Exhibit 99.2

VASTA Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements 

Nine-months period ended September 30, 2023

1 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

CONTENT

Unaudited Condensed Interim Consolidated Financial Statements as of nine- months period ended September 30, 2023	Page
Unaudited Condensed Interim Consolidated Statements of Financial Position as of September 30, 2023 and December 31, 2022	3
Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income for the nine-months periods ended September 30, 2023 and 2022	5
Unaudited Condensed Interim Consolidated Statements of Changes in Equity for the nine-months periods ended September 30, 2023 and 2022	6
Unaudited Condensed Interim Consolidated Statements of Cash Flows for the nine-months periods ended September 30, 2023 and 2022	7
Notes to the Unaudited Condensed Interim Consolidated Financial Statements	8

2 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

Unaudited Condensed Interim Consolidated Statements of Financial Position as of September 30, 2023 and December 31, 2022

Assets	Note		September 30, 2023		December 31, 2022
Current assets
Cash and cash equivalents		7		106,757		45,765
Marketable securities		8		261,264		380,514
Trade receivables		9		472,582		649,135
Inventories		10		313,452		266,450
Prepayments				84,258		56,645
Taxes recoverable				20,808		19,120
Income tax and social contribution recoverable				18,904		17,746
Other receivables				2,093		972
Related parties – other receivables		20		-		1,759
Total current assets				1,280,118		1,438,106
Non-current assets
Judicial deposits and escrow accounts		21.b		201,433		194,859
Deferred income tax and social contribution		22		248,990		170,851
Equity accounted investees		11		77,607		83,139
Other investments and interests in entities				9,879		8,272
Property, plant and equipment		12		180,065		197,688
Intangible assets and goodwill		13		5,344,283		5,427,676
Total non-current assets				6,062,257		6,082,485
Total Assets				7,342,375		7,520,591

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

3 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

Unaudited Condensed Interim Consolidated Statements of Financial Position as of September 30, 2023 and December 31, 2022

Liabilities	Note		September 30, 2023			December 31, 2022
Current liabilities
Bonds		14		515,350			93,779
Suppliers		15		239,198			250,647
Reverse factoring		15		272,609			155,469
Lease liabilities		16		15,352			23,151
Income tax and social contribution payable				5,830			5,564
Salaries and social contributions		19		109,090			100,057
Contractual obligations and deferred income		17		8,302			57,852
Accounts payable for business combination and acquisition of associates		18		29,932			73,007
Other liabilities				24,802			29,630
Other liabilities - related parties		20		-			54
Total current liabilities				1,220,465			789,210
Non-current liabilities
Bonds		14		250,000			749,217
Lease liabilities		16		107,924			117,412
Accounts payable for business combination and acquisition of associates		18		571,239			552,270
Provision for tax, civil and labor losses		21.a		680,649			651,252
Other liabilities				15,180			31,551
Total non-current liabilities				1,624,992			2,101,702
Total current and non-current liabilities				2,845,457			2,890,912
Shareholder's Equity
Share capital		23.1		4,820,815			4,820,815
Capital reserve		23.3		89,995			80,531
Treasury shares		23.4		(24,792	)		(23,880	)
Accumulated losses				(391,683	)		(247,787	)
Total Shareholder's Equity				4,494,335			4,629,679
Interest of non-controlling shareholders				2,583			-
Total Shareholder's Equity				4,496,918			4,629,679
Total Liabilities and Shareholder's Equity				7,342,375			7,520,591

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

4 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income for the nine-months periods ended September 30, 2023, and 2022

	Note		July 01 to September 30, 2023			September 30, 2023			July 01 to September 30, 2022			September 30, 2022
Net revenue from sales and services		24		257,933			932,164			188,724			759,261
Sales				242,242			896,135			180,422			732,647
Services				15,691			36,029			8,302			26,614
Cost of goods sold and services		25		(101,161	)		(375,464	)		(91,855	)		(301,058	)
Gross profit				156,772			556,700			96,869			458,203
Operating income (expenses)
General and administrative expenses		25		(124,500	)		(369,872	)		(98,511	)		(351,738	)
Commercial expenses		25		(63,044	)		(178,968	)		(48,917	)		(143,838	)
Impairment losses on trade receivables		25		(15,369	)		(26,777	)		(4,692	)		(17,131	)
Other operating income		25		7,534			18,015			1,301			2,941
Other operating expenses		25		-			(32,968	)		-			-
Share of loss equity-accounted investees		11		(2,878	)		(5,532	)		(2,150	)		(2,150	)
Loss before finance result and taxes				(41,485	)		(39,402	)		(56,100	)		(53,713	)
Finance result
Finance income		26		19,511			53,612			19,174			56,339
Finance costs		26		(74,966	)		(233,536	)		(68,426	)		(196,291	)
				(55,455	)		(179,924	)		(49,252	)		(139,952	)
Loss before income tax and social contribution				(96,940	)		(219,326	)		(105,352	)		(193,665	)
Income tax and social contribution				34,829			76,380			29,358			63,200
Current		22		(4,762	)		(2,299	)		1,946			(11,697	)
Deferred		22		39,591			78,679			27,412			74,897
Loss for the period				(62,111	)		(142,946	)		(75,994	)		(130,465	)
Allocated to:
Controlling shareholders				(62,389	)		(143,896	)		(75,994	)		(130,465	)
Non-controlling shareholders				278			950			-			-
Loss per share (in %)
Basic		23.2		(0.74	)		(1.71	)		(0.91	)		(1.56	)
Diluted		23.2		(0.74	)		(1.71	)		(0.91	)		(1.56	)

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

5 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

Unaudited Condensed Interim Consolidated Statement of Changes in Equity for the nine-months periods ended September 30, 2023 and 2022

	Share capital					Capital reserves
	Share Capital		Share  Issuance  costs			Share-based  compensation reserve   (granted)			Share-based compensation reserve  (vested)		Treasury  shares  (Note 23d)			Accumulated losses			Total Shareholders' Equity/ Net  Investment			Non-  controlling  shareholders		Total Non-  controlling   Shareholders'  Equity/ Net   Investment
Balance as of December 31, 2021		4,961,988		(141,173	)		30,445			31,043		(23,880	)		(193,214	)		4,665,209			-		4,665,209
Loss for the period		-		-			-			-		-			(130,465	)		(130,465	)		-		(130,465	)
Share based compensations granted and issued		-		-			16,436			-		-			-			16,436			-		16,436
Share based compensations vested		-		-			(2,636	)		2,636		-			-			-			-		-
Balance as of September 30, 2022(unaudited)		4,961,988		(141,173	)		44,245			33,679		(23,880	)		(323,679	)		4,551,180			-		4,551,180
Balance as of December 31, 2022		4,961,988		(141,173	)		46,245			34,286		(23,880	)		(247,787	)		4,629,679			-		4,629,679
Loss for the period		-		-			-			-		-			(143,896	)		(143,896	)		950		(142,946	)
Share based compensations granted and issued		-		-			14,335			-		-			-			14,335			-		14,335
Restricted shares transferred		-		-			(3,644	)		-		3,644			-			-			-		-
(Loss) gain on the sale of treasury shares		-		-			(1,227	)		-		1,227			-			-			-		-
Repurchase shares on treasury		-		-			-			-		(5,783	)		-			(5,783	)		-		(5,783	)
Participation non-controlling shareholders (note 5)		-		-			-			-		-			-			-			1,633		1,633
Balance as of September 30,2023 (unaudited)		4,961,988		(141,173	)		55,709			34,286		(24,792	)		(391,683	)		4,494,335			2,583		4,496,918

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

6 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

Unaudited Condensed Interim Consolidated Statements of Cash Flows for the nine-months period ended September 30, 2023, and 2022

			For the period ended September 30,
	Notes		2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before income tax and social contribution				(219,326	)		(193,665	)
Adjustments for:
Depreciation and amortization		12 and 13		205,948			198,841
Share of loss profit of equity-accounted investees		11		5,532			2,150
Impairment losses on trade receivables		9		26,777			17,131
Reversal for tax, civil and labor losses, net		25		(10,190	)		(9,151	)
Provision on accounts payable for business combination		25		23,562			-
Interest on provision for tax, civil and labor losses		26		41,313			39,639
Provision for obsolete inventories		10		19,504			27,896
Interest on bonds		14		91,361			77,636
Contractual obligations and right to returned goods				(38,080	)		(12,875	)
Interest on accounts payable for business combination		26		52,100			47,511
Imputed interest on suppliers		26		26,196			13,730
Bank and collection expense				-			6,056
Other financial expenses and net interest				-			(15,710	)
Share-based payment expense				14,335			16,436
Interest on lease liabilities		16		10,144			10,799
Interest on marketable securities		26		(31,065	)		(39,709	)
Cancellations of right-of-use contracts				(2,480	)		3,393
Write-off disposals of property and equipment and intangible assets		12 and 13		639			3,718
				216,270			193,826
Changes in
Trade receivables				150,983			159,242
Inventories				(78,690	)		(31,994	)
Prepayments				(27,551	)		(14,174	)
Taxes recoverable				(4,505	)		(20,329	)
Judicial deposits and escrow accounts				(7,025	)		(9,275	)
Other receivables				(1,072	)		1,381
Related parties – other receivables				1,759			(509	)
Suppliers				78,271			(14,090	)
Salaries and social charges				8,556			43,563
Tax payable				969			6,502
Contractual obligations and deferred income				(14,236	)		7,387
Other liabilities				(20,452	)		(22,494	)
Other liabilities - related parties				(54	)		(13,901	)
Cash from operating activities				303,223			285,135
Payment of interest on leases		16		(10,136	)		(10,813	)
Payment of interest on bonds		14		(118,901	)		(92,722	)
Payment of interest on business combinations		18		(8,096	)		-
Income tax and social contribution paid				(944	)		(2,736	)
Payment of provision for tax, civil and labor losses		21		(1,247	)		(1,308	)
Net cash from operating activities				163,899			177,556
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment		12		(18,247	)		(50,602	)
Additions of intangible assets		13		(61,425	)		(66,819	)
Acquisition of subsidiaries net of cash acquired		-		(3,212	)		(53,686	)
Purchase of investment in marketable securities				(937,409	)		(1,087,910	)
Proceeds from investment in marketable securities				1,087,724			860,165
Net cash from (applied in) investing activities				67,431			(398,852	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase shares on treasury				(5,783	)		-
Payments of loans from related parties		14		(50,885	)		(254,885	)
Lease liabilities paid		16		(22,541	)		(20,409	)
Payments of bonds and financing				-			(759	)
Issuance of bonds net off issuance costs				-			250,000
Payments of accounts payable for business combination		18		(91,129	)		(18,201	)
Net cash applied in financing activities				(170,338	)		(44,254	)
Net increase (decrease) in cash and cash equivalents				60,992			(265,550	)
Cash and cash equivalents at beginning of period				45,765			309,893
Cash and cash equivalents at end of period				106,757			44,343
Net increase (decrease) in cash and cash equivalents				60,992			(265,550	)

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

7 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

1. The Company and Basis of Presentation

1.1. The Company

Vasta Platform Ltd., together with its subsidiaries (the Company) is a publicly held company incorporated in the Cayman Islands on October 16, 2019, with headquarters in the city of São Paulo, Brazil. The Company is a technology-powered education content providing end-to-end educational and digital solutions that cater to all needs of private schools operating in the K-12 educational segment. Vasta’s fiscal year begins on January 1 of each year and ends on December 31, of the same year. 

The Company has built a “Platform as a Service”, solution or PaaS, with two main modules: Content & EdTech Platform and Digital Services. The Company’s Content & EdTech Platform combines a multi-brand and tech-enabled array with digital and printed content through long-term contracts with partner schools.

Since July 31, 2020, VASTA Platform Ltd. has been a publicly-held company registered with SEC (“The US Securities and Exchange Commission) and its shares are traded on Nasdaq Global Select Market under ticker symbol “VSTA”.

1.2. Significant events during the period 

a. Business Combination

On March 03, 2023 the Company, through its subsidiary Somos Sistemas de Ensino S.A. (“Somos”), acquired 51% interest in the capital of “Escola Start Ltda.” (“Start”), when the control over the entity was transferred upon all conditions established on the share purchase agreement and the liquidation was completed.

Start is a company dedicated to providing bilingual education services for kindergarten, primary and secondary education, and preparatory courses for entrance exams, including the sale of books, teaching materials, school uniforms and stationery. See note 5.

The Unaudited Condensed Interim Consolidated Financial Statements comprise the following entities, and the following shareholding ownership:

Company				Interest
	September 30, 2023			December 31, 2022
Somos Sistemas de Ensino S.A. (“Somos Sistemas”)		100	%		100	%
Livraria Livro Fácil Ltda. (“Livro Fácil”)		100	%		100	%
A & R Comércio e Serviços de Informática Ltda. (“Pluri”)		100	%		100	%
Colégio Anglo São Paulo (“Anglo”)		100	%		100	%
Sociedade Educacional da Lagoa Ltda. (“SEL”)		100	%		100	%
EMME – Produções de Materiais em Multimídia Ltda. (“EMME”)		100	%		100	%
Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (“Phidelis”)		100	%		100	%
MVP Consultoria e Sistemas Ltda. (“MVP”)		100	%		100	%
Escola Start Ltda. (“Start”)		51	%		-

8 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

2. Basis of accounting

These interim financial statements for the nine-months period ended September 3o, 2023, have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended December 31, 2022 (‘last annual financial statements’). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company´s financial position and performance since the last annual financial statements.

The accounting practices adopted in preparing these interim financial statements are consistent with the disclosures made in the financial statements for the year ended December 31, 2022, except for:

(i) Change in the presentation of Operating Segment, previously presented in two segments (“Content&Edtech” and “Digital Services”), for a Single Segment. More information is presented in note 2.1.

These Unaudited Condensed Interim Consolidated Financial Statements are presented in thousands of Brazilian Reais (“R$”), which is the Company functional currency. All financial information presented in R$ has been rounded to the nearest thousands, except as otherwise indicated.

(a) Basis of consolidation and investments in other companies

Company						Interest
	Investment type		September 30, 2023			December 31, 2022
Somos Sistemas de Ensino S.A. (“Somos Sistemas”)		Subsidiary		100	%		100	%
Livraria Livro Fácil Ltda. (“Livro Fácil”)		Subsidiary		100	%		100	%
A & R Comércio e Serviços de Informática Ltda. (“Pluri”)		Subsidiary		100	%		100	%
Colégio Anglo São Paulo (“Anglo”)		Subsidiary		100	%		100	%
Sociedade Educacional da Lagoa Ltda. (“SEL”)		Subsidiary		100	%		100	%
EMME – Produções de Materiais em Multimídia Ltda. (“EMME”)		Subsidiary		100	%		100	%
Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (“Phidelis”)		Subsidiary		100	%		100	%
MVP Consultoria e Sistemas Ltda. (“MVP”)		Subsidiary		100	%		100	%
Escola Start Ltda. (“Start”)		Subsidiary		51	%		-
Educbank Gestão de Pagamentos Educacionais S.A.		Associate		45	%		45	%
Flex Flix Limited.		Investment		10	%		10	%

These Unaudited Condensed Interim Consolidated Financial Statements were authorized for issue by the Company’s board of directors on November 07, 2023.

2.1. Operating Segment

The presentation of information by operating segment is consistent with the internal reporting provided to the Executive Board, which serves as the primary operational decision maker, responsible for resource allocation, performance evaluation, and strategic decision-making within the Company.

As of September 30, 2023, the Company implemented a change to its business segmentation structure. Previously, the business was divided into two primary segments: Content & Edtech and Digital Services. The decision to transition to a single reportable segment was driven by several key factors:

(i) Internal Management Structure: The change considered the Company's internal management structure, which does not have specific leaders assigned to oversee individual business units. Instead,

9 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

operational and strategic decisions are made collectively and comprehensively, without distinct leaders for separate segments.

(ii) Internal Reporting: The Company conducts rigorous result monitoring through regular meetings with senior management. This includes internal executive meetings, involving the Executive Board ("Direx"), as well as governance forums like the Financial Committee, presentations to the Audit Committee, and the Board of Directors. In a gradual process of improving its reports, the Company has been adopting, in these forums, financial results presented in a consolidated manner, without detailed disclosure of individual operations or specific business units.

(iii) Nature of Activities: Recent changes in the Company's service provision structure have been significant, driven by the accelerated transition to digital operations in response to the impacts of the Covid-19 pandemic. This shift happened more quickly and extensively than initially anticipated. As the challenges of the pandemic were addressed, the Company evolved its business models to adopt 'hybrid' approaches, combining physical and digital interactions. Given this integrated nature of the business, segregating results into distinct segments is no longer viable.

(iv) Structural Changes in the Company: Livro Fácil currently represents 90% of total revenue in the Digital Services segment. However, as of October 1, 2023, it is planned to incorporate Livro Fácil into the subsidiary Somos Sistemas de Ensino, which was previously part of the Content & Edtech segment. Given this structural change, it became impractical to allocate costs and expenses specifically related to Livro Fácil. Consequently, in addition to the items previously indicated the remaining companies in the Digital Services segment will represent less than 10% of total revenue and will no longer qualify as reportable segments under IFRS 8.

Based on the considerations outlined above, the Company's management has made the decision to report its results under a single operating segment ("Single Segment"). This change has already been reflected in this financial information. In accordance with IFRS 8, below we present the results by operating segment considering the new structure for nine-months period ended September 30, 2023 and 2022:

	Note		July 01 to September 30, 2023			September 30, 2023			July 01 to September 30, 2022			September 30, 2022
Net revenue from sales and services		24		257,933			932,164			188,724			759,261
Sales				242,242			896,135			180,422			732,647
Services				15,691			36,029			8,302			26,614
Cost of goods sold and services		25		(101,161	)		(375,464	)		(91,855	)		(301,058	)
Gross profit				156,772			556,700			96,869			458,203
Operating income (expenses)
General and administrative expenses		25		(124,500	)		(369,872	)		(98,511	)		(351,738	)
Commercial expenses		25		(63,044	)		(178,968	)		(48,917	)		(143,838	)
Impairment losses on trade receivables		25		(15,369	)		(26,777	)		(4,692	)		(17,131	)
Other operating income		25		7,534			18,015			1,301			2,941
Other operating expenses		25		-			(32,968	)		-			-
Share of loss equity-accounted investees		11		(2,878	)		(5,532	)		(2,150	)		(2,150	)
Loss before finance result and taxes				(41,485	)		(39,402	)		(56,100	)		(53,713	)

10 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

3. Use of estimates and judgements

In preparing these interim Financial Statements, Management has made judgements and estimates that affect the application of Company´ accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

A number of the Group’s accounting policies require the measurement of fair values, for both financial and non-financial assets and liabilities.

In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Measurement of fair values

•       Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities.

•       Level 2 - valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

•       Level 3 - valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Where Level 1 inputs are not available, if needed, the Company engages third party qualified appraisers to perform the valuation using Level 2 and / or Level 3 inputs. If the inputs used to measure the fair value of an asset or a liability are categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company’s management establishes the appropriate valuation techniques and inputs to the model, working closely with the qualified external advisors when they are engaged in such activities.

The valuations of identifiable assets and contingent liabilities in business combinations could be particularly sensitive to changes in one or more unobservable inputs considered in the valuation process. Further information on the assumptions used in the valuation process of such items is provided in Note 5.

Fair value measurement assumptions are used for determination of expenses with Share-based Compensation, which are disclosed in Note 23.

4. Significant accounting policies and new and not yet effective accounting standards

The accounting policies applied in these interim financial statements are the same as those applied in the Group’s consolidated financial statements as at and for the year ended December 31, 2022. The accounting policies have been consistently applied to all consolidated companies. There are no new accounting policies that could be applicable since January 1, 2023, or early adopted in the Unaudited Condensed Interim Consolidated Financial Statements.

11 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

5. Business Combinations and investments in other companies, without majority control

5.1. Business Combinations

Acquisitions in 2023

As mentioned in Note 1.2, on March 03, 2023, the Company acquired a 51% interest in the capital of the Escola Start Ltda. (“Start”), when the control over the entity was transferred upon all conditions established on the share purchase agreement and the liquidation was completed.

The total acquisition price was R$4,482, of which: (i) R$2,874 relates to the price for acquiring 51% of the equity interest, and (ii) R$1,608 for acquiring the option to purchase the remaining percentage of the interest in 2028, recognized in “Other investments and interests in entities”, on Financial Position. This amount was paid in two installments, being a fixed installment of R$4,100 in cash on the acquisition date and a variable installment of R$382, subject to price adjustment depending on the calculation of financial indicators defined in contract and corrected by 100% of the CDI. The variable portion was paid on August 18, 2023.

As mentioned above, on the same date the Company acquired a purchase option for the acquisition of the remaining shares issued by Anglo Start held by the minority shareholder, representing 49% of the share capital, as of January 2028, through which the amount of R$11,700 (“exercise price”).

The acquisitions were accounted for using the acquisition method of accounting, i.e., the consideration transferred, and the net identifiable assets acquired, and liabilities assumed were measured at fair value, while goodwill is measured as the excess of consideration paid over those items. The following table presents the net identifiable assets acquired and liabilities assumed for business combination in 2023:

	Start Anglo
Current assets
Cash and cash equivalents		888
Trade receivables		1,207
Inventories		349
Other receivables		238
Total current assets		2,682
Non-current assets
Property and equipment		796
Intangible assets		3,667
Intangible assets - Customer Portfolio		1,844
Intangible assets – Trademarks		1,823
Total non-current assets		4,463
Total Assets		7,145
Current liabilities
Contractual obligations and deferred income		2,766
Other liabilities		940
Total current liabilities		3,706
Non-current liabilities
Other liabilities		16
Tax Installments		93
Total non-current liabilities		109
Total liabilities		3,815
Net identifiable assets at fair value		3,330
Percentage acquired (51%) (A)		1,698
Total of Consideration transferred (B)		2,874
Goodwill (A-B) (note 13)		1,176

12 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

From the date of acquisition to September 30, 2023, Start contributed to a net revenue from sales and services in the amount of R$ 6,445, and net profit for the period in the amount of R$ 1,941.

Acquisitions in 2022

On January 14, 2022, the Company acquired the companies Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. and MVP Consultoria e Sistemas Ltda. (“Phidelis”), when the control over the entity was transferred upon all conditions established on the share purchase agreement and the liquidation was completed. The Company will pay a total purchase price in the amount of R$21,966, comprised of (i) R$8,854 in cash, paid on the acquisition date, (ii) R$7,638 to be paid in annual installments over the course of two years, and (iii) a variable R$5,474, with the achievement of performance linked to net revenue of the years 2023 and 2024 to be paid in three annual installments between 2023 and 2026. The net identifiable assets acquired, and liabilities assumed for each business combination in 2022 are presented in last annual financial statements.

5.2. Investments in other companies, without majority control

Investments in 2022

On July 19, 2022, the Company completed through its wholly owned subsidiary, Somos Sistemas de Ensino S.A. (“Somos”), the acquisition of a minority investment in Educbank Gestão de Pagamentos Educacionais S.A. (“Educbank”). Vasta invested a total of R$87,651, for a 45% stake in Educbank, of which R$63,814 was paid in cash, and the remaining amount of R$23,837 to be paid in four cash installments according to the growth of students served by Educbank. Vasta does not have control, but it has significant influence over Educbank.

On July 19, 2022, the Company completed through its wholly owned subsidiary, Somos Sistemas de Ensino S.A. (“Somos”), the acquisition of a minority investment in Flex Flix Limited (“Flex Flix”). Vasta invested a total of R$8,271, for a 10% stake in Flex Flix, which was fully paid in cash as of the closing date. Vasta has no control and no significant influence.

6. Financial Risk Management

The Company has a risk management policy for regular monitoring and managing the nature and overall position of financial risks and to assess its financial results and impacts on its cash flows. Counterparty credit limits are also reviewed periodically or whenever the Company identifies significant changes in financial risk.

The economic and financial risks reflect the behavior of macroeconomic variables such as interest rates as well as other characteristics of the financial instruments maintained by the Company. These risks are managed through control and monitoring policies, specific strategies, and limits.

6.1. Financial Instruments by Category

The Company holds the following financial instruments:

13 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

	Hierarchy		September 30, 2023		December 31, 2022
Assets - Amortized cost
Cash and cash equivalents		1		106,757		45,765
Trade receivables				472,582		649,135
Other receivables				2,093		972
Related parties – other receivables				-		1,759
				581,432		697,631
Assets - Fair value through profit or loss
Marketable securities		1		261,264		380,514
Other investments and interests in entities		3		9,879		8,272
				271,143		388,786
Liabilities - Amortized cost
Bonds				765,350		842,996
Lease liabilities				123,276		140,563
Reverse factoring				272,609		155,469
Suppliers				239,198		250,647
Accounts payable for business combination and acquisition of associates				571,761		569,360
Accounts payable for business combination and acquisition of associates (i)		3		29,410		55,917
Other liabilities - related parties				-		54
				2,001,604		2,015,006

(i) Refers to a portion of the liability remeasured based on economic activity of the acquired entity (post-closing price adjustments and call option acquired). Valuation techniques and significant unobservable inputs related to this measured are consistent with the disclosures made in the financial statements for the year ended December 31, 2022, except for the acquisition of a call option mentioned in note 5.1, presented below.

Valuation techniques and significant unobservable inputs

The following table shows the valuation techniques used in measuring level 3 fair values, as well as the significant unobservable inputs used:

Entities	Valuation technique	Significant unobservable inputs	Inter-relationship between key unobservable inputs and fair value measurement
Start Anglo	Monte Carlo Method	Revenue: 1.3x the revenue of the last twelve months prior to exercising the option will be considered.	The estimated fair value would increase (decrease) if:  - The revenue is higher than expected (higher)

The Company has not disclosed the fair values of your financial instruments, because their carrying amounts approximates fair value.

6.2. Financial risk factors

The Company’s activities expose it to certain financial risks mainly related to market risk, credit risk and liquidity risk. Management and the Group’s Board of Directors monitor such risks in line with their capital management policy objectives.

This note presents information on the Company’s exposure to each of the risks above, the objectives of the Company, measurement policies, and the Company’s risk and capital management process. The Company has no derivative transactions.

14 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

a. Market risk – cash flow interest rate risk

This risk arises from the possibility that the Company incurs losses because of interest rate fluctuations that increase finance costs related to financing and bonds raised in the market and obligations for acquisitions from third parties payable in installments. The Company continuously monitors market interest rates in order to assess the need to contract financial instruments to hedge against volatility of these rates. Additionally, financial assets also indexed to CDI and IPCA (broad consumer price index) partially mitigate any interest rate exposures. Interest rates contracted are as follows:

	September 30, 2023		December 31, 2022		Interest rate
Bonds
Private bonds – 6th Issuance – series 2		-		53,688	CDI + 1.00% p.a.
Private bonds – 9th Issuance – series 2		255,167		259,843	CDI + 2.40% p.a.
Bonds – 1st Issuance – single		510,183		529,465	CDI + 2.30% p.a.
Lease liabilities		123,276		140,563	IPCA
Accounts payable for business combination and acquisition of associates		601,171		625,277	CDI
		1,489,797		1,608,836

b. Credit risk

Credit risk arises from the potential default of a counterparty on an agreement or financial instrument, resulting in financial loss. The Company is exposed to credit risk in its operating activities (mainly in connection with trade receivables), see note 9 and financial activities that include reverse factoring deposits with banks and other financial institutions and other financial instruments contracted.

The Company mitigates its exposure to credit risks associated with financial instruments, deposits in banks and short-term investments by investing in prime financial institutions and in accordance with limits previously set in the Company’s policy. See notes 7 and 8.

To mitigate risks associated with trade receivables, the Company adopts a sales policy and an analysis of the financial and equity condition of its counterparties. The sales policy is directly associated with the level of credit risk the Company is willing to accept in the normal course of its business.

The diversification of its receivable’s portfolio, the selectivity of its customers, as well as the monitoring of sales financing terms and individual position limits are procedures adopted to minimize defaults or losses in the realization of trade receivables. Thus, the Company does not have significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics.

Furthermore, the Company reviews the recoverable amount of its trade receivables at the end of each reporting period to ensure that adequate credit losses are recorded. See note 9.

c. Liquidity risk

To cover possible liquidity deficiencies or mismatches between cash and cash equivalents and short-term debt and financial obligations, the Company continues to operate with reverse factoring if this credit line is offered by banks and accepted by Company suppliers. This is the risk of the Company not having enough funds and or bank credit limits to meet its short-term financial commitments, due to mismatching terms in expected receipts and payments.

The Company continuously monitors its cash balance and indebtedness level and implemented measures to allow access to the capital markets, when necessary. It also endeavors to assure they remain within existing credit limits. Management also continuously monitors projected and actual cash flows and the combination of the maturity profiles of the financial assets, liabilities and takes into consideration its debt financing plans, covenant compliance, internal liquidity targets and, if applicable, regulatory requirements.

15 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

Cash surplus generated by the Company is handled in short-term deposits being those investments composed by enough liquidity thus providing to the Company the appropriate commitment with the going concern presumption.

The table below presents the maturity of the Company’s financial liabilities.

Financial liabilities by maturity ranges

September 30, 2023	Less than one year		Between one and two years		Over two years		Total
Bonds (note 14)		515,350		250,000		-		765,350
Lease liabilities (note 16)		15,352		17,680		90,244		123,276
Accounts payable for business combination and acquisition of associates (note 18)		29,932		383,524		187,715		601,171
Suppliers (note 15)		239,198		-		-		239,198
Reverse factoring (note 15)		272,609		-		-		272,609
		1,072,441		651,204		277,959		2,001,604

The table below reflects the estimated interest rate based on CDI for 12 months (13.50% p.a.) and IPCA for 12 months (5.19% p.a.) extracted from BACEN (Brazilian Central Bank) on base period September 30, 2023. Amounts payable refer to principal and interest based on undiscounted contractual amounts and, therefore, do not reflect the financial position presented as of September 30, 2023:

September 30, 2023	Less than one year		Between one and two years		Over two years		Total
Bonds		584,906		283,742		-		868,648
Lease liabilities		16,148		18,597		94,923		129,668
Accounts payable for business combination and acquisition of associates		33,972		435,287		213,051		682,310
Suppliers		271,481		-		-		271,481
Reverse factoring		309,403		-		-		309,403
		1,215,910		737,626		307,974		2,261,510

d. Capital management.

The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure of the Company, management can make, or may propose to the shareholders when their approval is required, adjustments to the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce, for example, debt. 

The Company monitors capital based on the gearing ratio. This ratio corresponds to the net debt expressed as a percentage of total capitalization. Net debt comprises financial liabilities less cash and cash equivalents. Total capitalization is calculated as shareholders’ equity as shown in the consolidated balance sheet plus net debt. The Company’s main capital management objectives are to safeguard its ability to continue as a going concern, optimize returns, allow consistency of operations to other stakeholders, and maintain an optimal capital structure reducing financial costs and maximizing the returns. In addition, the Company monitors financial leverage adequacy, and mitigates risks that may affect the availability of capital for Company development.

16 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

	September 30, 2023			December 31, 2022
Net debt (i)		1,894,847			1,969,241
Total shareholders' equity		4,496,918			4,629,679
Total capitalization (ii)		2,602,071			2,660,438
Gearing ratio - % - (iii)		73	%		74	%

(i) Net debt comprises financial liabilities (note 6.1) net of cash and cash equivalents.

(ii) Refers to the difference between Shareholders’ Equity and Net debt.

(iii) The Gearing Ratio is calculated based on Net Debt/Total Capitalization.

e. Sensitivity analysis

The following table presents the sensitivity analysis of potential losses from financial instruments, according to Management’s assessment of relevant market risks presented above. 

A probable scenario (Base scenario) over a 12-months horizon was used, with a projected rate of 13.50% p.a. as per DI Interest Deposit rate (“CDI”), and IPCA 5.19% p.a., reference rates disclosed by B3 S.A. (Brazilian stock exchange). Two further scenarios are presented, stressing, respectively, a 25% deterioration in scenario I and 50% deterioration in scenario II, of the projected rates.

	Index - % per year		September 30, 2023			Base scenario			Scenario I			Scenario II
Financial investments		CDI		88,823			11,988			14,986			17,982
Marketable securities		CDI		261,264			35,263			44,078			52,894
				350,087			47,251			59,064			70,876
Accounts payable for business combination and acquisition of associates		CDI		(601,171	)		(81,139	)		(101,425	)		(121,709	)
Lease liabilities		IPCA		(123,276	)		(6,392	)		(7,990	)		(9,588	)
Bonds		CDI		(765,350	)		(103,299	)		(129,123	)		(154,948	)
				(1,489,797	)		(190,830	)		(238,538	)		(286,245	)
Net exposure				(1,139,710	)		(143,579	)		(179,474	)		(215,369	)
Interest rate CDI -% p.a.		-		-			13.50	%		16.87	%		20.25	%
Interest rate IPCA -% p.a.		-		-			5.19	%		6.48	%		7.78	%
Stressing scenarios										25	%		50	%

7. Cash and cash equivalents

a. Composition

The balance of this account comprises the following amounts:

	September 30, 2023		December 31, 2022
Cash		3		7
Bank account		17,931		6,546
Financial investments (i)		88,823		39,212
		106,757		45,765

(i) The Company invests in short-term fixed income investment funds with daily liquidity and no material risk of change in value. Financial investments presented an average gross yield of 103% of the annual CDI rate on September 30, 2023 (103% on December

17 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

31, 2022). All investments are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.

8. Marketable securities

a. Composition 

	Credit Risk	September 30, 2023		December 31,2022
Private investment fund	AAA		261,264		31,842
Private investment fund	AA		-		348,672
			261,264		380,514

The average gross yield of securities is based on 104% CDI on September 30, 2023 (104% CDI on December 31, 2022).

9. Trade receivables

The balance of this account comprises the following amounts:  

a. Composition

	September 30, 2023			December 31, 2022
Trade receivables		525,703			711,439
Related parties (note 20)		20,269			7,177
(-) Impairment losses on trade receivables		(73,390	)		(69,481	)
		472,582			649,135

b. Maturities of trade receivables

	September 30, 2023			December 31, 2022
Not yet due		288,923			563,005
Past due
Up to 30 days		39,660			19,435
From 31 to 60 days		33,359			22,637
From 61 to 90 days		20,931			12,193
From 91 to 180 days		71,993			42,169
From 181 to 360 days		40,429			31,357
Over 360 days		30,408			20,643
Total past due		236,780			148,434
Related parties (note 20)		20,269			7,177
Impairment losses on trade receivables		(73,390	)		(69,481	)
		472,582			649,135

The gross carrying amount of trade receivables is written off when the Company has no reasonable expectations of recovering the financial asset in its entirety or a portion thereof. Collection efforts continue to be made, even for the receivables that have been written off, and amounts recoverable are recognized directly in Consolidated Statement of Profit or Loss and Other Comprehensive Income upon collection. 

c. Changes on provision

The following table shows the changes in impairment losses on trade receivables for the periods ended September 30, 2023, and 2022:

18 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

	September 30, 2023			September 30, 2022
Opening balance		69,481			46,500
Additions		33,396			17,131
Reversals		(6,619	)		-
Write offs		(22,868	)		(14,381	)
Closing balance		73,390			49,250

10. Inventories

The balance of this account comprises the following amounts:

a. Composition

	September 30, 2023		December 31, 2022
Finished products (i)		213,472		151,534
Work in process		75,874		73,993
Raw materials		23,230		30,773
Imports in progress		-		347
Right to returned goods (ii)		876		9,803
		313,452		266,450

(i) These amounts are net of slow-moving items and net realizable value.

(ii) Represents the Company’s right to recover products from customers when customers exercise their right of return under the Company’s returns policies, where the Company estimates the volume of goods returned based on experience and foreseen expectations.

Changes in provision for losses with slow-moving inventories and net realizable value are broken down as follows:

b. Changes in provision

	September 30, 2023			September 30, 2022
Opening balance		84,049			58,723
Additions		26,041			27,896
Reversals		(6,537	)		-
Write-off inventories (i)		(22,529	)		(15,490	)
Closing balance		81,024			71,129

(i) Refers substantially to physical books destroyed, previously provisioned, due to indication of damage or obsolescence caused by changes in the educational content during the school year.

11. Equity accounted investees

a. Composition of investments

	Investment type	Interest		Investment		Fair value		Goodwill		September 30, 2023
Educbank	Associate		45%		36,850		6,971		33,786		77,607

19 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

	Investment type	Interest		Investment		Fair value		Goodwill		December 31, 2022
Educbank	Associate		45%		41,485		7,868		33,786		83,139

b. Investments without control and significant influence

	Educbank
As of December 31, 2021		-
Acquisition		87,651
Equity method		(2,150	)
As of September 30,2022		85,501
As of December 31, 2022		83,139
Equity method		(5,532	)
As of September 30,2023		77,607

12. Property, plant and equipment

The cost, weighted average depreciation rates and accumulated depreciation are as follows:

		September 30, 2023			December 31, 2022
	Weighted average depreciation rate	Cost	Accumulated depreciation	Net book value	Cost	Accumulated depreciation	Net book value
IT equipment	10% - 33%	83,285	(57,700)	25,585	80,262	(43,294)	36,968
Furniture, equipment and fittings	10% - 33%	60,538	(37,026)	23,512	60,920	(36,818)	24,102
Property, buildings and improvements	5%-20%	57,461	(44,987)	12,474	53,027	(40,381)	12,646
In progress	-	15,305	-	15,305	4,495	-	4,495
Right of use assets	12%	204,239	(101,441)	102,798	257,034	(137,948)	119,086
Land	-	391	-	391	391	-	391
Total		421,219	(241,154)	180,065	456,129	(258,441)	197,688

Changes in property, plant and equipment are as follows:

	IT equipment			Furniture, equipment and fittings			Property, buildings and improvements			In progress			Right of use assets			Land		Total
As of December 31, 2022		36,968			24,102			12,646			4,495			119,086			391		197,688
Additions		2,076			1,066			-			15,105			21,408			-		39,655
Business combinations (Note 5.1)		-			613			183			-			-			-		796
Disposals / Cancelled contracts		-			(93	)		(373	)		-			(13,683	)		-		(14,149	)
Depreciation		(13,459	)		(2,176	)		(4,277	)		-			(24,013	)		-		(43,925	)
Transfers		-			-			4,295			(4,295	)		-			-		-
As of September 30, 2023		25,585			23,512			12,474			15,305			102,798			391		180,065

20 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

	IT equipment			Furniture, equipment and fittings			Property, buildings and improvements			In progress			Right of use assets			Land		Total
As of December 31, 2021		16,615			8,390			17,872			677			141,737			391		185,682
Additions		34,190			13,301			657			2,454			9,618			-		60,220
Business combinations		54			12			-			7			-			-		73
Disposals / Cancelled contracts		-			(6	)		-			(18	)		(3,472	)		-		(3,496	)
Depreciation		(11,245	)		(3,798	)		(4,031	)		-			(22,223	)		-		(41,297	)
Transfers		833			(378	)		(455	)		-			-			-		-
As of September 30, 2022		40,447			17,521			14,043			3,120			125,660			391		201,182

The Company assesses annually, whether there is an indication that a property, plant and equipment asset may be impaired. If any indication exists, the Company estimates the asset’s recoverable amount. There were no indications of impairment of property, plant and equipment as and for the nine-months periods ended September 30, 2023 and 2022.

13. Intangible Assets and Goodwill

The cost, weighted average amortization rates and accumulated amortization of intangible assets and goodwill comprise the following amounts: 

				September 30, 2023							December 31, 2022
	Weighted average amortization rate			Cost		Accumulated amortization			Net book value		Cost		Accumulated amortization			Net book value
Software		20	%		324,837		(212,655	)		112,182		263,433		(182,711	)		80,722
Customer Portfolio		8	%		1,202,000		(453,626	)		748,374		1,201,074		(377,891	)		823,183
Trademarks		5	%		633,154		(133,198	)		499,956		631,582		(112,967	)		518,615
Trade Agreement		8	%		243,113		(42,858	)		200,255		247,622		(28,795	)		218,827
Platform content production		33	%		169,999		(111,643	)		58,356		123,251		(74,881	)		48,370
Other Intangible assets		33	%		12,307		(5,029	)		7,278		39,422		(32,142	)		7,280
In progress		-			4,985		-			4,985		18,958		-			18,958
Goodwill		-			3,712,897		-			3,712,897		3,711,721		-			3,711,721
					6,303,292		(959,009	)		5,344,283		6,237,063		(809,387	)		5,427,676

Changes in intangible assets and goodwill were as follows:

	Software			Customer Portfolio			Trade-marks			Trade Agreement			Platform content production			Other Intangible assets			In progress			Goodwill		Total
As of December 31, 2022		80,722			823,183			518,615			218,827			48,370			7,280			18,958			3,711,721		5,427,676
Additions		14,693			-			-			-			40,565			-			27,669			-		82,927
Business combination (note 5.1)		-			1,844			1,823			-			-			-			-			1,176		4,843
Disposals		(172	)		-			-			-			-			-			-			-		(172	)
Amortization		(24,703	)		(76,653	)		(20,482	)		(18,572	)		(30,579	)		(2	)		-			-		(170,991	)
Transfers (i)		41,642			-			-			-			-			-			(41,642	)		-		-
As of September 30, 2023		112,182			748,374			499,956			200,255			58,356			7,278			4,985			3,712,897		5,344,283

21 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

(i) Refers to the transfer of software implementation projects completed throughout the period, especially those related to our Plurall platform.

	Software			Customer Portfolio			Trade-marks			Trade Agreement			Platform content production			Other Intangible assets			In progress		Goodwill			Total
As of December 31, 2021		96,044			922,105			546,277			243,495			24,294			7,282			3,991		3,694,879			5,538,367
Additions		11,725			-			-			-			41,803			19			9,672		3,600			66,819
Business combination		3,145			-			-			-			-			-			-		34,176			37,321
Disposals		-			-			-			-			-			(17	)		-		(3,677	)		(3,694	)
Amortization		(23,623	)		(76,190	)		(20,482	)		(18,572	)		(18,627	)		(50	)		-		-			(157,544	)
Transfers		(2,085	)		1,281			-			1,353			-			(1,100	)		-		551			-
As of September 30, 2022		85,206			847,196			525,795			226,276			47,470			6,134			13,663		3,729,529			5,481,269

Impairment test for goodwill

The Company performs its impairment test annually or when circumstances indicate that the carrying value may be impaired. The Company’s impairment test for goodwill is assessed by comparing it carrying amount with its recoverable amount. The key assumptions used to determine the recoverable amount for the different cash generating units were disclosed in the annual consolidated financial statements for the year ended December 31, 2022. 

There were no indications of impairment for nine-months period ended September 30, 2023 and December 31, 2022.

14. Bonds

The balance of bonds comprises the following amounts:

	December 31, 2022		Payment of interest (i)			Payment (ii)			Interest accrued		Transaction cost of bonds		Transfers			September 30, 2023
Bonds with related parties		63,325		(40,984	)		(50,885	)		33,505		-		206			5,167
Bonds		30,454		(77,917	)		-			57,856		779		499,011			510,183
Current liabilities		93,779		(118,901	)		(50,885	)		91,361		779		499,217			515,350
Bonds with related parties		250,206		-			-			-		-		(206	)		250,000
Bonds		499,011		-			-			-		-		(499,011	)		-
Non-current liabilities		749,217		-			-			-		-		(499,217	)		250,000
Total		842,996		(118,901	)		(50,885	)		91,361		779		-			765,350

Emission	Payments		Interest		Principal
Private Bonds – 6th Issuance - serie 2		02/15/2023 and 08/14/2023		7,258		50,885
SEDU21 – 7th. SOMOS 2nd. Série		02/15/2023 and 08/11/2023		14,711		-
Private Bonds – 9th Issuance		08/07/2023		19,016		-
GAGL11 - Somos Sistemas		02/06/2023 and 08/07/2023		77,916		-
				118,901		50,885

22 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

a. Bonds’ description

See below the bonds outstanding on September 30, 2023: 

Subscriber	Related parties	Third parties
Issuance	9th	1st
Series	2nd Series	Single Series
Date of issuance	09/28/2022	08/06/2021
Maturity date	09/28/2025	07/06/2024
First payment after	36 months	35 months
Remuneration payment	Semi-annual interest	Semi-annual interest
Financials charges	CDI + 2.40% p.a.	CDI + 2.30% p.a.
Principal amount (in millions of R$)	250	500

b. Bond’s maturities

The maturities range of these accounts, considering related and third parties are as follow:

Maturity of installments	September 30, 2023		%		December 31, 2022		%
In up to one year		515,350		67.3		93,779		11.1
One to two years		250,000		32.7		499,217		59.2
Two years on		-		0.0		250,000		29.7
Total non-current liabilities		250,000		32.7		749,217		88.9
		765,350		100.0		842,996		100.0

c. Debit commitments

The maintenance of the contractual maturity of debentures at their original maturities is subject to covenants, which are calculated annually. The main assumptions adopted in this calculation are described in the Financial Statements as of December 31, 2022. Additionally, the Company complied with all debt commitments in the period applicable on December 31, 2022.

15. Suppliers

The balance of this account comprises the following amounts:

a. Composition

	September 30, 2023		December 31, 2022
Local suppliers		180,419		215,593
Related parties (note 20)		49,290		13,781
Copyright		9,489		21,273
		239,198		250,647
Reverse Factoring (i)		272,609		155,469

(i) As of September 30, 2023, the balance of reverse factoring was R$ 272,609 (R$ 155,469 as of December 31, 2022), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.09% per month (as of December 31, 2022, the weighted average was 1.27% per month) and a maximum payment term of 360 days. The balance is initially recognized net of the present value adjustment, which is subsequently recognized as a financial expense.

23 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

16. Lease liabilities

	September 30, 2023			September 30, 2022
Opening balance		140,563			160,542
Additions for new lease agreements		21,408			1,268
Renegotiation		-			8,350
Cancelled contracts		(16,162	)		(2,592	)
Interest		10,144			10,799
Payment of interest		(10,136	)		(10,813	)
Payment of principal		(22,541	)		(20,409	)
Closing balance		123,276			147,145
Current liabilities		15,352			28,426
Non-current liabilities		107,924			118,719
		123,276			147,145

Short-term leases (lease period of 12 months or less) and leases of low-value assets (such as personal computers and office furniture) are recognized on a straight-line basis in rent expenses for the period and are not included in lease liabilities.  

The Company recognized rent expense from short-term leases and low-value assets of R$ 18,613 for the nine-months period ended September 30, 2023 (R$ 16,413 as of September 30, 2022).

17. Contractual obligations and deferred income

	September 30, 2023		December 31, 2022
Refund liability (i)		4,809		51,533
Contract of exclusivity for processing payroll		-		587
Deferred income in leaseback agreement		3,493		4,075
Other contractual obligations		-		1,657
Current		8,302		57,852

(i) Refers to the customer’s right to return products, as mentioned in Note 10, the Company business cycle is from October to September for each year, being the provision reduced in the end of business cycle and estimated in the fourth quarter.

18. Accounts payable for business combination and acquisition of associates

	September 30, 2023		December 31, 2022
Pluri		-		3,653
Mind Makers		-		7,915
Livro Fácil		-		10,516
Meritt		300		300
SEL		17,425		30,267
Redação Nota 1000		4,574		6,030
EMME		8,435		10,827
Editora De Gouges		555,728		514,299
Phidelis		12,664		16,976
Educbank		2,045		24,494
		601,171		625,277
Current		29,932		73,007
Non-current		571,239		552,270
		601,171		625,277

24 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

The changes in the balance are as follows: 

	September 30, 2023			December 31, 2022
Opening balance		625,277			532,313
Additions (i)		28,043			120,344
Cash payment		(4,100	)		(80,939	)
Payments in installments		(91,129	)		(11,379	)
Interest payment		(8,096	)		(603	)
Interest adjustment		52,100			65,725
Remeasurement		(924	)		(184	)
Closing balance		601,171			625,277

(i) Composed of the purchase price of the company Start Anglo, in the amount of R$ 4,481 (as per note 5),     and the price adjustment in the acquisition of companies, in the amount of R$ 23,562 (as per note 25), as follows: (i) increase of R$33,190 in the purchase price of Mind Makers, due to the performance of the business, considering the number of students who used the products made available by the entity in April 2023, in accordance with the 4^th contractual amendment, which defined the targets for the payment of earnout, and (ii) reduction of R$9,628 in the acquisition of the company Editora de Gouges (“Eleva”), as a result of the review of the net debt provided for in the shareholder’s agreement.

The maturity years of such balances as of September 30, 2023 and December 31, 2022, are shown in the table below:

	September 30, 2023				December 31, 2022
Maturity of installments	Total		%		Total		%
In up to one year		29,932		5.0		73,007		11.7
One to two years		189,386		31.5		235,923		37.7
Two to three years		194,138		32.3		153,264		24.5
Three years on		187,715		31.2		163,083		26.1
		601,171		100.0		625,277		100.0

19. Salaries and Social Contribution

	September 30, 2023		December 31 2022
Salaries payable		26,199		28,351
Social contribution payable (i)		24,794		25,205
Provision for vacation pay and 13th salary		37,935		21,454
Provision for profit sharing (ii)		20,162		25,047
		109,090		100,057

(i) Refers to the effect of social contribution over restricted share units' compensation plans issued on July 31 and November 10, 2020. The Company records the taxes over the shares on a monthly basis according to the Company’s share price.

(ii) The provision for profit sharing is based on qualitative and quantitative metrics determined by Management.

20. Related parties

The Company is part of Cogna Group and some of the Company’s transactions and arrangements involve entities that belong to the Cogna Group. The effect of these transactions is reflected in the Consolidated Financial Statements, with these related parties segregated by nature of transaction measured on an arm’s length basis and determined by intercompany agreements and approved by the Company’s Management.

25 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

The balances and transactions between the Company and its associates have been eliminated in the Company’s Unaudited Condensed Interim Consolidated Financial Statements. Additionally, the main contracts with related parties are presented in greater detail in the Consolidated Financial Statements for the year ended December 31, 2022, which did not change until the end of this quarter. The balances and transactions between related parties are shown below:

	September 30, 2023
	Other receivables		Trade receivables (Note 9)		Indemnification asset (note 21b)		Other liabilities		Suppliers (note 15)		Bonds (note 14)
Cogna Educação S.A.		-		-		198,321		-		3,869		255,167
Editora Atica S.A.		-		15,004		-		-		43,209		-
Editora E Distribuidora Educacional S.A.		-		1,350		-		-		2,193		-
Editora Scipione S.A.		-		87		-		-		-		-
Anhanguera Educacional		-		21		-		-		-		-
Pitagoras Sistema De Educacao Superior Ltda.		-		1		-		-		-		-
Maxiprint Editora Ltda.		-		139		-		-		-		-
Saraiva Educação S.A.		-		3,197		-		-		19		-
Somos Idiomas S.A.		-		470		-		-		-		-
		-		20,269		198,321		-		49,290		255,167

	December 31, 2022
	Other receivables (i)		Trade receivables (Note 9)		Indemnification asset (note 21b)		Other liabilities		Suppliers (note 15)		Bonds (note 14)
Cogna Educação S.A.		-		-		180,417		-		3,828		313,531
Editora Atica S.A.		-		5,754		-		-		9,778		-
Editora E Distribuidora Educacional S.A.		1,722		19		-		-		-		-
Educação Inovação e Tecnologia S.A.		-		389		-		-		175		-
Nice Participações Ltda.		-		37		-		-		-		-
Saraiva Educação S.A.		-		749		-		-		-		-
Somos Idiomas S.A.		-		229		-		-		-		-
Others		37		-		-		54		-		-
		1,759		7,177		180,417		54		13,781		313,531

(i) Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.

	September 30, 2023								September 30, 2022
Transactions held:	Revenues		Finance costs (note 14)		Cost Sharing		Sublease		Revenues		Finance costs (note 14)		Cost Sharing		Sublease
Cogna Educação S.A.		-		33,505		-		-		-		25,315		-		-
Editora Ática S.A.		8,127		-		1,302		6,926		9,919		-		4,327		6,165
Editora E Distribuidora Educacional S.A.		665		-		-		-		-		-		22,155		-
Editora Scipione S.A.		2,605		-		-		-		1,908		-		-		-
Maxiprint Editora Ltda.		6,213		-		-		-		3,882		-		-		-
Saber Serviços Educacionais S.A.		-		-		-		-		41		-		-		-
Saraiva Educacão S.A.		2,028		-		-		2,000		3,226		-		-		1,484
Somos Idiomas Ltda.		-		-		-		429		-		-		-		1,158
SSE Serviços Educacionais Ltda.		938		-		-		-		437		-		-		-
		20,576		33,505		1,302		9,355		19,413		25,315		26,482		8,807

26 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

a) Compensation of key management personnel

Key management personnel include the members of the Board of Directors, Audit Committee, the CEO and the vice-presidents, for which the nature of the tasks performed were related to the activities of the Company.

For the nine-months period ended September 30, 2023, key management compensation, including charges and variable compensation amounted to R$ 4,967 (R$ 7,134 in September 30, 2022). The Audit Committee and Board of Directors were established in July 2020 as a result of the IPO.   

The Key management personnel compensation expenses comprised the following:

	July 01, to September 30, 2023		July 01, to September 30, 2022
Short-term employee benefits		1,508		2,728
Share-based compensation plan		3,459		4,406
		4,967		7,134

21. Provision for tax, civil and labor losses and Judicial deposits and escrow accounts

The Company classifies the likelihood of loss in judicial/administrative proceedings in which it is a defendant. Provisions are recorded for contingencies classified as probable loss in an amount that Management, in conjunction with its legal advisors, believes is enough to cover probable losses or when related to contingences resulting from business combinations.

In connection with the acquisition of Somos Group by Cogna Group, provisions for contingent liabilities assumed by Cogna were recognized when potential non-compliance with labor and civil legislation arising from past practices of subsidiaries acquired were identified. Thus, at the acquisition date, Cogna reviewed all proceedings for which liabilities were transferred to assess whether there was a present obligation and if the fair value could be measured reliably. The contingent liabilities are composed as follows: 

a. Composition 

	September 30, 2023		December 31, 2022
Proceedings whose likelihood of loss is probable
Tax proceedings (i)		659,706		623,189
Labor proceedings (ii)		20,792		27,567
Civil proceedings		151		496
Total of provision for tax, civil and labor losses		680,649		651,252

(i) Primarily refers to income tax positions taken by Somos and the Company in connection with a corporate restructuring held by the predecessor in 2010, In 2018, given a tax assessment via an Infraction Notice received by the predecessor for certain periods opened for tax audit coupled with unfavorable case law on a similar tax case also reached in 2018, the Company reassessed this income tax position and recorded a liability, including interest and penalties.

(ii) The Company is a party to labor demands, which mostly refer to proportional vacation, salary difference, night shift premium, overtime and social charges, among others. There are no individual labor demands with material amounts that require specific disclosure.

The changes in provision for the nine-months periods ended September 30, 2023 and 2022 were as follows:

27 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

	December 31, 2022		Additions			Reversals			Interest			Payments			September 30, 2023
Tax proceedings		623,189		-			(1,199	)		37,716			-			659,706
Labor proceedings		27,567		4,195			(13,369	)		3,643			(1,244	)		20,792
Civil proceedings		496		106			(472	)		24			(3	)		151
Total		651,252		4,301			(15,040	)		41,383			(1,247	)		680,649
Finance expense				-			-			(41,313	)
General and administrative expenses				(4,299	)		14,489			-
Income tax and social contribution				-			28			-
Indemnification asset – Former owner				(2	)		523			(70	)
Total				(4,301	)		15,040			(41,383	)

	December 31, 2021		Additions			Reversals			Interest			Payments			September 30, 2022
Tax proceedings		607,084		1,019			(2,461	)		38,028			(1,019	)		642,651
Labor proceedings		38,159		1,773			(9,670	)		1,595			(109	)		31,748
Civil proceedings		1,607		212			(24	)		16			(180	)		1,631
Total		646,850		3,004			(12,155	)		39,639			(1,308	)		676,030
Finance expense				-			-			(39,639	)
General and administrative expenses				(3,004	)		12,155			-
Total				(3,004	)		12,155			(39,639	)

b. Judicial Deposits and Escrow Accounts  

Judicial deposits and escrow accounts recorded as non-current assets are as follows:

	September 30, 2023		December 31, 2022
Tax proceedings		1,641		2,126
Indemnification asset – Former owner		1,471		1,801
Indemnification asset – Related parties (i)		198,321		180,417
Escrow-account		-		10,515
		201,433		194,859

(i) Refers to an indemnification asset of the seller in connection with the acquisition of Somos by Cogna Group and recognized at the date of the business combination, in order to indemnify the Company for all losses that may be incurred in connection with all contingencies or lawsuits, substantially tax proceedings related to business combinations up to the maximum amount of R$198,321 (R$ 180,417 on December 31, 2022). This asset is indexed to CDI (Certificates of Interbank Deposits).

22. Current and Deferred Income Tax and Social Contribution

Income tax expense is recognized at an amount determined by multiplying profit (loss) before tax for the interim reporting period by the Company’s best estimate of the weighted-average annual income tax rate expected for the full financial year, adjusted for the tax effect of certain items recognized in full in the interim period. As such, the effective rate in the Unaudited Condensed Interim Consolidated Financial statements may differ from the Consolidated estimate of the effective tax rate for the annual financial statements. The Company’s effective tax rates for the period ended September 30, 2023 and 2022 were 35% and 33% respectively (Combined nominal statutory rate of income tax and social contribution is 34%).

28 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

23. Shareholder’s Equity

23.1. Share Capital

The Company holds Class A shares (issued and sold in the IPO), in addition to Class B shares (owned by Cogna).

On September 30, 2023, the Company’s capital stock totals 83,649,887 shares (83,649,887 on December 31, 2022), of which 64,436,093 are Class B shares owned by the Cogna Group and 18,134,094 are Class A shares owned by third-parties and 1,079,700 shares Class A are held in treasury.

The Company’s Shareholders Agreement authorizes the Board of Directors to grant restricted share units to certain executives and employees and other service providers with respect to up to 3% (three per cent) of the issued and outstanding shares of the Company. Below we present the movements that occurred in the nine-months period ended September 30, 2023:

	Class A Shares (units)					Class B Shares (units)		Total
		Free float		Treasury shares (23.4)
December 31, 2022		18,213,794		1,000,000			64,436,093		83,649,887
ILP exercised		203,973		-			-		203,973
Treasury shares		-		(203,973	)		-		(203,973	)
Repurchase shares		(283,673	)	283,673			-		-
September 30, 2023		18,134,094		1,079,700			64,436,093		83,649,887

The Company’s shareholders on September 30, 2023, are as follows:

	In units
Company Shareholders	Class A			Class B			Total
Cogna Group		-			64,436,093			64,436,093
Free Float		18,134,094			-			18,134,094
Treasury shares (Note 23.4)		1,079,700			-			1,079,700
Total (%)		23	%		77	%		83,649,887

23.2. Loss per share

The basic loss per share is measured by dividing the profit attributable to the Company’s shareholders by the weighted average common shares outstanding during the year. The Company considers as diluted loss per share, the number of common shares calculated added by the weighted average number of common shares that should be issued upon conversion of all potentially dilutive shares into common shares; potentially dilutive shares were deemed to have been converted into common shares at the beginning of the period.

	July 01, to September 30, 2023			September 30, 2023			July 01, to September 30, 2022			September 30, 2022
Loss attributable to parent company		(62,111	)		(142,946	)		(75,994	)		(130,465	)
Weighted average number of ordinary shares outstanding (thousands)		83,650			83,650			83,605			83,605
Basic and diluted loss per share – R$		(0.74	)		(1.71	)		(0.91	)		(1.56	)

29 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

23.3. Capital reserve – Share-based compensation (granted) 

The Company as of September 30, 2023, had two share-based compensation plans and one bonus plan paid in restricted share units, being: 

a) Long Term Investment – (“ILP”) – Refers to two tranches granted being the first issued on July 23, 2020 and November 10, 2020. The Company compensates part of its employees and management. This plan will grant up to 3% of the Company’s class A share units. The Company will grant the limit of five tranches approved by the Company’s Board of Directors. The fair value of share units is measured at fair value quoted on the grant date. The plan has a vesting period corresponding to 5 years added by expected volatility of 30% and will be settled with Company’s shares. All taxes and contributions are paid by the Company without additional costs to employees and management. This program should be wholly settled with the delivery of the shares. The effect of events on share-based compensation in the Statement of Profit or Loss for the nine-months period ended September 30, 2023 was R$ 12,403, being R$ 11,555 in Shareholder’s the Equity and a credit of R$ 848 as labor charges in liabilities.

b) Bonus paid in restricted share units – “Premium recognized” – The Company granted and vested 101,798 shares on April, 2023 to certain members of management based on performance recognized. This program was wholly settled with the delivery of the shares. The amount provisioned and paid was R$ 3,303 (net of withholding taxes), being R$ 2,772 in Shareholder’s the Equity and a credit of R$ 531 as labor charges in liabilities.

23.4. Vasta’s share Repurchase Program  

In 2021 the Company announced that its Board of Directors has approved its first share repurchase program, or the Repurchase Program. Under the Repurchase Program, the Company may repurchase up to 1,000,000 in Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on August 17, 2021, continuing until the earlier of the completion of the repurchase or February 17, 2022, depending upon market conditions. The Company concluded the Repurchase Program on December 10, 2021, using its existing funds to finance the repurchase.

On September 30, 2023, the Company announced that its Board of Directors has approved a share repurchase program or Repurchase Program. Under the Repurchase Program, Vasta may repurchase up to US$12.500 of shares of Class A common stock in the open market, based on prevailing market prices, or in privately negotiated transactions, during a period beginning 18 September 2023, continuing until the earlier of the repurchase completion or September 30, 2024, depending on market conditions.

Considering the above information, on September 30, 2023 the Company had in balance of R$24,792 or 800,027 shares in its possession.

24. Net Revenue from sales and Services

The breakdown of net sales of the Company for the nine-months periods ended September 30, 2023, and 2022 is shown below, revenue is broken down into the categories that, according to the Company the nature, amount, timing and uncertainty of revenue through provisions as follows:

30 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

	July 01 to September 30, 2023			September 30, 2023			July 01 to September 30, 2022			September 30,2022
Learning Systems
Gross revenue		238,062			790,827			143,843			583,748
Discounts		(1,060	)		(1,804	)		(906	)		(7,599	)
Returns		(41,552	)		(128,365	)		(7,860	)		(72,153	)
Taxes		(1,459	)		(1,621	)		(43	)		(256	)
Net revenue		193,991			659,037			135,034			503,740
Textbooks
Gross revenue		30,831			110,681			31,934			109,358
Discounts		-			(188	)		-			(441	)
Returns		(13,499	)		(36,447	)		(8,695	)		(21,541	)
Taxes		(156	)		(158	)		-			(267	)
Net revenue		17,176			73,888			23,239			87,109
Complementary Education Services
Gross revenue		7,817			93,389			4,894			63,454
Discounts		-			(226	)		(1	)		(1	)
Returns		(4,290	)		(32,150	)		(1,642	)		(14,957	)
Taxes		(676	)		(830	)		(8	)		(195	)
Net revenue		2,851			60,183			3,243			48,301
Other services
Gross revenue		15,711			39,418			9,307			32,138
Taxes		(20	)		(3,389	)		(1,025	)		(4,933	)
Net revenue		15,691			36,029			8,282			27,205
E-commerce
Gross revenue		31,555			107,549			19,572			99,750
Returns		(2,702	)		(3,430	)		(737	)		(5,418	)
Taxes		(629	)		(1,092	)		91			(1,426	)
Net revenue		28,224			103,027			18,926			92,906
Total
Gross revenue		323,976			1,141,864			209,550			888,448
Discounts		(1,060	)		(2,218	)		(907	)		(8,041	)
Returns		(62,043	)		(200,392	)		(18,934	)		(114,069	)
Taxes		(2,940	)		(7,090	)		(985	)		(7,077	)
Net revenue		257,933			932,164			188,724			759,261
Sales		242,242			896,135			180,422			732,647
Service		15,691			36,029			8,302			26,614
Net revenue		257,933			932,164			188,724			759,261

a. Seasonality

The Company’s revenue is subject to seasonality since the main deliveries of printed materials and digital materials to customers occur in the last quarter of each year (typically in November and December), and in the first quarter of each subsequent year (typically in February and March), and revenue is recognized when the customers obtain control over the materials. In addition, the printed and digital materials delivered in the fourth quarter are used by customers in the following school year and, therefore, fourth quarter results reflect the growth in the number of students from one school year to the next, leading to higher revenue in general in the fourth quarter compared with the preceding quarters in each year. Consequently, on aggregate, the seasonality of revenue generally produces higher revenue in the first and fourth quarters of our fiscal year.

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Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

In addition, the Company generally bills its customers during the first half of each school year (which starts in January), which generally results in a higher cash position in the first half of each year compared to the second half. A significant part of the Company’s expenses is also seasonal. Due to the nature of the business cycle, the Company needs significant working capital, typically in September or October of each year, in order to cover costs related to production and inventory accumulation, selling and marketing expenses, and delivery of the teaching materials at the end of each year in preparation for the beginning of each school year. As a result, these operating expenses are generally incurred between September and December of each year. Purchases through the Livro Fácil e-commerce platform are also very intense during the back-to-school period, between November, when school enrollment takes place and families plan to anticipate the purchase of products and services, and February of the following year, when classes are about to start. Thus, e-commerce revenue is mainly concentrated in the first and fourth quarters of the year.

25. Costs and Expenses by Nature

	July 01, to September 30, 2023			September 30, 2023			July 01, to September 30, 2022			September 30, 2022
Salaries and payroll charges		(78,118	)		(224,043	)		(69,519	)		(216,692	)
Depreciation and amortization		(74,308	)		(214,916	)		(66,949	)		(198,841	)
Raw materials and productions costs		(43,501	)		(196,116	)		(16,667	)		(113,876	)
Advertising and publicity		(21,211	)		(65,633	)		(11,715	)		(51,950	)
Copyright		(10,803	)		(51,025	)		(8,311	)		(41,877	)
Editorial cost		(7,852	)		(37,474	)		(8,369	)		(28,743	)
Other general, administrative, and commercial expenses, net		(7,282	)		(27,713	)		(12,263	)		(28,399	)
Impairment losses on trade receivables		(15,369	)		(26,777	)		(4,692	)		(17,131	)
Net adjustment of price in accounts payable for business combination (note 18)		-			(23,562	)		-			-
Third-party services		(7,280	)		(21,694	)		(1,626	)		(20,419	)
Travel		(8,569	)		(21,425	)		(5,934	)		(18,078	)
Consulting and advisory services		(7,171	)		(21,302	)		(10,302	)		(26,255	)
Provision for obsolete inventories		(12,264	)		(19,504	)		(21,786	)		(27,896	)
Rent and condominium fees		(908	)		(18,613	)		(2,756	)		(16,413	)
Utilities, cleaning, and security		(4,555	)		(12,751	)		(5,267	)		(16,972	)
Material		(1,019	)		(2,159	)		(1,407	)		(4,164	)
Taxes and contributions		(485	)		(872	)		(546	)		(1,076	)
Income from lease and sublease agreements with related parties		3,130			9,355			3,145			8,807
Reversal for tax, civil and labor losses, net		1,025			10,190			2,290			9,151
		(296,540	)		(966,034	)		(242,674	)		(810,824	)
Cost of sales and services		(101,161	)		(375,464	)		(91,855	)		(301,058	)
Commercial expenses		(63,044	)		(178,968	)		(48,917	)		(143,838	)
General and administrative expenses		(124,500	)		(369,872	)		(98,511	)		(351,738	)
Impairment loss on accounts receivable		(15,369	)		(26,777	)		(4,692	)		(17,131	)
Other operating income		7,534			18,015			1,301			2,941
Other operating expenses		-			(32,968	)		-			-
		(296,540	)		(966,034	)		(242,674	)		(810,824	)

32 

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated  

Financial Statements as of nine-months period ended September 30, 2023 

In thousands of R$, unless otherwise stated  

26. Finance result

	July 01, to September 30, 2023			September 30, 2023			July 01, to September 30, 2022			September 30, 2022
Finance income
Income from financial investments and marketable securities		11,432			31,065			12,905			39,709
Income finance from contingencies		6,323			18,067			5,641			14,399
Other finance income		1,756			4,480			628			2,231
		19,511			53,612			19,174			56,339
Finance costs
Interest on bonds		(30,507	)		(91,361	)		(25,997	)		(77,636	)
Interest acquisition		(17,113	)		(52,100	)		(17,720	)		(47,511	)
Imputed interest on suppliers		(11,016	)		(26,196	)		(5,327	)		(13,730	)
Bank and collection fees		(855	)		(6,053	)		(446	)		(6,056	)
Interest on provision for tax, civil and labor losses (note 21.a)		(10,199	)		(41,313	)		(14,052	)		(39,639	)
Interest on lease liabilities		(3,884	)		(10,144	)		(3,535	)		(10,799	)
Other finance costs		(1,392	)		(6,369	)		(1,349	)		(920	)
		(74,966	)		(233,536	)		(68,426	)		(196,291	)
Financial result (net)		(55,455	)		(179,924	)		(49,252	)		(139,952	)

27. Non-cash transactions

Non-cash transactions for the nine-months period ended September 30, 2023 are: (i) Additions of right of use assets and lease liabilities in the amount of R$ 21,408 (note 16), (ii) Disposals of contracts of right of use assets and lease liabilities in the amount of R$ 16,162 (note 16), and (iii) Accounts payable assumed in the acquisition of Escola Start, during year 2023, in the amount of R$ 1,698, net of the percentage acquired (note 5.1). 

* * * * * * * * * * * * * * * * * * *

Guilherme Melega 

Chief Executive Officer

Cesar Augusto Silva 

Chief Financial Officer

Marcelo Vieira Werneck 

Accountant - CRC: RJ – 091570/0-1

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