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0.15 Exchanging one common share as 28 Class A or Class B common shares Class B common shares is entitled to 10 votes per share 13744210 2061631 1916954 15805841 89744275 1443541 1842428 31814690 57929585 1411895 26523 5123 1149603 124994 26523 5123 137298 3019928 13888887 19.00 0.01 992778000 263888000 55000000 99999000 150000000 122062000 24310000 24458000 36358000 913108000 242711000 59566000 15833000 20104000 5344000 -79670000 79670000 79670000 79670000 251800000 961438000 0.90 1.00 1.00 1.00 0.90 1.00 1.00 0.15 1.00 1.00 1.00 0.80 0.60 0.800 1.00 1.00 1.00 0.15 Afya Participações S.A (Afya Brazil) Instituto Tocantinense Presidente Antônio Carlos Porto S.A. - ITPAC Porto Nacional Instituto Tocantinense Presidente Antônio Carlos S.A. - ITPAC Araguaina União Educacional do Vale do Aço S.A. – UNIVAÇO IPTAN - Instituto de Ensino Superior Presidente Trancredo de Almeida Neves S.A. (“IPTAN”) Instituto de Educação Superior do Vale do Parnaíba S.A. (“IESVAP”) Centro de Ciências em Saúde de Itajubá S.A. (“CCSI”) Instituto de Ensino Superior do Piauí S.A. (”IESP”) RD Administração e Participações Ltda. FADEP - Faculdade Educacional de Pato Branco Ltda. (“FADEP”) CBB Web Serviços e Transmissões Online S.A. (“CBBW”) Medcel Editora e Eventos S.A. (“Medcel”) Instituto Educacional Santo Agostinho S.A. (“FASA”) ** Instituto de Pesquisa e Ensino Médico do Estado de Minas Gerais Ltda. (“IPEMED”) ** Instituto Paraense de Educação e Cultura Ltda. (IPEC) União Educacional do Planalto Central S.A. (“UEPC”) Holding Undergraduate and graduate degree programs Undergraduate and graduate degree programs Undergraduate programs Undergraduate and graduate degree programs Undergraduate and graduate degree programs Medicine undergraduate degree program Undergraduate and graduate degree programs Holding Undergraduate and graduate degree programs Medical education courses and online platform Medical education content Undergraduate and graduate degree programs Post-graduate Undergraduate and graduate degree programs Undergraduate and graduate degree programs Nova Lima - MG Porto Nacional - TO Araguaína - TO Ipatinga - MG São João Del Rei - MG Parnaíba - PI Itajubá - MG Teresina - PI Pato Branco - PR Pato Branco - PR São Paulo- SP São Paulo- SP Montes Claros - MG Belo Horizonte - MG Marabá - PA Brasília - DF Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.76 0.76 1.00 1.00 0.80 0.80 0.60 0.60 1.00 0.80 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.60 0.80 1.00 0.90 1.00 1.00 0.30 P10Y P4Y P10Y P5Y P10Y P10Y P5Y 212360000 274275000 212360000 284515000 212360000 284515000 44139000 81326000 76013000 502831000 704309000 284515000 284515000 520795000 0.1163 212530000 -170000 0.34 0.0065 0.0165 0.0300 0.0760 0.34 0.34 2714161000 199285000 2913446000 -993000 2912453000 918418000 1026857000 85901000 1112758000 -993000 1111765000 133500000 26762000 1687304000 113384000 1800688000 1800688000 784918000 77031000 2714161000 199285000 2913446000 -993000 2912453000 918418000 312303000 21919000 334222000 -993000 333229000 182332000 29328000 360005000 105493000 465498000 465498000 145732000 66294000 2041853000 71873000 2113726000 2113726000 590354000 46762000 11570000 8171000 315000000 17000 66485000 66485000 125014000 1931047000 -63588000 -63588000 2161000 18114000 7223000 636000 2905000 52584000 7966000 40309000 115916000 501982000 2065094000 11499000 46111000 88372000 48632000 71000 651000 45634000 45634000 45634000 45634000 167427000 8282000 175709000 175709000 750630000 653760000 96870000 750630000 3880000 3880000 -3880000 750630000 653760000 100750000 754510000 -3880000 333935000 216008000 85816000 78000000 308853000 279066000 33667000 312733000 -3880000 168052000 124065000 39459000 441777000 374694000 67083000 441777000 165883000 91943000 2594000 205251000 96448000 49343000 -20676000 2274000 1636000 -72365000 2362000 186937000 98722000 50979000 12760000 14175000 3988000 2500000 -2275000 172762000 94734000 48479000 10485000 153916000 45393000 153916000 45393000 18846000 3086000 86353000 86353000 8381000 2 108000000 3928000 22946000 3676000 5621000 1868000 490000 6784000 1594000 54000000 171511000 33039000 59977000 653000 3834000 307000 5414000 5075000 12394000 1548000 5561000 3554000 1832000 8965000 3507000 1197000 4189000 44277000 32000 42000 2581000 96000 112000 385000 280000 4708000 458000 3266000 3026000 514000 3205000 489000 47789000 8800000 4556000 79286000 75172000 82071000 56737000 216007000 24458000 92161000 253931000 58053000 92878000 90837000 57227000 242964000 139760000 227000 1133000 4908000 77000 126000 747000 454000 2669000 35419000 3592000 4076000 -47793000 -8965000 -4607000 -2791000 -5254000 -1575000 -2130000 -917000 -10854000 -1844000 -2703000 -483000 -26503000 -901000 -172000 -4192000 -3571000 -1684000 -2008000 -278000 -1811000 -680000 -321000 -3192000 -607000 -379000 -1225000 -1489000 -139000 -460000 -4324000 -796000 -4709000 8850000 95418000 48158000 8089000 3236000 19093000 19941000 83311000 158513000 9895000 84789000 87601000 57227000 223871000 119819000 15851000 17520000 22891000 44774000 49661000 58903000 87647000 17446000 27956000 4664000 69808000 139294000 132972000 201565000 97542000 108000000 1354000 102235000 98037000 39000000 248905000 259113000 259113000 80126000 102330000 52239000 54000000 39695000 29770000 29770000 25000000 9200000 133800000 8906000 35400000 35400000 35400000 102235000 98037000 259113000 52846000 99235000 45303000 29800000 115105000 1103000 1887000 180000 482000 415000 1875000 -30908000 -98496000 -51932000 1548000 5414000 5075000 -121406000 -79473000 -100383000 -52112000 1066000 Relief-from-royalty - This methodology is based on the market remuneration of the use license granted to third parties. The value of the asset is restated by the savings of royalties that the owner would have to own the asset. It is necessary to determine a royalty rate that reflects the appropriate remuneration of the asset. The royalty payments, net of taxes, are discounted to present value. Multi-period excess earning method - The method considers the present value of net cash flows expected to be generated by customer relationship, by excluding any cash flows related to contributory assets. Replacement cost - This methodology is based on the estimate of the cost of replacing the asset with a new one (acquisition or reconstruction), adjusted to reflect the losses of value resulting from the physical deterioration and the economic functional obsolescence of the asset. With-and-without method - The with-and-without method consists of estimating the fair value of an asset by the difference between the value of this asset in two scenarios: a scenario considering the existence of the asset in question and another considering its non-existence. Multi-period excess earning method - The method considers the present value of net cash flows expected to be generated by customer relationship, by excluding any cash flows related to contributory assets. Relief-from-royalty - This methodology is based on the market remuneration of the use license granted to third parties. The value of the asset is restated by the savings of royalties that the owner would have to own the asset. And it is necessary to determine a royalty rate that reflects the appropriate remuneration of the asset. The royalty payments, net of taxes, are discounted to present value. Multi-period excess earning method - The method considers the present value of net cash flows expected to be generated by customer relationship, by excluding any cash flows related to contributory assets. With and without method - The With-and-Without method consists of estimating the fair value of an asset by the difference between the value of this asset in two scenarios: a scenario considering the existence of the asset in question and another considering its non-existence Multi-period excess earning method - The method considers the present value of net cash flows expected to be generated by customer relationship, by excluding any cash flows related to contributory assets. With and without method - The With-and-Without method consists of estimating the fair value of an asset by the difference between the value of this asset in two scenarios: a scenario considering the existence of the asset in question and another considering its non-existence. Multi-period excess earning method - The method considers the present value of net cash flows expected to be generated by customer relationship, by excluding any cash flows related to contributory assets. With and without method - The With-and-Without method consists of estimating the fair value of an asset by the difference between the value of this asset in two scenarios: a scenario considering the existence of the asset in question and another considering its non-existence. With and without method - The With-and-Without method consists of estimating the fair value of an asset by the difference between the value of this asset in two scenarios: a scenario considering the existence of the asset in question and another considering its non-existence. Multi-period excess earning method - The method considers the present value of net cash flows expected to be generated by customer relationship, by excluding any cash flows related to contributory assets. With and without method - The With-and-Without method consists of estimating the fair value of an asset by the difference between the value of this asset in two scenarios: a scenario considering the existence of the asset in question and another, considering its non-existence. Multi-period excess earning method - The method considers the present value of net cash flows expected to be generated by customer relationship, by excluding any cash flows related to contributory assets. 3022000 19176000 69996000 43244000 40554000 27589000 21789000 8856000 4681000 2653000 16501000 10735000 5786000 7100000 12433000 1990000 2488000 90063000 67594000 75238000 40833000 31308000 105437000 36279000 16872000 6808000 21924000 12856000 18734000 38892000 12706000 IPCA rate + 4.1% per year R$45,303 payable in five annual installments due from February 2020 to February 2024 adjusted by the Interbank Certificates of Deposit ("CDI") rate. R$ 52,846 payable in three equal installments of R$ 17,615.5 payable semiannually from the acquisition date and adjusted by the SELIC rate. The purchase price of R$ 225,000 is comprised of: i) R$ 125,000 paid in cash as of January 31, 2020; and ii) R$ 100,000 is payable in five equal installments of R$ 20,000 through May 2024, adjusted by the CDI rate. (i) 70% is payable in cash on the transaction closing date, and (ii) 30% is payable in cash in three equal installments through 2023, adjusted by the CDI rate. 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These eliminations are related to sale transactions from Medcel to other entities in Business Unit 1. Related to trade receivables from sales of printed books, e-books and medical courses through digital platform from Medcel Editora and CBB Web, following the corporate reorganization on March 29, 2019. Refers to sales of educational content from Medcel to UEPC recorded in trade receivables. Amounts to be reimbursed by the shareholders to Afya Brazil, mainly related to payments of legal cost and advisory services. These amounts have been paid in 2019. Refers to share services and corporate expenses provided by Afya Brazil to IPTAN and IESVAP for the periods prior to their acquisition on April 26, 2018 recorded in the consolidated statements of income. The number of common shares outstanding from Afya Brazil was retrospectively adjusted in the proportion of 1:28 due to the contribution of the shareholders of Afya Brazil into Afya in a one-to-28 exchange for the shares of Afya Brazil contributed to Afya, which did not result in changes on the arrangements of the plans. Considers the effects from the contribution of the shareholders of Afya Brazil into Afya in a one-to-28 exchange for the shares of Afya Brazil contributed to Afya. The Company adhered to PROUNI, established by Law 11,096 / 2005, which is a federal program that exempt companies of paying income taxes and social contribution. Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000 in the prior fiscal year may calculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Company adopted this tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. On May 30, 2018, Afya Brazil acquired 60% of CCSI and the amount payable is adjusted by the IGP-M inflation rate and was settled in December 2019. On November 27, 2018, Afya Brazil acquired 80% of IESP and the amounts of (i) R$8,906 is payable in February 2019, and (ii) R$106,200 is payable in three equal installments of R$35,400, each adjusted by the CDI rate through the payment date. The first installment was paid in November 2019 and the remaining two installments are due by the end of the second and third year from the transaction closing date. 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On August 13, 2019, Afya Brazil acquired 100% of IPEC and R$54,000 was paid in cash on the transaction closing date, and (ii) R$54,000 is payable in two equal installments, adjusted by the CDI rate, and due annually at the end of the first and the second year from the transaction closing date.