Vasta Announces Third Quarter 2022 Results

SÃO PAULO–(BUSINESS WIRE)–Vasta Platform Limited (NASDAQ: VSTA) – “Vasta” or the “Company” announces today its financial and operating results for the third quarter of 2022 (3Q22) ended September 30, 2022. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).

HIGHLIGHTS

  • Vasta’s accumulated subscription revenue during the 2022 sales cycle (from 4Q21 to 3Q22) totaled R$1,024 million, a 38% increase compared to the previous sales cycle (from 4Q20 to 3Q21), exceeding our 2022 ACV guidance by 2.4%. Subscription revenue, excluding our hybrid subscription textbook products (PAR), increased 47% and total net revenue increased 30%.
  • In the third quarter, subscription revenue grew 76%, mainly led by traditional learning systems and complementary solutions. The 2022 ACV revenue has been comprised of higher quality sources, as Vasta managed to increase growth in its premium brands and to continue the migration from PAR to digital subscription products (Textbook as a Service Platform), aligned with the company’s strategy.
  • In the third quarter, Adjusted EBITDA totaled R$23 million, a relevant increase compared to 3Q21, when Adjusted EBITDA was negative R$29 million. This improvement was mainly driven by operating leverage gains, cost savings and an improved sales mix with the growth of subscription products, in addition to the contribution of Eleva. In the 2022 cycle, Adjusted EBITDA has grown 99.6%, to R$336 million, with a margin increase of 1,016 bps, to 29%.
  • Vasta recorded Adjusted Net Profit of R$20 million in the 2022 cycle, a 25% increase compared to the 2021 cycle when Adjusted Net Profit was R$16 million.
  • Free cash flow (FCF) totaled R$17 million in 3Q22, a significant improvement from negative R$6 million in 3Q21. In the 2022 cycle, FCF totaled R$55 million (or R$75 million on a normalized basis), also an improvement compared to previous cycle, which had a consumption of R$119 million.
  • The preliminary 2023 ACV guidance is R$ 1,230 million, which projects a 20% organic growth in comparison to the 2022 cycle total subscription revenue, or 22.4% growth excluding paper-based PAR. Nearly 100% of our new sales have come from traditional learning systems and complementary solutions.
  • Since last quarter, Vasta has reported updates on its ESG standards, including a panel of key ESG indicators aligned with the topics identified during materiality review process. Quarterly highlights include: (i) the Afro Internship Program, which created exclusive internship positions for black people in the organization; (ii) the launch of the first Greenhouse Gas (GHG) Emissions Compensation Program for its operations and the increased use of renewable energy sources in our day-to-day activities; and (iii) the achievement of targets for diversity in leadership and board of directors.

MESSAGE FROM MANAGEMENT

In the third quarter, we concluded the 2022 sales cycle (4Q21 to 3Q22) with subscriptions revenues showing a 38% increase over the 2021 sales cycle (from 4Q20 to 3Q21) subscriptions revenues, exceeding our 2022 ACV guidance of R$1 billion by 2.4%. We have confidence that the worst has passed, and the results of our operations not only demonstrates the return to business as usual following a 2021 cycle severely hit by the COVID-19 pandemic, but also confirms that Vasta is steadily growing with predictable and recurrent revenue, with subscription products representing 88% of the total revenues of the company.

Moreover, we see the normalization of the company’s profitability and cash flow generation as the main highlight of the quarter. Adjusted EBITDA was R$23 million in 3Q22, recovering from negative R$29 million in the same quarter of the previous year. In the 2022 cycle, adjusted EBITDA increased 99%, to R$336 million, with an expansion of 1,016 bps in margin (from 18.8% to 29%). We attribute this increase not only to the normalization of the business and a higher quality sales mix, but also to our budgetary discipline. Vasta’s operating cash flow totaled R$17 million in 3Q22, a significant improvement from negative R$6 million in 3Q21, reducing the net debt/adjusted EBITDA ratio to 2.92x and maintaining a downward trend for the third consecutive quarter.

During the year, we have announced the acquisition of a relevant minority interest in Educbank, the first financial ecosystem dedicated to K-12 schools, delivering to educational institutions services such as management and financial support by providing payment guaranty for tuitions. We have also announced the acquisition of Phidelis, a complete enterprise resource planning (ERP) software for K-12 schools with both academic and managerial features. The combination of Educbank and Phidelis, our academic and financial ERP, proved a powerful tool to provide schools all the information they need to be more efficient, adding key advantages to our platform as a service for K-12 schools. Since its acquisition, Educbank has more than doubled its student-base, totaling 40 thousand students as of October31, 2022, and delivering excellent customer experience due to its frictionless business model, as highlighted by a Net Promoter Score (NPS) of 85.

Our preliminary guidance for 2023 ACV is R$1,230 million, which projects a 20% organic growth in comparison to the 2022 cycle total subscription revenue, or 22.4% growth excluding paper-based PAR. Nearly 100% of our new sales have come from traditional learning systems and complementary solutions, or from the digital textbook platform offered on a fee-per-student basis, highlighting our focus on reducing exposure on the paper-based textbook channel. Our premium brands such Anglo and Eleva are showing a strong performance during this sales cycle, reassuring our perception that quality and reputation remain decisive in our business. Complementary solutions have continued to ramp-up penetration across our client base. In the 2022 sales cycle, Vasta added more than 92 thousand students of complementary solutions, a 30% growth compared to the previous cycle, evidencing the potential of the segment. As of the end of the 2022 cycle, only 25% of our partner schools adopted complementary solutions, 84% of them having adopted only one solution in our portfolio.

Finally, since last quarter, we have dedicated a section of our earnings release for Environmental, Social and Governance (ESG) matters, including a panel of key indicators that will be updated on a quarterly basis, reinforcing our commitment to the highest ESG standards.

OPERATING PERFORMANCE

Student base – subscription models

2022

2021

% Y/Y

Partner schools – Core content

5,351

4,508

18.7%

Partner schools – Complementary solutions

1,301

1,114

16.8%

Students – Core content

1,540,391

1,335,152

15.4%

Students – Complementary content

400,192

307,941

30.0%

Note: Students enrolled in partner schools.

In the 2022 cycle, Vasta added 843 new partner schools compared to the 2021 cycle, serving more than 1.5 million students with core content solutions. The partner school base of complementary solutions increased by 187 new schools, growing 30% in the number of students served compared to the previous cycle.

FINANCIAL PERFORMANCE

Net revenue

Values in R$ ‘000

3Q22

 

3Q21

 

% Y/Y

 

2022 Cycle

 

2021 Cycle

 

% Y/Y

Subscription

169,609

 

96,207

 

76.3%

 

1,024,051

 

740,709

 

38.3%

Subscription ex-PAR

153,574

 

86,647

 

77.2%

 

897,986

 

609,083

 

47.4%

Traditional learning systems

 

148,843

 

87,256

 

70.6%

 

787,217

 

546,342

 

44.1%

Complementary solutions

 

4,731

 

(609)

 

n.m

 

110,769

 

62,741

 

76.5%

PAR

16,035

 

9,560

 

67.7%

 

126,065

 

131,626

 

-4.2%

Non-subscription

19,115

 

30,985

 

-38.3%

 

133,469

 

152,013

 

-12.2%

Total net revenue

188,724

 

127,192

 

48.4%

 

1,157,520

 

892,722

 

29.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

% ACV

 

17.0%

 

13.0%

 

4.0

 

102.4%

 

100.0%

 

2.4

% Subscription

 

89.9%

 

75.6%

 

14.2

 

88.5%

 

83.0%

 

5.5

In the third quarter, net revenue increased 48.5% year-on-year, to R$189 million. Subscription revenue grew 76.3%, driven by the recognition of 17% of 2022 ACV (within the range of 16% to 18% expected for the quarter), with upside in traditional learning systems, complementary solutions, and textbook subscription products (“PAR”). The 2022 ACV revenue has been comprised of higher quality sources, as Vasta managed to increase growth in its premium brands and to continue the migration from PAR to digital subscription products (Textbook as a Service Platform), aligned with the company’s strategy.

In the third quarter, we concluded the 2022 commercial cycle (4Q21 to 3Q22), and subscription revenue grew 38%, or 47% excluding PAR. This growth represented 102.4% of 2022 ACV, versus 87% in the 2021 cycle, a challenging period of our history owing to unexpected dropouts at our partner schools. Moreover, variations in the seasonality of new brands (Eleva and Mackenzie) have led to a less concentrated distribution of subscription revenue along the 2022 cycle when compared to previous cycles, a trend we believe will continue during the upcoming cycle.

EBITDA

Values in R$ ‘000

3Q22

 

3Q21

 

% Y/Y

 

2022 Cycle

 

2021 Cycle

 

% Y/Y

Net revenue

 

188,724

 

127,192

 

48.4%

 

1,157,521

 

892,722

 

29.7%

Cost of goods sold and services

 

(91,855)

 

(79,381)

 

15.7%

 

(436,977)

 

(360,928)

 

21.1%

General and administrative expenses

 

(98,511)

 

(96,402)

 

2.2%

 

(477,809)

 

(444,807)

 

7.4%

Commercial expenses

 

(48,917)

 

(33,947)

 

44.1%

 

(189,238)

 

(167,772)

 

12.8%

Other operating income

 

1,301

 

698

 

86.4%

 

6,293

 

3,548

 

77.4%

(Loss) profit of equity-accounted investees

 

(2,150)

 

 

0.0%

 

(2,150)

 

 

0.0%

Impairment losses on trade receivables

 

(4,692)

 

(3,790)

 

23.8%

 

(27,859)

 

(34,309)

 

-18.8%

Profit before financial income and taxes

 

(56,100)

 

(85,630)

 

-34.5%

 

29,782

 

(111,546)

 

-126.7%

(+) Depreciation and amortization

 

66,953

 

50,593

 

32.3%

 

260,498

 

194,446

 

34.0%

EBITDA

 

10,853

 

(35,037)

 

-131.0%

 

290,280

 

82,899

 

250.2%

EBITDA Margin

 

5.8%

 

-27.5%

 

33.3 p.p.

 

25.1%

 

9.3%

 

15.8 p.p.

(+) Layoff related to internal restructuring

 

869

 

603

 

44.1%

 

12,126

 

6,324

 

91.8%

(+) IPO-related expenses

 

 

 

0.0%

 

 

50,580

 

-100.0%

(+) Share-based compensation plan

 

11,172

 

5,834

 

91.5%

 

33,376

 

28,461

 

17.3%

Adjusted EBITDA

22,894

 

(28,600)

 

-180.0%

 

335,782

 

168,264

 

99.6%

Adjusted EBITDA Margin

12.1%

 

-22.5%

 

34.6 p.p.

 

29.0%

 

18.8%

 

10.2 p.p.

Note: n.m.: not meaningful

In the third quarter, Adjusted EBITDA totaled R$23 million, a relevant increase from negative R$29 million in 3Q21. This improvement was mainly driven by operating leverage gains, cost savings and a better sales mix with the growth of subscription products and the contribution of Eleva. In the 2022 commercial cycle, Adjusted EBITDA has grown 99%, with a margin increase of 1,016 bps to 29%.

In proportion with net revenue, gross margin grew 1,374 bps in the quarter (from 37.6% to 51.3%). Moreover, adjusted cash G&A expenses and commercial expenses were up 1,962 bps and 80 bps, respectively, due to workforce optimization and budgetary discipline. The impairment on trade receivables decreased 50 bps in the quarter, reflecting the hike in the provision for doubtful accounts executed during 2021 to face the increased delinquency caused by the pandemic. As a result, adjusted EBITDA margin reached 12.1% in 3Q22, versus negative margin of 22.5% in 3Q21.

(%) Net Revenue

3Q22

 

3Q21

 

Y/Y (p.p.)

 

2022 Cycle

 

2021 Cycle

 

Y/Y (p.p.)

Gross margin

 

51.3%

 

37.6%

 

13.7

 

62.2%

 

59.6%

 

2.68

Adjusted cash G&A expenses(1)

 

-10.8%

 

-30.4%

 

19.6

 

-14.5%

 

-18.1%

 

3.60

Commercial expenses

 

-25.9%

 

-26.7%

 

0.8

 

-16.3%

 

-18.8%

 

2.44

Impairment on trade receivables

 

-2.5%

 

-3.0%

 

0.5

 

-2.4%

 

-3.8%

 

1.44

Adjusted EBITDA margin

 

12.1%

 

-22.5%

 

34.6

 

29.0%

 

18.8%

 

10.16

(1) Sum of general and administrative expenses, other operating income and profit (loss) of equity-accounted investees, less: depreciation and amortization, layoffs related to internal restructuring, IPO-related expenses, and share-based compensation plan.

Finance Results

Values in R$ ‘000

 

3Q22

 

3Q21

 

% Y/Y

 

2022 Cycle

 

2021 Cycle

 

% Y/Y

Finance income

19,174

 

10,532

 

82.1%

 

70,186

 

28,197

 

148.9%

Finance costs

(68,426)

 

(28,686)

 

138.5%

 

(247,300)

 

(87,184)

 

183.7%

Total

 

(49,252)

 

(18,154)

 

171.3%

 

(177,114)

 

(58,987)

 

200.3%

In the third quarter finance income totaled R$19 million, from R$10 million in 3Q21, mainly due to higher interest rates on financial investments and marketable securities. In the 2022 commercial cycle, finance income increased 149% to R$28 million.

Finance costs increased 138% quarter-on-quarter, to R$68 million, motivated by higher interest rates applicable to bonds and financing, accounts payable on business combination and, provision for tax, civil and labor losses. In the 2022 commercial cycle, finance costs increased 183% to R$247 million.

Net profit (loss)

Values in R$ ‘000

 

3Q22

 

3Q21

 

% Y/Y

 

2022 Cycle

 

2021 Cycle

 

% Y/Y

Net profit (loss)

(75,994)

 

(70,821)

 

7.3%

 

(110,684)

 

(116,286)

 

-4.8%

(+) Layoffs related to internal restructuring

869

 

603

 

44.1%

 

12,126

 

6,324

 

91.8%

(+) Share-based compensation plan

 

11,172

 

5,834

 

91.5%

 

33,376

 

28,461

 

17.3%

(+) IPO-related expenses

 

 

 

0%

 

 

50,580

 

-100.0%

(+) Amortization of intangible assets(1)

38,778

 

28,987

 

33.8%

 

152,205

 

114,794

 

32.6%

(-) Tax shield(2)

(17,278)

 

(12,044)

 

43.5%

 

(67,220)

 

(68,054)

 

-1.2%

Adjusted net profit (loss)

(42,454)

 

(47,440)

 

-10.5%

 

19,803

 

15,819

 

25.2%

Adjusted net margin

-22.5%

 

-37.3%

 

14.8

 

1.7%

 

1.8%

 

(0.1)

(1) From business combinations. (2) Tax shield (34%) generated by the expenses that are being deducted as net (loss) profit adjustments. Note: n.m.: not meaningful

In the third quarter, adjusted net loss totaled R$42 million, impacted by higher financial leverage and interest rates. In the 2022 commercial cycle, adjusted net profit increased 25% to R$20 million.

Accounts receivable and PDA

Values in R$ ‘000

3Q22

 

3Q21

 

% Y/Y

 

2Q21

 

% Q/Q

Gross accounts receivable

378,587

 

249,628

 

51.7%

 

477,282

 

-20.7%

Provision for doubtful accounts (PDA)

(49,250)

 

(39,103)

 

25.9%

 

(50,098)

 

-1.7%

Coverage index

 

13.0%

 

15.7%

 

(2.7)

 

10.5%

 

2.5

Net accounts receivable

 

329,337

 

210,525

 

56.4%

 

427,184

 

-22.9%

Average days of accounts receivable(1)

102

 

85

 

17

 

140

 

(38)

(1) Balance of net accounts receivable divided by the last-twelve-month net revenue, multiplied by 360.

During the pandemic, the credit issues faced by our partner schools pressured our receivable collection and impacted our operating results by requiring a higher level of provisions for doubtful accounts. We have seen a gradual normalization in payments during 2022, aligned with the restoration of partner schools’ regular activities, although this is still ongoing. The average payment term of Vasta’s accounts receivable portfolio was 102 days in the 3Q22, 17 days in excess of same quarter of the previous year. By adding Eleva’s last-twelve-month (“LTM”) net revenue, the average term decreased to 100 days.

Free cash flow

Values in R$ ‘000

 

3Q22

 

3Q21

 

% Y/Y

 

2022 Cycle

 

2021 Cycle

 

% Y/Y

Cash from operating activities(1)

61,814

 

22,885

 

170.1%

 

247,762

 

(28,770)

 

-961.2%

(-) Income tax and social contribution paid

(1,247)

 

 

0.0%

 

(2,736)

 

(1,167)

 

134.5%

(-) Payment of provision for tax, civil and labor losses

 

52

 

(439)

 

-111.9%

 

(1,421)

 

(515)

 

175.8%

(-) Interest lease liabilities paid

 

(3,655)

 

(3,542)

 

3.2%

 

(13,941)

 

(15,339)

 

-9.1%

(-) Acquisition of property, plant, and equipment

(2,374)

 

(3,108)

 

-23.6%

 

(62,060)

 

(7,364)

 

742.7%

(-) Additions of intangible assets

(30,892)

 

(17,295)

 

78.6%

 

(85,934)

 

(47,330)

 

81.6%

(-) Lease liabilities paid

(6,682)

 

(4,949)

 

35.0%

 

(27,099)

 

(18,936)

 

43.1%

Free cash flow (FCF)

 

17,016

 

(6,447)

 

-363.9%

 

54,573

 

(119,421)

 

-145.7%

FCF/Adjusted EBITDA

74.3%

 

22.5%

 

51.8

 

16.3%

 

-71.0%

 

87.2

(1) Net (loss) profit less non-cash items less and changes in working capital. Note: n.m.: not meaningful

In 3Q22, Free Cash Flow (FCF) totaled R$17 million, a significant improvement when compared to 3Q21, which had a negative R$6.5 million FCF. In the 2022 cycle, FCF totaled R$55 million, or R$75 million excluding the early payment of royalties (R$20 million) to content providers, up from negative R$119 million in the same period of 2021.

Financial leverage

Values in R$ ‘000

 

3Q22

 

2Q22

 

1Q22

 

4Q21

 

3Q21

Financial debt

 

811,612

 

844,778

 

817,517

 

831,226

 

812,016

Accounts payable from business combinations

 

647,466

 

585,503

 

570,660

 

532,313

 

73,713

Total debt

 

1,459,078

 

1,430,281

 

1,388,177

 

1,363,539

 

885,729

Cash and cash equivalents

 

44,343

 

147,762

 

145,998

 

309,893

 

377,862

Marketable securities

 

433,803

 

417,770

 

303,675

 

166,349

 

317,178

Net debt

 

980,932

 

864,749

 

938,504

 

887,297

 

190,689

Net debt/LTM adjusted EBITDA(1)

 

2.92

 

3.04

 

3.67

 

4.87

 

0.90

(1) LTM adjusted EBITDA includes Eleva. Eleva’s LTM adjusted EBITDA prior to November 2021 may not reflect Vasta’s accounting standards.

Vasta ended the quarter with a net debt position of R$981 million, mainly due to the minority acquisition of Educbank in July 2022, leading to a net debt/LTM adjusted EBITDA of 2.92x. After adding Eleva’s LTM EBITDA, this indicator stood at 2.87x.

ESG

Since last quarter, Vasta reports updates about its ESG standards, including a panel of key ESG indicators, in line with the topics identified in the materiality process. Information about 2021 can be found in Vasta’s Sustainability Report, which can be found here.

Check below the main highlights of ESG in the third quarter of 2022.

Vasta launches its GHG emissions inventory

Committed to accountability and transparency, Vasta launched the first Greenhouse Gas (GHG) Emissions Inventory for its operations. This inventory is aligned with international guidelines from the GHG Protocol methodology and measures the atmospheric emissions from its corporate office, its three distribution centers and its vehicle fleet.

The inventory covers direct emissions from the operations (Scope 1) and indirect emissions (Scope 2) from the consumption of electricity. Regarding electricity, the inventory included the impact according to two methods: location and market based. The second method considers the purchase of renewable energy certificates (REC) or free market purchases, in which the renewable origin of the energy consumed by the company is proven, in turn reducing the organization’s carbon footprint. The purchase of renewable energy reduced the company’s total emissions by 14%. According to the inventory, Vasta’s direct emissions (Scope 1) totaled 1,133 tCO2e in 2021, corresponding to 97.6% of the total. Indirect emissions (Scope 2) totaled 27.54 tCO2e. If the location-based approach is applied without deducting emissions from renewable sources, Scope 2 would represent 16.4% of the company’s emissions.

Afro Internship Program

In July, Vasta launched the Afro Internship Program, which will create exclusive intern positions for African-Brazilian youth. The positions are reserved for young people enrolled in undergraduate or technical courses, and include hybrid and remote work, providing provide benefits such as transportation vouchers, food or meal vouchers, life insurance, tuition grants, psychological counseling, and a day off in the month of a candidate’s birthday. As a result, 13 people were hired for areas such as technology, human resources, data engineering, editorial, finance, production planning and CX (customer experience), among others.

Somos Futuro 2023

Launch of the Somos Futuro 2023 Selection Process. Somos Futuro is a program maintained by Vasta’s social arm, Instituto SOMOS, and consists of an acceleration initiative for public school students, who receive full study scholarships for secondary education in Vasta’s partner private schools. The participants also receive educational and para-educational materials, online tutoring, mentoring and access to the entire program support network, which includes psychological counseling. Today 365 students are enrolled in the current edition of the program – which has benefited almost 600 people since it began in 2018.

Key Indicators

ENVIRONMENT

SDGs

GRI

Water withdrawn by source2 (m³)

Unit

1Q22

2Q22

3Q22

6

303-3

Ground water

1,786

2,674

3,438

Utility supply

840

187

127

Total

2,626

2,861

3,565

SDGs

GRI

Internal energy consumption

Unit

1Q22

2Q22

3Q22

12 and 13

302-1

Total energy consumed

GJ

1,569

1,348

1,523

Percentage of energy from renewable sources3

%

92%

97%

98%

  • 98% of the energy consumed by the Company comes from renewable sources;
  • 100% of the energy consumed in our largest distribution center in São José dos Campos, comes from renewable sources; and
  • 100% of our suppliers are FSC certified, which guarantees sustainable handling in the paper chain of custody. We also have maintained the certification since 2008.

SOCIAL

SDGs

GRI

Diversity in the work force by functional category

Unit

1Q22

2Q22

3Q22

5

405-1

C-level – Women

% of people

20%

20%

25%

C-level – Men

% of people

80%

80%

75%

Total – C-level4

No. of people

5

5

4

Leaders – Women (≥ management level)

% of people

45%

47%

48%

Leaders – Men (≥ management level)

% of people

55%

53%

52%

Total – Leaders (≥ management level)5

No. of people

130

131

134

Academic faculty – Women

% of people

14%

31%

80%

Academic faculty – Men

% of people

86%

69%

20%

Total – Academic faculty6

No. of people

71

100

84

Coordinators and Administrative – Women

% of people

56%

57%

57%

Coordinators and Administrative – Men

% of people

44%

43%

43%

Total – Coordinators and Administrative7

No. of people

1,576

1,521

1,539

Total – Women

% of people

53%

54%

54%

Total – Men

% of people

47%

46%

46%

Total – Employees

No. of people

1,782

1,757

1,761

SDGs

GRI

Indirect economic impact

Unit

1Q22

2Q22

3Q22

11

Scholarship holders in Somos Futuro program

373

371

365

SDGs

GRI

Occupational Health and Safety

Unit

1Q22

2Q22

3Q22

3

403-5, 403-9

% of units covered by the Environmental Risk Prevention Program

%

100%

100%

100%

Total employees trained in health and safety8

No. of people

90

110

346

Total number of hours training in health and safety

No.

491

2,871

375

Average number of hours training in health and safety per participant9

No.

5.5

4.4

1.1

Total number of hours of on-site training for fire brigade

No.

248

408

56

Average number of hours of on-site training for fire brigade per participant9

No.

7.7

8.0

8

Employees – Injury frequency rate10

rate

0.92

3.75

4.06

Employees – High-consequence injuries rate11

rate

0.00

0.00

0,00

Employees – Recordable injuries rate12

rate

0.92

0.94

3.04

Employees – Fatality rate13

rate

0.00

0.00

0.00

Diversity

48% of leaders (management level and above) and 20% of the teaching faculty at Vasta are women. We are also committed to other measures that promote diversity and inclusion, such as the Somos Futuro project, from the Instituto Somos, to accelerate talents from public schools, in which almost 40% of the participants are black or mixed.

Health and Safety

Vasta invested in enhancing controls and communication on occupational health and safety for employees. This contributed to an increase in accident reporting rates, boosting the accuracy of control and management systems

GOVERNANCE

SDGs

GRI

Ethical behavior

Unit

1Q22

2Q22

3Q22

8, 16

205-1, 205-2, 205-3

Employees trained in anti-corruption policies and procedures

% of people

100%

100%

100%

Operations submitted to corruption-related risk assessment

% of operations

100%

100%

100%

Number of confirmed cases of corruption

No. of cases

0

0

0

SDGs

GRI

Data privacy and infrastructure

Unit

1Q22

2Q22

3Q22

16

418-1

Substantiated complaints received from outside parties

No.

6

28

20

Substantiated complaints received from regulatory bodies

No.

0

0

0

Identified leaks, thefts, or losses of customer data

No.

0

0

0

 

 

SDGs

GRI

Diversity in the Board of Directors

Unit

1Q22

2Q22

3Q22

5

405-1

Women

% of people

29%

29%

29%

Men

% of people

71%

71%

71%

Total

nº of people

7

7

7

Contacts

Investor Relations

[email protected]

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