Financial Information


The fiscal year of 2021, which ended for St. Andrew's on February 28th 2022, generated total revenues of $ 1863.5 million and total operating expenses adding up to $ 1927.8 million. The net financial result for this period was $ 90.7 million, which produced a net final surplus of $ 26.3 million.

The general-purpose revenues, which amount to $ 1844.3 million are composed by tuition fees, invoiced on a monthly basis from March to December, plus one annual matriculation fee; the specific purpose revenues for $ 4.4 million which mainly include donations applied to scholarships and to Campus fixed assets investments; and other revenues for $ 14.8 million which include the result of the sale of the property located in Olivos, Buenos Aires province (Rawson 2775).

Total expenses are mainly composed by staff salaries, plus general expenses and teaching materials.

Total assets amount to $ 4223.7 million, of which $ 522.3 million are current assets and include cash, banks and investments for $ 439.7 million of which 92% are in U.S. dollars and 8% in Argentine pesos, assets available for sale for $ 68.0 million, an amount which corresponds to the residual value of the following properties located in Olivos, Buenos Aires province: Roque S. Peña 654, Roque Saenz Peña 686, Pelliza 656, the sale of which was approved in the Associates Meeting held on June 14th 2018. Other assets amount to $ 14.6 million. Approximately $ 3701.3 million are non-current assets composed by the Association's fixed assets.

The Capital Expenditures totaled $202.3 million, of which $ 85 million were invested in regular maintenance, building upgrading projects and the acquisition of IT equipment and $ 117.3 million in the Campus Stage III Project - Nogoyá.

Total liabilities amount to approximately $ 1105.1 million, of which approximately $ 545 million are current liabilities, which include the following loans: $ 41.8 million financial loan allotted for the completion of Stage II of the Campus project, $ 2 million from the Comunidad San Andrés and a $ 113.2 million financial loan from Banco Galicia.

Approximately $ 560.1 million are non-current liabilities, which include a $ 433.2 million from the Comunidad San Andrés and $ 102.3 million received through donations for the building of the Auditorium in Campus San Andrés. The aforementioned amounts received through loans and donations have been applied to the Campus and to the Campus Stage III Project - Nogoyá.

Net worth is approximately $ 3118.6 million.

Expenses 2021

Personnel 66% 1281.6
General 18% 344.9
Teaching Material 7% 125.7
Depreciation 9% 175.6
1927.8
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General purpose -net 1844.3
Specific purpose - net 4.4
Others 14.8
Total revenues 1863.5
General administrative expenses 146.7
Departamental expenses 1605.5
Fixed asset depreciation 175.6
Total expenses 1927.8
Net financial surplus 90.7
Final Surplus 26.23

Current assets


Cash and banks 421.0
Investments 18.8
Credits 7.0
Assets available for sale 68.0
Other assets 7.6
Total current assets 522.3

Non current assets


Fixed assets 3701.3
Total non current assets 3701.3
Total assets 42223.7

Current liabilities

Debt 511.00
Provisions 25.25
Specific funds 8.5
Total current liabilities 545.0

Non current liabilities


Long term debt 433.2
Provisions 24.6
Specific funds/td> 102.3
Total non current liabilities 560.1
Total liabilities 1105.1

Source: ACEESA's annual financial statements | In millions of $
Numbers adjusted to inflation, to reflect changes in currency
purchasing power, complying with Resolución F.A.C.P.C.E. N° 539/2018

Silvia Satas
CFO/COO