Net profit for Estacio came to R$109.7 million in 2012, an increase of 56.3% over the 2011 fiscal year, due to a 20.5% increase in revenues and efficiency gains in cost and expense entries, leading to growth of 70.7% in EBITDA, and more than offsetting the financial result owing to debts contracted since 2011.Operating cash flow was positive in the amount of R$65.0 million in 2012, in contrast with the negative result for 2011 of R$99.9 million, an increase of R$164.9 million. This enabled Estacio investments to reach a total of R$172.0 million in 2012, accounting for 12.4% of net revenues, while in the year before, investments accounted for 15.6%. Of this amount, R$60.1 million were allocated towards the purchase of new units, while R$111.9 million were assigned to the expansion of new units, refurbishment and improvement of existing units, IT projects and the consolidation of the new Model of Instruction. By the end of 2012, cash and equivalents came to R$140.5 million. Bank indebtedness stood at R$279.7 million corresponding to the Company's first issue of debentures, financing lines with the IFC and capitalization of equipment leasing expenses; as well as payment commitments for acquisitions made during the year, on the order of R$24.2 million; and an outstanding balance of tax installments; accounting for Estacio's gross indebtedness, which totaled R$312.5 million at year's end. Estacio's net debt closed 2012 at R$172.0 million. Estacio ended 2012 with 11,440 employees, of whom 7,170 were professors, and 4,270 worked in administrative and instructional support areas. During the year, Estacio paid the equivalent of R$718.5 million in salaries and benefits, and also invested heavily in the training of its professors and administrative staff. In regulatory matters relevant to the consolidation of Estacio's Model of Instruction, it should be underscored that in 100% of the evaluations conducted by the Ministry of Education and Culture (MEC) in 2012 for on-site visits related to ENADE 2010 at its facilities, it received grades of 3, 4 and 5 on a scale of 1 to 5. It also maintained a good evaluation in Masters and Doctoral degree programs, receiving a grade of 5 in the Master's Program of Legal Study, and in the Doctoral Program in Education, the grade of 4 indicates probable continuation of excellence of this degree program in the next evaluation. It also received a grade of 4 in the Master's and Doctoral programs in Dentistry, and in the Masters in Administration.