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(“UniRedentor”) ESMC Educação Superior Ltda Medcel Editora e Eventos S.A. (“Medcel”) CBB Web Serviços e Transmissões Online S.A. (“CBBW”) RD Administração e Participações Ltda. (“RD”) Centro de Ciências em Saúde de Itajubá S.A. (“CCSI”) Instituto de Ensino Superior do Piauí S.A. (”IESP”) FADEP - Faculdade Educacional de Pato Branco Ltda. (“FADEP”) Instituto de Educação Superior do Vale do Parnaíba S.A. (“IESVAP”) Instituto Educacional Santo Agostinho S.A. (“FASA”) Instituto de Pesquisa e Ensino Médico do Estado de Minas Gerais Ltda. (“IPEMED”) Instituto Paraense de Educa??o e Cultura Ltda. (IPEC) União Educacional do Vale do Aço S.A. – (“UNIVAÇO”) Instituto Tocantinense Presidente Antônio Carlos S.A. – (“ITPAC Araguaina”) IPTAN - Instituto de Ensino Superior Presidente Tancredo de Almeida Neves S.A. (“IPTAN”) Instituto Tocantinense Presidente Antônio Carlos Porto S.A. – (“ITPAC Porto”) Afya Participa??es S.A (Afya Brazil) Centro Universitário São Lucas Ltda. (“UniSL”) PEBMED Instituição de Pesquisa Médica e Serviços Tecnológicos da área da Saúde S.A. (“PEBMED”)** Faculdade de Ensino Superior da Amazônia Reunida – (“FESAR”) MedPhone Tecnologia em Saúde Ltda. (“MedPhone”) Centro Superior de Ciencias da Saude S/S Ltda (FCMPB) União Educacional do Planalto Central S.A. (“UEPC”) Undergraduate and graduate degree programs Undergraduate and graduate degree programs Medical education content Medical education courses and online platform Holding Undergraduate and graduate degree programs Undergraduate and graduate degree programs Undergraduate and graduate degree programs Undergraduate and graduate degree programs Undergraduate and graduate degree programs Post-graduate Undergraduate and graduate degree programs Undergraduate and graduate degree programs Undergraduate and graduate degree programs Undergraduate and graduate degree programs Undergraduate and graduate degree programs Undergraduate and graduate degree programs Holding Undergraduate and graduate degree programs Content and clinical tools and online platform Undergraduate and graduate degree programs Content and clinical tools and online platform Undergraduate and graduate degree programs Itaperuna - RJ Montes Claros - MG S?o Paulo- SP S?o Paulo- SP Pato Branco - PR Itajub? - MG Teresina - PI Pato Branco - PR Parna?ba - PI Montes Claros - MG Belo Horizonte - MG Marab? - PA Ipatinga - MG Aragua?na - TO S?o Jo?o Del Rei - MG Porto Nacional - TO Nova Lima - MG Porto Velho - RO Rio de Janeiro – RJ Redenção – PA Recife – PE João Pessoa – PB Bras?lia - DF Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.60 1.00 1.00 0.80 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.80 1.00 1.00 0.60 1.00 1.00 1.00 1.00 1.00 1.00 0.80 0.60 0.80 1.00 0.76 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.30 0.30 P25Y P10Y P4Y P10Y P5Y P10Y P10Y P20Y 0.34 0.34 0.34 0.0065 0.0165 0.0300 0.0760 IPEMED is a post-secondary education institution with campuses located in the states of Bahia, Minas Gerais, Rio de Janeiro, São Paulo and in the Distrito Federal. It focuses on medical graduate programs. The purchase price was R$ 97,542, being: i) R$ 25,000 paid in cash as advance through April 2019; ii) R$ 27,239 paid in cash on the acquisition date; iii) R$45,303 payable in five annual installments due from February 2020 to February 2024 adjusted by the Interbank Certificates of Deposit ("CDI") rate. This transaction was strategic to the Company and was accounted for under IFRS 3 – Business Combinations. The purchase price of R$ 201,565 is comprised by: i) R$ 102,330 paid in cash on the acquisition date; ii) R$ 39,695 payable in April 2020; iii) R$ 29,770 payable in April 2021; and iv) R$ 29,770 payable in April 2022, adjusted by the IPCA rate + 4.1% per year. This transaction was strategic to the Company and was accounted for under IFRS 3 – Business Combinations. There isare no contingent consideration associated with the acquisition of FASA. Afya Brazil merged (i) BR Health, a wholly-owned subsidiary of Crescera that controls Guardaya and is one of Afya Brazil's shareholders; and (ii) Guardaya which owns 100% of Medcel Editora and CBB Web, resulting in the transfer to Afya Brazil of 100% of Medcel Editora and CBB Web shares. In connection with the transaction 15% of UEPC's shares were acquired. Afya Brazil issued 378,696 common shares as a consideration for the interest in BR Health and Guardaya. The fair value of the consideration given was R$ 259,113. This transaction was strategic to the Company and was accounted for under IFRS 3 – Business Combinations. The total net purchase price of R$379,913 was adjusted to Rincreased by R$ 142 and income before income taxes for 2020 would have been decreased by R$ 46.$378,807 and is comprised of (i) R$189,913 paid in cash on the transaction closing date, and (ii) R$188,894 is payable in cash in four equal installments through 2024, adjusted by the CDI rate. The net purchase price was R$6,373 of which 100% was paid in cash on the closing of the operation. The purchase price was adjusted to R$6,409, this price adjustment of R$ 36 was paid on February 2, 2021. The aggregate purchase price was R$260,836, including the CDI rate adjustment from the signing date and the real state of the operation, estimated at R$ 17,397, of which 100% was paid in cash on the closing of the operation. The purchase consideration was adjusted by R$1,569 and was paid on February 25, 2021. The original purchase price of R$ 132,900 was adjusted by R$ 30 and was comprised by: i) R$115,339 paid in cash on the acquisition date; and ii) R$ 17,531 was paid with Afya Brazil’s shares which were afterwards contributed to the Company in exchange of issuance of 141,976 of its own shares. The original purchase consideration of R$201,521 was adjusted by R$7,816, of which: (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. The purchase consideration adjustment of R$7,816 will be deducted from the first installment due in May 2021. The original purchase price of R$214,608, was adjusted by R$4,503 and was comprised by: i) R$114,607 paid in cash on the acquisition date; and ii) R$100,000 is payable in five equal installments from January 2021 to July 2024, adjusted by the CDI rate. The purchase consideration adjustment of R$4,503 will be deducted from the first installment due in January 2021 The purchase price is R$ 360,000, adjusted by the Net Debt at the closing date, of which: (i) 100% is payable in cash on the transaction closing date. 102330000 16165000 52239000 114607000 141065000 115339000 260836000 189913000 6373000 201565000 259113000 5600000 19165000 97542000 210105000 193705000 132870000 262405000 378807000 6409000 182656000 5000000 822000000 150000000 58903000 139294000 87647000 77662000 4420000 84175000 71664000 110483000 2843000 43244000 69996000 40554000 10735000 16501000 5786000 67594000 90063000 6808000 16872000 99235000 45303000 95498000 52640000 1569000 188894000 36000 1666000 2047000 180000 1887000 -482000 -721000 -158000 -2047000 -613000 -1666000 -1380000 1380000 613000 721000 158000 482000 R$45,303 payable in five annual installments due from February 2020 to February 2024 adjusted by the Interbank Certificates of Deposit ("CDI") rate. IPCA rate + 4.1% per year 142000 29113000 17452000 57477000 46000 1813000 80000000 14918000 9455000 51410000 45634000 51410000 51410000 45634000 45634000 45634000 51410000 109481000 175709000 82916000 26565000 109481000 167427000 8282000 175709000 1201191000 750630000 1002461000 198730000 1201191000 653760000 96870000 750630000 1619000 1619000 -1619000 3880000 3880000 -3880000 -347000 2594000 -98269000 -72365000 7698000 2362000 2 22946000 1594000 3676000 108000000 4207000 19144000 391000 23176000 962000 171511000 59977000 33039000 54000000 142399000 314097000 60372000 167106000 264782000 3727000 3834000 1548000 307000 11796000 3245000 1119000 4236000 100000 60000 1832000 44277000 8965000 4800000 21567000 7984000 8148000 2581000 467000 280000 3000 822000 458000 489000 3266000 2486000 7251000 161000 42000 123000 9000 710000 12645000 12350000 6871000 47789000 4556000 8800000 10265000 42062000 865000 23663000 253931000 139760000 58053000 176666000 421300000 83242000 201431000 297778000 3796000 1133000 454000 4908000 746000 3554000 9024000 143000 173000 35419000 4076000 3592000 16187000 58541000 1087000 -47793000 -4607000 -8965000 -10265000 -42062000 -865000 -23663000 -5254000 -1844000 -1575000 -4471000 -8070000 -1786000 -1801000 -3832000 -483000 -3571000 -26503000 -850000 -5779000 -1210000 -29000 -5000 -2000 -1684000 -680000 -2008000 -710000 -12645000 -12350000 -6871000 -3192000 -607000 -10994000 -6084000 -9312000 -759000 -1781000 76181000 -80526000 -76181000 -76181000 -460000 -4709000 -14754000 -228000 95418000 19941000 48158000 44223000 232015000 34547000 10690000 29454000 230000 158513000 119819000 9895000 132443000 189285000 48695000 190741000 268324000 3566000 17531000 -137820000 -256600000 -51932000 -98496000 -102811000 -114220000 -189813000 -6313000 1548000 -100383000 1066000 -52112000 -104191000 -139486000 -114833000 -258647000 -190534000 -6471000 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 earnings method - The method considers the present value of net cash flows expected to be generated by customer relationships, 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 earnings method - The method considers the present value of net cash flows expected to be generated by customer relationships, 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. 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 earnings method - The method considers the present value of net cash flows expected to be generated by customer relationships, by excluding any cash flows related to contributory assets. Replacement cost - This methodology is based on the estimated cost of replacing the referred asset with a new one (acquisition or reconstruction), adjusted to reflect the losses in value resulting from the physical deterioration and the functional and economic obsolescence of that 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 earnings method - The method considers the present value of net cash flows expected to be generated by customer relationships, 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. 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 earnings method - The method considers the present value of net cash flows expected to be generated by customer relationships, by excluding any cash flows related to contributory assets. Replacement cost - This methodology is based on the estimated cost of replacing the referred asset with a new one (acquisition or reconstruction), adjusted to reflect the losses in value resulting from the physical deterioration and the functional and economic obsolescence of that 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 earnings method - The method considers the present value of net cash flows expected to be generated by customer relationships, 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. 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. 5561000 24458000 15851000 259113000 57729000 13092000 987313000 930117000 70523000 2529000 342924000 150003000 80156000 5005000 17789000 37154000 195318000 10476000 49425000 62931000 9899000 11248000 13526000 71095000 15042000 16102000 27221000 20543000 51521000 44365000 44764000 145076000 57198000 32980000 14763000 309944000 135240000 309944000 135240000 32980000 14763000 7537000 3794000 32081000 15040000 7714000 13864000 7814000 3971000 174000 557000 421000 595000 557000 104000 557000 1134000 557000 882000 252000 104000 17673000 15842000 13554000 2609000 10417000 2816000 9655000 2625000 1274000 3470000 2915000 11288000 9629000 4947000 2681000 23989000 13893000 2161000 33618000 18840000 4842000 P5Y P5Y P20Y P20Y P20Y P20Y P5Y P5Y P20Y P20Y P20Y P20Y (i) up to June 2020, R$12 and (ii) after June 2020 and until October 2024, 6.5% of the monthly net revenue of IPTAN The lease agreement is for an amount equal to 7.5% of the monthly net revenue of IESVAP during 2018. 2816000 2915000 11288000 10417000 2609000 2625000 9655000 1274000 3470000 -43183000 -43183000 17446000 87647000 27956000 58903000 4664000 139294000 73838000 49661000 49661000 4664000 27956000 58903000 17446000 87647000 73838000 87647000 77662000 4420000 84175000 71664000 110483000 2843000 139294000 139294000 5065000 112000 2199000 4314000 2154000 78000 2729000 16651000 4097000 1629000 2495000 1648000 359000 1317000 11545000 1886000 10000 812000 1017000 1003000 27000 202000 4957000 13806000 672000 4550000 9657000 1012000 54748000 5387000 89832000 9838000 4235000 422000 6976000 4241000 1205000 34000 4488000 25525000 56964000 3226000 2770000 1023000 1728000 949000 1940000 7918000 19554000 -447000 -447000 19148000 1395000 82000 367000 -1049000 23559000 -43502000 -525000 -525000 2271000 -2271000 -464000 464000 6771000 8973000 5724000 508000 3061000 2493000 2473000 12787000 5090000 47880000 3988000 103000 2565000 2035000 4096000 418000 14541000 470000 28216000 7142000 62000 2517000 2021000 1873000 597000 577000 3902000 18691000 2573010000 1312338000 1312338000 1361640000 2684559000 688494000 6633000 -49302000 -111549000 -6025000 -1904000 17305000 1752000 14241000 32111000 169535000 459409000 445616000 703772000 63303000 125413000 -1150000 -2945000 -37872000 -4876000 -868000 30961000 17305000 75014000 810656000 -8235000 355000 1451270000 30199000 283539000 -7692000 -3502000 -85832000 71512000 703772000 1451270000 810656000 459409000 197707000 197707000 9965000 4853000 6633000 8288000 9389000 16221000 -1904000 -3080000 -4536000 -6256000 9965000 4853000 9613000 12429000 -32000 323000 21964000 13373000 19649000 122775000 3053000 9644000 4030000 108000000 1752000 15474000 1301000 1101000 4175000 1303730000 550371000 678808000 17305000 2845000 32111000 285844000 150156000 62110000 169535000 63303000 445616000 484000 42903000 351247000 355000 158126000 747498000 354000 3117000 -460000 460000 -460000 460000 57214000 81366000 150156000 56737000 179693000 70606000 70606000 56737000 81366000 144507000 57214000 179693000 108000000 5649000 121477000 249387000 141616000 235018000 108000000 110224000 106924000 119129000 227271000 68354000 213881000 251364000 133996000 160787000 48411000 112898000 267279000 126397000 119227000 380410000 122325000 119227000 7230000 253370000 258234000 143328000 263914000 380682000 6477000 219359000 219359000 106964000 P3Y P6Y P4Y6M P19Y P20Y P5Y P5Y 0.1300 0.1260 An increase of 13 basis point in management’s estimated discount rate applied to the cash flow projections of each CGU for the year ended December 31, 2020, or a decrease of 50 basis points on estimated EBITDA would have not resulted in significant impacts on these financial statements. 2053000 16841000 2053000 16841000 16841000 16841000 2053000 2053000 9680000 26642000 1357039000 1095290000 16841000 9801000 7627000 2053000 -10864000 -447848000 916790000 2053000 -101785000 -504365000 -70356000 -76181000 1347359000 1083436000 9680000 11854000 17628000 35743000 35743000 35743000 17628000 17628000 617485000 60357000 60357000 617485000 6750000 648000 52959000 10864000 471000 101785000 504365000 125137000 566157000 4010000 3094000 698398000 54507000 3537000 2517000 1926000 62487000 -60443000 -60443000 -637723000 -637723000 447703000 284515000 212360000 284515000 447703000 63092000 131225000 124114000 705115000 1023546000 44139000 81326000 76013000 502831000 704309000 284515000 284515000 447703000 447703000 518240000 300237000 300237000 518240000 55090000 75450000 18745000 105306000 45646000 70356000 38622000 28307000 38771000 97773000 53386000 189420000 1569000 36000 177730000 300237000 518240000 191145000 262340000 81153000 534638000 137608000 182535000 12072000 332215000 300237000 300237000 518240000 518240000 36860000 63839000 63839000 63839000 36860000 36860000 1659609000 645866000 699597000 1759191000 300237000 518240000 757000 284515000 60357000 617485000 447703000 76181000 262671000 467643000 436926000 1291548000 757000 757000 757000 757000 76181000 Itaú Unibanco S.A. (e) Itaú Unibanco S.A. FINEP (d) BNDES (c) Banco Votorantim (b) Itaú Unibanco S.A. (a) 1.01% p.y. 1.22% a 1.26% p.m. TJLP p.y. 10.03% p.y. CDI + 1.65% p.y. CDI + 1.62% p.y. 2020 2020 2027 2024 2021 2023 107162000 53607000 510323000 6750000 128% of CDI Euros + 1.01% p.y. -49165000 49165000 -53802000 -757000 53045000 -757000 64743000 19100000 34161000 76855000 61145000 29386000 18330000 -1574000 419074000 274275000 64743000 19100000 34161000 76855000 61365000 -1574000 188420000 131883000 329820000 168354000 -92688000 -134518000 54000000 25543000 24002000 2404000 17977000 13884000 1687000 144538000 343140000 176043000 -1320000 -4503000 80526000 -5974000 1629000 9680000 26642000 16841000 9801000 7627000 2053000 1679847000 645952000 300237000 518240000 757000 284515000 60443000 637723000 447703000 76181000 90.95% CDI 76.10% CDI TJLP p.y. CDI 1.65%+100%CDI 1.62%+CDI IPCA+4.1% 15843000 30000 -494000 -8510000 -3613000 -17754000 -2894000 6976000 13952000 15000 31000 -3359000 3359000 -81000 -163000 -7565000 -3783000 -1527000 -763000 -1055000 -528000 -1143000 -571000 -6976000 -13952000 -15000 -31000 -6718000 6718000 81000 163000 3783000 7565000 763000 1527000 528000 1055000 571000 1143000 11083000 83803000 94886000 490039000 1043525000 209277000 708209000 2451050000 291499000 267398000 90602000 504757000 1154256000 1065188000 344872000 81936000 18817000 4107000 212360000 284515000 77829000 60357000 14888000 106000 3823000 617485000 447703000 -223529000 -166684000 -12443000 -51812000 -39779000 -75093000 -5845000 -106000 -6492000 -155090000 -55455000 -12984000 716929000 78295000 74980000 51812000 19100000 7383000 74980000 605041000 98904000 12984000 54489000 37494000 2821000 31469000 6025000 2821000 10031000 44458000 21279000 1126000 2697000 1126000 2697000 21279000 152670000 104452000 61365000 43087000 75815000 76855000 -1522000 -4107000 -4936000 -4107000 -4936000 52000 -1574000 P1Y P1Y P5Y P30Y 2555000 4494000 Five equal installments The first installment was paid in June 2019, the second installment was paid in December 2019, and the last installment is due in June 2020. 54000000 2529000 70523000 0.10 4.439 1.00 -757000 -757000 76181000 612514000 -314941000 2833780000 2113726000 3446294000 1798785000 366.16 529.12 684.22 0.0000 0.0000 0.0000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.25 0.4950 0.4550 0.4370 0.397 0.389 0.41 0.76 0.42 0.76 0.69 0.41 0.75 0.40 0.69 0.0770 0.0760 0.0720 0.008 0.014 0.020 0.049 0.002 0.004 0.009 0.022 0.061 0.022 0.069 4.0 4.0 4.0 4 5 1 4 1 4 1 1 5 1 5 254.13 368.41 213.35 11.53 15.94 Monte Carlo Monte Carlo Black & Scholes Binomial Binomial Binomial Binomial Binomial Binomial Binomial Binomial pricing model Binomial pricing model 1291248 2364214 2510983 293860 1434720 477220 2364214 5220 115000 127000 230000 58000 2306213 274359 257320 1842428 143472 56092 78.22 74.53 94.55 74.57 96.20 97000 19000 19000 74000 99000 74000 122000 126000 119.78 16.30 21.90 133.68 133.68 136 145.15 40.38 3.94 6.55 69.54 57.12 67.12 56.43 9514000 6871000 1945000 Vesting periods after the grant date: 10% after 90 days, 15% after 15 months, 25% after 27 months, 25% after 39 months and 25% after 51 months. Vesting periods after the grant date: 10% after 90 days, 15% after 12 months, 25% after 24 months, 25% after 36 months and 25% after 48 months. Vest in five installments of 20% per year, starting on May 1. Vesting periods: 10% after 1 year, 15% after 2 years, 25% after 3 years and 50% after 4 years. 32610000 11040000 7074000 2161000 97000 126000 74000 122000 19000 1 5 3 5 4 Class B preferred shares were convertible into common shares at the ratio of 1 Class B preferred share for 1 common share, in certain situations. 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Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Accounting estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">4,241</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">1,205</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">34</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">4,488</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">25,525</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">56,964</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Transfers</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(525)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(525)</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Business combinations</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">3,988</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">103</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2,565</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2,035</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">4,096</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">418</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">14,541</font></td> <td style="text-align: right; 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text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,017)</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,003)</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(27)</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(202)</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(4,957)</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2018</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(9,696)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(59)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,261)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,489)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(7,015)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(27)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(338)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(25,885)</b></font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(4,097)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,629)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,495)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,648)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(359)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,317)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(11,545)</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Disposals</font></td> <td style="border-top: black 1pt solid; vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">447</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">447</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(13,793)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(59)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(5,890)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; 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padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net book value</b></font></td> <td style="vertical-align: top; text-align: right; 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font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">32,111</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">62,110</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">17,305</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">2,845</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">550,371</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)"> <td style="font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; 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font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(1,904)</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(1,904)</b></font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)"> <td style="font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,945)</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,176)</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(4,121)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2018</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(2,945)</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(3,080)</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(6,025)</b></font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)"> <td style="font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,150)</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(34,927)</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,456)</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(4,876)</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(868)</font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">(43,277)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(1,150)</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(37,872)</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,536)</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,876)</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(868)</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt/7.5pt Times New Roman, Times, Serif; text-align: right; padding-left: 1.45pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(49,302)</b></font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)"> <td style="font: 10pt/7.5pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td> <td style="font: 10pt/7.5pt Times New Roman, Times, Serif; 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border-bottom: black 1.5pt double; vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,451,050</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="background-color: white"> <td style="width: 50%; white-space: nowrap; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019&#160;</b></font></td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom; text-align: center; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Less than 1 year</b></font></td> <td style="border-bottom: black 1pt solid; 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padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">7,918</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">19,554</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: bottom; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Transfer</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2,271</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,271)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Business combinations</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">7,142</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">62</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2,517</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2,021</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">1,873</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">597</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">577</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">3,902</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">18,691</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2018</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>30,503</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,770</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>182</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>11,897</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>10,243</b></font></td> <td style="border-bottom: black 1pt solid; 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padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">34</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">4,488</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">25,525</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">56,964</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Transfers</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(525)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(525)</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Business combinations</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">3,988</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">103</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2,565</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2,035</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">4,096</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">418</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">14,541</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">470</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">28,216</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; 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text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(59)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,261)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,489)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(7,015)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(27)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(338)</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(25,885)</b></font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(4,097)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,629)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,495)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,648)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(359)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,317)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(11,545)</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Disposals</font></td> <td style="border-top: black 1pt solid; vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">447</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-top: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">447</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(13,793)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(59)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(5,890)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(6,537)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,663)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(386)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(1,655)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(36,983)</b></font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td> <td style="vertical-align: top; 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padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(78)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,729)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(16,651)</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Transfer</font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(464)</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">464</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 3.5pt; 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padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net book value</b></font></td> <td style="vertical-align: top; text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-left: 3.5pt; padding-right: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; 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line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: top; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of January 1, 2018</b></font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,633</b></font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="vertical-align: top; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,633</b></font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">Additions</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">1,301</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">1,752</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">3,053</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">Business combinations</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">169,535</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">445,616</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">63,303</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">354</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">678,808</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-left: 5.9pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2018</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>169,535</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>445,616</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>63,303</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; 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white-space: nowrap; padding-left: 5.9pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">Additions (i) (ii)</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">4,030</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">108,000</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">1,101</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">9,644</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">122,775</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">Business combinations</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">285,844</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">150,156</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">32,111</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">62,110</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">17,305</font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">2,845</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">550,371</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>459,409</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>703,772</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>32,111</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>125,413</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>9,389</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>17,305</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>14,241</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,361,640</b></font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; white-space: nowrap; padding-left: 5.9pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">Additions </font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">4,175</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; 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line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: top; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom; text-align: right; padding-left: 1.45pt; line-height: 7.5pt; padding-right: 1.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; 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text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">4,010</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">3,094</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">698,398</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 5.4pt; line-height: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">Lease liabilities</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">63,092</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">131,225</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">124,114</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">705,115</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">1,023,546</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 5.4pt; line-height: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable to selling shareholders</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; 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padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">94,886</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 5.4pt; line-height: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">Advances from customers</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">63,839</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">63,839</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>490,039</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,043,525</b></font></td> <td style="border-top: black 1pt solid; 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font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="background-color: white"> <td style="width: 50%; white-space: nowrap; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019&#160;</b></font></td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom; text-align: center; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Less than 1 year</b></font></td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom; text-align: center; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>1 to 3 years</b></font></td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom; text-align: center; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>3 to 5 years</b></font></td> <td style="border-bottom: black 1pt solid; 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white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(34,34,34)">54,507</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(34,34,34)">3,537</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(34,34,34)">2,517</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(34,34,34)">1,926</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; 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line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(34,34,34)">502,831</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(34,34,34)">704,309</font></td></tr> <tr style="background-color: white"> <td style="white-space: nowrap; padding-left: 5.4pt; line-height: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable to selling shareholders</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(34,34,34)">137,608</font></td> <td style="vertical-align: top; white-space: nowrap; text-align: right; padding-left: 5.4pt; line-height: 11pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(34,34,34)">182,535</font></td> <td style="vertical-align: top; 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text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Trade payables</font></td> <td style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(746)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(3,554)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(9,024)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(143)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(173)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Loans and financing</font></td> <td style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(16,187)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(58,541)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,087)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Lease liabilities</font></td> <td style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(10,265)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(42,062)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(865)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(23,663)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Labor and social obligations</font></td> <td style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(4,471)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(8,070)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,786)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,801)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(3,832)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Taxes payable </font></td> <td style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(850)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(5,779)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,210)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(29)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(5)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: top; 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text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Advances from customers</font></td> <td style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(10,994)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(6,084)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(9,312)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(759)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,781)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Notes payable</font></td> <td style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(80,526)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Other liabilities</font></td> <td style="text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(14,754)</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(228)</font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(44,223)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(232,015)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(34,547)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(10,690)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(29,454)</b></font></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(230)</b></font></td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total identifiable net assets at fair value</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>132,443</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>189,285</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>48,695</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>190,741</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>268,324</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,566</b></font></td></tr> <tr style="background-color: rgb(213,234,234)"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: rgb(13,14,0)">Preliminary goodwill arising on acquisition</font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">77,662</font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">4,420</font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">84,175</font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">71,664</font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">110,483</font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">2,843</font></td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Purchase consideration transferred</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>210,105</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>193,705</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>132,870</b></font></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>262,405</b></font></td> <td style="border-bottom: black 1pt solid; 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On January 1, 2020, Afya Brazil incorporated ESMC Educacao Superior Ltda. ("ESMC") and transferred the two FASA campuses located in the State of Minas Gerais, which do not offer medicine courses, to ESMC. This spin-off did not have an impact on the consolidated financial statements. CBBW was merged by Medcel on May 1, 2020. Capital expenditures consider the acquisitions of property and equipment and intangible assets. During the measurement period, the preliminary goodwill for the acquisition of UniRedentor was adjusted to R$77,662 (R$90,282 initial goodwill) as a result of an increase of intangible assets from R$134,281 to R$142,399 and a purchase price consideration adjustment of R$ 4,503. During the measurement period, the preliminary goodwill for the acquisition of UniSL was adjusted to R$4,422 (R$53,192 previously disclosed) as a result of (i) a purchase consideration decrease of R$7,816 and (ii) adjustments increasing intangible assets of R$ 40,961 and a decrease in property and equipment of R$7. During the measurement period, the purchase consideration for the acquisition of FASA was adjusted by R$3,022 as a result of purchase price adjustments. Accordingly, goodwill was updated to R$58,903. During the measurement period of the assets acquired and liabilities assumed at the fair value, the Company has identified R$1,320 of indemnification assets, related to the acquisition of IPEMED. Related to trade receivables from sales of printed books, e-books and medical courses through digital platform from Medcel. Related to trade receivables from mobile applications subscriptions for digital medical content. Refers to sales of educational content from Medcel to UEPC recorded in trade receivables Amounts to be reimbursed by the shareholders to Afya Brazil, mainly related to payments of legal cost and advisory services recorded in other assets. On November 16, 2018, Afya Brazil entered into a euro-denominated loan agreement with Itau Unibanco S.A. in the amount of R$ 74,980 (equivalent to 17,500). The loan accrues interest at 1.01% per annum and is repayable in three equal installments on November 18, 2019, May 18, 2020 and November 12, 2020. The loan agreement contains a financial covenant requiring Afya Brazil to maintain a Net Debt to EBITDA ratio less or equal to: 2.2x at end of 2018 and 2019 and 1.8x at the end of 2020. The loan was guaranteed by financial investments, classified as restricted cash, in the amount of R$14,788 as of December 31, 2019. This loan was repaid on November 12, 2020. On July 23, 2019, Medcel entered into a loan of R$ 16,153 with Financiadora de Estudos e Projetos (FINEP), a governmental agency focused on financing investments on R&D, which has an interest rate based on TJLP (Long term interest rate), 2019 and maturity in 2027. The first and second tranches of R$6,734 and R$4,130, respectively, were drawdown in October 2019 and December 2020, respectively, in order to develop the Medical web series and other digital content. There is no financial covenant related to this agreement. The loan is guaranteed by bank warranty in the amount of R$ 10,864. On May 5, 2020, as a result of the acquisition of UniSL, the Company assumed loans agreements BNDES which has an interest rate of 10.03% per year and maturity in 2024. On July 3, 2020, Afya Brazil entered into a loan agreement with Banco Votorantim S.A. in the amount of R$ 100,000 adjusted by the CDI rate plus an interest rate of 1.65% per year and is repayable at maturity on July 5, 2021. 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On April 3, 2019, Afya Brazil acquired 90% of FASA and R$ 39,695 was paid in April 2020, R$ 29,770 is payable in April 2021, and R$ 29,770 is payable in April 2022; each adjusted by the IPCA rate + 4.1% per year. On January 31, 2020, Afya Brazil acquired 100% of UniRedentor and R$ 114,607 was paid in cash on the transaction closing date, and the original amount of R$100,000 is payable in five equal installments from January 2021 through July 2024, adjusted by the CDI rate. The purchase consideration was adjusted by R$4,503 and such amount will be deducted from the first installment due in January 2021. On November 27, 2018, Afya Brazil acquired 80% of IESP and the amounts of (i) R$8,906 was paid 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 and second installments were paid in November 2019 and 2020, respectively, and the remaining installment is due by the end of the third year from the transaction closing date. On May 5, 2020, Afya Brazil acquired 100% of UniSL. The purchase consideration is R$201,521, of which: R$ 141,065 was paid in cash on the transaction closing date, and R$ 60,456 is payable in three equal installments through May 2023, adjusted by the CDI rate. The purchase consideration was adjusted by R$7,816 and such amount will be deducted from the first installment due in May 2021. On November 9, 2020, Afya Brazil acquired 100% of FCMPB. The net purchase price of R$379,913 was adjusted to R$378,807, of which: R$ 189,913 was paid in cash on the transaction closing date, and R$ 188,894 is payable in four installments through November 2024, adjusted by the CDI rate. On November 3, 2020, Afya Brazil acquired 100% of the share capital of FESAR. The aggregate purchase price was R$260,836, including the CDI rate adjustment from the singing and the real state of the operation, estimated at R$ 17,397, of which 100% was paid in cash on the closing of the operation. The purchase consideration was adjusted by R$1,569 and was paid on February 25, 2021. On November 4, 2020, Afya Brazil acquired 100% of the share capital of MedPhone. The net purchase price was R$6,373 of which 100% was paid in cash on the closing of the operation. The purchase consideration was adjusted by R$36 and was paid on February 2, 2021. See Note 12 for further details on the acquisition of assets related to licenses with indefinite useful life in 2019. See Note 5 for further details on the business combinations during 2019. See Note 17 for further details on the acquisition of minority interest during 2019. The number of common shares outstanding from Afya Brazil was retrospectively adjusted in the proportion of 1:28 due to the contribution of the shareholders of Afya Brazil into Afya in a one-to-28 exchange for the shares of Afya Brazil contributed to Afya, which did not result in changes on the arrangements of the plans. The strike price of the original plan was based in U.S. dollars. Considers the effects from the contribution of the shareholders of Afya Brazil into Afya in a one-to-28 exchange for the shares of Afya Brazil contributed to Afya. The Company adhered to PROUNI, established by Law 11,096 / 2005, which is a federal program that exempt companies of paying income taxes and social contribution. Brazilian tax law establishes that companies that generate gross revenues of up to R$ 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. RD Administracao e Participacoes Ltda was merged by Afya Brazil on December 15, 2020. 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. After the corporate reorganization described in Note 1, the options originally granted under the Guardayas plan granted on August 10, 2018 were remeasured at fair value and included in Afya Brazils plan with no changes to the previous terms and conditions other than the shares subject to such options granted and, consequently, the number of stock and exercise price of the shares as per the share exchange ratio applied on the corporate reorganization These eliminations are related to sale transactions from Medcel to other entities in Business Unit 1. Capital expenditures consider the acquisitions of property and equipment and intangible assets, including the acquisition of IPEC licenses in the amount of R$ 108,000 (R$ 54,000 paid and included in the acquisition of intangible assets in the cash flows used in investing activities) as described in Note 11. The amount of R$4,030 added to goodwill relates to adjustments during the measurement period of the business combination of IESP in respect to amounts to be included as part of the purchase price allocation at acquisition date mainly related to impairment of receivables. On August 13, 2019, Afya Brazil entered into a purchase agreement with the shareholders of IPEC for the acquisition of 100% of IPEC. IPEC was a non-operational postsecondary education institution with governmental authorization to offer on-campus post-secondary undergraduate courses in medicine in the State of Para, that commenced its operation in September 2019. Prior to the acquisition date, IPEC has no significant assets and liabilities. The purchase price of R$ 108,000 is comprised of: i) R$ 54,000 paid in cash on the acquisition date ii) R$ 54,000 is payable in two equal instalments of R$ 27,000 payable annually from August 13, 2020 to August 13, 2021, and adjusted by the CDI rate. The instalment due in August 2020 was paid in the total amount of R$28,104. As mentioned in Note 1, the Company assessed, in connection with the social distancing requirements, whether it has satisfied all performance obligations of its contracts with customers, according to IFRS15, and concluded it was necessary to defer a portion of it's net revenues in the second semester of 2020. As result, R$2,361 of net revenue were deferred to the first semester of 2021 and recorded in advances from customers. The total amount of R$ 9,940 are related to legal proceedings attributed to the selling shareholders administration. The same amount was recorded as indemnification assets in the balance sheet in other assets.