO MANAGEMENT BOARD OF DIRECTORS Chairman of the Board of Directors Coordinator of the Strategy Committee Coordinator of the Audit and Finance Coordinator of the Academic Member of the Boards of Directors of Committee Committee Embraer, Braskem and Linx. -
Sustainability Report 2019 2019 Report Sustainability 2 Yduqs Sustainability Report 2019 4
SUSTAINABILITY REPORT 2019 REPORT SUSTAINABILITY SUSTAINABILITY REPORT 2019 YDUQS 2 YDUQS SUSTAINABILITY REPORT 2019 4 Table of Contents Introduction 5 Interview with the Chief ExecutiveOfficer 6 Profile 9 Governance Context 22 Social Context 30 Corporate Social Responsibility 44 Economic Context 56 Education Context 64 Environmental Context 84 GRI content index 90 SUSTAINABILITY REPORT 2019 5 Introduction In July 2019, Estácio Participações changed Built in accordance with the Global Report- its corporate name to YDUQS, an evolu- ing Initiative (GRI) methodology, the 2019 tion that consolidates the 50-year tradition Sustainability Report presents details on the of Estácio in education and prepares the recent acquisitions of Higher Education In- group for a future of growth. The creation stitutions (HEI); advances in the field of gov- of YDUQS marks a new era in the history of ernance and compliance; the main financial one of the largest private higher education results for the year; the highlights of people groups in Brazil. In preparing for the acquisi- management and in the educational field; tions that would take place throughout 2019 and socio-environmental responsibility ini- and 2020, the Estácio Group rethought its tiatives. The qualitative and quantitative data strategy and positioning in the market, keep- in the content refers to the Estácio Business ing students as the main focus of its value Unit, the only one in operation throughout proposition. The creation of YDUQS, the ex- 2019. Except for specific information explic- pansion of the network, changes in manage- itly highlighted in the text, the performance ment, and growth prospects are summarized indicators refer to Estácio operations and in this Report, which brings together the were not influenced by the introduction of main events of 2019 for the Estácio brand the new brands as of October 2019. -
YDUQS Participações S.A. Quarterly Information – ITR June 30, 2020 and Independent Auditors' Report
YDUQS Participações S.A. Quarterly Information – ITR June 30, 2020 and Independent Auditors' Report Independent auditor’s review report on interim financial information The Shareholders and Board of Directors YDUQS Participações S.A. Rio de Janeiro - RJ Introduction We have reviewed the accompanying individual and consolidated interim financial information, contained in the Quarterly Information Form (ITR) of YDUQS Participações S.A. (“Company” or “YDUQS”) for the quarter ended June 30, 2020, comprising the statement of financial position as of June 30, 2020 and the related statements of profit or loss and of comprehensive income for the three and six months period then ended, of changes in equity and of cash flows for the six month period then ended, including the explanatory notes. Management is responsible for preparation of the individual and consolidated interim financial information in accordance with Accounting Pronouncement NBC TG 21 – Interim Financial Reporting, and IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the fair presentation of this information in conformity with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of the Quarterly Information Form (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and international standards on review engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. -
Sustainability Report 2017
01 SUSTAINABILITY REPORT 2017 PRESENTATION GRI 102-53 Welcome to Estácio's Sustainability Report 2017, which summarizes in a single publication the main highlights of the year on economic, social and environmental aspects. In the next pages, you will check the projects, initiatives and results of the institution in 2017 and part of what we already achieved in 2018. In a period of many changes, Estácio improved its management processes, focused more on resource optimization and promoted a series of innovations in teaching practices. All these achievements have contributed to the strengthening of its brand and reputation, allied to the offer of an excellent education accessible to all, which shows that it is on the right track for another stage of business growth. Based on a set of indicators of financial, social and en- vironmental performance and the ethical principles that guide our work, we will demonstrate the advances in the academic field, the most relevant socio-environmental projects and the initiatives of relationships with students, employees, local communities, entities of the educa- tion sector and other groups of public. This Report was prepared in the Essential version, in accordance with the guidelines of the new Global Reporting Initiative (GRI) Standards Model, a nongovernmental organization that provides globally respected standards for corporate per- formance reporting and analysis. Any doubts, suggestions or comments regarding the publication should be sent to the e-mail [email protected]. Good reading to all! 30 SOCIAL DIMENSION Cover: Luiza Muller, student of the 3rd period of the Gastronomy course, Campus Tom Jobim (RJ); Marcelo Cardoso, student of the 5th period of the Advertising and Propaganda course, Campus Tom Jobim (RJ); Isabella Lisboa, student of the 4th period of the Journalism cou- rse, Tom Jobim Campus (RJ); the president of Estácio, Pedro Thompson; and Sávia Midiã, student of the 7th period of the Law course, Presidente Vargas unit (RJ). -
Estácio João Cox Presidente Do Conselho De Administração Timelide Da Estácio
AGENDA AGENDA GOVERNANÇA CORPORATIVA NA ESTÁCIO JOÃO COX PRESIDENTE DO CONSELHO DE ADMINISTRAÇÃO TIMELIDE DA ESTÁCIO 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9M17 Deal com a GP Segundo Follow On Kroton CADE IPO Investments Novo Modelo Crescimento PN 23 adquire Acadêmico Primeiro do FIES GP Investments Mudança no Follow On deixa a gestão participação Criação da Conselho de Administração Events na Companhia CSC Aquisição da UNISEB 27.9% 24.3% 22.1% 22,7% 26.4% 18.0% 19.5% 15.0% 19.6% 19.0% 15.4% 17.2% 18.3% 11.8% 10.8% 10.9% 10.6% 9.7% 15.1% 7.1% 8.3% Mg. EBITDA¹ ≈ R$ 30,0 ≈ R$ 31,0 ≈ R$ 20,0 ≈ R$ 16,0 ≈ R$ 9,0 ≈ R$ 7,0 ≈ R$ 4,0 ≈ R$ 12,5 R$ ESTC3 PN23 E CENÁRIO MACRO MUDANÇAS NA CENÁRIO DE TURNAROUND CENÁRIO FAVORÁVEL (“TAIL WIND”) DESAFIADOR ADMINISTRAÇÃO COMPOSIÇÃO DO CONSELHO DE ADMINISTRAÇÃO Presidente do CA Coordenador do Comitê de Estratégia Coordenador do Comitê Coordenador do Comitê Acadêmico Membro do CA da Embraer, Braskem e de Auditoria e Finanças Foi Presidente do INEP, Diretor de Linx. Foi Presidente, CEO e Vice- Membro do CA das Lojas Renner, SLC Educação Superior do UnyLeya, Chairman da Claro e conselheiro de Agrícola S.A e Mills Industrial Diretor Nacional de Educação várias empresas no Brasil, Israel, Services. Superior e Pesquisa – SEB. João Cox Osvaldo Luiz Roberto Holanda e Argentina. Schirmer Liza Curi Conselheiro do Instituto TIM de Educação, Ciência e Cultura. Vice-Presidente do CA Vice-Presidente do CA da Martins Coordenador do Comitê de Gente e Membro do Comitê Acadêmico e do S.A. -
Estáci 4, Art Disclo 1 2 3 Io Participaçõ Icle 157 of La Osed On
ESTÁCIO PARTICIPAÇÕES S.A. Corporrate Taxpayer’s ID (CNPJ) Publicly‐held Company 08.807.432/0001‐10 Company Registry (NIRE) 33.3.0028205‐0 MATERIAL FACT Uniseb Acquisition Estácio Participações S.A. ("Estácio" or "Commpany" ‐ Bovespa: ESTC3), in compliancee with provision of Paragraph 4, Article 157 of Law nº 6404/76 and CVM Rule 358/02 and further amendments, in addition to the Material Fact disclosed on May 14, 2014, hereby informs that: 1. Uniseb’s Financial Statements indicate the result for Fiscal Year 2013, highhlighted in the table below, was within the threshold required for the purchase price not to be adjusteed, so that, pursuant to the Contracts signed for the Operation, the purchase price of R$615,318,088.06 remains the same, as disclosed upon the announcement of this acquisition. R$ million 2012 2013 Change Net Revenue 107.8 114.5 6.2% EBITDA (pro forma) 47.3 49.0 3.5% EBITDA Margin 43.9% 42.8% ‐1.1 p.p. Net Income (pro forma) 30.1 31.9 6.1% 2. The intake for the first semester of 2014 reached 8,400 new enrollments, a 331%‐increase over the 6,400 enrollments registered in the same period last year. 3. In the following days we shall call the Extraordinary Shareholders’ Meeting for shareholder resolution on the acquisition of Uniseb Holdings S.A. (current denomination of TCA Holding Ltda.), the controlling institution of Uniseb. To serve as legal and accounting base for the approvaal of the referred acquisition, the Company contracted Valuation Report prepared by Banco Santander (Brasil) S.A., now available to the market according to Annex I of this Material Fact.