TJMG 16/03/2018 -Fc. 12 -Caderno 2 - Publicações de Terceiros e Editais de Comarcas -Tribunal de Justiça do Estado de Minas Gerais

Caderno 2 - Publicações de Terceiros e Editais de Comarcas ● 16/03/2018 ● Tribunal de Justiça do Estado de Minas Gerais

12 – sexta-feira, 16 de Março de 2018
'HPRQVWUDomRGRÀX[RGHFDL[D
Fluxo de Caixa
&DL[DHHTXLYDOHQWHVGHFDL[DQRLQtFLRGRSHUtRGR
&DL[DHHTXLYDOHQWHVGHFDL[DQR¿PGRSHUtRGR
5HVJDWH DSOLFDomR GHWtWXORVHYDORUHVPRELOLiULRV

31/12/2016
Saldo
Reclassi- ReclasDivulgado ¿FDo}HV VL¿FDGR

  
  
 
%DVHGHSUHSDUDomR As demonstrações financeiras da Companhia foram preparadas conforme as práticas contábeis adotadas no Brasil incluindo os pronunciamentos emitidos pelo Comitê
de Pronunciamentos Contábeis (CPC) e as normas internacionais de relatório financeiro (International Financial Reporting Standards (IFRS), emitidas pelo International Accounting StandarGV %RDUG ,$6%  H HYLGHQFLDPWRGDV DV LQIRUPDo}HVUHOHYDQWHVSUySULDV GDV GHPRQVWUDo}HV
ILQDQFHLUDVHVRPHQWHHODVDVTXDLVHVWmRFRQVLVWHQWHVFRPDVXWLOL]DGDVSHODDGPLQLVWUDomRQD
sua gestão. As demonstrações financeiras foram preparadas considerando o custo histórico como
EDVHGHYDORUTXHQRFDVRGHFHUWRVDWLYRVILQDQFHLURVRXWURVDWLYRVHSDVVLYRVILQDQFHLURVp
DMXVWDGRSDUDUHIOHWLUDPHQVXUDomRDRYDORUMXVWR$SUHSDUDomRGHGHPRQVWUDo}HVILQDQFHLUDV
UHTXHURXVRGHFHUWDVHVWLPDWLYDVFRQWiEHLVFUtWLFDVHWDPEpPRH[HUFtFLRGHMXOJDPHQWRSRU
parte da administração da Companhia no processo de aplicação das políticas contábeis do Grupo.
$TXHODViUHDVTXHUHTXHUHPPDLRUQtYHOGHMXOJDPHQWRHWrPPDLRUFRPSOH[LGDGHEHPFRPR
DViUHDVQDVTXDLVSUHPLVVDVHHVWLPDWLYDVVmRVLJQLILFDWLYDVSDUDDVGHPRQVWUDo}HVILQDQFHLUDV
HVWmRGLYXOJDGDVQD1RWDD 'HPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLV$VGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVGD&RPSDQKLDIRUDPSUHSDUDGDVFRQIRUPHDVSUiWLFDVFRQWiEHLVDGRWDGDVQR
Brasil emitidas pelo Comitê de Pronunciamentos Contábeis (CPC). Pelo fato de que as práticas
FRQWiEHLV DGRWDGDV QR %UDVLO DSOLFDGDV QDV GHPRQVWUDo}HV ILQDQFHLUDV LQGLYLGXDLV D SDUWLU GH
QmRGLIHUHPGR,)56DSOLFiYHOjVGHPRQVWUDo}HVILQDQFHLUDVVHSDUDGDVXPDYH]TXHHOH
SDVVRXDSHUPLWLUDDSOLFDomRGRPpWRGRGHHTXLYDOrQFLDSDWULPRQLDOHPFRQWURODGDVFROLJDGDVH
MRLQWYHQWXUHVQDVGHPRQVWUDo}HVVHSDUDGDVHODVWDPEpPHVWmRHPFRQIRUPLGDGHFRPDVQRUPDV
internacionais de relatório financeiro (International Financial Reporting Standards (IFRS), emitidas pelo International Accounting Standards Board ,$6% (VVDVGHPRQVWUDo}HVLQGLYLGXDLV
VmRGLYXOJDGDVHPFRQMXQWRFRPDVGHPRQVWUDo}HVILQDQFHLUDVFRQVROLGDGDVE 'HPRQVWUDo}HV
ILQDQFHLUDVFRQVROLGDGDV$VGHPRQVWUDo}HVILQDQFHLUDVFRQVROLGDGDVIRUDPSUHSDUDGDVHHVWmR
sendo apresentadas conforme as práticas contábeis adotadas no Brasil, incluindo os pronunciamentos emitidos pelo Comitê de Pronunciamentos Contábeis (CPC) e conforme as normas
internacionais de relatório financeiro (International Financial Reporting Standards (IFRS), emitidas pelo International Accounting Standards Board (IASB)). A apresentação da Demonstração
GR 9DORU $GLFLRQDGR '9$  LQGLYLGXDO H FRQVROLGDGD p UHTXHULGD SHOD OHJLVODomR VRFLHWiULD
EUDVLOHLUD H SHODV SUiWLFDV FRQWiEHLV DGRWDGDV QR %UDVLO DSOLFiYHLV D FRPSDQKLDV DEHUWDV $V
IFRS não requerem a apresentação dessa demonstração. Como consequência, pelas IFRS, essa
GHPRQVWUDomR HVWi DSUHVHQWDGD FRPR LQIRUPDomR VXSOHPHQWDU VHP SUHMXt]R GR FRQMXQWR GDV
GHPRQVWUDo}HVFRQWiEHLV&RQVROLGDomR As seguintes políticas contábeis são aplicadas na
HODERUDomRGDVGHPRQVWUDo}HVILQDQFHLUDVFRQVROLGDGDV&RQWURODGDV Controladas são todas
as entidades nas quais o Grupo detém o controle, isto é, quando está exposta ou tem direitos a
UHWRUQRVYDULiYHLVGHVHXHQYROYLPHQWRFRPDLQYHVWLGDHWHPFDSDFLGDGHGHGLULJLUDVDWLYLGDGHV
UHOHYDQWHVGDLQYHVWLGD$VFRQWURODGDVVmRWRWDOPHQWHFRQVROLGDGDVDSDUWLUGDGDWDHPTXHR
controle é transferido para o Grupo. A consolidação é interrompida a partir da data em que o
*UXSRGHL[DGHWHURFRQWUROH2VDWLYRVLGHQWLILFiYHLVDGTXLULGRVHRVSDVVLYRVHSDVVLYRVFRQtingentes assumidos para a aquisição de controladas em uma combinação de negócios são menVXUDGRVLQLFLDOPHQWHSHORVYDORUHVMXVWRVQDGDWDGDDTXLVLomR2*UXSRUHFRQKHFHDSDUWLFLSDomR
QmR FRQWURODGRUD QD DGTXLULGD WDQWR SHOR VHX YDORU MXVWR FRPR SHOD SDUFHOD SURSRUFLRQDO GD
SDUWLFLSDomRQmRFRQWURODGDQRYDORUMXVWRGHDWLYRVOtTXLGRVGDDGTXLULGD$PHQVXUDomRGDSDUWLFLSDomRQmRFRQWURODGRUDpGHWHUPLQDGDHPFDGDDTXLVLomRUHDOL]DGD&XVWRVUHODFLRQDGRVFRP
DTXLVLomRVmRFRQWDELOL]DGRVQRUHVXOWDGRGRH[HUFtFLRFRQIRUPHLQFRUULGRV7UDQVDo}HVVDOGRV
HJDQKRVQmRUHDOL]DGRVHPWUDQVDo}HVHQWUHHPSUHVDVGR*UXSRVmRHOLPLQDGRV2VSUHMXt]RV
QmRUHDOL]DGRVWDPEpPVmRHOLPLQDGRVDPHQRVTXHDRSHUDomRIRUQHoDHYLGrQFLDVGHXPDSHUGD
LPSDLUPHQW GRDWLYRWUDQVIHULGR$VSROtWLFDVFRQWiEHLVGDVFRQWURODGDVVmRDOWHUDGDVTXDQGR
necessário, para assegurar a consistência com as políticas adotadas pelo Grupo. As operações em
FRQMXQWRVmRFRQWDELOL]DGDVQDVGHPRQVWUDo}HVILQDQFHLUDVSDUDUHSUHVHQWDURVGLUHLWRVHDVREULJDo}HVFRQWUDWXDLVGR*UXSR'HVVDIRUPDRVDWLYRVSDVVLYRVUHFHLWDVHGHVSHVDVUHODFLRQDGRV
DRVVHXVLQWHUHVVHVHPRSHUDomRHPFRQMXQWRVmRFRQWDELOL]DGRVLQGLYLGXDOPHQWHQDVGHPRQVWUDo}HVILQDQFHLUDV6RFLHGDGHVLQFOXtGDVQDVGHPRQVWUDo}HVILQDQFHLUDVFRQVROLGDGDV As
demonstrações financeiras consolidadas incluem os saldos e as transações da Companhia e de
VXDVFRQWURODGDVDVHJXLUUHODFLRQDGDV
4XDGUR6RFLHGDGHVFRQVROLGDGDV
Participação no
capital total - %
Sociedades consolidadas
31/12/2017 31/12/2016
&RQWURODGDGLUHWD
Anhanguera - Anhanguera Educacional Participações S.A.
100
100
&RQWURODGDVLQGLUHWDV
AESA- Anhanguera Educacional Ltda. (i)
100
100
$(6$352&OtQLFD0pGLFD$QKDQJXHUD/WGD
100
100
),'&$QKDQJXHUD(GXFDFLRQDO)XQGRGH,QYHVWLPHQWRHP
Direitos Creditórios
100
100
-XVSRGLYP,QVWLWXWR([FHOrQFLD/WGD
100
100
FAC - Fac Educacional Ltda. (ii)
129$7(&1RYDWHF(GXFDFLRQDO/WGD LL
(GXIRU(GXIRUVHUYLoRVHGXFDFLRQDLV/WGD0( LLL
100
,&)6RFLHGDGH3LDXLHQVHGHHQVLQRVXSHULRU/WGD LY
100
&RQWURODGDGLUHWD
EDE - Editora e Distribuidora Educacional
100
100
&RQWURODGDVLQGLUHWDV
Ceama - Centro de Ensino Atenas Maranhense
99,99
99,99
Fais - Faculdade Integradas de Sorriso
99,99
99,99
Fama Macapá - União de Faculdades do Amapá
99,99
99,99
Iuni - Iuni Educacional
100
100
2UPH2UPH6HUYLoRV(GXFDFLRQDLV
99,99
99,99
Pax - Pax Editora e Distribuidora
99,99
99,99
Projecta - Projecta Educacional
99,99
99,99
Pses - Pitágoras Sistema de Ensino Sociedade
99,99
99,99
Spes - Sistema Pitágoras de Ensino Superior
99,99
99,99
União - União de Ensino Unopar
99,99
99,99
Unic Educacional - Unic Educacional
99,99
99,99
8QLPH6DOYDGRU,XQL(GXFDFLRQDO8QLPH6DOYDGRU
99,99
99,99
8QLPH/)8QLmR0HWURSROLWDQDSDUDR'HVHQYROYLPHQWR
da Educação e Cultura
99,99
99,99
FAIR - Fair Educacional Ltda. (ii)
L (PSUHVDSDUFLDOPHQWHLQFRUSRUDGDSHOD$(6$3$5HP LL $SyVRFXPSULPHQWR
GDVFRQGLo}HVVXVSHQVLYDVSUHYLVWDVQR&RQWUDWRGH&RPSUDH9HQGDGH4XRWDVH2XWUDV$YHQoDVIRLFRQFOXtGDHPDYHQGDGDVVXEVLGLiULDVGD.URWRQ QRWD  LLL (PGHQRYHPEUR
de 2017, a Companhia, por meio de sua controlada AESAPAR, adquiriu a totalidade das quotas
GHHPLVVmRGD(GXIRU6HUYLoRV(GXFDFLRQDLV/WGD ³('8)25´ LQVWLWXLomRGHHQVLQRVXSHULRU
GHQRPLQDGD)DFXOGDGH(GXFDFLRQDO)RUWDOH]DORFDOL]DGDHP)RUWDOH]D&(2YDORUGDDTXLVLomRWRWDOL]RX5 LY (PGHGH]HPEURGHD&RPSDQKLDSRUPHLRGHVXDFRQWURlada AESAPAR, adquiriu a totalidade das quotas de emissão da Sociedade Piauiense De Ensino
6XSHULRU/WGD ³,&)´ LQVWLWXLomRGHHQVLQRVXSHULRUORFDOL]DGDHP7HUHVLQD3,2YDORUGD
DTXLVLomRWRWDOL]RX5$SUHVHQWDomRGHUHODWyULRVSRUVHJPHQWRRSHUDFLRQDO2UHlatório por segmento operacional é apresentado de modo consistente com o relatório interno
IRUQHFLGRSDUDRSULQFLSDOWRPDGRUGHGHFLV}HVRSHUDFLRQDLV2SULQFLSDOWRPDGRUGHGHFLV}HV
RSHUDFLRQDLVUHVSRQViYHOSHODDORFDomRGHUHFXUVRVHSHODDYDOLDomRGHGHVHPSHQKRGRVVHJPHQWRVRSHUDFLRQDLVpR&RQVHOKRGH$GPLQLVWUDomRUHVSRQViYHOLQFOXVLYHSHODWRPDGDGDV
GHFLV}HVHVWUDWpJLFDVGD&RPSDQKLD2&RQVHOKRGH$GPLQLVWUDomRFRQVLGHUDRQHJyFLRGDSHUVSHFWLYDGRVVHUYLoRVSUHVWDGRV(QVLQR6XSHULRU3UHVHQFLDO(QVLQR6XSHULRU($'H(GXFDomR
%iVLFD0RHGDIXQFLRQDOHGHDSUHVHQWDomR 2VLWHQVLQFOXtGRVQDVGHPRQVWUDo}HVILQDQFHLras de cada uma das empresas do Grupo são mensurados usando a moeda do principal ambiente
HFRQ{PLFRQRTXDOHODDWXD ³PRHGDIXQFLRQDO´ $VGHPRQVWUDo}HVILQDQFHLUDVLQGLYLGXDLVH
consolidadas estão apresentadas em reais - R$, que é a moeda funcional da Companhia e, tamEpPDPRHGDGHDSUHVHQWDomRGR*UXSR'HPRQVWUDomRGRUHVXOWDGRDEUDQJHQWH 2XWURV
resultados abrangentes compreendem itens de receita e despesa (incluindo ajustes de reclassifiFDomRTXDQGRDSOLFiYHLV TXHQmRVmRUHFRQKHFLGRVQDGHPRQVWUDomRGRUHVXOWDGRFRPRUHTXHridos ou permitidos pelos pronunciamentos, interpretações e orientações emitidos pelo CPC,
TXDQGR DSOLFiYHLV 1RV H[HUFtFLRV ILQGRV HP  GH GH]HPEUR GH  H  R *UXSR QmR
apresentou outros itens além dos resultados dos exercícios apresentados nas demonstrações do
UHVXOWDGRLQGLYLGXDLVHFRQVROLGDGDV&DL[DHHTXLYDOHQWHVGHFDL[D &DL[DHHTXLYDOHQWHGH
FDL[DLQFOXHPRVQXPHUiULRVHPHVSpFLHGHSyVLWRVEDQFiULRVGLVSRQtYHLVHRXWURVLQYHVWLPHQWRV
GHFXUWRSUD]RGHDOWDOLTXLGH]DVTXDLVVmRSURQWDPHQWHFRQYHUVtYHLVHPPRQWDQWHFRQKHFLGR
GHFDL[DVXMHLWDVDXPLQVLJQLILFDQWHULVFRGHPXGDQoDGHYDORU$WLYRVILQDQFHLURV
&ODVVLILFDomR2*UXSRFODVVLILFDVHXVDWLYRVILQDQFHLURVQDVVHJXLQWHVFDWHJRULDVPHQVXUDGRV
DRYDORUMXVWRSRUPHLRGRUHVXOWDGRHHPSUpVWLPRVHUHFHEtYHLV$FODVVLILFDomRGHSHQGHGDILQDOLGDGHSDUDDTXDORVDWLYRVILQDQFHLURVIRUDPDGTXLULGRV2VDWLYRVILQDQFHLURVVmRDSUHVHQWDGRVFRPRDWLYRFLUFXODQWHH[FHWRDTXHOHVFRPSUD]RGHYHQFLPHQWRVXSHULRUDPHVHVDSyVD
GDWD GR EDODQoR  5HFRQKHFLPHQWR H PHQVXUDomR 2V LQYHVWLPHQWRV VmR LQLFLDOPHQWH
UHFRQKHFLGRVSHORYDORUMXVWRDFUHVFLGRVGRVFXVWRVGDWUDQVDomRSDUDWRGRVRVDWLYRVILQDQFHLURV
QmRFODVVLILFDGRVFRPRDRYDORUMXVWRSRUPHLRGRUHVXOWDGR2VDWLYRVILQDQFHLURVDRYDORUMXVWR
SRUPHLRGHUHVXOWDGRVmRLQLFLDOPHQWHUHFRQKHFLGRVSHORYDORUMXVWRHRVFXVWRVGDWUDQVDomR
VmRGHELWDGRVjGHPRQVWUDomRGRUHVXOWDGR2VDWLYRVILQDQFHLURVVmREDL[DGRVTXDQGRRVGLUHLWRVGHUHFHEHUIOX[RVGHFDL[DWHQKDPYHQFLGRRXWHQKDPVLGRWUDQVIHULGRVQHVWH~OWLPRFDVR
GHVGHTXHR*UXSRWHQKDWUDQVIHULGRVLJQLILFDWLYDPHQWHWRGRVRVULVFRVHRVEHQHItFLRVGHSURSULHGDGH2VDWLYRVILQDQFHLURVPHQVXUDGRVDRYDORUMXVWRSRUPHLRGRUHVXOWDGRVmRVXEVHTXHQWHPHQWHFRQWDELOL]DGRVSHORYDORUMXVWR2VHPSUpVWLPRVHUHFHEtYHLVVmRFRQWDELOL]DGRVSHOR
FXVWRDPRUWL]DGRXVDQGRRPpWRGRGDWD[DHIHWLYDGHMXURV2VJDQKRVRXDVSHUGDVGHFRUUHQWHV
GHYDULDo}HVQRYDORUMXVWRGHDWLYRVILQDQFHLURVPHQVXUDGRVDRYDORUMXVWRSRUPHLRGRUHVXOWDdo são apresentados na demonstração do resultado em “Receitas financeiras” no período em que
RFRUUHP&RPSHQVDomRGHLQVWUXPHQWRVILQDQFHLURV$WLYRVHSDVVLYRVILQDQFHLURVVmR
FRPSHQVDGRVHRYDORUOtTXLGRpDSUHVHQWDGRQREDODQoRSDWULPRQLDOTXDQGRKiXPGLUHLWROHJDO
GHFRPSHQVDURVYDORUHVUHFRQKHFLGRVHKiDLQWHQomRGHOLTXLGiORVHPXPDEDVHOtTXLGDRX
UHDOL]DURDWLYRHOLTXLGDURSDVVLYRVLPXOWDQHDPHQWH2GLUHLWROHJDOQmRGHYHVHUFRQWLQJHQWHHP
HYHQWRVIXWXURVHGHYHVHUDSOLFiYHOQRFXUVRQRUPDOGRVQHJyFLRVHQRFDVRGHLQDGLPSOrQFLD
LQVROYrQFLDRXIDOrQFLDGR*UXSRRXGDFRQWUDSDUWH,PSDLUPHQWGHDWLYRVILQDQFHLURV

Publicações de Terceiros e Editais de Comarcas Minas Gerais - Caderno 2
$WLYRVPHQVXUDGRVDRFXVWRDPRUWL]DGR2*UXSRDYDOLDQDGDWDGHFDGDEDODQoRVHKiHYLGrQFLD
REMHWLYDGHTXHXPDWLYRILQDQFHLURRXJUXSRGHDWLYRVILQDQFHLURVHVWiGHWHULRUDGR8PDWLYRRX
JUXSRGHDWLYRVILQDQFHLURVHVWiGHWHULRUDGRHDVSHUGDVSRULPSDLUPHQWVmRLQFRUULGDVVRPHQWH
VHKiHYLGrQFLDREMHWLYDGHLPSDLUPHQWFRPRUHVXOWDGRGHXPRXPDLVHYHQWRVRFRUULGRVDSyVR
UHFRQKHFLPHQWRLQLFLDOGRVDWLYRV XP³HYHQWRGHSHUGD´ HDTXHOHHYHQWR RXHYHQWRV GHSHUGD
WHPXPLPSDFWRQRVIOX[RVGHFDL[DIXWXURVHVWLPDGRVGRDWLYRILQDQFHLURRXJUXSRGHDWLYRV
ILQDQFHLURVTXHSRGHVHUHVWLPDGRGHPDQHLUDFRQILiYHO2PRQWDQWHGDSHUGDSRULPSDLUPHQWp
PHQVXUDGRFRPRDGLIHUHQoDHQWUHRYDORUFRQWiELOGRVDWLYRVHRYDORUSUHVHQWHGRVIOX[RVGH
FDL[D IXWXURV HVWLPDGRV H[FOXLQGR RV SUHMXt]RV GH FUpGLWR IXWXUR TXH QmR IRUDP LQFRUULGRV 
GHVFRQWDGRVjWD[DGHMXURVHPYLJRURULJLQDOGRVDWLYRVILQDQFHLURV2YDORUFRQWiELOGRDWLYRp
UHGX]LGRHRYDORUGRSUHMXt]RpUHFRQKHFLGRQDGHPRQVWUDomRGRUHVXOWDGR6HXPHPSUpVWLPR
RXLQYHVWLPHQWRPDQWLGRDWpRYHQFLPHQWRWLYHUXPDWD[DGHMXURVYDULiYHODWD[DGHGHVFRQWR
SDUDPHGLUXPDSHUGDSRULPSDLUPHQWpDDWXDOWD[DHIHWLYDGHMXURVGHWHUPLQDGDGHDFRUGRFRP
o contrato. Como um expediente prático, o Grupo pode mensurar o impairment com base no
YDORU MXVWR GH XP LQVWUXPHQWR XWLOL]DQGR XP SUHoR GH PHUFDGR REVHUYiYHO 6H QXP SHUtRGR
VXEVHTXHQWH R YDORU GD SHUGD SRU LPSDLUPHQW GLPLQXLU H D GLPLQXLomR SXGHU VHU UHODFLRQDGD
REMHWLYDPHQWHFRPXPHYHQWRTXHRFRUUHXDSyVRLPSDLUPHQWVHUUHFRQKHFLGR FRPRXPDPHOKRULDQDFODVVLILFDomRGHFUpGLWRGRGHYHGRU DUHYHUVmRGHVVDSHUGDUHFRQKHFLGDDQWHULRUPHQWH
VHUiUHFRQKHFLGDQDGHPRQVWUDomRGRUHVXOWDGR&RQWDVDUHFHEHUGHFOLHQWHV&RUUHVSRQGHPDRVYDORUHVDUHFHEHUGHFOLHQWHVSHODYHQGDGHPHUFDGRULDVRXSUHVWDomRGHVHUYLoRVSHOR
*UXSR$VFRQWDVDUHFHEHUGHFOLHQWHVVmRLQLFLDOPHQWHUHFRQKHFLGDVSHORYDORUMXVWRHVXEVHTXHQWHPHQWHPHQVXUDGDVSHORFXVWRDPRUWL]DGRFRPRXVRGRPpWRGRGDWD[DGHMXURVHIHWLYD
PHQRVDSURYLVmRSDUD³impairment´$SURYLVmRSDUDSHUGDVpHVWDEHOHFLGDGHVGHRIDWXUDPHQWR
FRPEDVHQDVSHUIRUPDQFHVDSUHVHQWDGDVSHODVGLYHUVDVOLQKDVGHQHJyFLRHUHVSHFWLYDVH[SHFWDWLYDVGHFREUDQoDDWpGLDVGRYHQFLPHQWR2FiOFXORGDSURYLVmRpEDVHDGRHPHVWLPDWLYDV
GHHILFLrQFLDSDUDFREULUSRWHQFLDLVSHUGDVQDUHDOL]DomRGDVFRQWDVDUHFHEHUFRQVLGHUDQGRVXD
DGHTXDomRFRQWUDDSHUIRUPDQFHGRVUHFHEtYHLVGHFDGDOLQKDGHQHJyFLRFRQVLVWHQWHFRPDSROttica de “impairment´ GH DWLYRV ILQDQFHLURV DR FXVWR DPRUWL]iYHO 1RUPDOPHQWH QD SUiWLFD R
FRQWDVDUHFHEHUpUHFRQKHFLGRDRYDORUIDWXUDGRHDMXVWDGRDRYDORUGHUHDOL]DomR2FRQWDVD
UHFHEHUGHFOLHQWHVGHFRUUHQWHVGHRSHUDo}HVGHORQJRSUD]RpDMXVWDGRDYDORUSUHVHQWH
(VWRTXHV2VHVWRTXHVVmRDSUHVHQWDGRVSHORPHQRUYDORUHQWUHRYDORUGHFXVWRHRYDORUOtTXLGR
UHDOL]iYHO2VFXVWRVGRVHVWRTXHVVmRGHWHUPLQDGRVSHORPpWRGRGRFXVWRPpGLR2YDORUOtTXLGRUHDOL]iYHOFRUUHVSRQGHDRSUHoRGHYHQGDHVWLPDGRGRVHVWRTXHVGHGX]LGRGHWRGRVRVFXVWRV
HVWLPDGRVSDUDFRQFOXVmRHGRVFXVWRVQHFHVViULRVSDUDUHDOL]DUDYHQGDeFRQVWLWXtGDSURYLVmR
SDUD SHUGDV SDUD RV LWHQV IRUD GH FROHomR VH QHFHVViULR  ,PRELOL]DGR 2 LPRELOL]DGR p
PHQVXUDGRSHORFXVWRKLVWyULFRPHQRVGHSUHFLDomRDFXPXODGD2FXVWRKLVWyULFRLQFOXLRFXVWR
GHDTXLVLomRIRUPDomRRXFRQVWUXomR2FXVWRKLVWyULFRWDPEpPLQFOXLRVFXVWRVGHILQDQFLDPHQWRUHODFLRQDGRVjDTXLVLomRGHDWLYRVTXDOLILFDGRV2VFXVWRVVXEVHTXHQWHVVmRLQFOXtGRVQR
YDORUFRQWiELOGRDWLYRRXUHFRQKHFLGRVFRPRXPDWLYRVHSDUDGRFRQIRUPHDSURSULDGRVRPHQWH
TXDQGRIRUSURYiYHOTXHIOXDPEHQHItFLRVHFRQ{PLFRVIXWXURVDVVRFLDGRVDHVVHVFXVWRVHTXH
SRVVDPVHUPHQVXUDGRVFRPVHJXUDQoD2YDORUFRQWiELOGHLWHQVRXSHoDVVXEVWLWXtGDVpEDL[DGR7RGRVRVRXWURVUHSDURVHPDQXWHQo}HVVmRODQoDGRVHPFRQWUDSDUWLGDDRUHVXOWDGRGRH[HUFtFLR TXDQGR LQFRUULGRV 2V WHUUHQRV QmR VmR GHSUHFLDGRV $ GHSUHFLDomR GH RXWURV DWLYRV p
FDOFXODGDXVDQGRRPpWRGROLQHDUSDUDDORFDUVHXVFXVWRVDVHXVYDORUHVUHVLGXDLVGXUDQWHDYLGD
~WLOHVWLPDGDFRPRVHJXH
Anos
Equipamentos de informática

0yYHLVHTXLSDPHQWRVHXWHQVtOLRV

Biblioteca
10
(GL¿FDo}HVHEHQIHLWRULDV
25
2VWHUUHQRVQmRVmRGHSUHFLDGRV2VYDORUHVUHVLGXDLVHDYLGD~WLOGRVDWLYRVVmRUHYLVDGRVH
DMXVWDGRVVHDSURSULDGRDRILQDOGHFDGDH[HUFtFLR$&RPSDQKLDUHYLVRXDYLGD~WLOGHVHXV
DWLYRVHFRQFOXLXTXHDVWD[DVGHGHSUHFLDomRXWLOL]DGDVVmRFRQGL]HQWHVFRPVXDVRSHUDo}HVHP
 GH GH]HPEURGH  2 YDORU FRQWiELOGH XP DWLYR VHUi LPHGLDWDPHQWHEDL[DGR SDUD VHX
YDORUUHFXSHUiYHOVHRYDORUFRQWiELOGRDWLYRIRUPDLRUTXHVHXYDORUUHFXSHUiYHOHVWLPDGR2V
JDQKRVHDVSHUGDVGHDOLHQDo}HVVmRGHWHUPLQDGRVSHODFRPSDUDomRGRVUHVXOWDGRVFRPRYDORU
FRQWiELOHVmRUHFRQKHFLGRVQDUXEULFD³2XWUDVGHVSHVDV UHFHLWDV RSHUDFLRQDLV´QDGHPRQVWUDomRGRUHVXOWDGR$WLYRVLQWDQJtYHLVa) Ágio2iJLRpUHSUHVHQWDGRSHODGLIHUHQoDSRVLWLYD
HQWUHRYDORUSDJRRXDSDJDUHRPRQWDQWHOtTXLGRGRYDORUMXVWRGRVDWLYRVHSDVVLYRVGDHQWLGDGH DGTXLULGD H GH RXWURV LQVWUXPHQWRV GH SDWULP{QLR DGTXLULGRVWURFDGRV 6H D DGTXLUHQWH
DSXUDUDFRPSUDGHVYDQWDMRVDHVWHGHYHVHUUHFRQKHFLGRQDGHPRQVWUDomRGRUHVXOWDGRQDGDWD
GHDTXLVLomR2iJLRpWHVWDGRDQXDOPHQWHRXFRPPDLRUIUHTXrQFLDFDVRDVFLUFXQVWkQFLDVLQGLTXHPTXHKRXYHUHGXomRHPVHXYDORUUHFXSHUiYHOSDUDYHULILFDUSURYiYHLVSHUGDV ³LPSDLUPHQW´ HFRQWDELOL]DGRSHORVHXYDORUGHFXVWRPHQRVDVSHUGDVDFXPXODGDVSRU³LPSDLUPHQW´
TXHQmRVmRUHYHUWLGDV2VJDQKRVHDVSHUGDVGDDOLHQDomRGHXPDHQWLGDGHLQFOXHPRYDORU
FRQWiELOGRiJLRUHODFLRQDGRjHQWLGDGHYHQGLGDb) Programas de computador (software) e deVHQYROYLPHQWR GH SURMHWRV LQWHUQRV $V OLFHQoDV DGTXLULGDV GH SURJUDPDV GH FRPSXWDGRU VmR
FDSLWDOL]DGDVFRPEDVHQRV FXVWRV LQFRUULGRVSDUDDGTXLULURV VRIWZDUHVHID]HUFRPTXHHOHV
HVWHMDPSURQWRVSDUDVHUHPXWLOL]DGRV(VVHVFXVWRVVmRDPRUWL]DGRVDRORQJRGDYLGD~WLOHVWLPDGD2VFXVWRVGLUHWDPHQWHDWULEXtYHLVTXHVmRFDSLWDOL]DGRVFRPRSDUWHGRSURGXWRGHVRIWZDUHSURMHWRLQFOXHPRVFXVWRVFRPHPSUHJDGRVDORFDGRVQRGHVHQYROYLPHQWRGHVRIWZDUHSURMHWR
HXPDSDUFHODDGHTXDGDGDVGHVSHVDVGLUHWDV2VFXVWRVFRPGHVHQYROYLPHQWRTXHQmRDWHQGHP
DRVFULWpULRVGHFDSLWDOL]DomRVmRUHFRQKHFLGRVFRPRGHVSHVDFRQIRUPHLQFRUULGRV2VFXVWRVGH
GHVHQYROYLPHQWRSUHYLDPHQWHUHFRQKHFLGRVFRPRGHVSHVDVQmRVmRUHFRQKHFLGRVFRPRDWLYRHP
SHUtRGRVXEVHTXHQWH2VFXVWRVFRPRGHVHQYROYLPHQWRGHVRIWZDUHSURMHWRUHFRQKHFLGRVFRPR
DWLYRVVmRDPRUWL]DGRVXVDQGRVHRPpWRGROLQHDUDRORQJRGHVXDVYLGDV~WHLV³Impairment´GHDWLYRVQmRILQDQFHLURV$WLYRVTXHWrPYLGD~WLOLQGH¿QLGDFRPRRiJLRQmRHVWmRVXMHLWRVjDPRUWL]DomRHVmRWHVWDGRVDQXDOPHQWHSDUDLGHQWL¿FDUHYHQWXDOQHFHVVLGDGHGHUHGXomR
DRYDORUUHFXSHUiYHO impairment)$VUHYLV}HVGHLPSDLUPHQWGRiJLRVmRUHDOL]DGDVDQXDOPHQWHRXFRPPDLRUIUHTXrQFLDVHHYHQWRVRXDOWHUDo}HVQDVFLUFXQVWkQFLDVLQGLFDUHPXPSRVVtYHO
impairment2VDWLYRVTXHHVWmRVXMHLWRVjDPRUWL]DomRVmRUHYLVDGRVSDUDDYHUL¿FDomRGHimpairmentVHPSUHTXHHYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDVLQGLFDUHPTXHRYDORUFRQWiELO
SRGHQmRVHUUHFXSHUiYHO8PDSHUGDSRULPSDLUPHQWpUHFRQKHFLGDTXDQGRRYDORUFRQWiELOGR
DWLYRH[FHGHVHXYDORUUHFXSHUiYHORTXDOUHSUHVHQWDRPDLRUYDORUHQWUHRYDORUMXVWRGHXP
DWLYRPHQRVVHXVFXVWRVGHDOLHQDomRHRVHXYDORUHPXVR3DUD¿QVGHDYDOLDomRGHimpairment,
HVVHVDWLYRVVmRDJUXSDGRVQRVQtYHLVPDLVEDL[RVSDUDRVTXDLVH[LVWDPÀX[RVGHFDL[DLGHQWL¿FiYHLVVHSDUDGDPHQWH 8QLGDGHV*HUDGRUDVGH&DL[D 8*&V 3DUD¿QVGHVVHWHVWHRiJLRp
alocado para as Unidades Geradoras de Caixa ou para os grupos de Unidades Geradoras de
&DL[D TXH GHYHP VH EHQH¿FLDU GD FRPELQDomR GH QHJyFLRV GD TXDO R iJLR VH RULJLQRX H VmR
LGHQWL¿FDGDVGHDFRUGRFRPRVHJPHQWRRSHUDFLRQDO 3UHVHQFLDO($'H(GXFDomREiVLFD (P
D&RPSDQKLDHVHXVDGPLQLVWUDGRUHVGHFLGLUDPDOWHUDUDGH¿QLomRGDV8*&VDQWHULRUPHQWHDSOLFDGDVSDUD¿QVGHDYDOLDomRGHimpairmentYLVDQGRXPPDLRUDOLQKDPHQWRFRPRVVHJPHQWRVRSHUDFLRQDLVDQDOLVDGRVGRSRQWRGHYLVWDJHUHQFLDOHGHPHUFDGR. Demais métodos e
SUHPLVVDVXWLOL]DGRVQDDQiOLVHQmRVRIUHUDPDOWHUDomRHPUHODomRDRSHUtRGRDQWHULRU2VUHVXOWDGRVREWLGRVHPQmRVHULDPDOWHUDGRVHPIXQomRGDUHIHULGDPXGDQoD2VDWLYRVQmR¿QDQceiros, exceto o ágio, que tenham sido ajustados por impairmentVmRUHYLVDGRVVXEVHTXHQWHPHQWHSDUDDDQiOLVHGHXPDSRVVtYHOUHYHUVmRGRimpairment na data do balanço. Impairment de ágio
UHFRQKHFLGRQRUHVXOWDGRGRH[HUFtFLRQmRpUHYHUWLGR)RUQHFHGRUHV$VFRQWDVDSDJDUDRV
IRUQHFHGRUHVVmRREULJDo}HVDSDJDUSRUEHQVRXVHUYLoRVTXHIRUDPDGTXLULGRVGHIRUQHFHGRUHV
QRFXUVRQRUPDOGRVQHJyFLRV(ODVVmRLQLFLDOPHQWHUHFRQKHFLGDVSHORYDORUMXVWRHVXEVHTXHQWHPHQWHPHQVXUDGDVSHORFXVWRDPRUWL]DGRFRPRXVRGRPpWRGRGDWD[DHIHWLYDGHMXURV
(PSUpVWLPRVILQDQFLDPHQWRVHGHErQWXUHV6mRUHFRQKHFLGRVLQLFLDOPHQWHSHORYDORUMXVWROtquido dos custos da transação incorridos, e são subsequentemente demonstrados pelo custo
DPRUWL]DGR4XDOTXHUGLIHUHQoDHQWUHRVYDORUHVFDSWDGRV OtTXLGRVGRVFXVWRVGDWUDQVDomR HR
YDORUGHUHVJDWHpUHFRQKHFLGDQDGHPRQVWUDomRGRUHVXOWDGRGXUDQWHRSHUtRGRHPTXHRVHPSUpVWLPRVHVWHMDPHPDQGDPHQWRXWLOL]DQGRRPpWRGRGDWD[DGHMXURVHIHWLYD6mRFODVVLILFDGRV
FRPRSDVVLYRFLUFXODQWHDPHQRVTXHR*UXSRWHQKDXPGLUHLWRLQFRQGLFLRQDOGHGLIHULUDOLTXLGDomRGR SDVVLYR SRU SHOR PHQRV  PHVHV DSyV DV GDWDVGRV EDODQoRV 3URYLVmR SDUD
SHUGDVWULEXWiULDVWUDEDOKLVWDVHFtYHLV$SURYLVmRSDUDSHUGDVUHODFLRQDGDVDSURFHVVRVMXGLFLDLV
HDGPLQLVWUDWLYRVWUDEDOKLVWDVWULEXWiULRVHFtYHLVVmRUHFRQKHFLGDVTXDQGR L R*UXSRWHPXPD
REULJDomRSUHVHQWHOHJDORXQmRIRUPDOL]DGDFRPRUHVXOWDGRGHHYHQWRVSDVVDGRV LL pSURYiYHOTXHXPDVDtGDGHUHFXUVRVVHMDQHFHVViULDSDUDOLTXLGDUDREULJDomRH LLL XPDHVWLPDWLYD
FRQILiYHOGRYDORUSRVVDVHUIHLWD$VSURYLV}HVVmRPHQVXUDGDVSHORYDORUSUHVHQWHGRVJDVWRV
TXHGHYHPVHUQHFHVViULRVSDUDOLTXLGDUDREULJDomRXVDQGRXPDWD[DDQWHVGRLPSRVWRDTXDO
UHIOHWHDVDYDOLDo}HVDWXDLVGRPHUFDGRGRYDORUWHPSRUDOGRGLQKHLURHGRVULVFRVHVSHFtILFRVGD
REULJDomR2DXPHQWRGDREULJDomRHPGHFRUUrQFLDGDSDVVDJHPGRWHPSRpUHFRQKHFLGRFRPR
GHVSHVDILQDQFHLUD,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDOFRUUHQWHVHGLIHULGRV2UHVXOWDGRWULEXWiULRGRH[HUFtFLRFRPSUHHQGHR,PSRVWRGH5HQGD3HVVRD-XUtGLFD,53-HD&RQWULEXLomR6RFLDOVREUHR/XFUR/tTXLGR&6//FRUUHQWHVHGLIHULGRV6REUHROXFURDQWHVGR,53-H
&6//UHFRQKHFLGRVQDGHPRQVWUDomRGRUHVXOWDGR2,53-H&6//VmRFDOFXODGRVFRPEDVHQD
DSOLFDomR GDV DOtTXRWDV GH  H  UHVSHFWLYDPHQWH DMXVWDGR DR OXFUR UHDO SHODV DGLo}HV H
H[FOXV}HVSUHYLVWDVQDOHJLVODomR2LPSRVWRGHUHQGDHDFRQWULEXLomRVRFLDOGLIHULGRVVmRFDOFXODGRVVREUHSUHMXt]RVILVFDLVEDVHQHJDWLYDGHFRQWULEXLomRVRFLDOHGHPDLVGLIHUHQoDVWHPSRUiULDVQRVVDOGRVGRVDWLYRVHSDVVLYRVSDUDILQVILVFDLVHQDVGHPRQVWUDo}HVILQDQFHLUDV2SDVVLYRGHLPSRVWRGHUHQGDHFRQWULEXLomRVRFLDOGLIHULGRVpLQWHJUDOPHQWHUHFRQKHFLGRHQTXDQWR
RDWLYRVREUHSDUFHODHPTXHVHMDSURYiYHOTXHOXFURVWULEXWiYHLVIXWXURVHVWHMDPGLVSRQtYHLV
SDUDTXHDVGLIHUHQoDVWHPSRUiULDVSRVVDPVHUUHDOL]DGDV$VDOtTXRWDVGHVVHVLPSRVWRVGHILQLGDVDWXDOPHQWHVmRGHSDUDLPSRVWRGHUHQGDHSDUDFRQWULEXLomRVRFLDO2LPSRVWRGH
UHQGDHDFRQWULEXLomRVRFLDOFRUUHQWHVHGLIHULGRVDWLYRVHSDVVLYRVVmRFRPSHQVDGRVTXDQGRKi
XPGLUHLWRH[HTXtYHOOHJDOGHFRPSHQVDURVDWLYRVILVFDLVFRUUHQWHVFRQWUDRVSDVVLYRVILVFDLV
FRUUHQWHV H TXDQGR R LPSRVWR GH UHQGD H D FRQWULEXLomR VRFLDO FRUUHQWHV H GLIHULGRV DWLYRV H
SDVVLYRVVHUHODFLRQDPFRPRLPSRVWRGHUHQGDHDFRQWULEXLomRVRFLDOLQFLGHQWHVSHODPHVPD
DXWRULGDGHWULEXWiYHOVREUHDHQWLGDGHWULEXWiYHOHPTXHKiLQWHQomRGHOLTXLGDURVVDOGRVHP
uma base líquida. As entidades de ensino superior controladas pela Companhia estão inseridas
QR3URJUDPD8QLYHUVLGDGHSDUD7RGRV3UR8QLTXHHVWDEHOHFHDWUDYpVGD/HLQžGH
GHMDQHLURGHLVHQomRGHGHWHUPLQDGRVLPSRVWRVIHGHUDLV 3,6&2),16,53-H&6// DV
instituições de ensino superior que concedam bolsas de estudo integrais e parciais a alunos de
baixa renda matriculados em cursos de graduação tradicional e graduação tecnológica. Conforme facultado pela legislação tributária, certas controladas, cujo faturamento anual do exercício
DQWHULRU WHQKD VLGR LQIHULRU D 5 RSWDUDP SHOR UHJLPH GH OXFUR SUHVXPLGR 3DUD HVVDV
6RFLHGDGHVDEDVHGHFiOFXORGRLPSRVWRGHUHQGDpFDOFXODGDjUD]mRGHHDGDFRQWULEXLomR
VRFLDOjUD]mRGHVREUHDVUHFHLWDVEUXWDV TXDQGRDUHFHLWDIRUSURYHQLHQWHGDSUHVWDomR
GHVHUYLoRVHGDVUHFHLWDVILQDQFHLUDV VREUHDVTXDLVVHDSOLFDPDVDOtTXRWDVUHJXODUHVGR
LPSRVWRGHUHQGDHGDFRQWULEXLomRVRFLDO/XFURSRUDomREiVLFRHGLOXtGR2OXFUREiVLFR
SRUDomRpFDOFXODGRPHGLDQWHDGLYLVmRGROXFURDWULEXtYHODRVDFLRQLVWDVGD&RPSDQKLDSHOD
quantidade média ponderada de ações ordinárias emitidas durante o exercício, excluindo as
Do}HVRUGLQiULDVFRPSUDGDVSHOD&RPSDQKLDHPDQWLGDVFRPRDo}HVHPWHVRXUDULD2OXFURGLOXído por ação é calculado ajustando-se à média ponderada da quantidade de ações ordinárias em
FLUFXODomRVXSRQGRDFRQYHUVmRGHWRGDVDVDo}HVRUGLQiULDVSRWHQFLDLVTXHSURYRFDULDPGLOXL-

ção. A Companhia tem apenas opções de compra de ações com potenciais efeitos diluidores.
%HQHItFLRVDHPSUHJDGRV3URJUDPDGHRSomRGHFRPSUDGHDo}HV2*UXSRRIHUHFHDRV
administradores e empregados considerados estratégicos um plano de remuneração, liquidado
HPDo}HV2YDORUMXVWRGDVRSo}HVFRQFHGLGDVpUHFRQKHFLGRFRPRGHVSHVDGXUDQWHRSHUtRGR
no qual o direito é adquirido, que representa o período durante o qual as condições específicas de
DTXLVLomRGHGLUHLWRVGHYHPVHUDWHQGLGDV$FRQWUDSDUWLGDpUHJLVWUDGDDFUpGLWRHPUHVHUYDVGH
capital - outorga de opções de ações no patrimônio líquido. Nas datas dos balanços, a Companhia
UHYLVDVXDVHVWLPDWLYDVGDTXDQWLGDGHGHRSo}HVFXMRVGLUHLWRVGHYHPVHUDGTXLULGRVFRPEDVH
QDVFRQGLo}HVHVWDEHOHFLGDV2LPSDFWRGDUHYLVmRGDVHVWLPDWLYDVLQLFLDLVVHKRXYHUpUHFRQKHFLGRQDGHPRQVWUDomRGRUHVXOWDGRSURVSHFWLYDPHQWH$UUHQGDPHQWRV2*UXSRDUUHQGD
FHUWRVEHQVGRLPRELOL]DGR2VDUUHQGDPHQWRVGRLPRELOL]DGRQRVTXDLVR*UXSRGHWpPVXEVtancialmente, todos os riscos e benefícios da propriedade, são classificados como arrendamentos
ILQDQFHLURV(VWHVVmRFDSLWDOL]DGRVQRLQtFLRGRDUUHQGDPHQWRSHORPHQRUYDORUHQWUHRYDORU
MXVWR GR EHP DUUHQGDGR H R YDORU SUHVHQWH GRV SDJDPHQWRV PtQLPRV GR DUUHQGDPHQWR &DGD
SDUFHODSDJDGRDUUHQGDPHQWRpDORFDGDSDUWHDRSDVVLYRHSDUWHDRVHQFDUJRVILQDQFHLURVSDUD
TXHGHVVDIRUPDVHMDREWLGDXPDWD[DGHMXURVHIHWLYDFRQVWDQWHVREUHRVDOGRGDGtYLGDHP
aberto. As obrigações correspondentes, líquidas dos encargos financeiros, são incluídas em emSUpVWLPRV 2V MXURV GDV GHVSHVDV ILQDQFHLUDV VmR UHFRQKHFLGRV QD GHPRQVWUDomR GR UHVXOWDGR
GXUDQWHRSHUtRGRGRDUUHQGDPHQWRSDUDSURGX]LUXPDWD[DSHULyGLFDFRQVWDQWHGHMXURVVREUHR
VDOGRUHPDQHVFHQWHGRSDVVLYRSDUDFDGDSHUtRGR2LPRELOL]DGRDGTXLULGRSRUPHLRGHDUUHQGDPHQWRVILQDQFHLURVpGHSUHFLDGRGXUDQWHDYLGD~WLOHFRQ{PLFDGRDWLYR2VSDJDPHQWRVHIHWXDGRVSDUDDUUHQGDPHQWRVRSHUDFLRQDLV OtTXLGRVGHTXDLVTXHULQFHQWLYRVUHFHELGRVGRDUUHQGDGRU 
são reconhecidos na demonstração do resultado pelo método linear, durante o período do arrenGDPHQWR2XWURVDWLYRVHSDVVLYRVFLUFXODQWHVHQmRFLUFXODQWHV'HPRQVWUDGRVSHORVYDORUHVGHUHDOL]DomR DWLYRV HSHORVYDORUHVFRQKHFLGRVRXFDOFXOiYHLVDFUHVFLGRVTXDQGRDSOLFiYHO GRV FRUUHVSRQGHQWHV HQFDUJRV H YDULDo}HVPRQHWiULDV LQFRUULGRV SDVVLYRV   &DSLWDO
VRFLDO $V Do}HV RUGLQiULDV GD &RPSDQKLD VmR FODVVLILFDGDV QR SDWULP{QLR OtTXLGR 2V FXVWRV
LQFUHPHQWDLVGLUHWDPHQWHDWULEXtYHLVjHPLVVmRGHQRYDVDo}HVRXRSomRVmRGHPRQVWUDGRVQR
SDWULP{QLROtTXLGRFRPRXPDGHGXomRGRYDORUFDSWDGROtTXLGDGHLPSRVWRV4XDQGRTXDOTXHU
controlada da Companhia compra ações do capital da própria Companhia (ações em tesouraria),
RYDORUSDJRLQFOXLQGRTXDLVTXHUFXVWRVDGLFLRQDLVGLUHWDPHQWHDWULEXtYHLV OtTXLGRVGRLPSRVWR
GHUHQGD pGHGX]LGRGRFDSLWDODWULEXtYHODRVDFLRQLVWDVGD&RPSDQKLDDWpTXHDVDo}HVVHMDP
FDQFHODGDVRXUHHPLWLGDV4XDQGRHVVDVDo}HVVmRVXEVHTXHQWHPHQWHUHHPLWLGDVTXDOTXHUYDORU
UHFHELGR OtTXLGR GH TXDLVTXHU FXVWRV DGLFLRQDLV GD WUDQVDomR GLUHWDPHQWH DWULEXtYHLV H GRV
UHVSHFWLYRVHIHLWRVGR,53-HGD&6//pLQFOXtGRQRFDSLWDODWULEXtYHODRVDFLRQLVWDVGD&RPSDQKLD 5HFRQKHFLPHQWRGHUHFHLWD$UHFHLWDFRPSUHHQGHRYDORUMXVWRGDFRQWUDSUHVWDomR
UHFHELGDRXDUHFHEHUSHODFRPHUFLDOL]DomRGHSURGXWRVHVHUYLoRVQRFXUVRQRUPDOGDVDWLYLGDGHVGR*UXSR$UHFHLWDpDSUHVHQWDGDOtTXLGDGHLPSRVWRVGHYROXo}HVDEDWLPHQWRVHGHVFRQWRV
HDMXVWHDYDORUSUHVHQWHEHPFRPRDSyVDHOLPLQDomRGDVYHQGDVHQWUHHPSUHVDVGR*UXSR2
DMXVWHDYDORUSUHVHQWHUHFRQKHFLGRHPFRQWUDSDUWLGDDR&RQWDVD5HFHEHUpDSUHVHQWDGRMXQWRj
UHFHLWDSRLVR*UXSRHQWHQGHTXHID]SDUWHGDRSHUDomRYLDELOL]DURILQDQFLDPHQWRGDVPHQVDOLGDGHVGRVDOXQRV2*UXSRUHFRQKHFHDUHFHLWDTXDQGR D RYDORUGDUHFHLWDSRGHVHUPHQVXUDGRFRPVHJXUDQoD E pSURYiYHOTXHEHQHItFLRVHFRQ{PLFRVIXWXURVIOXLUmRSDUDR*UXSRH
F FULWpULRVHVSHFtILFRVWLYHUHPVLGRDWHQGLGRVSDUDFDGDXPDGDVDWLYLGDGHVGR*UXSRFRQIRUPHGHVFULomRDVHJXLU2YDORUGDUHFHLWDQmRpFRQVLGHUDGRFRPRPHQVXUiYHOFRPVHJXUDQoDDWp
TXHWRGDVDVFRQGLo}HVUHODFLRQDGDVFRPDYHQGDWHQKDPVLGRDWHQGLGDV2*UXSREDVHLDVXDV
HVWLPDWLYDVHPUHVXOWDGRVKLVWyULFRVOHYDQGRHPFRQVLGHUDomRRWLSRGHFOLHQWHRWLSRGHWUDQVDomRHDVHVSHFLILFDo}HVGHFDGDYHQGDD 9HQGDGHSURGXWRV$UHFHLWDSHODYHQGDGHSURGXWRVp
UHFRQKHFLGD TXDQGR RV ULVFRV VLJQLILFDWLYRV H RV EHQHItFLRV GH SURSULHGDGH GRV SURGXWRV VmR
transferidos para o comprador. A Companhia adota como política de reconhecimento de receita,
SRUWDQWRDGDWDHPTXHRSURGXWRpHQWUHJXHDRFRPSUDGRU2VUHFHELPHQWRVDQWHFLSDGRVGH
YHQGDGHFROHo}HVGLGiWLFDVVmRUHJLVWUDGRVQDUXEULFD³$GLDQWDPHQWRVGHFOLHQWHV´HUHFRQKHFLdos na entrega do material. E 9HQGDGHVHUYLoRV$UHFHLWDGD&RPSDQKLDFRQVLVWHSULQFLSDOPHQWHQDSUHVWDomRGHVHUYLoRVGHFXUVRVGHHQVLQRVXSHULRU JUDGXDomR HpUHFRQKHFLGDWHQGR
FRPREDVHRVVHUYLoRVUHDOL]DGRVDWpDGDWDGHHQFHUUDPHQWRGREDODQoR$VPHQVDOLGDGHVGRV
FXUVRVHRVUHVSHFWLYRVGHVFRQWRVYDULDPGHDFRUGRFRPRFXUVRDXQLGDGHRXRWHUPRDFDGrPLco. São cobradas seis mensalidades, sendo a primeira considerada usualmente como matrícula.
2YtQFXORGRVDOXQRVDFRQWHFHVHPSUHHPSHUtRGRVVHPHVWUDLVHDUHQRYDomRSRUSDUWHGRDOXQR
acontece dependendo do atendimento das obrigações acadêmicas e contratuais (pagamentos), no
ILQDOGRVHPHVWUHOHWLYR$VVHJXLQWHVFRQGLo}HVVmRREVHUYDGDVTXDQGRGRUHFRQKHFLPHQWRGD
UHFHLWDGRVFRQWUDWRVGRVDOXQRVFRQIRUPHDIRUPDGHSDJDPHQWRGRVHUYLoRDH[LVWrQFLDGHXP
FRQWUDWRYiOLGRHDVVLQDGRRYDORUGRVVHUYLoRVpIDFLOPHQWHLGHQWLILFiYHOHpSURYiYHOTXHD
HQWLGDGHUHFHEHUiDFRQWUDSUHVWDomRGRVVHUYLoRVSUHVWDGRV3RUWDQWRGHYLGRDRIDWRGHTXHRV
alunos que possuem contratos financiados no âmbito do FIES (Programa de Financiamento EsWXGDQWLO QHFHVVLWDPUHDOL]DUDYDOLGDomRHDGLWDPHQWRGRFRQWUDWRMXQWRDR)1'( )XQGR1DFLRQDOGH'HVHQYROYLPHQWRGH(GXFDomR D&RPSDQKLDGHIRUPDFRQVHUYDGRUDUHDOL]DSURFHGLPHQWRV DGLFLRQDLV GH YDOLGDomR H FRQIHUrQFLD LQFOXVLYH PDV QmR VH OLPLWDQGR DR
acompanhamento do status do processo de aditamento dos contratos dos alunos no SisFies (SisWHPD,QIRUPDWL]DGRGR),(6 FRPDILQDOLGDGHGHJDUDQWLUTXHRFRUUHUiRUHFHELPHQWRGDVSDUcelas de forma normal e recorrente, lembrando ainda, que o aluno já assinou um contrato de
SUHVWDomRGHVHUYLoRVHGXFDFLRQDLVDQWHULRUPHQWHFRPD,QVWLWXLomRHHPFDVRGHLQDGLPSOrQFLD
esta poderá efetuar a cobrança diretamente ao aluno. Para as mensalidades dos cursos de educação à distância – EAD, é repassado ao polo parceiro que ministra as aulas tele presenciais um
SHUFHQWXDOHQWUHHTXHYDULDGHDFRUGRFRPRWDPDQKRGDVWXUPDVRSHUDGDVHSRVVXL
UHJUDVHVSHFtILFDVTXHSRGHPYDULDUSDUDFDGDSROR2DFRUGRFRQWUDWXDOHQWUHDVFRQWURODGDVHR
polo é uma operação em conjunto e estabelece os direitos das partes integrantes sobre as respecWLYDVUHFHLWDVHDVREULJDo}HVSHODVUHVSHFWLYDVGHVSHVDVGHVVDIRUPDDUHFHLWDpUHFRQKHFLGD
apenas sobre a parte da receita referente às controladas. No momento do recebimento da mensaOLGDGHGRDOXQRpFULDGRXPFRQWDVDSDJDUSDUDRVSRORVSDUFHLURV2SRORpXPDXQLGDGHRSHracional local que pode ser tanto própria quanto de terceiros (parceiros) e tem a responsabilidade
GHRIHUHFHUDHVWUXWXUDDRDOXQRHPUHFXUVRVDXGLRYLVXDLVELEOLRWHFDHLQIRUPiWLFDGHPRGRTXH
suportem a prática do ensino à distância. Receitas financeiras As receitas são reconhecidas
FRQIRUPHRSUD]RGHFRUULGRXVDQGRRPpWRGRGDWD[DHIHWLYDGHMXURV4XDQGRXPDSHUGDp
LGHQWLILFDGDHPUHODomRDXPDFRQWDDUHFHEHUD&RPSDQKLDUHGX]RYDORUFRQWiELOSDUDVHXYDORU
UHFXSHUiYHOTXHFRUUHVSRQGHDRIOX[RGHFDL[DIXWXURHVWLPDGRGHVFRQWDGRjWD[DHIHWLYDGH
juros original do instrumento. Subsequentemente, à medida que o tempo passa, os juros são incorporados às contas a receber, em contrapartida à receita financeira, sendo esta calculada pela
PHVPDWD[DHIHWLYDGHMXURVXWLOL]DGDSDUDDSXUDURYDORUUHFXSHUiYHORXVHMDDWD[DRULJLQDOGDV
FRQWDVDUHFHEHU'LVWULEXLomRGHGLYLGHQGRV$GLVWULEXLomRGHGLYLGHQGRVSDUDRVDFLRQLVWDVGD&RPSDQKLDpUHFRQKHFLGDFRPRXPSDVVLYRHPVXDVGHPRQVWUDo}HVILQDQFHLUDVQDVGDWDV
GRVEDODQoRVFRPEDVHQRVHXHVWDWXWRVRFLDO4XDOTXHUYDORUDFLPDGRPtQLPRREULJDWyULRVRPHQWHpSURYLVLRQDGRQDGDWDHPTXHpDSURYDGRSHOR$*(1RYDVQRUPDVDOWHUDo}HVH
LQWHUSUHWDo}HVGHQRUPDV$VVHJXLQWHVQRUPDVIRUDPHPLWLGDVSHOR,$6%PDVQmRHVWmRHP
YLJRUSDUDRH[HUFtFLRGH$DGRomRDQWHFLSDGDGHQRUPDVHPERUDHQFRUDMDGDSHOR,$6%
não é permitida no Brasil, pelo Comitê de Pronunciamentos Contábeis (CPC). (i) IFRS 15 - ReFHLWDGH&RQWUDWRVFRP&OLHQWHV(VVDQRYDQRUPDWUD]RVSULQFtSLRVTXHXPDHQWLGDGHDSOLFDUi
para determinar a mensuração da receita e quando ela é reconhecida. Essa norma baseia-se no
SULQFtSLRGHTXHDUHFHLWDpUHFRQKHFLGDTXDQGRRFRQWUROHGHXPEHPRXVHUYLoRpWUDQVIHULGRD
um cliente, assim, o princípio de controle substituirá o princípio de riscos e benefícios. Ela entra
HPYLJRUHPžGHMDQHLURGHHVXEVWLWXLD,$6&3&³&RQWUDWRVGH&RQVWUXomR´,$6
&3&³5HFHLWDV´HFRUUHVSRQGHQWHVLQWHUSUHWDo}HV LL ,)56,QVWUXPHQWRV)LQDQFHLURV$ERUGDDFODVVLILFDomRDPHQVXUDomRHRUHFRQKHFLPHQWRGHDWLYRVHSDVVLYRVILQDQFHLURV
$YHUVmRFRPSOHWDGR,)56IRLSXEOLFDGDHPMXOKRGHFRPYLJrQFLDSDUDžGHMDQHLUR
GHHVXEVWLWXLDRULHQWDomRQR,$6&3&TXHGL]UHVSHLWRjFODVVLILFDomRHjPHQVXUDomRGHLQVWUXPHQWRVILQDQFHLURV$VSULQFLSDLVDOWHUDo}HVTXHR,)56WUD]VmR L QRYRVFULWpULRVGHFODVVLILFDomRGHDWLYRVILQDQFHLURV LL QRYRPRGHORGHLPSDLUPHQWSDUDDWLYRVILQDQFHLros, híbrido de perdas esperadas e incorridas, em substituição ao modelo atual de perdas
LQFRUULGDVH LLL IOH[LELOL]DomRGDVH[LJrQFLDVSDUDDGRomRGDFRQWDELOLGDGHGHKHGJH$$GPLQLVWUDomRGD&RPSDQKLDDYDOLRXRVLPSDFWRVHGDDGRomRGRV,)56HHHQWHQGHTXHDVPXGDQoDVWUD]LGDVSHODVQRUPDVQmRWHUmRLPSDFWRVUHOHYDQWHVQDVGHPRQVWUDo}HVILQDQFHLUDV LLL 
,)562SHUDo}HVGH$UUHQGDPHQWR0HUFDQWLO&RPHVVDQRYDQRUPDRVDUUHQGDWiULRVSDVVDPDWHUTXHUHFRQKHFHURSDVVLYRGRVSDJDPHQWRVIXWXURVHRGLUHLWRGHXVRGRDWLYRDUUHQGDGR
para praticamente todos os contratos de arrendamento mercantil, incluindo os operacionais, poGHQGRILFDUIRUDGRHVFRSRGHVVDQRYDQRUPDGHWHUPLQDGRVFRQWUDWRVGHFXUWRSUD]RRXGHSHTXHQRV PRQWDQWHV 2V FULWpULRV GH UHFRQKHFLPHQWR H PHQVXUDomR GRV DUUHQGDPHQWRV QDV GHPRQVWUDo}HVILQDQFHLUDVGRVDUUHQGDGRUHVILFDPVXEVWDQFLDOPHQWHPDQWLGRV2,)56HQWUD
HPYLJRUSDUDH[HUFtFLRVLQLFLDGRVHPRXDSyVRGHMDQHLURGHHVXEVWLWXLD,$6&3&
³2SHUDo}HVGH$UUHQGDPHQWR0HUFDQWLO´HFRUUHVSRQGHQWHVLQWHUSUHWDo}HV2SURQXQFLDPHQWRDIHWDUiSULQFLSDOPHQWHDFRQWDELOL]DomRGRVDUUHQGDPHQWRVRSHUDFLRQDLVGD&RPSDQKLD
2VEHQVDUUHQGDGRVPDLVVLJQLILFDWLYRVVmRRVDOXJXHLVGHLPyYHLVGHXQLGDGHV$DGPLQLVWUDomR
HVWiDYDOLDQGRHYHQWXDLVLPSDFWRVGDDGRomRGR,)561mRKiRXWUDVQRUPDV,)56RXLQWHUSUHWDo}HV,)5,&TXHDLQGDQmRHQWUDUDPHPYLJRUTXHSRGHULDPWHULPSDFWRVLJQLILFDWLYRVREUH
as demonstrações financeiras do Grupo.
3. Estimativas e Julgamentos Contábeis Críticos: Na preparação das demonstrações financeiUDVR*UXSRDGRWRXYDULiYHLVHSUHPLVVDVGHULYDGDVGHH[SHULrQFLDKLVWyULFDHRXWURVIDWRUHVTXH
HQWHQGHFRPRUD]RiYHLVHUHOHYDQWHV$LQGDTXHHVVDVHVWLPDWLYDVHSUHPLVVDVVHMDPUHYLVDGDV
pelo Grupo no curso ordinário dos negócios, a demonstração da sua condição financeira e dos
resultados das operações frequentemente requer o uso de julgamentos quanto aos efeitos de
TXHVW}HVLQHUHQWHPHQWHLQFHUWDVVREUHRYDORUFRQWiELOGHVHXVDWLYRVHSDVVLYRV2VUHVXOWDGRV
UHDLVSRGHPVHUGLVWLQWRVGRVHVWLPDGRVVREYDULiYHLVSUHPLVVDVRXFRQGLo}HVGLIHUHQWHV$ILP
GHSURSRUFLRQDUXPHQWHQGLPHQWRGHFRPRD&RPSDQKLDIRUPDVHXVMXOJDPHQWRVVREUHHYHQWRV
IXWXURVLQFOXVLYHDVYDULiYHLVHSUHPLVVDVXWLOL]DGDVQDVHVWLPDWLYDVDVHJXLUHVWmRDSUHVHQWDGRV
FRPHQWiULRVUHIHUHQWHVjVSULQFLSDLVHVWLPDWLYDVGHVHQYROYLGDVSHOD$GPLQLVWUDomRD $YDOLDomR
da existência de perda (“impairment”) nos ágios$QXDOPHQWHR*UXSRWHVWDHYHQWXDLVSHUGDV
(impairment  QR iJLR GH DFRUGR FRP D SROtWLFD FRQWiELO DSUHVHQWDGD QD 1RWD  2V YDORUHV UHFXSHUiYHLV GH 8QLGDGHV *HUDGRUDV GH &DL[D 8*&V  IRUDP GHWHUPLQDGRV FRP EDVH HP
FiOFXORV GR YDORU HP XVR HIHWXDGRV FRP EDVH HP HVWLPDWLYDV 1RWD   &RPR PHQFLRQDGR
na Nota 2.15, a Companhia e seus administradores decidiram alterar a definição das UGCs,
DQWHULRUPHQWHGHILQLGDVFRPEDVHQDVHQWLGDGHVOHJDLVSDUDXPDYLVmRPDLVDOLQKDGDFRPDV
PRGDOLGDGHVRSHUDFLRQDLVDQDOLVDGDVGRSRQWRGHYLVWDJHUHQFLDOHGHPHUFDGRb) Imposto de
renda e contribuição social diferidos2PpWRGRGRSDVVLYR FRQIRUPHRFRQFHLWRGHVFULWRQD,$6
³/LDELOLW\0HWKRG´ GHFRQWDELOL]DomRGRLPSRVWRGHUHQGDHFRQWULEXLomRVRFLDOpXVDGR
SRUGLIHUHQoDVWHPSRUiULDVHQWUHRYDORUFRQWiELOGRVDWLYRVHSDVVLYRVHRVUHVSHFWLYRVYDORUHV
ILVFDLV2PRQWDQWHGRLPSRVWRGHUHQGDHFRQWULEXLomRVRFLDOGLIHULGRDWLYRpUHYLVDGRQDGDWDGH
FDGDEDODQoRHUHGX]LGRDRPRQWDQWHTXHQmRVHMDPDLVUHDOL]iYHOSRUPHLRGHOXFURVWULEXWiYHLV
IXWXURV$WLYRVHSDVVLYRVILVFDLVGLIHULGRVVmRFDOFXODGRVXVDQGRDVDOtTXRWDVILVFDLVDSOLFiYHLV
DROXFURWULEXWiYHOQRVDQRVHPTXHHVVDVGLIHUHQoDVWHPSRUiULDVGHYHUmRVHUUHDOL]DGDV2OXFUR
WULEXWiYHOIXWXURSRGHVHUPDLRURXPHQRUTXHDVHVWLPDWLYDVFRQVLGHUDGDVSDUDGHWHUPLQDomR
GRVDWLYRVILVFDLVGLIHULGRV 1RWD F 3URYLVmRSDUDSHUGDVWULEXWiULDVWUDEDOKLVWDVHFtYHLV
|7