Apresentação de Resultados 1T13

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1 Apresentação de Resultados 1T13 14 de Maio de Q13/2013 Results February 28, 2014

2 Highlights Net Revenue R$ million EBITDA (adjusted) R$ million Op. Cash Flow Generation - R$ mm 1 Net revenue grew by 19% in 4Q13 and by 17% in 2013, amounting R$ million and R$ 1,036.5 million, respectively In 4Q13, EBITDA growth was 19% including R$16.1 million from Grupo Ometz, Colégio Motivo and Colégio Sigma. In 2013, EBITDA totaled R$ 311,9 million, up 23% over Operating cash generation amounted to R$ 58.1 million and R$ million in 4Q13 and 2013, respectively. A reduction of 39% in 4Q13 and 2% year-on-year. The lower cash generated in the quarter results from the postponement of receivables linked to PNLD from 2013 to 2014 (R$ 33 million). Students and contracts status up to 01/31/2014: (i) Learning Systems: billed students (in public and private schools) was 15% higher than 01/31/2013. Although preliminary, this increase in the student base is a good color for 2014, (ii) The Leader in Me: 88 new contracts, reaching in 2014; 103 schools, (iii) Technical Learning Systems ETB: 80 new contracts with Higher Education Institutions and Technical Schools; and (iv) Schools: 4.3% growth over 01/31/13 in the number of enrollments at ph, Sigma and Motivo Schools. On December 19, 2013, we announced the acquisition of 22.7% stake on MStech, for R$25 million, which aims to strengthen our Education Technology activities and enhance the learning experience of students using our contents. 2

3 Operating Performance

4 Operating Performance Educational Products & Services Learning Systems Up to 01/31/2014, billed students (in public and private schools) was 15% higher than 01/31/2013. Although preliminary, this increase in the student base is a good color for Number of Students 4Q13 4Q12 Change (%) Learning Systems % Technical Learning System (ETB) % The Leader in Me (OLEM) 5.8-0% Total Students % 4

5 Operating Performance Educational Products & Services Publishers 5

6 Operating Performance Schools and Prep. Courses Number of Students - '000' 55% Sigma Motivo Q12 4Q13 Up to 01/31/2014, the number of enrollments grew by 4.3% in ph, Sigma and Motivo schools compared to the same period of

7 Operating Performance Language +7% +4% In 4Q13, Ometz Group posted 7% growth in the number of kits sold and 4% growth in the number of enrollments, compared to 4Q12. 7

8 Financial Performance

9 Financial Performance ABRE Consolidated Net Revenue per Business Line Note: As Is data. Eliminations consider sales between business lines: SER sales to GEO, Anglo to PH and SER to ETB. 9

10 Financial Performance ABRE Consolidated Net Revenue +19% +17% +6% +5% Note: As Is data. Eliminations consider sales between business lines: SER sales to GEO, Anglo to PH and SER to ETB. (*) Excludes PNLD effect (2012: R$ 27 mm). (**) Excludes acquisitions: Grupo Ometz, Sigma and Motivo (4Q13: R$ 51.7 mm); (2013: R$ mm). 10

11 Financial Performance ABRE Consolidated COGS - Cost of Goods Sold +16% +3% +5% +4% Note: As Is data. Eliminations consider sales between business lines: SER sales to GEO, Anglo to PH and SER to ETB. (*) YTD excludes PNLD and inventory write off (2012: R$31.3 mm). (**) Exclude acquisitions: Grupo Ometz, Sigma and Motivo (4Q13: R$15.5 mm); (2013: R$29.8 mm). 11

12 Financial Performance ABRE Consolidated SG&A - Selling, General and Administrative Expenses (In R$ million) (In R$ million) Note: As Is Data. GEO YTD considers only 6 months for better comparison with Major changes 4Q13. vs. 4Q12: R$19.9 million: additional expenses related to acquisitions; R$ 7.6 million: expenses related to the existing businesses; R$ 6.3 million: corporate expenses related to the restructuring conducted at the holding company, renewal of contracts with executives and stock option plan; R$ 16.7 million: amortization of fair value adjustments of acquired assets 12

13 Financial Performance ABRE Consolidated EBITDA +19% +23% +8% +9% Note: As Is data. Eliminations consider sales between business lines: SER sales to GEO, Anglo to PH and SER to ETB. (*) YTD excludes PNLD and inventory write off (2012: R$6.3 mm). (**) Exclude acquisitions: Grupo Ometz, Sigma and Motivo (4Q13: R$16.1 mm); (2013: R$28,9 mm) and non-recurring expenses with M&A and change of headquarters. 13

14 Financial Performance ABRE Consolidated Net Income (Loss) 4Q (*) Excludes the accounting amortization of surplus value and includes the tax benefit of the use of goodwill. 14

15 Financial Performance ABRE Consolidated Capital Structure Net Debt Net Debt / EBITDA * 1, Q13 2Q13 3Q13 4Q13 *EBITDA "As Is" in the last 12 months + Wise Up pro forma, as described in the Covenants of the debentures. (R$mm) 1Q13 2Q13 3Q13 4Q13 Banking Debt Sellers Debt Total 547 1,067 1,035 1,252 (-) Cash (386) (477) (255) (361) Net Debt Note: As Is data. 15

16 Financial Performance Educational Products & Services Learning Systems Note: As Is data. 16

17 Financial Performance Educational Products & Services Publishers Note: As Is data. 17

18 Financial Performance Educational Products & Services Complementary Services Highlights: Alfacon: More than 90,000 online courses sold in Responsible for the preparation of the three students ranked 1 ST for admission in Banco do Brasil. Largest rates of approval nationally in examinations for the position of registrar of the Federal Policy, the Federal Road Police and the São Paulo Court of Justice. 18

19 Financial Performance Schools and Prep. Courses Note: As Is data. 19

20 Financial Performance Language Note: As Is data Wise Up considers revenue and EBITDA from May to December. (*) Adjusted EBITDA by the effect of FIFA and NPV (account receivables). 20

21 Investor Relations Legal Disclaimer This document must not be considered a recommendation for investment in the Company. Before investing, investors should conduct their own analysis and valuation of the Company, its business and its activities, its financial condition and the risks of investment.

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