Business
Afya Limited Announces Fourth-Quarter and Full Year 2020 Financial Results
2020 Strong results reaffirming Afya’s Core Business resilience and growth trajectoryLaser focus acquisitions strengthening Afya’s digital capabilities2H20
About this update from Afya Limited
[{"type":"text","content":"2020 Strong results reaffirming Afya’s Core Business resilience and growth trajectoryLaser focus acquisitions strengthening Afya’s digital capabilities2H20 Guidance Achieved NOVA LIMA, Brazil and MINAS GERAIS, Brazil, April 08, 2021 (GLOBE NEWSWIRE) -- Afya Limited (Nasdaq: AFYA) (“Afya” or the “Company”), the leading medical education group and digital health service provider in Brazil, reported today financial and operating results for the three and twelve-month periods ended December 31, 2020 (fourth quarter 2020 and full year 2020, respectively). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS). Full Year 2020 Highlights FY20 Adjusted Net Revenue of R$1,207.7 million, up 60.9% YoY. Excluding acquisitions FY20 Adjusted Net Revenue increased 27.6% YoY reaching R$957.8 million.2020 Adjusted EBITDA increased 68.9% YoY reaching R$563.1 million, with an Adjusted EBITDA Margin of 46.6%, increasing 220 basis points (bps). Adjusted EBITDA excluding acquisitions increased 40.1% YoY, reaching R$467.2 million, with Adjusted EBITDA Margin of 48.8%, 440 basis points higher than the same period of 2019.FY20 Adjusted Net Income of R$390.9 million was 72.2% higher than FY19.Cash conversion of 75.7% with a solid cash position of R$1.0 billion at year-end.2,143 medical seats, 36.3% increase YoY and 11,030 medical students, which was 67.2% up. Fourth Quarter 2020 Highlights 4Q20 Adjusted Net Revenue increased 57.5% YoY to R$347.9 million. Adjusted Net Revenue excluding acquisitions grew 10.7%, reaching R$244.4 million.4Q20 Adjusted EBITDA increased 51.3% YoY reaching R$155.0 million and Adjusted EBITDA Margin of 44.6%. Adjusted EBITDA excluding acquisitions grew 8.1% reaching R$ 110.8 million, with Adjusted EBITDA Margin of 45.3%.4Q20 Adjusted Net Income of R$83.1 million, 14.6% higher than 4Q19. Table 1: Financial Highlights For the three months period ended December 31, For the twelve months period ended December 31,(in thousand of R$)20202020 Ex Acquisitions*2019% Chg % Chg Ex Acquisitions 20202020 Ex Acquisitions*2019% Chg % Chg Ex Acquisitions(a) Net Revenue345,266243,795220,84656.3%10.4% 1,201,191954,839750,63060.0%27.2%(b) Adjusted Net Revenue (3)347,896244,405220,84657.5%10.7% 1,207,735957,790750,63060.9%27.6%(c) Pro forma Adjusted Net Revenue (1)3...