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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of event requiring this shell company report

For the transition period from to .

Commission file number: 001-38992

AFYA LIMITED
(Exact name of Registrant as specified in its charter)

N/A
(Translation of Registrant’s name into English)

The Cayman Islands
(Jurisdiction of incorporation or organization)

Alameda Oscar Niemeyer, No. 119, Room 504
Vila da Serra, Nova Lima Minas Gerais – MG, Brazil
(Address of principal executive offices)

Virgilio Deloy Capobianco Gibbon
Chief Executive Officer
Tel.: +55 (31) 3515-7550 Email: ir@afya.com.br
Alameda Oscar Niemeyer, No. 119, Room 504
Vila da Serra, Nova Lima, Minas Gerais
Brazil
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common shares, par value US$0.00005 per share AFYA Nasdaq Global Select Market

 

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

 
 

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

The number of outstanding shares as of December 31, 2021 was 46,265,141 Class A common shares and 45,802,763 Class B common shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer Accelerated Filer

Non-accelerated Filer Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

International Financial Reporting Standards as issued by the International Accounting Standards Board

Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

 

 

 

table of contents

 

Page

PART I  INTRODUCTION 1
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5
ITEM 3. KEY INFORMATION 5
A.   Selected Financial Data 5
B.   Capitalization and Indebtedness 13
C.   Reasons for the Offer and Use of Proceeds 13
D.   Risk Factors 14
Summary of Risk Factors 14
ITEM 4. INFORMATION ON THE COMPANY 48
A.   History and Development of the Company 48
B.   Business Overview 52
C.   Organizational Structure 100
D.   Property, Plant and Equipment 100
ITEM 4A. UNRESOLVED STAFF COMMENTS 101
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 101
A.   Operating Results 101
B.   Liquidity and Capital Resources 111
C.   Research and Development, Patents and Licenses 113
D.   Trend Information 113
E.   Critical Accounting Estimates 114
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 114
A.   Directors and Senior Management 114
B.   Compensation 119
C.   Board Practices 120
D.   Employees 122
E.   Share Ownership 122
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 123
A.   Major Shareholders 123
B.   Related Party Transactions 125
C.   Interests of Experts and Counsel 127
ITEM 8. FINANCIAL INFORMATION 128
A.   Consolidated Statements and Other Financial Information 128
B.   Significant Changes 132
ITEM 9. THE OFFER AND LISTING 133
i 
 
A.   Offer and Listing Details 133
B.   Plan of Distribution 133
C.   Markets 133
D.   Selling Shareholders 133
E.   Dilution 133
F.   Expenses of the Issue 133
ITEM 10. ADDITIONAL INFORMATION 133
A.   Share Capital 133
B.   Memorandum and Articles of Association 133
C.   Material Contracts 150
D.   Exchange Controls 150
E.   Taxation 151
F.   Dividends and Paying Agents 154
G.   Statement by Experts 154
H.   Documents on Display 154
I.   Subsidiary Information 154
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 155
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 155
A.   Debt Securities 155
B.   Warrants and Rights 155
C.   Other Securities 156
D.   American Depositary Shares 156
PART II 157
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 157
A.   Defaults 157
B.   Arrears and delinquencies 157
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 157
A.   Material modifications to instruments 157
B.   Material modifications to rights 157
C.   Withdrawal or substitution of assets 157
D.   Change in trustees or paying agents 157
E.   Use of proceeds 157
ITEM 15. CONTROLS AND PROCEDURES 157
A.   Disclosure Controls and Procedures 157
B.   Management’s Annual Report on Internal Control Over Financial Reporting 158
C.   Attestation Report of the Registered Public Accounting Firm 159
D.   Changes in Internal Control Over Financial Reporting 159
ii 
 
ITEM 16. RESERVED 159
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 159
ITEM 16B. CODE OF ETHICS 159
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 159
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 160
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 160
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT 161
ITEM 16G. CORPORATE GOVERNANCE 161
ITEM 16H. MINE SAFETY DISCLOSURE 161
ITEM 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 162
PART III 163
ITEM 17. FINANCIAL STATEMENTS 163
ITEM 18. FINANCIAL STATEMENTS 163
ITEM 19. EXHIBITS 163
Index to Financial Statements F-1

 

iii 

PART I

INTRODUCTION

Certain Definitions

Unless otherwise indicated or the context otherwise requires, all references in this annual report to “Afya” or the “Company,” “we,” “our,” “ours,” “us” or similar terms refer to Afya Limited, together with its subsidiaries; all references in this annual report to “Afya Brazil” refer to Afya Participações S.A. (formerly NRE Participações S.A.); all references in this annual report to “BR Health” refer to BR Health Participações S.A.; all references in this annual report to “Medcel” refer to Guardaya Empreendimentos e Participações S.A., or Guardaya, and its subsidiaries Medcel Editora e Eventos S.A., or Medcel Editora, and CBB Web Serviços e Transmissões On Line S.A., or CBB Web; and all references in this annual report to “IPTAN” refer to IPTAN—Instituto de Ensino Superior Presidente Tancredo de Almeida Neves S.A., “IESVAP” refer to Instituto de Educação Superior do Vale do Parnaíba S.A., “CCSI” refer to Centro de Ciências em Saúde de Itajubá S.A., “IESP” refer to Instituto de Ensino Superior do Piauí S.A., “FADEP” refer to FADEP—Faculdade Educacional de Pato Branco Ltda., “FASA” refer to Instituto Educacional Santo Agostinho S.A., “IPEMED” refer to Instituto de Pesquisa e Ensino Médico do Estado de Minas Gerais Ltda., “IPEC” refer to Instituto Paraense de Educação e Cultura Ltda,, “UniRedentor” refer to Sociedade Universitária Redentor S.A., “UniSL” refer to Centro Universitário São Lucas Ltda., “PEBMED” refer to PEBMED Instituição de Pesquisa Médica e Serviços Tecnológicos da Área da Saúde S.A., “FESAR” refer to Faculdade de Ensino Superior da Amazônia Reunida, “MedPhone” refer to MedPhone Tecnologia em Saúde Ltda., “FCMPB” Centro Superior de Ciências da Saúde S/S Ltda., “UNIFIPMoc” refer to Sociedade Padrão de Educação Superior Ltda., “iClinic” refer to iClinic Participações S.A., iClinic Desenvolvimento de Software Ltda. and Black River Brazil Participações S.A., “Medicinae” refer to Medicinae Solutions S.A., “Medical Harbour” refer to Medical Harbour Aparelhos Médico-Hospitalares e Serviços em Tecnologia Ltda., and “Cliquefarma” refer to Cliquefarma Drogarias Online Ltda, “Shosp” refer to Shosp Tecnologia da Informacao Ltda, “Unigranrio” refer to Companhia Nilza Cordeiro Herdy de Eduação e Cultura, Instituto de Ensino Superior de Palhoça S/S Ltda., Sociedade Educacional de Palhoça S/S Ltda., and Policlínica e Centro de Estética Duque de Caxias Ltda., collectively, “RX PRO” refer to RX PRO Soluções de Tecnologia Ltda. and RX PRO LOG Transporte e Logistica Ltda., collectively, “Garanhuns” refer to Faculdade Itpac Garanhuns - Instituto Tocantinense Presidente Antonio Carlos Ltda,“Além da Medicina” refer to BMV Atividades Médicas Ltda, “Cardiopapers” refer to Cardiopapers Soluções Digitais Ltda.

The term “Brazil” refers to the Federative Republic of Brazil and the phrase “Brazilian government” refers to the federal government of Brazil. “Central Bank” refers to the Brazilian Central Bank (Banco Central do Brasil). References in the annual report to “real,” “reais” or “R$” refer to the Brazilian real, the official currency of Brazil and references to “U.S. dollar,” “U.S. dollars” or “US$” refer to U.S. dollars, the official currency of the United States.

Financial Information

Afya is a Cayman Islands exempted company with limited liability duly registered with the Cayman Islands Registrar of Companies and incorporated on March 22, 2019. Afya became the holding company of Afya Brazil, formerly denominated NRE Participações S.A., through the completion of the corporate reorganization described in note 1 to our audited consolidated financial statements (as defined below) and in Item 4. Information on the Company—A. History and Development of the Company—Our Pre-IPO Corporate Reorganization.

Until the contribution of Afya Brazil’s shares to us, we had not commenced operations and had only nominal assets and liabilities and no material contingent liabilities or commitments. Subsequent to the completion of the corporate reorganization, we began to consolidate financial information in order to reflect the operations of Afya Brazil.

As a result, the audited consolidated financial statements prepared by Afya subsequent to the completion of the reorganization are presented “as if” Afya Brazil is the predecessor of Afya. Accordingly, our audited consolidated financial statements included elsewhere in this annual report on Form 20-F reflect: (i) the historical operating results of Afya Brazil prior to such reorganization; (ii) the consolidated results of Afya and Afya Brazil following the reorganization; and (iii) the assets and liabilities of Afya Brazil at their historical cost.

1

The consolidated financial information of Afya and Afya Brazil contained in this annual report is derived from our audited consolidated financial statements as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019, together with the notes thereto. The consolidated financial information of Afya and Afya Brazil contained in this annual report as of December 31, 2019 and 2018 and for the year ended December 31, 2018 are derived from our annual report on Form 20-F for the fiscal year ended December 31, 2020, filed with the SEC on April 30, 2021. All references herein to “our financial statements,” “our audited consolidated financial information,” and “our audited consolidated financial statements” are to Afya’s consolidated financial statements included elsewhere in this annual report.

Afya is a holding company, and as such, the primary source of revenue derives from its interest in its operational companies in Brazil. As a result, Afya’s functional currency as well as of its subsidiaries is the Brazilian real. We prepare our annual consolidated financial statements in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB.

Summary consolidated historical financial data have been derived from our audited consolidated financial statements, included elsewhere in this annual report. The financial results of IPTAN, IESVAP, CCSI, IESP, FADEP, Medcel, FASA, IPEMED, IPEC, UniRedentor, UniSL, PEBMED, FESAR, MedPhone, FCMPB, iClinic, Medicinae, Medical Harbour, Cliquefarma, Shosp, UNIFIPMoc, Unigranrio, RX PRO and Garanhuns (and together with IPTAN, IESVAP, CCSI, IESP, FADEP, Medcel, FASA, IPEMED, IPEC, UniRedentor, UniSL, PEBMED, FESAR, MedPhone, FCMPB, iClinic, Medicinae, Medical Harbour, Cliquefarma, Shosp, UNIFIPMoc, Unigranrio, RX PRO and Garanhuns, the “Acquired Companies”) are included in our historical results for the periods following the closing of each such transaction, meaning April 26, 2018, April 26, 2018, May 30, 2018, November 27, 2018, December 5, 2018, March 29, 2019, April 3, 2019, May 9, 2019, August 13, 2019, January 31, 2020, May 5, 2020, July 20, 2020, November 3, 2020, November 4, 2020, November 9, 2020, January 21, 2021, March 25, 2021, April 8, 2021, April 16, 2021, May 13, 2021, June 1, 2021, August 4, 2021, October 1, 2021 and November 5, 2021, respectively. Except as otherwise indicated, the financial results of Além da Medicina and Cardiopapers are not reflected in the summary consolidated historical financial data included elsewhere in this annual report as the consummation of the acquisition of such entity occurred after the fiscal year ended December 31, 2021.

Our fiscal year ends on December 31 of each year, so all references to a particular fiscal year are to the applicable year ended December 31.

Historical undergraduate programs combined tuition fees

The term “historical undergraduate programs combined tuition fees” refers to the sum equal to the total tuition fees charged to undergraduate students, as recorded in the historical operating information of Afya Brazil and the Acquired Companies, since the consummation of their respective acquisition.

The historical undergraduate programs combined tuition fees information included elsewhere in this annual report (i) was derived from historical operating information for Afya Brazil and for each of the Acquired Companies since the consummation of their respective acquisition; (ii) is akin to gross tuition fees charged to undergraduate students; (iii) differs from the tuition fees set forth in our audited consolidated financial statements, which are presented as the sum of (a) gross tuition fees charged to undergraduate students, (b) gross tuition fees charged to graduate students and (c) scholarships; and (iv) does not represent net revenue as disclosed in our audited consolidated financial statements included elsewhere in this annual report. For the years ended December 31, 2021, 2020 and 2019, historical undergraduate programs combined tuition fees charged to undergraduate students by us were R$1,990 million, R$1,236.5 million and R$794.3 million, respectively. Historical undergraduate programs combined tuition fees does not include tuition fees we charge graduate students.

Our consolidated operating history and recent acquisitions may make it difficult for investors to evaluate our business, financial condition, results of operations and prospects. We experienced rapid and significant expansion in the years ended December 31, 2021, 2020 and 2019 due to the effects of the acquisition of the Acquired Companies.

Because the historical and operational information included elsewhere in this annual report may not be representative of our results and operations as a consolidated company, investors may have limited financial and operational information on which to evaluate us and their investment decision. See “Item 3. Key Information—D. Risk Factors—Certain Risks Relating to Our Business and Industry—Our operating history as a consolidated

2

company, our recent acquisitions and the comparability of our results may make it difficult for investors to evaluate our business, financial condition, results of operations and prospects.”

The past performance of Afya Brazil and the Acquired Companies, as reflected in the historical undergraduate programs combined tuition fees information included elsewhere in this annual report, may not be indicative of our future performance or any future anticipated synergies, future operating efficiencies or cost savings that may result from these acquisitions.

Convenience Translation

The reporting currency for our audited consolidated financial statements is the Brazilian real and, solely for the convenience of the reader, we have provided convenience translations into U.S. dollars using the selling exchange rates published by the Central Bank on its website. Unless otherwise indicated, convenience translations from reais into U.S. dollars in this annual report use the Central Bank offer exchange rate published on December 31, 2021, which was R$5.580 per US$1.00. No representation is made that the Brazilian reais amounts referred to could have been, or could be, converted into U.S. dollars at any particular rate. See “Item 3. Key Information—A. Selected Financial Data—Exchange Rates” for information regarding historical exchange rates of reais to U.S. dollars.

Market Data

This annual report contains data related to economic conditions in the market in which we operate. The information contained in this annual report concerning economic conditions is based on publicly available information from third-party sources that we believe to be reasonable. Market data and certain industry forecast data used in this annual report were obtained from internal reports and studies, where appropriate, as well as estimates, market research, publicly available information (including information available from the United States Securities and Exchange Commission website) and industry publications. We obtained the information included in this annual report relating to the industry in which we operate, as well as the estimates concerning market shares, through internal research, a report by a third-party consulting firm commissioned by us, public information and publications on the industry prepared by official public sources, such as the Central Bank, the Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e Estatística), or the IBGE, the Organisation for Economic Co-operation and Development, or OECD, the Brazilian Ministry of Education (Ministério da Educação), or MEC, the Anísio Teixeira National Institute of Educational Studies and Research (Instituto Nacional de Estudos e Pesquisas Educacionais Anísio Teixeira), or the INEP, the Institute of Applied Economic Research (Instituto de Pesquisa Econômica Aplicada), or the IPEA as well as private sources, such as Bloomberg, consulting and research companies in the Brazilian and international education industry, the Brazilian Economic Institute of Fundação Getulio Vargas (Instituto Brasileiro de Economia da Fundação Getulio Vargas), or FGV/IBRE, the Association of American Medical Colleges, or AAMC among others.

Industry publications, governmental publications and other market sources, including those referred to above, generally state that the information they include has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. While we are not aware of any misstatements regarding the market and industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed in the section entitled “Item 3. Key Information—D. Risk Factors.” Except as disclosed in this annual report, none of the publications, reports or other published industry sources referred to in this annual report were commissioned by us or prepared at our request. Except as disclosed in this annual report, we have not sought or obtained the consent of any of these sources to include such market data in this annual report.

Rounding

We have made rounding adjustments to some of the figures included in this annual report. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Forward-Looking Statements

This annual report on Form 20-F contains information that constitute forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act, that are not based on historical facts and are not assurances of future results. The forward-looking

3

statements contained in this annual report, which address our expected business and financial performance, among other matters, contain words such as “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “potential” and similar expressions. We have made forward-looking statements that address, among other things, our current expectations, plans, forecasts, projections and strategies about future events and financial trends that affect, or may affect, our business, industry, market share, reputation, financial condition, results of operations, margins, cash flow and/or the market price of our common shares, all of which are subject to known and unknown risks and uncertainties. Our actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section entitled “Item 3. Key Information—D. Risk Factors” in this annual report. These risks and uncertainties include factors relating to:

·health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic and measures taken in response;
·our ability to provide online classes to our students and keep them engaged with online classes during the COVID-19 pandemic, and our ability to resume on-campus practical classes for our medical students during the COVID-19 pandemic;
·the passing of any municipal, state or federal laws or regulations and the outcome of legal proceedings requiring the mandatory discount of tuition fees during the COVID-19 pandemic;
·our ability to implement our business strategy;
·changes in government regulations and legislation applicable to the education industry in Brazil, both in the traditional and distance learning segments, including tax regulations and/or legislation;
·government interventions, including changes in, or termination of, education industry programs such as the Higher Education Student Financing Fund (Fundo de Financiamento ao Estudante do Ensino Superior), or FIES, and/or the University for All Program (Programa Universidade para Todos), or PROUNI, both in the traditional and distance learning segments, that affect the economic or tax regime, the collection of tuition fees or the regulatory framework applicable to educational institutions;
·changes in the financial condition of the students enrolling in our institutions in general and in the competitive conditions in the education industry, both in the traditional and distance learning segments, or changes in the financial condition of our institutions;
·our ability to adapt to technological changes in the educational sector, including in relation to distance learning programs;
·the availability of government authorizations on terms and conditions and within periods acceptable to us;
·our ability to continue attracting and retaining new students;
·our ability to maintain the academic quality of our programs;
·our ability to compete and conduct our business in the future;
·the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors;
·changes in consumer demands and preferences and technological advances, and our ability to innovate to respond to such changes;
·the availability of qualified personnel and the ability to retain such personnel;
·our capitalization and level of indebtedness;
·the interests of our controlling shareholders;
4
·a decline in the number of students enrolled in our programs or the amount of tuition we can charge;
·changes in labor, distribution and other operating costs;
·our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us;
·general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business;
·fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future;
·other factors that may affect our financial condition, liquidity and results of operations;
·the effectiveness of our risk management policies and procedures, including our internal control over financial reporting; and
·the other factors discussed under the section “Risk Factors” in this annual report on Form 20-F.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements. The accompanying information contained in this annual report on Form 20-F, including without limitation the information set forth under the heading “Item 5. Operating and Financial Review and Prospects,” identifies important factors that could cause such differences. In light of the risks, uncertainties and assumptions associated with forward-looking statements, you should not place undue reliance on any forward-looking statements. Additional risks that we may currently deem immaterial or that are not presently known to us could also cause the forward-looking events discussed in this annual report on Form 20-F not to occur.

Our forward-looking statements speak only as of the date of this annual report on Form 20-F, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3. KEY INFORMATION

A.       Selected Financial Data

The following table sets forth selected consolidated historical financial data of Afya as of and for the years ended December 31, 2021, 2020 and 2019 and of Afya Brazil as of and for the years ended December 31, 2018. The selected consolidated historical financial data as of December 31, 2021, 2020 and 2019 and for the years ended December 31, 2021, 2020 and 2019 has been derived from our audited consolidated financial statements, included elsewhere in this annual report. The financial results of the Acquired Companies are included in our historical results for the periods following the closing of each such transaction, respectively. See “Part I—Introduction—Financial Information.”

The selected audited consolidated historical financial data should be read in conjunction with “Part I—Introduction—Financial Information,” “Item 5. Operating and Financial Review and Prospects” and our audited consolidated financial statements, including the respective notes thereto, included elsewhere in this annual report.

5

The selected audited consolidated historical financial data presented in this annual report may not be indicative of future performance.

 

Historical Afya

Historical Afya Brazil

 

For the Year Ended December 31,

 

2021

2021

2020

2019

2018

  (in US$ million(1)) (in R$ millions)
Income Statement Data          
Net revenue 308.1 1,719.4 1,201.2 750.6 333.9
Cost of services

(116.9)

(652.3)

(434.7)

(308.9)

(168.1)

Gross profit

191.2

1,067.1

766.5

441.8

165.9

General and administrative expenses (111.6) (622.6) (402.9) (239.1) (70.0)
Other (expenses) income, net

(0.6)

(3.6)

(0.3)

2.6

0.6

Operating income

79.0

440.9

363.3

205.3

96.4

Finance income 11.6 64.6 62.3 51.7 10.4
Finance expenses

(43.7)

(243.8)

(98.3)

(72.4)

(8.2)

Finance result (32.1) (179.2) (36.0) (20.7) 2.3
Share of income of associate

2.1

11.8

7.7

2.4

Income before income taxes

49.0

273.5

335.1

186.9

98.7

Income taxes expense

(5.6)

(31.2)

(27.1)

(14.2)

(4.0)

Net income

43.4

242.3

308.0

172.8

94.7

Net income attributable to:          
Equity holders of the parent 40.0 223.3 292.1 153.9 86.3
Non-controlling interests 3.4 19.0 15.9 18.8 8.4
           
Earnings per share

US$

R$

R$

R$

R$

Basic earnings per share          
Common shares 0.43 2.39 3.15 2.03 1.84
Diluted earnings per share          
Common shares 0.42 2.37 3.12 2.02 1.81
 
(1)For convenience purposes only, amounts in reais for the year ended December 31, 2021 have been translated to U.S. dollars using an exchange rate of R$5.580 to US$1.00, the commercial selling rate for U.S. dollars as of December 31, 2021, as reported by the Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See “Item 3. Key Information—Selected Financial Data—Exchange Rates” for further information about recent fluctuations in exchange rates.

 

 

Historical Afya

Historical Afya Brazil

 

As of December 31,

 

2021

2021

2020

2019

2018

  (in US$ million(1)) (in R$ millions)
Balance Sheet Data          
Assets          
Current assets          
Cash and cash equivalents 134.1 748.6 1,045.0 943.2 62.3
Restricted cash 14.8
Trade receivables 67.8 378.4 302.3 125.4 58.4
Inventories 2.1 11.8 7.5 3.9 1.1
Recoverable taxes 4.6 25.6 21.0 6.5 2.3
Derivatives 0.6
Other assets

7.6

42.5

29.6

17.9

8.9

Total current assets

216.2

1,206.9

1,405.5

1,111.8

133.5

6

 

 

Historical Afya

Historical Afya Brazil

 

As of December 31,

 

2021

2021

2020

2019

2018

  (in US$ million(1)) (in R$ millions)
Non-current assets          
Restricted cash 2.1 2.1 18.8
Trade receivables 4.9 27.4 7.6 9.8 5.2
Related parties 1.6
Derivatives 0.7
Other assets 32.3 180.3 74.0 17.3 10.4
Property and equipment 75.2 419.8 260.4 139.3 65.8
Investment in associate 8.7 48.4 51.4 45.6
Right-of-use assets(2) 118.9 663.7 419.1 274.3
Intangible assets

699.0

3,900.9

2,573.0

1,312.3

682.5

Total non-current assets

939.0

5,240.5

3,387.6

1,800.7

784.9

Total assets

1,155.2

6,447.4

4,793.1

2,912.5

918.4

Liabilities          
Current liabilities          
Trade payables 10.6 59.1 35.7 17.6 8.1
Loans and financing 23.1 128.7 107.2 53.6 26.8
Derivatives 0.8
Lease liabilities(2) 4.5 25.0 62.0 22.7
Accounts payable to selling shareholders 42.9 239.8 188.4 131.9 88.9
Notes Payable 2.6 14.5 10.5
Advances from customers 20.5 114.6 63.8 36.9 13.7
Labor and social obligations 23.5 131.3 77.9 46.8 32.0
Taxes payable 4.8 26.7 33.0 19.4 6.5
Income taxes payable 2.1 11.6 4.6 3.2 0.3
Dividends payable 4.1
Other liabilities

2.7

15.2

6.3

0.4

2.0

Total current liabilities

137.3

766.5

589.4

333.2

182.3

Non-current liabilities          
Loans and financing 223.3 1,246.2 510.3 6.8 51.0
Lease liabilities(2) 123.5 689.1 385.7 261.8
Accounts payable to selling shareholders 78.8 440.0 329.8 168.4 88.9
Notes Payable 10.4 58.2 65.7
Taxes payable 17.3 96.6 21.4 21.3 0.2
Provision for legal proceedings 26.6 148.3 53.1 5.3 3.5
Other liabilities

0.4

2.5

3.8

2.0

2.2

Total non-current liabilities

480.4

2,680.9

1,369.9

465.5

145.7

Total liabilities

617.7

3,447.4

1,959.3

798.7

328.1

Equity          
Share capital -   315.0
Additional paid-in capital 425.6 2,375.3 2,323.5 1,931.0 125.0
Share-based compensation reserve 16.9 94.1 50.7 18.1 2.2
Treasury stock (27.3) (152.6)      
Earnings reserves

113.1

631.3

408.0

115.9

59.8

Equity attributable to equity holders of the
parent

528.2

2,948.1

2,782.2

2,065.1

502.0

Non-controlling interests

9.3

51.9

51.6

48.6

88.4

Total equity

537.5

3,000.0

2,833.8

2,113.7

590.4

Total liabilities and equity

1,155.2

6,447.4

4,793.1

2,912.5

918.4

 
(1)For convenience purposes only, amounts in reais as of December 31, 2021 have been translated to U.S. dollars using an exchange rate of R$5.580 to US$1.00, the commercial selling rate for U.S. dollars as of December 31, 2021, as reported by the Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See “Item 3. Key Information—Selected Financial Data—Exchange Rates” for further information about recent fluctuations in exchange rates.
(2)On January 1, 2019, we adopted IFRS 16. See note 13.2.2 to our audited consolidated financial statements.

 

7

 

Non-GAAP Financial Measures

This annual report presents our Adjusted EBITDA and Operating Cash Conversion Ratio information for the convenience of investors, which are non-GAAP financial measures. A non-GAAP financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure.

We calculate our Adjusted EBITDA as net income plus/minus finance result plus income taxes expense plus depreciation and amortization plus interest received on late payments of monthly tuition fees, minus income share associate, plus share-based compensation expense plus/minus non-recurring expenses. We calculate our Operating Cash Conversion Ratio as the cash flows from operations plus/minus income taxes paid divided by Adjusted EBITDA plus/minus non-recurring expenses.

We present Adjusted EBITDA because we believe this measure provides investors with a supplemental measure of the financial performance of our core operations that facilitates period-to-period comparisons on a consistent basis. We also present Operating Cash Conversion Ratio because we believe this measure provides investors with a measure of how efficiently we convert our EBITDA into cash. The non-GAAP financial measures described in this annual report are not a substitute for the IFRS measures of earnings. Additionally, our calculations of Adjusted EBITDA and Operating Cash Conversion Ratio may be different from the calculations used by other companies, including our competitors in the education services industry, and therefore, our measures may not be comparable to those of other companies.

Adjusted EBITDA and Operating Cash Conversion Ratio

 

For the Year Ended December 31,

 

2021

2021

2020

2019

2018

  (in US$ millions(1)) (in R$ millions)
  (except percentages)
Adjusted EBITDA 135.3 754.8 563.1 331.2 119.9
Operating Cash Conversion Ratio 100.8% 100.8% 75.7% 100.5% 75.1%
 
(1)For convenience purposes only, amounts in reais for the year ended December 31, 2021 have been translated to U.S. dollars using an exchange rate of R$5.580 to US$1.00, the commercial selling rate for U.S. dollars as of December 31, 2021, as reported by the Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See “Item 3. Key Information—Selected Financial Data—Exchange Rates” for further information about recent fluctuations in exchange rates.
8

 

Reconciliation of Non-GAAP Financial Measures

The following tables set forth the Adjusted EBITDA reconciliation to our net income and the Operating Cash Conversion Ratio reconciliation to our cash flow from operations for the years ended December 31, 2021, 2020, 2019 and 2018, in each case, our most recent directly comparable financial measures calculated and presented in accordance with IFRS. For further information on why our management chooses to use these non-GAAP financial measures, and on the limits of using these non-GAAP measures, please see “Item 3. A. Selected Financial Data—non-GAAP Financial Measures.”

Reconciliation between Net Income and Adjusted EBITDA

 

Historical Afya

Historical Afya Brazil

 

For the Year Ended December 31,

  2021 2021 2020 2019 2018(9)
  (in US$ millions(1)) (in R$ millions)
Net income 43.4 242.3 308.0 172.8 94.7
Finance result 32.1 179.2 36.0 20.7 (2.3)
Income taxes expense 5.6 31.2 27.1 14.2 4.0
Depreciation and amortization 27.6 154.2 108.7 73.2 9.1
Interest received(2) 4.1 23 11.9 9.7 4.4
Income share associate (2.1) (11.8) (7.7) (2.4)
Share-based compensation expense 7.8 43.4 32.6 18.1 2.2
Non-recurring expenses(3):          
Integration of new companies(4) 3.4 18.8 9.8 6.3 3.4
M&A advisory and due diligence(5) 2.4 13.5 6.2 2.8 0.4
Expansion projects(6) 1.8 10.2 18.1 3.7 0.4
Restructuring expenses(7) 3.1 17.4 5.9 12.1 3.7
Mandatory discounts in tuition fees(8)

6.0

33.4

6.5

Adjusted EBITDA

135.2

754.8

563.1

331.2

119.9

 
(1)For convenience purposes only, amounts in reais for the year ended December 31, 2021 have been translated to U.S. dollars using an exchange rate of R$5.580 to US$1.00, the commercial selling rate for U.S. dollars as of December 31, 2021, as reported by the Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See “Item 3. Key Information—Selected Financial Data—Exchange Rates” for further information about recent fluctuations in exchange rates.
(2)Consists of interest received on late payments of monthly tuition fees.
(3)We believe these adjustments are appropriate to provide additional information to investors about certain material non-cash, non-recurring items that we do not expect to continue at the same level in the future.
(4)Consists of expenses related to the integration of newly acquired schools.
(5)Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&A transactions.
(6)Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.
(7)Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.
(8)Consists of mandatory discounts in tuition fees (due to COVID-19 on-site classes restrictions) related to individual and collective legal proceedings.
(9)On January 1, 2019 we adopted IFRS 16 using the modified retrospective method of adoption. See note 13.2.2 to our audited consolidated financial statements. Accordingly, the information presented for the years ended