Vasta Platform First Quarter 2023 Financial Results
SÃO PAULO–(BUSINESS WIRE)–Vasta Platform Limited (NASDAQ: VSTA) – “Vasta” or the “Company” announces today its financial and operating results for the first quarter of 2023 (1Q23) ended March 31, 2023. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).
HIGHLIGHTS
- Subscription revenue grew by 18% (or 22%, excluding PAR) in the 2023 cycle to date. The 2023 Annual Contract Value (ACV) was slightly less concentrated in the first two quarters (65.1%) than in the previous year (66.5%), due to the different seasonality and product mix.
- In the 2023 cycle to date (4Q22 and 1Q23) net revenue increased 17% to R$908 million, in line with our guidance.
- In the 2023 cycle to date Adjusted EBITDA grew 10% reaching R$332 million. EBITDA margin decreased 220 bps compared to the same period in the previous year, from 38,7% to 36,5%, mainly due to provision for doubtful accounts (PDA) made in connection with a large retailer that entered into bankruptcy proceeding in Brazil and higher inventory cost caused by rising inflation on paper and production cost. Those increases were partially offset by operating efficiency gains, cost savings and better mix due to subscription products growth.
- Adjusted Net Profit in the 2023 cycle to date decreased 6% compared to Adjusted Net Profit in the same period for the 2022 cycle, totaling R$ 98 million.
- 1Q23 Free cash flow (FCF) totaled R$36 million , a 188% increase from R$13 million in 1Q22. In the 2023 cycle to date, FCF totaled negative R$7 million an 89% increase from negative R$65 million in 2022. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from negative 52% (2Q21-1Q22) to 31% (2Q22-1Q23) as a result of company growth and constant efficiency pursuance.
- In the 2023 cycle to date, university approvals were another highlight for Vasta’s brands. Vasta maintained its leadership in approvals in Brazil’s best universities (according to SISU results – Brazilian Unified Selection System).
- Starting in 2023, Vasta started to offer its products and services to the Brazilian public sector (B2G). Our broad portfolio of core content solutions, digital platform, and complementary products together with customized learning solutions tested over decades by the private sector will now be available to the K-12 public schools. K-12 public sector in Brazil comprises more than 32 million students, 5 times the number of students in the Brazilian K-12 private sector.
- In the first quarter of 2023 Vasta acquired a 51% stake in Escola Start Ltda. for R$ 4.5 million. Escola Start will be our flagship school boosting our entrance in the bilingual franchise business, responding to an increasingly strong demand of families and students for academic excellence (powered by Anglo content), bilingual education, and innovation.
MESSAGE FROM MANAGEMENT
With the 1Q23 results reached halfway through the 2023 cycle, we have delivered on our guidance for economic and financial results as anticipated in the previous quarter. In the 2023 cycle to date (4Q22 and 1Q23), net revenue increased 17% to R$908 million, and subscription revenue grew 18% (or 22%, excluding PAR). Complementary solutions continues to present the highest growth rate among our business segments with a 44% growth in the cycle to date compared to the same period of the previous year. The 2023 ACV was slightly less concentrated in the first two quarters (65.1%) than in the previous year (66.5%), due to the different seasonality and product mix.
Moreover, we continue to see the normalization of the company’s profitability and cash flow generation. In 1Q23, Adjusted EBITDA grew 10% to R$332 million, with a margin of 36.5%, a decrease of 220 bps compared to the same period in the previous year, as cycle margin was negatively impacted by 170bps due to provision for doubtful accounts (PDA) made in connection with a large retailer that entered bankruptcy proceeding in Brazil. Moreover, higher inventory cost caused by rising inflation on paper and production costs were partially offset by operating efficiency gains, cost savings and better mix due to subscription products growth. Free cash flow (FCF) totaled R$36 million in 1Q23, a 188% increase from R$13 million in 1Q22. In the 2023 cycle to date, FCF totaled negative R$7 million an 89% increase from negative R$65 million in 2022. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate increased from negative 52% (2Q21-1Q22) to 31% (2Q22-1Q23).
Another highlight of 2023 is that starting in the first semester, we plan to begin offering our products and services to clients in the public sector (B2G), in addition to our existing private school client base. Our broad portfolio of core content solutions, digital platform and complementary services will allow us to access a public-school market in need of the solutions we have developed over decades for private sector. Accordingly, we have taken certain steps to (i) create what we believe to be an attractive portfolio of products and services, focused on state secretariats for education; (ii) allocate managerial and financial resources for this new business initiative; (iii) implement certain business-generating and marketing strategies for the public sector and (iv) establish a robust governance process to guarantee the highest compliance standard. The K-12 Public sector in Brazil comprises more than 32 million students, 5X the Brazilian K-12 Private students.
Start-Anglo, a key pillar of our growth agenda, Start-Anglo continues to grow. In the first quarter of 2023 we acquired a 51% stake of Escola Start Ltda. (“Start-Anglo”), a flagship school focused on promoting bilingual education with high performance in order to respond to an increasingly strong demand from families and students for academic excellence, bilingual education, and innovation. This will be a model-institution for the franchise project that we are launching this year at Bett Brasil, the biggest education event in Latin America that reaches its 28th edition in 2023.
But more important than the improvement in our operating results is the success of our students. According to the results released in early 2023, Vasta’s brands maintained the leadership in the number of approvals in the admission tests of Brazil’s best universities (according to SISU). The performance of our premium brands was particularly highlighted in Medicine, the most competitive career in the country. Our top-of-mind brand Anglo expanded its leadership in admissions for Medicine at the University of São Paulo (USP), with an increase of 13% in admitted students compared to 2022. The top performance at Brazil’s best universities is among the key attributes considered by K-12 schools when choosing a content partner.
OPERATING PERFORMANCE
Student base – subscription models
|
2023 |
|
2022 |
|
% Y/Y |
|
2021 |
|
% Y/Y |
||
|
Partner schools – Core content |
5,032 |
|
5,274 |
|
(4.6%) |
|
4,508 |
|
17.0% |
|
|
Partner schools – Complementary solutions |
1,383 |
|
1,304 |
|
6.1% |
|
1,114 |
|
17.1% |
|
|
Students – Core content |
1,539,024 |
|
1,589,224 |
|
(3.2%) |
|
1,335,152 |
|
19.0% |
|
|
Students – Complementary content |
453,552 |
|
372,559 |
|
21.7% |
|
307,941 |
|
21.0% |
|
|
Note: Students enrolled in partner schools |
||||||||||
As we conclude the period of return of collections, we update the number of partner schools and enrolled students for the 2023 cycle. The company serves nearly 1.5 million students with core content solutions. Our partners school base that use our complementary solutions increased by 79 new schools, growing 6% in the number of students served compared to the previous cycle. Aligned with the company´s strategy to focus on improving our client base in 2023 through a more diversified mix of schools and growth in premium education systems (Anglo, PH and Fibonacci), brands with a higher average ticket, lower defaults, greater adoption of complementary solutions and longer-term relationships. On the other hand, the reduction of our client base was concentrated on the low-end segment and PAR (paper-based), which have higher number of students on average, and a lower margin. Average ticket price of schools that remain in our client base in 2023 is 11% higher than that of schools that are no longer our clients.
FINANCIAL PERFORMANCE
Net revenue
|
Values in R$ ‘000 |
1Q23 |
|
1Q22 |
|
% Y/Y |
|
2023 cycle |
|
2022 cycle |
|
% Y/Y |
|
|
Subscription |
357,211 |
|
333,781 |
|
7.0% |
|
801,161 |
|
680,624 |
|
17.7% |
|
|
Subscription ex-PAR |
325,851 |
|
296,713 |
|
9.8% |
|
703,227 |
|
577,597 |
|
21.8% |
|
|
Traditional learning systems |
|
269,678 |
|
251,148 |
|
7.4% |
|
554,143 |
|
474,299 |
|
16.8% |
|
Complementary solutions |
|
56,173 |
|
45,565 |
|
23.3% |
|
149,084 |
|
103,298 |
|
44.3% |
|
PAR |
31,360 |
|
37,067 |
|
(15.4%) |
|
97,934 |
|
103,027 |
|
(4.9%) |
|
|
Non-subscription |
45,624 |
|
46,801 |
|
(2.5%) |
|
106,693 |
|
98,217 |
|
8.6% |
|
|
Total net revenue |
402,835 |
|
380,581 |
|
5.8% |
|
907,854 |
|
778,840 |
|
16.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% ACV |
|
29.0% |
|
33.4% |
|
(4.3 p.p.) |
|
65.1% |
|
66.5% |
|
(1.3 p.p.) |
|
% Subscription |
|
88.7% |
|
87.7% |
|
1.0 p.p. |
|
88.2% |
|
87.4% |
|
0.9 p.p. |
|
Note: n.m.: not meaningful |
||||||||||||
In 1Q23, net revenue increased 5.8% compared to the previous year, to R$403 million. In the 2023 cycle to date (4Q22 and 1Q23), net revenue increased 16.6% to R$908 million, in line with our guidance. Subscription revenue grew 18%, or 22%, excluding PAR, in the 2023 cycle to date. The ACV 2023 was slightly less concentrated in the first two quarters (65.1%) than in the previous year (66.5%), due to the different seasonality and mix of our products.
EBITDA
|
Values in R$ ‘000 |
1Q23 |
|
1Q22 |
|
% Y/Y |
|
2023 cycle |
|
2022 cycle |
|
% Y/Y |
|
|
Net revenue |
|
402,835 |
|
380,581 |
|
5.8% |
|
907,854 |
|
778,841 |
|
16.6% |
|
Cost of goods sold and services |
|
(155,126) |
|
(129,237) |
|
20.0% |
|
(327,203) |
|
(265,156) |
|
23.4% |
|
General and administrative expenses |
|
(127,281) |
|
(126,088) |
|
0.9% |
|
(247,169) |
|
(252,159) |
|
(2.0%) |
|
Commercial expenses |
|
(51,061) |
|
(47,933) |
|
6.5% |
|
(101,266) |
|
(93,332) |
|
8.5% |
|
Other operating income |
|
994 |
|
933 |
|
6.5% |
|
(927) |
|
4,286 |
|
(121.6%) |
|
Share of loss equity-accounted investees |
|
(528) |
|
– |
|
0.0% |
|
(2,890) |
|
– |
|
0.0% |
|
Impairment losses on trade receivables |
|
(10,380) |
|
(8,896) |
|
16.7% |
|
(39,153) |
|
(19,624) |
|
99.5% |
|
Profit before financial income and taxes |
|
59,453 |
|
69,361 |
|
(14.3%) |
|
189,246 |
|
152,856 |
|
23.8% |
|
(+) Depreciation and amortization |
|
68,804 |
|
64,287 |
|
7.0% |
|
138,672 |
|
125,951 |
|
10.1% |
|
EBITDA |
|
128,257 |
|
133,648 |
|
(4.0%) |
|
327,918 |
|
278,807 |
|
17.6% |
|
EBITDA Margin |
|
31.8% |
|
35.1% |
|
(3.3 p.p.) |
|
36.1% |
|
35.8% |
|
0.3 p.p. |
|
(+) Layoff related to internal restructuring |
|
487 |
|
1,459 |
|
(66.6%) |
|
1,095 |
|
10,871 |
|
(89.9%) |
|
(+) Share-based compensation plan |
|
2,666 |
|
5,904 |
|
(54.8%) |
|
2,773 |
|
12,023 |
|
(76.9%) |
|
Adjusted EBITDA |
131,410 |
|
141,011 |
|
(6.8%) |
|
331,786 |
|
301,700 |
|
10.0% |
|
|
Adjusted EBITDA Margin |
32.6% |
|
37.1% |
|
(4.4 p.p.) |
|
36.5% |
|
38.7% |
|
(2.2 p.p.) |
|
|
Note: n.m.: not meaningful |
||||||||||||
In the 2023 commercial cycle to date, Adjusted EBITDA grew 10% to R$332 million with a margin of 36.5%, representing a decrease of 220 bps. Cycle margin was negatively impacted by 170 bps due to R$15 million provision for doubtful accounts (PDA) made in connection with a large retailer that entered into bankruptcy proceedings in Brazil.
In 2022 we acquired a 45% minority stake in Educbank Gestão de Pagamentos Educacionais S.A. (“Educbank”), which registered a loss in equity-accounted investees in the amount of R$2.8 million in the 2023 cycle to date, mainly due to the performance of our equity-accounted investee in its early stage of operation.
|
(%) Net Revenue |
1Q23 |
|
1Q22 |
|
Y/Y (p.p.) |
|
2023 cycle |
|
2022 cycle |
|
Y/Y (p.p.) |
|
|
Gross margin |
|
61.5% |
|
66.0% |
|
(4.6 p.p.) |
|
64.0% |
|
66.0% |
|
(2.0 p.p.) |
|
Adjusted cash G&A expenses(1) |
|
(13.6%) |
|
(14.1%) |
|
0.4 p.p. |
|
(11.9%) |
|
(12.7%) |
|
0.8 p.p. |
|
Commercial expenses |
|
(12.7%) |
|
(12.6%) |
|
(0.1 p.p.) |
|
(11.2%) |
|
(12.0%) |
|
0.8 p.p. |
|
Impairment on trade receivables |
|
(2.6%) |
|
(2.3%) |
|
(0.2 p.p.) |
|
(4.3%) |
|
(2.5%) |
|
(1.8 p.p.) |
|
Adjusted EBITDA margin |
|
32.6% |
|
37.1% |
|
(4.4 p.p.) |
|
36.5% |
|
38.7% |
|
(2.2 p.p.) |
|
(1) Sum of general and administrative expenses, other operating income and profit (loss) of equity-accounted investees, less: depreciation and amortization, layoffs related to internal restructuring and share-based compensation plan. |
||||||||||||
In proportion to net revenue, gross margin dropped 200 bps in the cycle to date (from 66% to 64%) mainly due to higher inventory cost caused by rising inflation on paper and production costs while Adjusted cash G&A expenses and Commercial expenses each reduced by 80 bps due to gains in operating efficiency, workforce optimization, cost savings and a sales mix that benefited from the growth of subscription products.
Reported provisions for doubtful accounts (PDA) grew 1.8 p.p. between the compared commercial cycles. This increase in PDA was due to the provisioning of 100% of accounts receivable from a large Brazilian retail company undergoing bankruptcy proceedings, in the amount of R$ 15.0 million and represents 1.70 p.p. of our growth in reported provisions for doubtful accounts in the 2023 commercial cycle to date. Excluding this factor, the participation of PDA in relation to Vasta’s Net Revenue remained stable (2.6% in the 2023 commercial cycle to date compared to 2.5% in 2022 commercial cycle to date).
Finance Results
|
Values in R$ ‘000 |
|
1Q23 |
|
1Q22 |
|
% Y/Y |
|
2023 cycle |
|
2022 cycle |
|
% Y/Y |
|
Finance income |
16,631 |
|
15,269 |
|
8.9% |
|
48,850 |
|
29,116 |
|
67.8% |
|
|
Finance costs |
(75,816) |
|
(57,963) |
|
30.8% |
|
(149,849) |
|
(108,972) |
|
37.5% |
|
|
Total |
|
(59,185) |
|
(42,694) |
|
38.6% |
|
(100,999) |
|
(79,856) |
|
26.5% |
In the first quarter of 2023, finance income totaled R$16 million, from R$15 million in 1Q22, and in the 2023 cycle to date, finance income increased 67.8% to R$49 million mainly due to the impact of higher interest rates on financial investments and marketable securities. Finance income in the 2023 cycle to date also includes a R$ 10 million gain due to reversal of tax contingencies incurred in relation to the acquisition of Somos-Anglo. Finance costs in 1Q23 increased 30.8% (quarter-on-quarter), to R$76 million and in the 2023 cycle to date, finance costs increased 37% to R$150 million, driven by higher interest rates applicable to bonds and financings, accounts payable on business combination and provision for tax, civil and labor losses.
Net profit (loss)
|
Values in R$ ‘000 |
|
1Q23 |
|
1Q22 |
|
% Y/Y |
|
2023 cycle |
|
2022 cycle |
|
% Y/Y |
|
Net profit (loss) |
(2,224) |
|
20,190 |
|
(111.0%) |
|
73,669 |
|
39,970 |
|
84.3% |
|
|
(+) Layoffs related to internal restructuring |
487 |
|
1,459 |
|
(66.6%) |
|
1,095 |
|
10,871 |
|
(89.9%) |
|
|
(+) Share-based compensation plan |
|
2,666 |
|
5,904 |
|
(54.8%) |
|
2,773 |
|
12,023 |
|
(76.9%) |
|
(+) Amortization of intangible assets(1) |
39,069 |
|
38,693 |
|
1.0% |
|
78,301 |
|
74,649 |
|
4.9% |
|
|
(-) Income tax contingencies reversal |
|
– |
|
– |
|
0.0% |
|
(29,715) |
|
– |
|
0.0% |
|
(-) Tax shield(2) |
(14,355) |
|
(15,659) |
|
(8.3%) |
|
(27,937) |
|
(33,165) |
|
(15.8%) |
|
|
Adjusted net profit (loss) |
25,642 |
|
50,587 |
|
(49.3%) |
|
98,185 |
|
104,349 |
|
(5.9%) |
|
|
Adjusted net margin |
6.4% |
|
13.3% |
|
(6.9 p.p.) |
|
10.8% |
|
13.4% |
|
(2.6 p.p.) |
|
|
Note: n.m.: not meaningful; (1) From business combinations. (2) Tax shield (34%) generated by the expenses that are being deducted as net (loss) profit adjustments. |
||||||||||||
In the first quarter of 2023, adjusted net profit totaled R$26 million, a 49% decrease compared to R$51 million in 1Q22. In the 2023 cycle to date, adjusted net profit reached R$98 million, a 6% decrease from a profit of R$104 million in the 2022 cycle. The gain related to the reversal of tax contingencies incurred in relation to the acquisition of Somos-Anglo, impacting corporate tax and finance results, was adjusted as a one-off gain that benefited the 2023 cycle results.
Accounts receivable and PDA
|
Values in R$ ‘000 |
1Q23 |
|
1Q22 |
|
% Y/Y |
|
4Q22 |
|
% Q/Q |
|
|
Gross accounts receivable |
784,681 |
|
628,771 |
|
24.8% |
|
718,616 |
|
9.2% |
|
|
Provision for doubtful accounts (PDA) |
(72,253) |
|
(52,383) |
|
37.9% |
|
(69,481) |
|
4.0% |
|
|
Coverage index |
|
9.2% |
|
8.3% |
|
0.9 p.p. |
|
9.7% |
|
(0.5 p.p.) |
|
Net accounts receivable |
|
712,428 |
|
576,388 |
|
23.6% |
|
649,135 |
|
9.8% |
|
Average days of accounts receivable(1) |
199 |
|
198 |
|
1 |
|
185 |
|
14 |
|
|
(1) Balance of net accounts receivable divided by the last-twelve-month net revenue, multiplied by 360. |
||||||||||
The average payment term of Vasta’s accounts receivable portfolio was 199 days in the 1Q23, 1 day higher than the first quarter of the previous year.
Free cash flow
|
Values in R$ ‘000 |
|
1Q23 |
|
1Q22 |
|
% Y/Y |
|
2023 cycle |
|
2022 cycle |
|
% Y/Y |
|
Cash from operating activities(1) |
94,647 |
|
76,855 |
|
23.2% |
|
100,911 |
|
39,482 |
|
155.6% |
|
|
(-) Income tax and social contribution paid |
(331) |
|
(523) |
|
(36.7%) |
|
(4,748) |
|
(523) |
|
807.8% |
|
|
(-) Payment of provision for tax, civil and labor losses |
|
(190) |
|
(180) |
|
5.6% |
|
(245) |
|
(293) |
|
(16.3%) |
|
(-) Interest lease liabilities paid |
|
(3,668) |
|
(3,750) |
|
(2.2%) |
|
(7,796) |
|
(6,878) |
|
13.4% |
|
(-) Acquisition of property, plant, and equipment |
(5,256) |
|
(34,435) |
|
(84.7%) |
|
(15,797) |
|
(45,893) |
|
(65.6%) |
|
|
(-) Additions of intangible assets |
(38,638) |
|
(19,716) |
|
96.0% |
|
(62,407) |
|
(38,831) |
|
60.7% |
|
|
(-) Lease liabilities paid |
(10,334) |
|
(5,654) |
|
82.8% |
|
(16,928) |
|
(12,344) |
|
37.1% |
|
|
Free cash flow (FCF) |
|
36,230 |
|
12,597 |
|
187.6% |
|
(7,009) |
|
(65,278) |
|
(89.3%) |
|
FCF/Adjusted EBITDA |
27.6% |
|
8.9% |
|
18.6 p.p. |
|
(2.1%) |
|
(21.6%) |
|
19.5 p.p. |
|
|
LTM FCF/Adjusted EBITDA |
|
30.8% |
|
(51.8%) |
|
82.6 p.p. |
|
30.8% |
|
(51.8%) |
|
82.6 p.p. |
|
(1) Net (loss) profit less non-cash items less and changes in working capital. Note: n.m.: not meaningful |
||||||||||||
Free cash flow (FCF) totaled R$36 million in 1Q23, a 188% increase from R$13 million in 1Q22. In the 2023 cycle to date, FCF totaled negative R$7 million an 89% increase from negative R$65 million in 2022. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from negative 52% (2Q21-1Q22) to 31% (2Q22-1Q23).
Financial leverage
|
Values in R$ ‘000 |
|
1Q23 |
|
4Q22 |
|
3Q22 |
|
2Q22 |
|
1Q22 |
|
|
Financial debt |
|
815,927 |
|
842,996 |
|
811,612 |
|
844,778 |
|
817,516 |
|
|
Accounts payable from business combinations |
|
599,713 |
|
625,277 |
|
647,466 |
|
585,503 |
|
570,660 |
|
|
Total debt |
|
1,415,640 |
|
1,468,273 |
|
1,459,078 |
|
1,430,281 |
|
1,388,176 |
|
|
Cash and cash equivalents |
|
42,680 |
|
45,765 |
|
44,343 |
|
147,762 |
|
145,998 |
|
|
Marketable securities |
|
331,110 |
|
380,516 |
|
433,803 |
|
417,770 |
|
303,675 |
|
|
Net debt |
|
1,041,850 |
|
1,041,992 |
|
980,932 |
|
864,749 |
|
938,504 |
|
|
Net debt/LTM adjusted EBITDA(1) |
|
2.85 |
|
2.78 |
|
2.92 |
|
3.04 |
|
3.67 |
|
|
(1) LTM adjusted EBITDA includes Eleva. Eleva’s LTM adjusted EBITDA prior to November 2021 may not reflect Vasta’s accounting standards. |
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As of the end of 1Q23, Vasta recorded net debt in the amount of R$1,042 million, equal to the net debt position of 4Q22. The impacts of higher interest rates was offset by the cash flow generated in the period. The net debt/LTM adjusted EBITDA of 2.85x as of 1Q23 is 0.07x higher than 4Q22, but 0.82x lower than 1Q22. In comparison to 1Q22, the net debt position increased by R$ 103 million, due to the impact of higher interest rates and investments made in the minority-stake acquisitions of Educbank (in July 2022) and Phidellis (in February 2022), both of which were partially offset our positive cash flow generated in the period.
ESG
Since 2Q22, Vasta reports updates about its ESG standards, including a panel of key ESG indicators, in line with the topics identified in the materiality process. Annual consolidated data is available in Vasta’s Sustainability Report, which can be found here.
Check below the main highlights of ESG in the first quarter of 2023.
Global Compact
In December, Vasta signed the ten principles of the UN Global Compact on human rights, labor, environment, and anti-corruption. The movement reinforces the Company’s commitment to sustainable development and the best ESG practices.
Corporate Sustainability Assessment – S&P
Vasta was ranked 6th globally by S&P Global´s Corporate Sustainability Assessment in Consumer Services category – being a pioneer among peers. It is important to highlight that it was the first year that the questionnaire was answered by the Company, already in a prominent position.
Key Indicators
ENVIRONMENT
|
SDGs |
GRI |
Water withdrawn by source2 (m³) |
Unit |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
|
6 |
303-3 |
Ground water |
m³ |
2,674 |
3,438 |
2,771 |
1,930 |
|
Utility supply |
m³ |
187 |
127 |
0 |
936 |
||
|
Total |
m³ |
2,861 |
3,565 |
2,771 |
2,866 |
||
|
SDGs |
GRI |
Internal energy consumption |
Unit |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
|
12 and 13 |
302-1 |
Total energy consumed |
GJ |
1,348 |
1,523 |
1,934 |
3,087 |
|
Percentage of energy from renewable sources3 |
% |
97% |
98% |
98% |
68% |
We expanded the scope covered in energy consumption data. Surveying four more locations, we now include all current VASTA units in the total, which explains the significant increase in our energy consumption. Furthermore, since these aggregate units are not in the free energy market model, the percentage of energy from renewable sources decreased compared to the previous period.
SOCIAL
|
SDGs |
GRI |
Diversity in the work force by functional category |
Unit |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
|
5 |
405-1 |
C-level – Women |
% of people |
20% |
25% |
25% |
25% |
|
C-level – Men |
% of people |
80% |
75% |
75% |
75% |
||
|
Total – C-level4 |
No. of people |
5 |
4 |
4 |
4 |
||
|
Leaders – Women (≥ management level) |
% of people |
47% |
48% |
47% |
46% |
||
|
Leaders – Men (≥ management level) |
% of people |
53% |
52% |
53% |
54% |
||
|
Total – Leaders (≥ management level)5 |
No. of people |
131 |
134 |
134 |
144 |
||
|
Academic faculty – Women |
% of people |
31% |
80% |
19% |
21% |
||
|
Academic faculty – Men |
% of people |
69% |
20% |
81% |
79% |
||
|
Total – Academic faculty6 |
No. of people |
100 |
84 |
83 |
85 |
||
|
Coordinators and Administrative – Women |
% of people |
57% |
57% |
56% |
21% |
||
|
Coordinators and Administrative – Men |
% of people |
43% |
43% |
46% |
79% |
||
|
Total – Coordinators and Administrative7 |
No. of people |
1,521 |
1,539 |
1.516 |
1.493 |
||
|
Total – Women |
% of people |
54% |
54% |
54% |
55% |
||
|
Total – Men |
% of people |
46% |
46% |
46% |
45% |
||
|
Total – Employees |
No. of people |
1,757 |
1,761 |
1.737 |
1.729 |
||
|
SDGs |
GRI |
Indirect economic impact |
Unit |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
|
11 |
– |
Scholarship holders in Somos Futuro program |
nº |
371 |
365 |
349 |
247 |
|
SDGs |
GRI |
Occupational Health and Safety |
Unit |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
|
3 |
403-5, 403-9 |
% of units covered by the Environmental Risk Prevention Program |
% |
100% |
100% |
100% |
100% |
|
Total employees trained in health and safety8 |
No. of people |
110 |
346 |
710 |
543 |
||
|
Total number of hours training in health and safety |
No. |
2,871 |
375 |
618 |
348 |
||
|
Average number of hours training in health and safety per participant9 |
No. |
4.4 |
1.1 |
1,2 |
1,6 |
||
|
Total number of hours of on-site training for fire brigade |
No. |
408 |
56 |
0 |
0 |
||
|
Average number of hours of on-site training for fire brigade per participant9 |
No. |
8.0 |
8 |
0 |
0 |
||
|
Employees – Injury frequency rate10 |
rate |
3.75 |
4.06 |
3,89 |
3,17 |
||
|
Employees – High-consequence injuries rate11 |
rate |
0.00 |
0,00 |
0,00 |
0,00 |
||
|
Employees – Recordable injuries rate12 |
rate |
0.94 |
3.04 |
0,00 |
1,06 |
||
|
Employees – Fatality rate13 |
rate |
0.00 |
0.00 |
0,00 |
0,00 |
Diversity
As of the end of the first quarter of 2023, our total headcount was 1,729. In terms of gender diversity, 46% of leadership positions (management and above) are held by women. Women account for 21% of academic staff. We are committed to increasing diversity in our workforce. One of the initiatives is SOMOS Afro, a program of internships exclusively aimed at black people, a talent development initiative that continued throughout the first quarter.
Indirect Economic Impact
We continued the Somos Futuro Program, an initiative aimed at accelerating the education of public-school students. In the first quarter, 247 young people enrolled in the high school program, which in addition to the scholarship offered by the school includes didactic and supplementary material, online tutoring, mentoring, and access to the program’s entire support network, which includes psychological counseling. This action is carried out through our social arm, SOMOS Institute.
Health and Safety
Vasta has a health and safety management system (SST) that nurtures a safe and healthy environment for all employees, preventing accidents and occupational diseases.
GOVERNANCE
|
SDGs |
GRI |
Ethical behavior |
Unit |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
|
8, 16 |
205-1, 205-2, 205-3 |
Employees trained in anti-corruption policies and procedures |
% of people |
100% |
100% |
100% |
100% |
|
Operations submitted to corruption-related risk assessment |
% of operations |
100% |
100% |
100% |
100% |
||
|
Number of confirmed cases of corruption |
No. of cases |
0 |
0 |
0 |
0 |
||
|
SDGs |
GRI |
Data privacy and infrastructure |
Unit |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
|
16 |
418-1 |
Substantiated complaints received from outside parties |
No. |
28 |
20 |
17 |
19 |
|
Substantiated complaints received from regulatory bodies |
No. |
0 |
0 |
0 |
0 |
||
|
Identified leaks, thefts, or losses of customer data |
No. |
0 |
0 |
0 |
0 |
||
|
SDGs |
GRI |
Diversity in the Board of Directors |
Unit |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
|
5 |
405-1 |
Women |
% of people |
29% |
29% |
29% |
29% |
|
Men |
% of people |
71% |
71% |
71% |
71% |
||
|
Total |
nº of people |
7 |
7 |
7 |
7 |
Contacts
Investor Relations
ir@vastaplatform.com