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Investment in associate
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
Investment in associate

 

10Investment in associate

 

The Company holds 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 table below illustrates the summarized financial information of the Company’s investment in UEPC:

 

   
  2023 2022
     
Current assets 29,004 32,651
Non-current assets 120,289 122,378
Current liabilities (28,842) (22,840)
Non-current liabilities (91,613) (96,442)
Equity 28,838 35,747
Company’s share in equity - 30% 8,651 10,724
Goodwill 43,183 43,183
Carrying amount of the investment 51,834 53,907

 

       
  2023 2022 2021
       
Revenue 148,042 138,584 127,618
Cost of services (71,282) (57,421) (57,935)
Selling, general and administrative expenses (37,205) (34,991) (24,025)
Finance results (6,123) (4,103) (4,585)
Income before income taxes 33,432 42,069 41,073
Income taxes expenses (1,782) (1,456) (1,748)
Net income 31,650 40,613 39,325
Company’s share of income 9,495 12,184 11,797

 

       
  2023 2022 2021
       
Opening balance 53,907 48,477 51,410
Dividends received (9,900) (6,754) (11,770)
Dividends receivable (included in Other assets) (1,668) - (2,960)
Share of income 9,495 12,184 11,797
Closing balance 51,834 53,907 48,477

 

The Company tests the recoverability of the carrying amount of goodwill at least annually. As of December 31, 2023 and 2022, no impairment had to be recognized for this goodwill.