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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. He was Member of the Boards of Directors of He was President of INEP, Post- Chairman, CEO and Vice-Chairman of Lojas Renner, SLC Agrícola S.A and Mills Education Officer of UnyLeya, National Claro, and Board member of several Industrial Services. Post-Education and Research Officer at João Cox Osvaldo Luiz Roberto companies in Brazil, Israel, the Netherlands Schirmer Liza Curi SEB, Board member of Instituto TIM de and Argentina. Educação, Ciência e Cultura. Vice-Chairman of the Board of Vice-Chairman of the Board of Directors Directors Member of the Academic of Martins S.A. Coordinator of the People and Committee and the Audit and Member of the Board of Directors of Governance Committee and Member of Finance Committee Duratex S.A. Board member of Vedacit the Academic Committee Executive Officer responsible for the and Otto Baumgart. He was CEO of He was an Executive at Brahma/Ambev and Health and Education departments at Brenno Raiko de Francisco Tigre S.A. for 16 years and a Board Maurício Grupo Votorantim. He was a Board member Advent. Member of the Boards of Amaury Olsen Souza member of the same company. Luchetti of Tempo Assist, Taesa, Mangels, Directors of Fleury, Grupo Biotoscana Construtora Tenda and Nutriplant. and Allied Tecnologia. Member of the Strategy Committee Member of the Strategy Member of the Strategy Committee and the People and Governance Committee and the People and and the Audit and Finance Committee Governance Committee Committee CEO of Embraer Defesa e Segurança, Managing Partner of Advent Member of the Board of Directors of Via Vice-President of FIESP and Vice- International. Chairman of the Board Varejo, where he also acted as CEO. He Chairman of the Board of Directors of of Directors of Grupo Biotoscana and Líbano Jackson was CEO of TAM Airlines. Mercedes-Benz do Brasil. He was Juan Pablo Barroso Schneider Zucchini member of the Board of Directors of President of Anfavea. Fleury. GOVERNANCE, INTERNAL CONTROLS AND RISK MANAGEMENT CONTINUOUS IMPROVEMENT SEEKING GREATER EFFICIENCY GOVERNANCE INTERNAL CONTROL RISK MANAGEMENT . CREATION OF NINE STRATEGIC COMMITTEES • IMPLEMENTATION OF A . DISCLOSURE OF THE TO SUPPORT THE DECISION MAKING; CONTINUOUS MAPPING CORPORATE RISK POLICY; . IMPLEMENTATION OF THE RISK PROCESS AND EVALUATION . DISSEMINATION OF THE RISK MANAGEMENT CULTURE MANAGEMENT, INTERNAL CONTROLS AND IT OF THE KEY CONTROLS . GOVERNANCE DEPARTMENT; IMPACTING THE FINANCIAL CONTINUOUS IMPROVEMENT OF METRICS AND ACTION . STATEMENTS; MAPPING AND IMPLEMENTATION OF PLANS TO HANDLE THE MAIN CONTROLS IN THE MAIN BUSINESS RISKS; PROCESSES; • MIGRATION TO THE . MIGRATION TO A RISK-BASED DECISION CONTROL SELF ASSESSMENT MODEL. OF THE KEY PROCESSES. CORPORATE PMO TO ENSURE HIGH LEVEL OF PROJECT EXECUTION 2017 STRATEGIC INTAKE PROCESS INITIATIVES PREVIOUS CURRENT ENROLLED CLASSIFIED FINANCIAL ENROLLMENT ACADEMIC ENROLLMENT Students used to be assigned to a class just after passing the entrance exam, before the financial and academic enrollment were completed. INSUFFICIENT NUMBER OF STUDENTS PER CLASS IMPROVED STUDENT/CLASS RATIO PRESSURE ON FACULTY COSTS EFFICIENCY GAIN IN FC/NOR INFLATED STUDENT BASE HEALTHY STUDENT BASE NEGATIVE IMPACT ON PDA REDUCED PRESSURE ON PDA HIGHER CASH GENERATION 2017 STRATEGIC INITIATIVES REDUCTION IN SCHOLARSHIPS AND REPLACEMENT OF THE EXEMPTIONS ACTUAL DECREASE IN EXEMPTIONS AND DISCOUNTS EXEMPTIONS PREVIOUS POLICY x CURRENT POLICY 64 % R$50 1.000 % FULL FIXED RATE OF R$59 IN EXEMPTION OF THE FIRST MONTHLY THE MONTHLY TUITION TUITION BASIC OBJECTIVES OF THE POLICY CHANGE: - ANTICIPATE THE FINANCIAL ENROLLMENT CURVE - ATTRACT STUDENTS WITH LOWER AVERAGE DROPOUT RATES 2016.2 2017.2 - RESPOND TO WHAT DIRECT COMPETITORS ARE OFFERING 2017 STRATEGIC INITIATIVES LAUNCH OF ESTÁCIO’S INSTALLMENT PROGRAM (PAR) MAIN CHARACTERISTICS • AFFORDABLE MONTHLY PAYMENTS PAYMENT IN INSTALLMENTS OCCURS GRADUALLY AND WITH NO INTEREST RATES, BEGINNING WITH 70% OF THE MONTHLY TUITION • SIMPLE AND DIRECT WITH ESTÁCIO • FLEXIBLE MODEL - POSSIBILITY TO CHANGE FROM PAR TO SCHOLARSHIP (30% DISCOUNT) AT THE END OF EACH SEMESTER - NON-CUMULATIVE PAYMENTS – OUTSTANDING BALANCE IS CHARGED ONLY AFTER THE END OF THE MINIMUM PERIOD REQUIRED TO COMPLETE THE COURSE • HIGHER STUDENT RETENTION • OFFERS AIMED TO SPECIFIC REGIONS AND COURSES (NON-CANNIBALIZATION) • HIGHER STUDENT LIFETIME VALUE (LTV) RESULTS ACHIEVED IN 9M17 +6.4% +29.0% +4.9p.p +151.9% Net Revenue Comparable Comparable OCF EBITDA EBITDA Margin R$595.7 mi R$2,540.5 mi R$709.2 mi 27.9% RESULTS ACHIEVED EVOLUTION OF THE STUDENT BASE AND AVERAGE TICKET 689 +10% 625 EVOLUTION OF NET OPERATING REVENUE 575 573 2.541 +6.4% 190 213 +12% 2.388 154 166 2.195 553,1 1,752 531,1 527,4 514,5 9M14 9M15 9M16 9M17 9M17 9M14 9M15 9M16 Net Operating Revenue (R$ million) Distance-learning Ticket (R$) On-campus Ticket (R$) Student Base (thousand) RESULTS EBITDA EVOLUTION (R$ million) ACHIEVED EXCEEDING EXPECTATIONS 28.6% 27.3% 27.8% 25.0% 26.6% 17.9% 261,3 16.9% 223,4 224,5 197,1 203,2 149,3 134,8 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 EBITDA* EBITDA MARGIN* 161,2% 29,0% 360,4 CASH CONVERSION 14,5% 67,7% 30,0% 29,0% EVOLUTION 300,0 14,5% 10,0% 172,0 -10,0% (R$ million) 200,0 -30,0% 100,0 62,3 31,4 -50,0% - -70,0% 4Q16 1Q17 2Q17 3Q17 * Comparable EBITDA (Profit before Taxes, Depreciation and Amortization) Operating Cash Flow (OCF) OCF / EBITDA RESULTS ACHIEVED ROBUST NET CASH GENERATION R$ million 1,172.4 1,171.6 1,157.8 966,4 923,3 709,5 575,4 542,3 458,1 404,0 3Q16 4Q16 1Q17 2Q17 3Q17 Cash Gross Debt INVESTMENTS PORTFOLIO (R$ million) ADJUSTMENT OF THE CAMPUSES TO COMPLY WITH DEMAND, OPTIMIZATION OF CAPEX HISTORY UNITS, OPENING OF NEW COURSES. OPERATIONAL IMPROVEMENTS 146,2 INVESTMENTS IN FACILITY, FURNITURE, 127,5 LIBRARY AND LABORATORY IMPROVEMENTS. 108.4 102,1 SYSTEM IMPROVEMENT INVESTMENT IN IT ARCHITECTURE AND INFRASTRUCTURE. OPERATING SYSTEM IMPROVEMENTS. EDUCATION MODEL INVESTMENTS IN OWN AND DIGITAL TEXTBOOK MATERIAL MORE TECHNOLOGY USED IN THE CURRICULUM MATRIXES 9M14 9M15 9M16 9M17 VIRTUAL CLASS INTEGRATED TO ON-CAMPUS EDUCATION. DIVIDEND DIVIDEND PAYMENT DISTRIBUTION HISTORY (R$ million) 535.1 101,1 58,1 87,4 2014 2015 2016 2017 INNOVATION ONLINE COURSES WITH COMPETITIVE ADVANTAGES LAB PRACTICES • A SINGLE SIMULATION LABORATORY FOR DIFFERENT SUBJECTS FROM DIFFERENT COURSES • LABORATORY HOUSES SEVERAL ACTIVITIES AT THE SAME TIME WITH ONLY ONE TUTOR PRESENT • LOW IMPLEMENTATION AND MAINTENANCE COSTS OF THE LABORATORY PRACTICES INDIVIDUALLY RECORDED AND SUPPORT OF A TUTOR • CLASSES SCHEDULED ACCORDING TO SHOWN SIMULATION STUDENTS’ AVAILABILITY LABORATORIES ALL LEARNING OBJECTS ARE AVAILABLE IN THE VIRTUAL LEARNING ENVIRONMENT INNOVATION OFFER OF HYBRID COURSES IN ESTÁCIO’S POST-SECONDARY INSTITUTIONS (FLEX) – PLUG & PLAY Pilot of units focused on hybrid courses, where the choice Estácio’s distance-learning program between on-campus or online classes is based on student allows the immediate expansion of acceptance and approval levels and professor availability. course portfolios in any Estácio Group institution. All units are also distance-learning centers. It is not necessary to wait for authorization from the Ministry of + Education. SOME OF ESTÁCIO’S COMPETITIVE ADVANTAGES NATIONAL EDUCATION MODEL (>100 COURSES) STANDARDIZATION OF OWN DIDACTIC RESOURCES RESPECT TO LOCAL AND REGIONAL REALITIES MAXIMIZATION OF THE SEVERAL WAYS THE SAME CONTENT IS OFFERED HYBRID (INCORPORATION OF DISTANCE LEARNING IN ON-CAMPUS SUBJECTS) AND CUSTOMIZED (PATHS) EDUCATION EXPANSION OF METHODOLOGIES AND TECHNOLOGIES TO THE OTHER EDUCATION LEVELS (GRADUATE, HIGH SCHOOL...) COMBINATION OF SCALE AND QUALITY: POSSIBILITY OF GOALS QUALITY AND EMPLOYEE SATISFACTION General Course Index (IGC) 85% 78% (2012 x 2015) 97% satisfactory (+7 p.p.) Grade 4 +15 p.p. 2012 2015 20% 10% 5% 0% 0% 3% 0% 0% 1 2 3 4 5 Annual Climate Survey 75% 73% 74% 68% 65% 65% 62% 56% 56% 2008 2009 2010 2011 2012 2013 2014 2015 2016 GROWTH DRIVERS 100 new operational Medicine Course in High School distance-learning centers Angra dos Reis Beginning of operations in seven Totaling 338 operational distance- Another three Medicine units units in the Rio de Janeiro State learning centers at the close of 3Q17 by March 2018 The content of this presentation may include expectations regarding future events and results estimated by Management.
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