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Segment information | 12 Months Ended
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Dec. 31, 2021
Segment information |
| 4 | Segment information
During 2021, in connection with the recent acquisitions of digital and technology companies, the Company revised its operating segments. As result, the Company has three operating segments as opposed to the previously reported Business Unit 1 (educational services through undergraduate and graduate courses related to medicine, other health sciences and other undergraduate programs) and Business Unit 2 (residency preparatory courses and medical post-graduate specialization programs, delivering printed and digital content, an online medical education platform). The three reportable segments are as follows: • Undergrad, which provides educational services through undergraduate courses related to medicine, other health sciences and other undergraduate programs; • Continuing Education, which provides specialization programs and graduate courses; and • Digital Services, which provides content and technology for medical education, clinical decisions software, practice management tools and electronic medical records, doctor-patient relationship, telemedicine and digital prescription. Due to changes in operating segments, the segment information for the years ended December 31, 2020 and 2019 have been restated. Segment information is presented consistently with the internal reports provided to the Company's Chief Executive Officer (CEO), which is the Chief Operating Decision Maker (CODM) and is responsible for allocating resources, assessing the performance of the Company's operating segments, and making the Company's strategic decisions. No operating segments have been aggregated to form the above reportable operating segments. There is only one geographic region and the results are monitored and evaluated as a single business. The following tables presents assets and liabilities information for the Company’s operating segments as of December 31, 2021 and 2020: Schedule of assets and liabilities information for the company's operating segments
| Undergrad | Continuing Education | Digital Services | Total reportable segments | Adjustments and eliminations | Total
As of December 31, 2021 |  |  |  |  |  |
Total assets | 6,072,135 | 105,629 | 272,122 | 6,449,886 | (2,480) | 6,447,406
Current assets | 1,048,869 | 42,737 | 117,726 | 1,209,332 | (2,480) | 1,206,852
Non-current assets | 5,023,266 | 62,892 | 154,396 | 5,240,554 | - | 5,240,554
Total liabilities and equity | 6,072,135 | 105,629 | 272,122 | 6,449,886 | (2,480) | 6,447,406
Current liabilities | 645,657 | 32,300 | 91,029 | 768,986 | (2,480) | 766,506
Non-current liabilities | 2,551,175 | 47,705 | 82,002 | 2,680,882 | - | 2,680,882
Equity | 2,875,303 | 25,624 | 99,091 | 3,000,018 | - | 3,000,018
| Undergrad | Continuing Education | Digital Services | Total reportable segments | Adjustments and eliminations | Total
As of December 31, 2021 |  |  |  |  |  |
Other disclosures |  |  |  |  |  |
Investments in associate | 48,477 | - | - | 48,477 | - | 48,477
Capital expenditures (*) | 220,202 | 25,682 | 56,095 | 301,979 | - | 301,979
| Undergrad | Continuing Education | Digital Services | Total reportable segments | Adjustments and eliminations | Total
As of December 31, 2020 |  |  |  |  |  |
Total assets | 4,541,988 | 68,300 | 182,920 | 4,793,208 | (115) | 4,793,093
Current assets | 1,280,342 | 40,119 | 85,155 | 1,405,616 | (115) | 1,405,501
Non-current assets | 3,261,646 | 28,181 | 97,765 | 3,387,592 | - | 3,387,592
Total liabilities and equity | 4,541,988 | 68,300 | 182,920 | 4,793,208 | (115) | 4,793,093
Current liabilities | 522,523 | 14,491 | 52,480 | 589,494 | (115) | 589,379
Non-current liabilities | 1,261,894 | 40,763 | 67,277 | 1,369,934 | - | 1,369,934
Equity | 2,757,571 | 13,046 | 63,163 | 2,833,780 | - | 2,833,780
| Undergrad | Continuing Education | Digital Services | Total reportable segments | Adjustments and eliminations | Total
Other disclosures |  |  |  |  |  |
As of December 31, 2020 |  |  |  |  |  |
Investments in associate | 51,410 | - | - | 51,410 | - | 51,410
Capital expenditures (*) | 83,256 | 12,638 | 13,587 | 109,481 | - | 109,481
(*) |  | Capital expenditures consider the acquisitions of property and equipment and intangible assets.
The following tables present the statements of income for the Company’s operating segments for the years ended December 31, 2021 and 2020: Schedule of operating income for each operating segment
| December 31, 2021
| Undergrad | Continuing Education | Digital Services | Total reportable segments | Elimination (inter-segment transactions) | Total
External customer | 1,498,408 | 72,983 | 147,980 | 1,719,371 | - | 1,719,371
Inter-segment | - | - | 3,978 | 3,978 | (3,978) | -
Net revenue | 1,498,408 | 72,983 | 151,958 | 1,723,349 | (3,978) | 1,719,371
Cost of services | (554,995) | (50,773) | (50,510) | (656,278) | 3,978 | (652,300)
Gross profit | 943,413 | 22,210 | 101,448 | 1,067,071 | - | 1,067,071
General and administrative expenses | - | - | - | - | - | (622,615)
Other income, net | - | - | - | - | - | (3,561)
Operating income | - | - | - | - | - | 440,895
Finance income | - | - | - | - | - | 64,566
Finance expenses | - | - | - | - | - | (243,796)
Share of income of associate | - | - | - | - | - | 11,797
Income before income taxes | - | - | - | - | - | 273,462
Income taxes expenses | - | - | - | - | - | (31,179)
Net income | - | - | - | - | - | 242,283
| December 31, 2020
| Undergrad | Continuing Education | Digital Services | Total reportable segments | Elimination (inter-segment transactions) | Total
External customer | 1,002,461 | 107,197 | 91,533 | 1,201,191 | - | 1,201,191
Inter-segment | - | - | 1,619 | 1,619 | (1,619) | -
Net revenue | 1,002,461 | 107,197 | 93,152 | 1,202,810 | (1,619) | 1,201,191
Cost of services | (381,964) | (40,000) | (14,309) | (436,273) | 1,619 | (434,654)
Gross profit | 620,497 | 67,197 | 78,843 | 766,537 | - | 766,537
General and administrative expenses | - | - | - | - | - | (402,855)
Other expenses, net | - | - | - | - | - | (347)
Operating income | - | - | - | - | - | 363,335
Finance income | - | - | - | - | - | 62,290
Finance expenses | - | - | - | - | - | (98,269)
Share of income of associate | - | - | - | - | - | 7,698
Income before income taxes | - | - | - | - | - | 335,054
Income taxes expenses | - | - | - | - | - | (27,067)
Net income | - | - | - | - | - | 307,987
| December 31, 2019
| Undergrad | Continuing Education | Digital Services | Total reportable segments | Elimination (inter-segment transactions) | Total
External customer | 653,760 | 64,870 | 32,000 | 750,630 | - | 750,630
Inter-segment | - | - | 3,880 | 3,880 | (3,880) | -
Net revenue | 653,760 | 64,870 | 35,880 | 754,510 | (3,880) | 750,630
Cost of services | (279,066) | (29,261) | (4,406) | (312,733) | 3,880 | (308,853)
Gross profit | 374,694 | 35,609 | 31,474 | 441,777 | - | 441,777
General and administrative expenses | - | - | - | - | - | (239,120)
Other expenses, net | - | - | - | - | - | 2,594
Operating income | - | - | - | - | - | 205,251
Finance income | - | - | - | - | - | 51,689
Finance expenses | - | - | - | - | - | (72,365)
Share of income of associate | - | - | - | - | - | 2,362
Income before income taxes | - | - | - | - | - | 186,937
Income taxes expenses | - | - | - | - | - | (14,175)
Net income | - | - | - | - | - | 172,762
Seasonality of operations Undergrad ´s and Continuing Education tuition revenues are related to the intake process and monthly tuition fees charged to students over the period thus the Company do not have significant fluctuations during the semester. Digital Services are comprised mostly by Medcel, Pebmed and iClinic revenues. While Pebmed and iClinic do not have significant fluctuation regarding seasonality, Medcel revenues are concentrated in the first and last quarter of the year, as a result of enrollments of Medcel’s clients period. The majority of Medcel’s revenues is derived from printed books and e-books, which are recognized at the point in time when control is transferred to the customer. Consequently, Digital Services segment generally has higher revenues and results of operations in the first and last quarter of the year compared to the second and third quarters of the year.

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- Definition The entire disclosure for operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS08_g20-24_TI -URIDate 2021-03-24 + Details
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