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 |
m³ |
1,786 |
2,674 |
3,438 |
|
Utility supply |
m³ |
840 |
187 |
127 |
||
|
Total |
m³ |
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 |
nº |
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
ir@vastaplatform.com