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Investment in associate
 12 Months Ended
Dec. 31, 2021
Investment in associate

 

10Investment in associate

 

In connection with the corporate reorganization, described in Note 1 regarding the merger with BR Health, the Company acquired a 30% interest in UEPC, a medical school located in the Federal District, that offers higher education and post-graduate courses, both in person and long-distance learning. The Company’s interest in UEPC is accounted for using the equity method. The following table illustrates the summarized financial information of the Company’s investment in UEPC:

 

  December 31, 2021 December 31, 2020
     
Current assets 33,976 55,413
Non-current assets 109,805 82,575
Current liabilities (35,049) (34,531)
Non-current liabilities (91,086) (76,132)
Equity 17,646 27,325
Company’s share in equity – 30% 5,294 8,227
Goodwill 43,183 43,183
Carrying amount of the investment 48,477 51,410

 

  December 31, 2021 December 31, 2020 December 31, 2019
Net revenue 127,618 113,965 85,816
Cost of services (57,935) (55,926) (39,459)
General and administrative expenses (24,025) (27,341) (29,476)
Finance result (4,585) (4,882) (4,121)
Income before income taxes 41,073 25,816 12,760
Income taxes expenses (1,748) (252) (2,275)
Net income for the period 39,325 25,564 10,485
Company’s share of income for the period 11,797 7,698 2,362

 

  December 31, 2021 December 31, 2020 December 31, 2019
       
Opening balance 51,410 45,634 -
Acquisition of minority interest (15%) in March 2019 - - 24,458
Acquisition of additional interest (15%) in June 2019 - - 24,457
Dividends received (11,770) (1,922) (5,643)
Dividends receivable (included in Other assets) (2,960) - -
Share of income 11,797 7,698 2,362
Closing balance 48,477 51,410 45,634

 

 

The Company tests at least annually the recoverability of the carrying amount of goodwill and there was no impairment for this goodwill.