Financial results  Education Division 

From a financial point of view, the evolution of the Education Division in the 9 months period ended on 30.09.2021 shows almost a recovery, managing to recover the decrease of more than 20% recorded in the first two quarters. The significant decrease in the cost of materials is due to Microsoft’s Enterprise Skills Initiative (ESI) campaign, in which both textbooks and labs have zero cost for this year. In addition, there is a high share of DevOps courses (own curriculum) where course materials are our property and therefore we have no licensing costs. 

The increase in team expenses, both in the sales and administrative area is generated by three components: 

  • the inclusion of Equatorial’s team costs in the consolidated calculation once the company was taken over in December 2020; 
  • expansion of the team by including the Demand generation (3), Business Development (1) and Delivery (1) positions 
  • Change in timing for sales commission payments: quarterly in 2021 versus in Q4 as previously accounted for. 
 

30/Sep/21 

30/Sep/20 

Evolution

Revenues from contracts with clients 

8,104,806 

8,575,726 

-5.49% 

Cost of sales  

3,957,394 

3,451,624 

14.65% 

Cost of sale of goods/materials 

124,540 

727,404 

-82.88% 

Man-hours 

3,832,855 

2,724,221 

40.7% 

Gross margin 

4,147,412 

5,124,101 

-19.06% 

Other incomes 

876,551 

302,693 

189.58% 

Sales/distribution expenses 

2,438,852 

1,450,507 

68.14% 

Staff expenditure 

1,671,182 

1,115,182 

49.86% 

Advertisement 

767,669 

335,326 

128.93% 

Administrative costs 

3,596,438 

2,186,441 

64.49% 

Man-hours 

2,013,941 

1,275,018 

57.95% 

Materials 

41,986 

22,782 

84.29% 

Amortization 

1,052,616 

530,744 

98.33% 

Insurance 

48,359 

27,326 

76.97% 

Other expenditures 

193,726 

233,246 

-16.94 

Operating profit 

(1,011,327) 

1,789,846 

-156.5%